VBG Group (VBG) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 5.8% YoY to SEK 1,447.2M; organic growth was 5.4% across all divisions and geographic markets.

• EBITA was SEK 152.7M with a 10.6% margin, down from 12.5%; EBIT was SEK 139.6M with a 9.6% margin.

• Order intake rose 4.5% YoY; operating cash flow increased to SEK 264.6M from SEK 135.9M.

Financial highlights

• Q3 profit after financial items was SEK 131.9M versus SEK 139.5M; EPS was SEK 4.16 versus SEK 3.87.

• 9M net sales rose 5.4% to SEK 4,304.1M; organic growth was 6.4%, while EBIT was SEK 436.9M versus SEK 491.2M.

• 9M profit after financial items was SEK 406.0M versus SEK 427.6M; net income was SEK 306.9M versus SEK 311.2M, and EPS was SEK 12.28 versus SEK 12.44.

• 9M EBIT included SEK 19.3M of Dobřany restructuring costs and SEK 6.8M of MTS reorganization costs; 2025 included SEK 13.4M of US pandemic subsidies and SEK 5.0M of acquisition consulting costs.

• Q3 EBITDA was SEK 188.7M versus SEK 193.4M; 9M EBITDA was SEK 580.5M versus SEK 611.3M.

Outlook and guidance

• No formal 2026 forecast; priorities include pricing, cost control, capacity development, operational improvements and converting order bookings amid uncertainty.

• Toronto remains on schedule, with full production capacity targeted from Q2 2027; Dobřany commissioning is scheduled for Q3 2027.

• MTS pricing actions and cost measures are expected to support margin improvement; management believes the MTS EBITA margin bottomed in Q2.

• Ringfeder expects capacity-related costs to continue into Q4 at a lower level, with operations anticipated to be back in line by end-Q1.