Roblon (RBLN) Q3 25/26 earnings summary

Executive summary

• Focused on high-performance fiber-based strength elements for critical energy infrastructure, targeting segments with structural growth potential.

• Revenue and earnings for Q3 2025/26 were below management's initial guidance, prompting a downgrade in full-year profit expectations.

• Strategic priorities include transitioning to a strategic partner, launching new products, and emphasizing subsea HV cables.

• The FOC product group showed revenue and order intake growth, supported by a recovering European market.

• Long-term vision aims for market leadership in selected energy sectors by 2030.

Financial highlights

• Revenue for Q1–Q3 2025/26 was 110.9 mDKK, down from 182.3 mDKK year-over-year.

• EBITDA before special items was -6.3 mDKK, compared to 43.7 mDKK last year.

• EBIT before special items was -14.4 mDKK, versus 33.3 mDKK last year; EBIT margin at -13.0% (previously 18.3%).

• Net result after tax was -12.8 mDKK, improved from -29.3 mDKK last year.

• Cash flow from operating activities was a net outflow of 0.7 mDKK (inflow of 5.0 mDKK prior year).

Outlook and guidance

• Full-year 2025/26 guidance: revenue 150–170 mDKK, EBITDA -10 to 0 mDKK, EBIT -20 to -10 mDKK.

• Temporary pause in subsea energy cable deliveries expected in 2025/26, with project discussions ongoing for 2026/27.

• Cost adjustments, including organizational changes, are expected to reduce annual costs by 5 mDKK.

• Management expects a return to higher activity in 2026/27, especially in submarine energy cables.

• Management targets for 2029/30: revenue ≥400 mDKK, EBITDA ≥70 mDKK, EBIT ≥50 mDKK, and cash flow from operations ≥60% of EBITDA.