Online Brands Nordic (OBAB) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 43.2% YoY to SEK 175.6m; pro forma growth including Frank Dandy was 17.1%, with 12.6% organic growth excluding Frank Dandy.

• Q3 EBITDA increased 79% YoY to SEK 19.2m; EBITDA margin expanded to 10.9% from 8.7%.

• Frank Dandy contributed SEK 37.6m in Q3 sales and positive EBITDA in its first quarter after consolidation began July 1, 2026.

Financial highlights

• Q3 gross profit was SEK 105.0m versus SEK 66.9m; gross margin improved to 59.8% from 54.6%.

• Q3 operating profit was SEK 12.3m versus SEK 4.6m; net income was SEK 9.9m versus SEK 1.3m, and EPS was SEK 0.34 versus SEK 0.05.

• Jan-Sep revenue rose 35.9% YoY to SEK 431.5m; EBITDA was SEK 29.2m versus SEK 10.3m, and net income was SEK 2.5m versus a SEK 12.1m loss.

• Q3 operating cash flow was SEK -4.4m versus SEK 2.0m; cash flow before working-capital changes was SEK 16.7m versus SEK 7.8m.

Outlook and guidance

• Financial targets set August 20, 2026: revenue of at least SEK 1bn within 15–18 months, EBITDA margin of at least 10% within the same period, and long-term net debt/EBITDA no higher than 2.5x.

• R12 pro forma revenue reached ~SEK 697m and EBITDA SEK 60.2m, with an 8.6% margin; Q3 margin was 10.9%, and net debt was ~1.0x pro forma EBITDA.

• H2 is normally stronger than H1; inventory built ahead of the peak season is expected to convert into sales and cash flow in Q4.