Operating profit rose 28.9% and net income 50.0% on sales up 15.2% 119. Acquisitions drove most of the sales growth, lower financial costs helped net income, and operating cash flow fell on warehouse inventory 34.
Asker Healthcare Group · Q3 2026 · Reported 4 Nov 2026 · Nordic
Key figures
Million SEK | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 4,756.00 | 4,129.00 | +15.2 % |
Operating profit | 312.00 | 242.00 | +28.9 % |
Net income | 219.00 | 146.00 | +50.0 % |
Operating margin | 6.6 % | 5.9 % | +0.7 pp |
Net margin | 4.6 % | 3.5 % | +1.1 pp |
Figures in SEK, as reported. Margins are computed from the reported lines.
Acquisitions, not organic volume, drove the top line
Net sales rose 15.2% to SEK 4.76B, of which 5% was organic and 10% came from acquisitions 25. Central grew 32% on acquisitions alone, and West's 11% included 8% from acquisitions 7.
Adjusted EBITA, a company-defined measure, rose 24% to SEK 473m, with 4% organic and 19% from acquisitions 3. Management says acquisitions gave a positive margin mix and are part of the reason for the strong EBITA growth 2.
Operating profit rose 28.9%, or 40.1% when one SEK 27m item is excluded
Operating profit was SEK 312m against SEK 242m a year earlier, and the operating margin was 6.6% against 5.9% 23. Items affecting comparability were SEK 27m in the quarter: SEK 11m of acquisition costs and SEK 16m of contingent-consideration revaluations 4.
Excluding that item, operating profit would be SEK 339M, a 40.1% rise, and the margin 7.1% against 5.9%. This is our calculation, not a company figure, and it does not adjust the year-earlier quarter, which carried SEK 34m of such items 4. On the company-defined basis, the adjusted EBITA margin was 9.9% against 9.3% 1.
Net income rose 50.0% with help from lower financial costs despite a higher tax rate
Net financial items were SEK -18m against SEK -61m a year earlier, mainly because of unrealised foreign exchange gains on loans and derivatives 3. Profit before tax was SEK 294m against SEK 181m 11. Tax rose to SEK 75m from SEK 35m, an effective rate of 26% against 19% 3.
Net income reached SEK 219m against SEK 146m, and earnings per share SEK 0.56 against SEK 0.37 1. The average share count was 383,036,497 in both quarters, so EPS follows net income 4.
Cash flow weakened as Gothenburg warehouse inventory built up
Cash flow from operating activities was SEK 360m against SEK 439m a year earlier, while net income rose 15. The inventory change was an outflow of SEK 207m against an inflow of SEK 34m 15. Management attributes the decline to a temporary inventory build for the new Gothenburg distribution centre 3.
Management says the double distribution centres and extra stock cost SEK 16m of EBITA and added about SEK 100m of working capital 2. North's adjusted EBITA margin fell to 8.2% from 9.9% 5. Excluding the SEK 16m, organic adjusted EBITA growth would have been 8% against the reported 4% 2. Net debt rose to SEK 4,637m from SEK 3,648m, and net debt to adjusted EBITDA was 2.33 against 2.22 23.
What to watch next
Management expects the Gothenburg warehouse to be fully operational by year-end, with the inventory build declining in Q4 and further in early 2027 5.
Leverage of 2.33x sits below the target of under 2.5x while acquisitions continue, with Ambercell and Labo Clinic completed on 1 October and Teresa on 2 November 4.
Whether organic adjusted EBITA growth, 4% reported and 8% excluding the warehouse costs, can hold up once those costs end 2.
The report does not give full-year or next-quarter guidance.
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.