Rejlers (REJL-B) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 3.5% YoY to SEK 1,065.0m, while organic growth was -3.4%; EBITA fell to SEK 60.1m and the margin to 5.6%.

• 9M net sales increased 5.5% YoY to SEK 3,620.2m; EBITA declined to SEK 233.5m, with a 6.4% margin. A SEK 20m Swedish recruitment investment weighed on results.

• UAE disruption and delayed Norwegian infrastructure project starts pressured Q3 earnings; shareholders approved a merger with Multiconsult, expected to complete in late 2026 or early 2027.

Financial highlights

• Q3 EBIT was SEK 38.7m versus SEK 52.8m; net profit was SEK 28.6m versus SEK 27.9m, and diluted EPS was SEK 1.19 versus SEK 1.23.

• 9M EBIT was SEK 162.4m versus SEK 201.1m; net profit was SEK 114.6m versus SEK 132.5m, and diluted EPS was SEK 4.60 versus SEK 5.86.

• Adjusted for the SEK 20m extraordinary Swedish recruitment investment, 9M EBITA was SEK 253.5m and the margin was 7.0%.

• 9M operating cash flow was SEK 115.3m versus SEK 197.7m, weighed down by recruitment and lower current liabilities.

Outlook and guidance

• 2030 targets include turnover of SEK 8bn and profitability of at least 10%; the sustainable business transformation continues.

• Merger completion is expected in late 2026 or early 2027; projected scale is close to 8,000 employees and SEK 12bn in annual revenue, based on the 12 months to June 2026.

• Merger cost synergies are estimated at SEK 100–120m annually within three years, mainly from IT, group-wide functions and office co-location in Norway.