General Oceans (GENO) Q3 2026 earnings summary

Executive summary

• Q3 operating income was NOK 320m, up 13% YoY (~19% in constant currency); Adjusted EBITA fell to NOK 43m from NOK 49m, with margin down to 13% from 17%.

• 9M operating income rose 9% to NOK 1,032m; Adjusted EBITA was NOK 186m vs NOK 188m.

• Defense and Robotics growth offset weakness in Marine Construction and Sensors; the nine-month market outlook was stable overall.

• FY2026 revenue guidance was reduced from NOK 1.5bn to NOK 1.4bn due to an estimated NOK 100m FX impact; sales volumes remained on budget.

Financial highlights

• Q3 revenue was NOK 317.4m vs NOK 276.1m; gross profit was NOK 206m vs NOK 197m, while gross margin fell to 64% from 70%.

• Q3 operating profit was NOK 19.9m vs NOK 44.3m; net profit was NOK 1.3m vs NOK 36.7m.

• 9M revenue was NOK 1,022.5m vs NOK 925.8m; net profit was NOK 91.8m vs NOK 139.4m.

• 9M gross profit was NOK 695m vs NOK 630m; gross margin was 67%, while Adjusted EBITA margin was 18% vs 20%.

• Q3 Adjusted EBITA was NOK 43m vs NOK 49m; the bridge included NOK 8m from MRV, NOK -8m underlying performance and NOK -6m FX.

Outlook and guidance

• FY2026 revenue guidance is NOK 1.4bn, reduced by NOK 100m due to FX; full-year sales volumes remain in line with budget.

• Five new products are planned for 2027, including four based on new hardware architectures spanning Sensors and Robotics.

• Four internally funded development projects launched in H2 2026 across Sensors and Robotics.

• Nortek resource changes are expected to reduce costs by NOK 27.5m in 2027.

• Medium-term targets include a 20% EBITA margin, CapEx of 4% of revenue, working capital of 15–20% of revenue, ROCE above 30%, and net debt/EBITDA of 1.0–2.0x.