Elanders (ELAN) Q3 2026 earnings summary

Executive summary

• Q3 net sales were MSEK 3,052 versus 2,872, with 6% organic growth, or 4% excluding Air & Sea freight rates; all regions and customer segments grew organically.

• Adjusted EBITA was MSEK 210, unchanged YoY, while margin eased to 6.9% from 7.3%; adjusted result before tax rose to MSEK 74 from 67.

• Supply Chain Solutions led growth and improved results; Print & Packaging Solutions remained pressured by weak Automotive demand, particularly in Germany.

Financial highlights

• Q3 EBITDA was MSEK 447 versus 433; reported EBITA increased to MSEK 145 from 129, and reported result before tax was MSEK 9 versus a loss of 14.

• Q3 adjusted result after tax was MSEK 40 versus 45; reported result after tax was a loss of MSEK 5 versus a loss of 11.

• Jan–Sep net sales were MSEK 8,737 versus 9,148; adjusted EBITA increased 11% to MSEK 563 from 510, and reported result after tax was MSEK 34 versus a loss of 95.

• Jan–Sep adjusted result after tax was MSEK 83 versus 38; reported operating result was MSEK 436 versus 249, including one-off costs of MSEK 68 versus 185.

Outlook and guidance

• Management was cautiously optimistic for the remainder of 2026 and into 2027, citing Supply Chain Solutions momentum and Print & Packaging Solutions cost measures and a renegotiated contract.

• Supply Chain Solutions continued profitable growth across regions and customer segments; positive demand trends and new clients were noted in the US and UK.

• Online print and publishing growth is expected to continue in 2027; traditional print volumes are expected to stabilize at current levels.

• Print & Packaging Solutions structural measures are expected to generate annual savings of ~MSEK 57; lower UK costs from exiting two leases are expected from Q2 next year.