Waystream Group (WAYS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 38% YoY to SEK 41.8M, including 24% organic growth; operating profit improved 35% YoY.

• Operator sales strengthened in the Nordics, while Tellus Fiber broadened the product range and customer reach; component shortages continued to constrain deliveries.

• Priorities are operator growth, Tellus Fiber synergies, renewed Central European growth, and gradual gross-margin improvement.

Financial highlights

• Q3 revenue was SEK 41.787M vs SEK 30.286M; EBITDA SEK 6.686M vs SEK 4.970M; net income SEK 2.313M vs SEK 2.172M.

• Q3 EBIT was SEK 3.353M vs SEK 2.841M; EPS was SEK 0.26 vs SEK 0.27.

• 9M revenue was SEK 111.365M vs SEK 103.227M; pro forma revenue, including Tellus Fiber from Jan 1, was SEK 122.152M.

• 9M EBITDA was SEK 11.293M vs SEK 18.731M; pro forma EBITDA was SEK 12.529M; operating cash flow was SEK 7.733M vs SEK 25.777M.

Outlook and guidance

• Production rates are expected to increase in Q4; previously delayed orders began shipping late in Q3, with ~30% of those orders delivered.

• Higher inventory is planned to improve delivery reliability and meet demand, though it will tie up working capital in the short term.

• Long-term targets through 2030: average annual growth of 20%, EBITDA margin of at least 20%, and return on equity of at least 20%.

• Management expects gradual gross-margin improvement as cost-optimized switch production scales and sales increase; quarterly sales may vary with large orders and customer investment cycles.