Seafire (SEAF) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 10% to SEK 245m, including SEK 39m from Splendor Plant; organic growth was -8%, or +2% excluding discontinued operations.

• Adjusted EBITA increased to SEK 20m from SEK 14m, including SEK 11m from Splendor Plant; organic adjusted EBITA fell SEK 5m, or 35%, with Borö-Pannan and Nordbutiker below expectations.

• Splendor Plant made a positive start; Borö-Pannan and Nordbutiker restructuring was operationally completed, with financial benefits expected later than first anticipated.

Financial highlights

• Q3 net sales were SEK 245m versus SEK 223m; gross margin was 51% versus 45%, and adjusted EBITA margin was 8% versus 6%.

• Q3 reported EBITA was SEK 18m versus SEK 20m; EBIT was SEK 13m in both periods, while net profit was SEK 6m versus SEK 9m.

• Jan-Sep net sales rose 11% to SEK 770m; adjusted EBITA increased to SEK 59m from SEK 39m, and EBIT to SEK 41m from SEK 22m.

• LTM net sales reached SEK 1,004m versus SEK 907m; adjusted EBITA was SEK 69m versus SEK 46m, with a 7% margin.

• Q3 operating cash flow before tax was -SEK 12m versus +SEK 4m; cash flow from operating activities was -SEK 24m versus -SEK 9m.

Outlook and guidance

• Underlying demand and market activity were stable with a positive trend, though volatile; outlook remained mainly positive across subsidiaries.

• Transformation projects were operationally complete, but financial benefits were delayed; Borö-Pannan expects full benefits from early 2027, including at least SEK 8m in annual net fixed-cost reductions at year-end run-rate.

• Some transformation effects are expected to continue into Q4; stronger Q4 cash flow is expected as working capital improves.

• Priorities include profit growth, cash flow, cost control, efficiency, pricing, procurement savings and value-creating acquisitions at appropriate valuations.