Storskogen Group (STOR) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 8,330m, up 4%; organic sales grew 3%, while adjusted EBITA rose 6% to SEK 806m and margin improved to 9.7% from 9.5%.

• Organic sales grew across all three business areas and organic EBITA growth was positive overall; management cited broader operating momentum from commercial and operational initiatives.

• Greater financial flexibility is expected to allow more cash flow to be directed toward organic initiatives and acquisitions as minority commitments decline ahead of 2027.

Financial highlights

• Adjusted EBITDA was SEK 1,081m, up 5%; adjusted EBIT was SEK 631m, up 7%, and adjusted profit after tax was SEK 348m, up 3%.

• Reported EBITDA was SEK 1,070m, up 3%; EBIT was SEK 620m, up 4%, and profit after tax was SEK 337m, down 3%.

• Adjusted EPS was SEK 0.19 versus SEK 0.18; reported EPS was SEK 0.18 versus SEK 0.19 a year earlier.

• Jan–Sep net sales rose 3% to SEK 25,041m, including 4% organic growth; adjusted EBITA was SEK 2,309m, broadly unchanged, while profit increased to SEK 887m from SEK 824m.

• Jan–Sep adjusted diluted EPS rose 10% to SEK 0.54; excluding items affecting comparability, operating profit was SEK 1,795m versus SEK 1,781m.

Outlook and guidance

• Priorities remain organic growth, improved profitability and value-creating acquisitions; long-term targets include average annual adjusted EBITA growth of 15% and adjusted EBITDA growth of 15%.

• The adjusted EBITA margin target remains at least 10%; adjusted cash conversion target is above 70%, and net debt/adjusted EBITDA target is 2.0–3.0x.

• Leverage is expected to decrease toward year-end; management retains an ambition to operate below 2.5x.

• Services was cautiously optimistic; Trade expects seasonally stronger Q4 sales, while Industry entered Q4 with a solid order book and continued recovery in non-Nordic markets.

• Acquisition pipeline was described as attractive within selected investment themes; no numerical earnings guidance was stated.