Martela (MARAS) Q3 2026 earnings summary

Executive summary

• 9M revenue fell 38.2% YoY to EUR 43.8m; comparable operating loss widened to EUR 4.5m from EUR 1.2m.

• Q3 revenue dropped 42.8% YoY to EUR 11.8m, with comparable operating loss of EUR 1.0m versus EUR 0.3m profit.

• Weak demand, delayed projects and smaller average project sizes weighed on orders and deliveries; year-end deliveries are expected to rise.

Financial highlights

• Q3 operating loss was EUR 0.8m versus EUR 0.3m profit; net loss was EUR 1.4m versus EUR 0.4m, and EPS was EUR -0.30 versus EUR -0.09.

• 9M operating loss was EUR 3.2m versus EUR 1.2m; net loss was EUR 4.8m versus EUR 2.9m, and EPS was EUR -1.04 versus EUR -0.63.

• 9M operating result included a EUR 1.1m gain on the moving-services divestment, a EUR 0.5m IFRS 16 lease-termination gain and EUR 0.3m non-recurring personnel expenses.

• Operating cash flow was EUR 1.7m versus EUR 1.6m in 9M; cash and cash equivalents were EUR 0.9m at period-end versus EUR 2.6m at year-end 2025.

Outlook and guidance

• FY 2026 revenue is estimated at EUR 66–73m; comparable operating result is expected to be a loss of EUR 1–3m.

• Deliveries are expected to increase in Q4, supported by an order backlog 4% above the year-earlier level and projects postponed from the review period.

• Measures to improve competitiveness, profitability and cash flow include portfolio streamlining, growth in Workplace as a Service, more order-driven production and lower overhead costs; full impact expected in 2027.