Framery (FRAMERY) Q3 2026 earnings summary

Executive summary

• Q3 revenue was EUR 53.4m, up 2.3% YoY; growth excluding the largest end customer was 11.6%. 9M revenue was EUR 163.1m, down 0.5% reported but up 11.3% excluding that customer.

• Q3 adjusted EBIT was EUR 12.6m at a 23.7% margin; EPS was EUR 0.12 versus EUR 0.08 YoY. North America led growth while EMEA and APAC declined.

Financial highlights

• Q3 revenue grew 1.5% at comparable exchange rates; 9M comparable-currency growth was 0.9%.

• Q3 price and mix added EUR 3.3m, more than offsetting a EUR 2.8m decline from pod volume; Q3 exchange rates also supported profitability.

• 9M adjusted EBIT was EUR 38.7m, with a 23.7% margin, versus EUR 38.7m and 23.6% a year earlier.

• Q3 profit was EUR 9.5m versus EUR 6.4m; 9M profit was EUR 31.0m versus EUR 17.2m. EPS was EUR 0.12 in Q3 and EUR 0.39 in 9M.

• Operating free cash flow was EUR 10.8m in Q3 and EUR 29.6m in 9M; Q3 working capital absorbed EUR 2.4m versus a EUR 6.1m release a year earlier.

Outlook and guidance

• No significant Q4 demand change was expected; EMEA and APAC outlook remained stable, with sales-force expansion and growth investments continuing.

• Targets include average annual organic growth above 10% from the 2025 baseline, a 25% mid-term adjusted EBIT margin and net debt/adjusted EBITDA below 2.0x.

• Gradus revenue impact is expected to become more visible in 2027; unit margins are expected to improve as volumes ramp up.

• Framery One Work sales began in October 2026, with deliveries scheduled from March 2027.

• Growth priorities include smart-office SaaS adoption, tailored go-to-market approaches and global Subscribed rollout through dealers.