Net sales rose 17% to SEK 383 million and adjusted EBITA 17% to SEK 27 million 2. Gross margin slipped to 26.0% and operating cash flow was SEK -1.8 million as working capital absorbed SEK 42 million 4.
Alcadon Group · Q3 2026 · Reported 4 Nov 2026 · Nordic
Key figures
Million SEK | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 2.80 | 4.60 | -39.1 % |
Operating profit | -3.60 | 1.20 | -400.0 % |
Operating margin | -128.6 % | 26.1 % | -154.7 pp |
Figures in SEK, as reported. Margins are computed from the reported lines.
Data centre and subsidiary growth lifted sales, at a lower gross margin
Net sales rose 17% to SEK 383 million from SEK 327 million a year earlier 2. In unchanged currency they rose 14%, of which 2.9 points came from acquisitions 7. Local-currency growth was 92% at Alcadon Belgium, 89% in Norway and 55% at Wood Communications 5. Sweden grew 27%, while Networks Centre fell 13% on the slowdown in broadband rollout 5.
Gross margin fell to 26.0% from 26.8% a year earlier 7. The CEO calls this an active choice, because data centre businesses are often larger projects with more price pressure 3. Management says a higher share of such projects may bring both margin pressure and more revenue volatility in Norway 5.
Profit improved more than the margin did
Adjusted EBITA, a company-defined measure, rose 17% to SEK 27 million and its margin was 7.1% against 7.0% a year earlier 2. Reported EBITA was SEK 27.2 million against SEK 23.9 million, but its margin was 7.1% against 7.3% 2. The adjustments were SEK -0.2 million in the quarter against SEK -0.9 million a year earlier, including a SEK 0.3 million contingent consideration item against SEK -1.2 million 7.
Operating profit was SEK 22.4 million against SEK 19.1 million 11. Profit for the period reached SEK 16.6 million against SEK 9.2 million, and earnings per share SEK 0.68 against SEK 0.37 11. Tax of SEK 1.5 million against SEK 3.5 million a year earlier helped, as did a smaller loss from discontinued operations of SEK -0.1 million against SEK -0.7 million 11. Profit from continuing operations was SEK 16.6 million against SEK 9.9 million 11.
Operating cash flow turned negative as working capital grew
Operating cash flow was SEK -1.8 million against SEK 15.5 million a year earlier, while profit for the period rose to SEK 16.6 million 2. The change in working capital was SEK -42.0 million against SEK -13.3 million 13. Inventories were SEK 267.0 million at quarter-end against SEK 249.2 million a year earlier 12.
The CEO calls the weaker cash flow an expected development as sales growth returns. He adds that longer delivery times have raised stock levels so subsidiaries can serve customers 3. Leverage improved: the net debt ratio was 2.3 times against 2.7 a year earlier, and cash was SEK 55.0 million against SEK 38.2 million 21.
The parent company posted an operating loss
Parent company net sales were SEK 2.8 million against SEK 4.6 million a year earlier, and operating profit was SEK -3.6 million against SEK 1.2 million 14. The year-earlier figure included SEK 1.2 million of other operating income, and none was reported this quarter 14. Net financial items were SEK -6.1 million against SEK -1.7 million 14.
These are holding-company figures, covering group management, finance and IR/PR 8. They are separate from the group result above.
What to watch next
Management's target is operating profit growth of at least 10% annually, supported by one or two acquisitions a year 3.
Whether gross margin, 26.0% against 26.8% a year earlier, stabilises as larger data centre projects grow in the mix 7.
Whether working capital and inventories ease after the SEK -42.0 million outflow, with the net debt ratio at 2.3 times against a covenant limit of below 3.25 7.
The report does not give quantified financial guidance for coming quarters.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.