Karnell Group (KARNEL) Q3 2026 earnings summary

Executive summary

• Record Q3: net sales rose 33.4% to SEK 581.5m and EBITA increased 73.0% to SEK 120.0m, with broad-based organic growth across both business areas.

• EBITA margin reached 20.6% and LTM margin 16.7%, above the 15% target; seasonality and temporary factors boosted Q3 results.

Financial highlights

• Q3 sales growth comprised 18.8% organic growth, 15% acquired growth and neutral currency effects; organic EBITA growth was 42.6%.

• Operating cash flow was SEK 134.8m in Q3 and SEK 255.6m in 9M, versus SEK 46.4m and SEK 88.6m, respectively.

• 9M EBITA increased 67.8% to SEK 286.4m; net profit was SEK 127.5m, up 24%, and diluted EPS was SEK 2.31 versus SEK 1.89.

• Q3 net profit was SEK 45.9m versus SEK 46.4m; diluted EPS was SEK 0.83 versus SEK 0.85.

Outlook and guidance

• Q3 is seasonally the strongest quarter; temporary factors mean its results and margin should not be viewed as a new normal.

• LTM EBITA margin of 16.7% exceeded the 15% target; leverage of 1.4x was below the normal 2.0x ceiling.

• Strong cash flow and balance-sheet capacity support disciplined acquisitions; expansion remains a priority, with a medium-term dividend target of 20–30% of annual net income.