Infrea (INFREA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6.1% YoY to SEK 519.5m; adjusted EBITA was SEK 28.0m versus SEK 28.8m, while reported EBITA included significant comparability items.

• Performance diverged: Paving strengthened, while Earthworks & Construction faced weaker utilization and project write-downs.

• Preparations advanced for the Netel merger, with registration planned for November 4, 2026, and Infrea shares scheduled to stop trading November 3.

Financial highlights

• Q3 revenue SEK 519.5m (+6.1% YoY); EBITDA SEK 19.5m vs SEK 39.7m; operating loss SEK 10.9m vs profit of SEK 28.7m.

• Q3 net loss was SEK 13.8m vs profit of SEK 20.0m; diluted and basic EPS were both -SEK 0.5 vs SEK 0.7.

• Q3 operating cash flow was SEK 23.0m vs SEK 52.5m; adjusted EBITA was SEK 28.0m, down 3% YoY.

• 9M revenue was SEK 1,449.0m (-0.6% YoY); adjusted EBITA SEK 15.5m vs SEK 18.3m; net loss SEK 34.9m vs SEK 6.3m.

• 9M operating cash flow was negative SEK 15.6m vs positive SEK 11.1m; reported operating loss was SEK 32.8m vs profit of SEK 3.2m.

Outlook and guidance

• Management expects Q4 working-capital pressure from high Paving activity to ease; focus remains on project control, cost discipline, cash flow and operational improvement.

• Netel merger is expected to create a platform with ~SEK 5bn pro forma 2025 revenue and annual cost synergies of ~SEK 50m; additional revenue synergies are expected over time.

• The combined business is expected to benefit from greater scale, geographic reach and complementary Infra, Power, Telecom and Paving capabilities.