Sustainion (SUSG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 68.6% YoY to SEK 214.3m, including 46.8% organic growth; EBITDA was SEK 16.6m and margin improved from 5.4% in Q2 to 7.7%.

• 9M revenue increased 67.1% to SEK 606.3m, including 48.4% organic growth; EBITDA reached SEK 42.5m and net income SEK 15.5m.

Financial highlights

• Q3 EBIT was SEK 10.7m versus SEK 11.7m YoY; net income was SEK 6.6m versus SEK 7.7m, and diluted EPS was SEK 0.03 versus SEK 0.04.

• 9M EBIT increased to SEK 28.4m from SEK 24.6m; net income rose to SEK 15.5m from SEK 13.7m, while EPS was unchanged at SEK 0.07.

• 9M operating cash flow was SEK 33.2m versus SEK 16.7m; working-capital cash flow improved to SEK 2.0m from an outflow of SEK 11.3m.

Outlook and guidance

• Long-term targets remain 10–25% annual organic revenue growth, 12% EBITDA margin and pro forma net debt/EBITDA no higher than 3.0x; no forecasts are issued.

• Management expects growth to continue with margins strengthening progressively; new-market expansion initially weighs on margins, which are expected to improve as markets mature.

• Potential Q4 recovery signals included EWF Eco’s record ECO Charge quote pipeline, Ströman’s strong quote pipeline and increased KPP customer activity and orders.