Ovzon (OVZON) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9% YoY to 220 MSEK; mobile satellite terminals drove growth, while SATCOM services remained solid.

• Q3 profit rose 67% to 47 MSEK; order intake was 119 MSEK, up from 72 MSEK, and the order book stood at 570 MSEK.

• 9M revenue reached 725 MSEK, up 58% YoY; EBITDA was 301 MSEK, operating profit 180 MSEK and profit for the period 158 MSEK.

Financial highlights

• Q3 EBITDA was 94 MSEK versus 95 MSEK; operating profit was 54 MSEK and net profit was 47 MSEK.

• Q3 diluted EPS was 0.42 SEK versus 0.25 SEK; 9M diluted EPS was 1.40 SEK versus 0.42 SEK.

• Q3 operating cash flow was -90 MSEK and free cash flow -96 MSEK, mainly due to a temporary receivables increase on September deliveries; 9M operating cash flow was 81 MSEK and free cash flow 49 MSEK.

• Q3 order intake was 119 MSEK versus 72 MSEK; the order book was 570 MSEK.

Outlook and guidance

• Priorities include renewing and extending contracts, adding customers and countries, filling Ovzon 3 capacity, optimizing satellite utilization and maintaining cost control.

• 60% of the 570 MSEK order book is expected to be recognized as revenue in the remainder of 2026 and 40% in 2027.

• Further satellite capacity depends on an appropriate business case and risk profile; the mobile satellite terminal portfolio is being scaled, with Ovzon T8 in field use.

• Growth priorities include Europe and North America, including Germany, NATO markets and the U.S. customer base.

• Of the new U.S. government customer’s 90 MSEK order, 34 MSEK was recorded as Q3 order intake; the balance awaits finalization of formal funding.