Systembolaget (SB) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 1.2% YoY to SEK 10,214m; operating profit increased to SEK 219m from SEK 143m and net income to SEK 160m from SEK 115m.

• 9M revenue grew 1.0% YoY to SEK 28,803m; operating profit was SEK 165m versus SEK 10m and net income SEK 120m versus SEK 13m.

• Higher gross profit and cost adjustments supported results despite lower sales volumes and inflation-driven costs.

Financial highlights

• Q3 gross profit was SEK 1,284m versus SEK 1,232m; price increases added SEK 67m, partly offset by lower volume (-SEK 13m) and mix (-SEK 1m).

• 9M gross profit reached SEK 3,589m versus SEK 3,472m; price increases added SEK 146m, partly offset by lower volume (-SEK 7m) and mix (-SEK 19m).

• Q3 operating profit was SEK 219m versus SEK 143m; 9M operating profit was SEK 165m versus SEK 10m, reflecting stronger gross profit and lower costs.

• Q3 net financial items were -SEK 17m versus SEK 2m; 9M net financial items were -SEK 22m versus SEK 9m, mainly due to unrealized investment-value changes.

• Q3 net income was SEK 160m versus SEK 115m; 9M net income was SEK 120m versus SEK 13m. Q3 EPS was SEK 444 versus SEK 319; 9M EPS was SEK 333 versus SEK 36.

Outlook and guidance

• Cost adjustments are intended to align costs with lower volumes; ongoing work after the logistics direction decision aims to create more robust, sustainable and efficient supply.

• 2026 targets include cost efficiency below 19%, ROE of 5–15%, equity ratio of 14–20%, and a 15% reduction in product-range climate footprint versus the 2019 baseline.