Kesla (KELAS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 26.4% YoY to €9.3m; operating loss narrowed to €0.25m from €1.35m, while the market remained uncertain.

• 9M revenue increased 9.8% to €29.2m; operating loss narrowed to €0.83m from €2.62m, and orders and backlog rose substantially YoY.

Financial highlights

• Q3 EBITDA was €82k versus -€978k YoY; EBIT was -€250k versus -€1.348m, and comprehensive income was -€570k versus -€1.509m.

• 9M EBITDA was €187k versus -€1.492m YoY; EBIT was -€825k versus -€2.617m, and comprehensive income was -€1.656m versus -€3.078m.

• 9M operating cash flow was €4.59m versus €337k; Q3 cash flow was -€64k versus €212k YoY.

• EPS for A and B shares was -€0.17 in Q3 versus -€0.45 and -€0.49 for 9M versus -€0.91 YoY.

Outlook and guidance

• Revised FY 2026 guidance: revenue €43m–€45m and EBIT margin 0% to +2%, assuming a stable operating environment; prior guidance was revenue €38m–€45m and EBIT margin -2% to +2%.

• Priorities for year-end include improving profitability, competitiveness and financial position, advancing structural reforms, and pursuing international Defence sales and product development.

• Management remains cautious on near-term markets; backlog substantially above the prior-year level provides a stronger base for the turnaround, though further profitability work remains.