LU-VE (LUVE) Q3 2026 earnings summary

Executive summary

• 9M-26 revenue rose 13.3% to €498.9m; Q3 revenue increased 19.4% to €173.8m, with adjusted EBITDA margin up 150 bps YoY to 17.0%.

• Order backlog reached a record €402.6m, up 68.7% YoY and 20.8% from June; net financial debt was €85.8m, with leverage at 0.8x.

Financial highlights

• 9M-26 adjusted EBITDA rose 20.8% to €79.3m; adjusted EBIT was €59.9m versus €45.4m, and adjusted net income was €45.4m versus €34.8m.

• Reported EBIT increased 35.4% to €55.9m; net result was €43.7m versus €28.3m, and net result attributable to the Group was €42.3m versus €27.1m.

• 9M product sales grew 13.3% at reported FX and 14.0% at constant FX, driven by volumes (+8.3%) and prices (+5.0%).

• Q3 adjusted EBITDA increased 31.7% YoY; €16.8m of price increases more than offset €16.0m of higher operating costs, with no NRI in the quarter.

Outlook and guidance

• September 2026 M/LT guidance upgraded organic sales growth from HSD to LDD and adjusted EBITDA margin from 14%-15% to 15%-17%.

• Trade NWC guidance remains mid-teens; growth capex guidance rose to €30-35m p.a. and the tax-rate range to 22%-23%.

• Record backlog and orders across power generation, data centers and heat pumps support high visibility through late 2026 and early 2027; heat-pump exchanger forecasts for 2027 are promising.

• Priorities include data-center and power-generation opportunities, nuclear projects, automation, cost efficiency, supply-chain resilience, disciplined M&A and cash conversion.