Transfer Group (TRNSF) Q3 2026 earnings summary

Executive summary

• Q3 revenue was SEK 22.2m; continuing-business growth was 188% YoY, while EBITDA was -SEK 8.3m and operating cash flow was -SEK 17.7m.

• Sales, order wins and delivery activity advanced across the remaining businesses, but delayed permits and a longer-than-planned alarm-center startup pressured liquidity and delayed some revenue.

Financial highlights

• Q3 net sales were SEK 22.164m versus SEK 37.977m; excluding divested Sensec, sales rose 188% YoY, mainly on a large Altum security-equipment delivery.

• Q3 operating loss was SEK 13.774m versus SEK 7.365m; EBITDA was -SEK 8.302m versus -SEK 2.309m, with Amigo Defense costs and limited revenue contributing to the weaker result.

• Q3 net loss was SEK 13.553m and EPS -SEK 0.03; gross margin was 36.8% versus 46.7%.

• 9M net sales were SEK 61.871m; continuing-business sales were SEK 42.974m, up 73% YoY.

• 9M EBITDA was SEK 67.985m including SEK 85.412m Sensec disposal gain; adjusted EBITDA was -SEK 17.427m versus -SEK 11.870m, and continuing-business net loss was SEK 33.263m.

Outlook and guidance

• 2026 targets remain approximately SEK 208m net sales and SEK 35m EBITDA; some revenue is expected to shift into 2027 because ISP approval is pending, while the EBITDA target stands.

• A further ISP delay could require revising the 2026 revenue target; approval would enable planned deliveries, particularly for Kuwait.

• Q4 growth prospects rely on faster Amigo Systems deliveries, expanded alarm-center capacity and Altum activity; strengthening cash flow and financing remains a priority.