Netelinfra (NETEL) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 4.5% YoY to MSEK 682; adjusted EBITA improved to MSEK 20 from -34, with a 2.9% margin versus -5.3%.

• Q3 order backlog was MSEK 3,673, described as having good profitability.

• Infrea merger approvals were secured; FY 2026 growth is no longer expected, while margin improvement remains expected.

Financial highlights

• Q3 net sales were MSEK 682 versus 652; FX effects contributed 3.5%.

• Q3 reported EBITDA was MSEK 15 versus -23, EBITA -5 versus -41, EBIT -7 versus -43, and loss after tax MSEK 28 versus 48.

• Q3 adjusted EBITDA was MSEK 39 versus -17, with a 5.8% margin versus -2.6%.

• Jan-Sep net sales fell 5.7% to MSEK 1,983; adjusted EBITA rose to MSEK 53 from 26, while reported EBITA was -6 versus 14.

• Q3 EPS was -SEK 0.52 versus -SEK 0.99; Jan-Sep loss after tax was MSEK 78 versus 42.

Outlook and guidance

• FY 2026 growth is no longer expected due to the faster-than-planned Norwegian Telecom market transition; margin improvement remains expected.

• Swedish operating-company consolidation savings target MSEK 15–25, with full effect expected in 2027; tendering prioritises profitability.

• Merger completion was expected on November 4, 2026; the Q4 report reflecting the merged group is scheduled for February 19, 2027.

• Order backlog of MSEK 3,673 was largely scheduled for 2027 and 2028; post-quarter orders across Power and Telecom exceeded MSEK 230.