GVS (GVS) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €329.9m, up 6.4% at constant FX; Q3 revenue was €114.8m, with organic growth accelerating to 13.2%.

• Adjusted EBITDA rose 9.0% to €85.8m, with a 26.0% margin; adjusted net profit excluding FX effects was €37.5m, up 3.3%.

• Net financial position was €253.5m at 30 September 2026, with leverage of 2.2x.

Financial highlights

• Revenue increased from €315.6m to €329.9m; 9M organic growth was 6.4%, comprising volume growth of 3.9% and net price growth of 2.6%.

• Adjusted EBITDA rose from €78.7m to €85.8m; margin expanded from 24.9% to 26.0%, up 106 bps.

• Adjusted EBIT was €58.8m, or 17.8% of sales, versus €55.7m and 17.6%; adjusted D&A increased to €26.2m from €22.6m.

• Adjusted net profit excluding FX effects was €37.5m, with an 11.4% margin, versus €36.3m and 11.5%; including FX effects, adjusted net profit was €41.8m versus €20.7m.

• Reported net profit was €33.7m versus €9.0m; basic and diluted EPS were both €0.18 versus €0.05.

Outlook and guidance

• FY 2026 guidance confirmed: mid-single-digit revenue growth at constant FX and adjusted EBITDA margin expansion of 50–100 bps versus 2025.

• FY 2026 leverage is expected near 2.0x; Q4 sales of €113m–€114m would support the 5% organic growth target.

• H2 adjusted EBITDA is forecast at €60m–€61m versus €55m in H1; Q4 revenue is expected broadly in line with Q3.

• Q4 working-capital plans include reducing inventory and receivables by ~€10m each; year-end net financial position is expected near €225m.