Guldbrev (GULD) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 8% YoY to SEK 111.9m; operating profit fell to SEK 16.9m from SEK 26.2m as marketing investment and lower gross margin weighed on profitability.

• 9M revenue reached a record SEK 387.4m, up 37% YoY, and operating profit of SEK 78.7m was also the highest reported for a nine-month period.

Financial highlights

• Q3 EBITDA was SEK 18.7m vs SEK 28.0m; net profit was SEK 11.9m vs SEK 20.9m, and EPS was SEK 0.57 vs SEK 1.00.

• 9M EBITDA increased to SEK 84.2m from SEK 76.0m; net profit rose to SEK 61.5m from SEK 55.9m, and EPS to SEK 2.93 from SEK 2.68.

• Q3 operating cash flow was SEK -14.5m vs SEK 14.6m; excluding SEK 21.4m related to the Pareto program, it was SEK 7.0m. 9M operating cash flow was SEK 28.9m vs SEK 50.5m.

Outlook and guidance

• Management sees scope for more targeted growth and higher operating margins over time, while continuing to invest in Germany and evaluating expansion into additional markets.

• Q3 growth accelerated month by month; management expects to develop core markets while pursuing opportunities in Germany and new markets.