Clavister (CLAV) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 52.8% YoY to SEK 77.2m; adjusted EBITDA and EBIT margins reached quarterly records of 36.1% and 22.1%.

• Order intake increased 65.8% YoY to SEK 56.6m; backlog reached SEK 592.9m, with SEK 171m expected to be delivered in the next 12 months.

• 9M net sales grew 50.2% to SEK 238.2m; EBIT improved to SEK 31.7m from a SEK 7.2m loss, and net profit reached SEK 25.1m from a SEK 12.4m loss.

• Defence deliveries drove growth, while a SEK 47m five-year civilian agreement was the largest civilian contract to date.

Financial highlights

• Q3 gross profit rose 70.9% YoY to SEK 70.1m; gross margin was 88.8%, up from 80.0%.

• Adjusted EBITDA was SEK 27.9m and adjusted EBIT SEK 17.0m; reported EBIT was SEK 16.6m, versus SEK 2.1m a year earlier, and net profit was SEK 13.7m.

• 9M order intake increased 93.3% to SEK 426.6m; LTM order intake reached SEK 526m, up from SEK 354m.

• Operating cash flow before working-capital changes was SEK 25.0m; after working-capital changes it was negative SEK 15.9m, mainly due to TCNS receivables.

Outlook and guidance

• Q4 began with higher sales, improved profitability and substantial backlog; priorities include executing awarded contracts and accelerating civilian growth.

• Three-year ambitions remain revenue growth clearly above the cybersecurity market and average gross margin of 80%; no percentage growth guidance was given.

• German order-intake recovery is expected during 2027; the civilian agreement’s January 2027 price increases will then be reflected in ARR.

• Significant future cash flows are intended for reinvestment in growth, market enablement and product development.