EcoUp (ECOUP) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 5.3% YoY, but EBITDA fell to near break-even and EBIT loss widened; 9M revenue declined 7.9% and profitability weakened.

• Export growth and improved production supported operations, while Sweden’s weak volumes and profitability weighed on Q3 results.

Financial highlights

• Q3 revenue was €7.075m vs €6.716m, up 5.3% YoY; EBITDA was €0.014m vs €0.638m.

• Q3 EBIT was -€0.878m vs -€0.261m; period result was -€0.965m vs -€0.368m.

• 9M revenue was €18.422m vs €20.010m, down 7.9%; excluding the effect of business acquisitions, revenue grew 2.1%.

• 9M EBITDA was -€0.861m vs -€0.087m; EBIT was -€3.561m vs -€2.860m.

Outlook and guidance

• Updated 14 Oct 2026 guidance: FY2026 revenue expected to be broadly level with or below FY2025, with EBITDA below FY2025.

• Insulation targets for 2028: revenue above €40m and EBITDA margin above 10%; average annual investment estimated at €1.5m.

• Technology business target: positive operating cash flow by end-2026; medium-term aim to bring in co-owners to accelerate development.

• Medium-term goal is to resume dividend payments.