Nordic LEVEL Group (LEVEL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 28.6% YoY to SEK 96.7m; reported EBITDA was SEK 7.7m versus a loss of SEK 0.8m, and net income was SEK 1.8m versus a loss of SEK 6.2m.

• Record quarterly order intake of SEK 156.6m lifted the order backlog to SEK 209.7m; the quote backlog reached SEK 767.6m.

• YTD revenue fell 6.9% to SEK 257.9m, with reported EBITDA of -SEK 9.2m and net loss of SEK 27.3m.

Financial highlights

• Q3 reported EBIT was SEK 3.5m versus -SEK 4.4m YoY; adjusted EBITDA was SEK 7.7m versus SEK 0.1m, and adjusted EBIT was SEK 3.5m versus -SEK 3.4m.

• Q3 EPS was SEK 0.01 versus -SEK 0.03; YTD EPS was -SEK 0.11 versus -SEK 0.06.

• YTD reported EBITDA was -SEK 9.2m versus SEK 4.0m, reported EBIT -SEK 22.4m versus -SEK 7.6m, and net loss SEK 27.3m versus SEK 12.0m.

• Q3 operating cash flow before working-capital changes was SEK 4.4m versus -SEK 3.8m; cash flow from operations was -SEK 14.1m versus -SEK 6.8m.

Outlook and guidance

• No 2026 forecast; long-term targets for 2027–2031 are average annual organic growth above 10%, EBITDA margin above 10% over a cycle, and net debt/EBITDA below 2.5x.

• Priorities are delivering the larger backlog, converting more quotes into orders, and pursuing sustained profitable growth and market-share gains.

• Backlog and quote pipeline provide visibility into deliveries through 2027; management cited improved production capacity and readiness for higher activity.