Kontron (SANT) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA was €50m, up 5% YoY, with a 13.7% margin; defense, software and transportation grew despite supply constraints and delayed shipments.

• 9M adjusted EBITDA reached €151.0m versus €140.1m; reported revenue was €1,102.9m, affected by COM deconsolidation and supply disruptions.

• Record backlog stood at €2,751.9m; Ennoconn raised its stake to 48%, and FY26 guidance was reaffirmed.

Financial highlights

• Q3 revenue was €365.8m versus €400.8m; reported EBITDA was €41.5m and adjusted EBITDA €50m, including more than €8m of restructuring charges.

• Q3 gross profit was €148m, down 15.2% YoY; net income attributable to parent owners was €17.9m versus €21.9m.

• 9M revenue was €1,102.9m versus €1,181.9m reported, or €1,123.6m adjusted for deconsolidations; gross margin held at 41.6%.

• 9M adjusted EBITDA was €151.0m versus €140.1m; adjusted net income was €74.1m versus €69.6m, and adjusted EPS was €1.19 versus €1.11.

• Operating cash flow was €4.3m for 9M and €18.2m in Q3, versus €49.7m and €33.5m, respectively, a year earlier.

Outlook and guidance

• FY26 guidance remained revenue of ~€1.6bn and EBITDA of €200m after restructuring costs, or €225m before the €25m costs.

• Most of €68.6m in delayed products was expected to ship in Q4; revenue guidance for the quarter was €440m–€510m, with €500m targeted.

• Q4 operating cash flow was expected to be strong; net debt was forecast at around or below €100m by year-end.

• Defense revenue was expected to grow 30% to €200m in 2026, with further growth in 2027.

• 2030 targets include €2.6bn revenue and €420m EBITDA; plans cite €1bn additional revenue, over 60% organic, and a 16% EBITDA share.