Sales rose 11.4% on Port Solutions deliveries while group orders fell 12.0% and margins narrowed 3. Management reiterates 2026 guidance: net sales about level or higher, comparable EBITA margin about level.
Konecranes Plc · Q3 2026 · Reported 23 Oct 2026 · Nordic
Key figures
Million EUR | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Order intake | 1,011.3 | 1,148.6 | -12.0% |
Order book¹ | 3,302.3 | 3,057.4 | +8.0% |
Revenue | 1,101.5 | 988.7 | +11.4% |
Comparable EBITA | 172.2 | 164.9 | +4.4% |
Comparable EBITA margin | 15.6% | 16.7% | -1.1 pp |
Operating profit | 162.7 | 153.6 | +5.9% |
Net income | 119.0 | 103.8 | +14.6% |
Basic EPS (EUR) | 0.50 | 0.44 | +14.6%² |
Free cash flow | 145.8 | 214.2 | -31.9% |
Figures in EUR, as reported. Margins are computed from the reported lines.
Port Solutions deliveries drove sales while its orders fell by more than a third
Net sales rose 11.4% to EUR 1,101.5 million, or 10.3% in comparable currencies 3. Port Solutions sales rose 28.8% to EUR 419.7 million, while Industrial Service rose 4.0% and Industrial Equipment 0.2% 716. Even so, nine-month net sales are up only 0.1% 3.
Group order intake fell 12.0% to EUR 1,011.3 million 3. Port Solutions orders fell 36.6% to EUR 287.5 million (453.2), which the CEO calls characteristic volatility after a strong start to the year 16. The group order book is still 8.0% higher at EUR 3,302.3 million, and Port's grew 0.8% 7. Industrial Equipment's order book grew 21.0% 7.
Operating margin narrowed, and a tariff refund flatters the reported figure
Operating profit rose 5.9% to EUR 162.7 million, but the operating margin fell to 14.8% from 15.5% 4. The quarter included roughly EUR 8 million of US tariff refunds 5. Excluding them, operating profit was about EUR 155 million, up 0.7%, and the margin 14.0%, down 1.5 points against 0.7 points reported 7. This is a calculation that excludes the item, not a company figure.
Comparable EBITA margin was 15.6% against 16.7% a year earlier 3. Management attributes the fall mainly to larger positive one-offs in the comparison period, which it calls an all-time high quarterly margin 57. Industrial Equipment fell to 10.9% (14.1%) on lower volumes and that comparison effect, while Industrial Service rose to 23.7% (22.7%) on execution and pricing 3.
Net income rose faster than operating profit because financial expenses fell
Net profit rose 14.6% to EUR 119.0 million, and basic EPS to EUR 0.50 from 0.44 4. Financial expenses were EUR 6.1 million against EUR 18.7 million a year earlier, which lifted pre-tax profit by 13.9% 22. The share count was unchanged, so EPS tracks net profit 33. Part of the profit growth therefore comes from financing rather than operations.
Cash conversion weakened against a year earlier as working capital absorbed cash
For the nine months, operating cash flow was EUR 193.8 million against EUR 430.0 million a year earlier, with net profit steady at EUR 276.8 million (277.7) 49. The report attributes the drop to the change in net working capital and lower operating income. The working-capital swing was an outflow of EUR 148.5 million against an inflow of EUR 49.1 million 25. Management says it stems mainly from higher contract assets and inventories. Net working capital was 10.4% of rolling 12-month sales, above the 10% target 9.
Free cash flow was EUR 145.8 million in the quarter (214.2) and EUR 160.2 million for the nine months (391.4) 3. The balance sheet remains a net cash position of EUR 107.6 million after a EUR 178 million April dividend 9.
What to watch next
Guidance: net sales approximately level or higher in 2026, and comparable EBITA margin approximately level with 2025. The nine-month margin is 13.4% against 14.0% for full-year 2025 3.
Whether Port Solutions orders recover from EUR 287.5 million in the quarter, and whether its flat order book can support deliveries 16.
Whether net working capital returns toward the 10% target, and what the Capital Markets Day sets as new financial targets and capital allocation 2. A share buyback programme has been launched, and a 70% stake in Mitsubishi Electric FA Industrial Products is planned 9.
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.