Desenio Group (DSNO) Q3 2026 earnings summary

Executive summary

• Q3 net sales returned to growth, rising 9.4% YoY to SEK 182.8m; adjusted EBITA was SEK 14.6m and operating cash flow SEK 29.7m.

• Management described a shift from stabilizing operations to pursuing growth, citing improved marketing efficiency, lower cost of goods sold and month-by-month operational progress.

• 9M net sales fell 3.7% to SEK 501.1m, reflecting a weak first half; net debt was SEK 283.5m at quarter-end.

Financial highlights

• Q3 gross margin was 84.8% vs 84.7%; EBIT was SEK 11.8m vs SEK 11.4m, and net income was SEK 1.6m vs a SEK 7.2m loss.

• Q3 adjusted EBITA rose 4.9% to SEK 14.6m; adjusted EBITA margin was 8.0% vs 8.3%.

• 9M net income was SEK 18.3m vs a SEK 287.6m loss; EBIT was SEK 22.3m vs a SEK 248.8m loss, while adjusted EBITA declined to SEK 25.9m from SEK 38.5m.

• 9M operating cash flow improved to SEK 18.7m from negative SEK 7.5m; Q3 cash flow was SEK 29.7m vs SEK 21.3m.

Outlook and guidance

• 2026 guidance reiterated: organic net sales growth at constant exchange rates and an EBITDA margin in the low double digits.

• Q4 is the largest quarter, and the improved operating model has not yet been tested through a full peak season; management noted uncertainty over the year-end outcome.

• Lower cost of goods sold is expected to reach its full run rate in December; marketing investment is being increased to support top-line growth while maintaining cash generation.