Ferronordic (FNM) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 15% YoY to SEK 1,216m, or 20% on a fixed-currency basis; operating profit increased 86% to SEK 69m.

• Higher earnings reflected strong US results and aftermarket growth across all markets; Q3 net profit was SEK 79m, including SEK 37m in net FX gains.

• 9M revenue rose 16% to SEK 3,902m; operating profit reached SEK 174m versus SEK 46m, and net profit was SEK 155m versus a SEK 214m loss.

Financial highlights

• Q3 gross profit rose 22% to SEK 247m; gross margin improved to 20.3% from 19.1%.

• EBITDA increased 32% to SEK 201m; operating margin improved to 5.7% from 3.5%.

• SG&A increased 10% to SEK 182m, partly due to bonus provisions, but fell to 15.0% of revenue from 15.7%.

• Net finance costs declined 12% to SEK 25m; net profit was SEK 79m versus a SEK 13m loss, supported by a SEK 37m FX gain versus a SEK 22m loss.

• EPS was SEK 5.43 versus a loss of SEK 0.87.

Outlook and guidance

• US outlook remains positive on infrastructure, data-center and power-project demand, solid customer backlogs and high machine utilization; quarterly equipment volumes may fluctuate.

• A growing installed base, expanding rental fleet and higher aftermarket penetration are expected to support US growth; technician capacity remains a constraint.

• Germany’s gradual economic improvement, fleet-renewal needs, lower cost base and added technician capacity in 2027 may support recovery.

• Kazakhstan activity may improve gradually as government spending resumes, though timing is uncertain; mining and road construction offer opportunities.