Nimbus Group (BOAT) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 265m, up 1% YoY with 0% organic growth; gross profit rose to SEK 27m from SEK 8m and the EBITA loss narrowed to SEK 17m from SEK 45m.

• Order intake reached SEK 522m versus SEK 212m YoY, lifting the period-end order book to SEK 605m, including the SEK 260m FMV order for 60 boats.

• 9M net sales fell 12% to SEK 1,001m, while free cash flow improved to SEK 73m from negative SEK 80m and net loss narrowed to SEK 8m from SEK 94m.

Financial highlights

• Gross profit rose to SEK 27m from SEK 8m, supported by better price realization and mix, production efficiency, lower costs and SEK 2m of favorable currency effects.

• EBITA improved to negative SEK 17m from negative SEK 45m, as gross margin gains and lower operating costs contributed; volume was in line with last year.

• Q3 operating result was negative SEK 20m versus negative SEK 45m; net loss was SEK 19m versus SEK 55m, and EPS was negative SEK 0.45 versus negative SEK 1.29.

• Q3 free cash flow was negative SEK 37m versus negative SEK 43m; SEK 8m related to investments in new products.

Outlook and guidance

• Financial targets remain growth above 10%, EBITA margin of 10%, no financial debt and a 30% dividend policy.

• Production and delivery of 60 FMV boats valued at SEK 260m are planned over three years from Q2 2027; the project was proceeding to plan.

• Sport Coupé 35 order opening began; its physical reveal is planned for the Düsseldorf boat show in January 2027.

• Focus remains on profitability, cash flow and operational efficiency, with defense and workboats, including USVs and Alukin offerings, identified as strategic growth areas.