Hiab (HIAB) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 39% to €481m, with 5% organic growth; comparable operating profit increased 73% to €69m, a 14.2% margin.

• Organic sales returned to growth for the first time in three years; organic constant-currency orders fell 4% as acquisitions boosted reported results.

• EVS consolidation and cost savings supported results amid mixed market conditions; integration progressed to plan.

• FY 2026 comparable operating profit margin guidance remained above 14.5%.

Financial highlights

• Q3 comparable EBITA was €74.7m, up 85%, with a 15.5% margin versus 11.7% YoY; comparable operating profit was €69m versus €40m.

• Q3 operating profit was €53.8m, including €15m of items affecting comparability; net profit was €29.1m and basic EPS €0.45.

• Q1–Q3 sales rose 9% to €1,267m and comparable operating profit increased 9% to €181m; reported operating profit was €143.7m after €37m of comparability items.

• Q3 operating cash flow before finance items and taxes was €98m, supported by lower inventory and receivables; cash conversion was 180%.

• Orders received rose 26% to €441m; acquisitions contributed €101m, while organic orders fell 4% in Q3 and increased 5% YTD.

Outlook and guidance

• FY 2026 comparable operating profit margin guidance remained above 14.5%, versus 13.7% in 2025; it excludes EVS order-book PPA amortisation.

• Q3 YTD comparable operating profit margin was 14.3%; the aim is to achieve the highest comparable operating profit margin in the business’s history in 2026.

• Q4 profitability is expected to benefit from H1 order conversion, sequential sales improvement, operating leverage and recovery in working days.

• Cost savings of €20m are expected in 2026; 2027 savings impact is expected to exceed €20m as some actions were not in place from January 2026.

• EVS synergies are estimated above €12m at 2029 EBIT run rate; 2028 targets include sales CAGR above 7%, a 16% comparable operating profit margin and ROCE above 25%.