Troax Group (TROAX) Q3 2026 earnings summary

Executive summary

• Q3 order intake reached a record €99.7m, up 60%, and sales rose 51% to €96.9m; organic intake was flat and organic sales grew 5%.

• Adjusted EBITA rose 46% to €15.1m, but margins faced pressure from sales mix, costs and North American facility ramp-up.

• Demand was mixed: warehousing and data centers were strong, while automotive and construction remained weak in several regions.

Financial highlights

• Order intake growth comprised 57% structural growth, flat organic intake and +3% currency; sales growth comprised 47% structural growth, 5% organic growth and a 1% negative currency impact.

• Adjusted EBITA was €15.1m, with a 15.6% margin versus 16.1% a year earlier; Q3 reported operating profit included €2.1m of North American relocation costs.

• Q3 net income was €7.1m versus €6.8m; diluted EPS was €0.12 versus €0.11, and adjusted diluted EPS was €0.25 versus €0.12.

• 9M sales rose 26% to €252.9m, but fell 4% excluding currency and acquisitions; adjusted EBITA increased to €33.2m from €29.7m, with margin down to 13.1% from 14.8%.

• 9M net income fell to €2.8m from €13.5m, primarily reflecting non-cash contingent-consideration revaluations; 9M relocation costs were €5.7m.

Outlook and guidance

• Pricing actions will continue in Q4; Q3 pricing had no material effect on orders or sales, with greater impact expected in coming quarters.

• Larger data-center and logistics orders extend conversion cycles by half to one quarter; the current mix shifts the cycle from one quarter to 1.5–2 quarters.

• Data-center pipeline remains strong, with activity expected over the next four quarters; North American warehousing pipeline was described as solid.

• North American operations are targeted to be materially improved entering 2027 and accretive to group margins over one to two years; stabilization and optimization remain priorities.

• 2030 targets are revenue of at least €550m and adjusted EBITA margin of at least 20% over an economic cycle; the net debt/EBITDA target is normally no higher than 2.5x.