Gesco (GSC1) Q3 2026 earnings summary

Executive summary

• 9M 2026 sales rose 1.0% to €368.3m; EBIT increased 18.1% to €18.1m and earnings after minority interests grew 30.1% to €10.8m.

• Order intake rose 3.3% to €387.5m, exceeding sales; earnings improved through cost optimization despite challenging markets.

Financial highlights

• 9M EBITDA rose 12.5% to €31.7m and EBT increased 26.5% to €15.9m.

• EPS increased 29.8% to €1.04 from €0.80.

• Materials costs fell to €204.5m from €206.4m, lowering their sales ratio to 55.5% from 56.6%; personnel costs declined to €95.9m from €96.3m.

• Other operating expenses fell €2.9m to €46.2m, partly due to lower valuation allowances and currency translation expenses.

Outlook and guidance

• FY 2026 sales guidance was raised to €525m–€543m following ARKU’s acquisition and confirmed; earnings after minority interests guidance remains €15m–€20m.

• ARKU’s Q4 earnings contribution is expected to be offset by initial consolidation effects and transaction costs; a profitable growth contribution is expected from 2027.

• Higher order intake, stronger margins and lower net debt support the outlook, while economic, geopolitical and trade-policy uncertainty and uneven demand remain key variables.