Stratec (SBS) Q3 2026 earnings summary

Executive summary

• 9M sales fell 6.1% reported and 5.0% at constant currency to €164.9m; adjusted EBIT rose 6.5% to €13.7m, with adjusted margin up 100 bps to 8.3%.

• Operating cash flow improved to €39.4m from -€1.4m, supported by working-capital management and lower receivables.

• Diatron sale shifts FY2026 guidance to continuing operations; the exit is expected to strengthen the structural margin profile.

Financial highlights

• Q3 revenue was €52.4m, down 8.1% reported; adjusted EBIT grew 36.7% to €5.9m and adjusted net income rose 59.8% to €3.4m.

• 9M adjusted EBITDA rose 4.4% to €25.3m; margin increased 150 bps to 15.3%. Q3 adjusted EBITDA rose 17.7% to €9.6m; margin increased 410 bps to 18.4%.

• 9M adjusted net income rose 5.7% to €7.5m and adjusted EPS increased 6.9% to €0.62; Q3 adjusted EPS was €0.28, up 64.7%.

• Reported 9M net loss was €38.1m versus net income of €4.1m; basic EPS was -€3.13 versus €0.34.

• 9M free cash flow was €30.6m versus -€14.8m; operating cash flow was €39.4m versus -€1.4m.

Outlook and guidance

• FY2026 continuing-operations sales are expected stable to slightly higher at constant currency, against FY2025 pro forma sales of €223.5m excluding Diatron.

• FY2026 continuing-operations adjusted EBIT margin guidance is 13.0%–15.0%; tangible and intangible investment is forecast at 5.0%–7.0% of sales, expected at the lower end.

• Recast 9M continuing-operations sales were €151.8m versus €157.4m; adjusted EBIT was €20.3m versus €17.2m, with margin at 13.4% versus 10.9%.

• ~€76m of Q4 sales is required to reach the FY sales-guidance midpoint; guidance assumes no service-parts recovery from the 9M run rate.

• Strong Q4 systems and Development and Services activity is supported by binding orders and contracted work, though timing for some volumes remains uncertain.