ceo’S gREETINGS
CEO Christian Gebauer comments the THIRD quarter of 2026
Strong EBITA growth in two business areas – efficiency measures underway in Technical Wholesale
ADJUSTED EBITA INCREASED BY 5 PERCENT TO EUR 11.5 MILLION
In the third quarter, Products and Solutions and Commercial Vehicle Services delivered strong earnings growth, increasing adjusted EBITA by 31 and 23 percent respectively. Technical Wholesale remained below our expectations, and restoring its profitability is my highest operational priority. Group adjusted EBITA increased by 5 percent to EUR 11.5 million, with an adjusted EBITA margin of 10.3 percent (10.8). Acquisitions contributed 5 percentage points, while organic adjusted EBITA declined by 1 percent due to Technical Wholesale and higher central costs. Reported EBITA was EUR 9.8 million (8.8).
Net sales increased by 10 percent to EUR 111.5 million. Acquisitions contributed 6 and exchange rates 2 percentage points, and organic growth was 2 percent. Gross margin improved to 49.8 percent (48.4), but operating costs grew faster than sales, primarily in Technical Wholesale, where volume growth has not kept pace with the cost base.
Cash flow has improved significantly year to date. For the first nine months, cash flow from operations more than doubled to EUR 22.0 million (9.1). In the third quarter, it was EUR 4.8 million (6.6), reflecting higher working capital and taxes paid. Return on capital employed was 10.6 percent (12.2), below our target of above 13 percent. Closing that gap requires us to improve both earnings and capital efficiency across the Group, with Technical Wholesale as the immediate priority.
President and Chief Executive Officer
Business area performance
Products and Solutions continued to perform strongly. Net sales increased by 24 percent to EUR 14.2 million, and adjusted EBITA by 31 percent to EUR 3.1 million. Most of the earnings growth came from existing businesses, where we see results of the implementation of the business area’s value creation playbook. Pricing, product mix and cost discipline are factors improving the financials. We consolidated tershine from the beginning of August. The onboarding is progressing well, and preparations are under way for tershine’s most important sales season in the fourth quarter.
Commercial Vehicle Services increased adjusted EBITA by 23 percent to EUR 5.0 million, with the margin improving to 10.9 percent (9.7). Net sales increased by 10 percent to EUR 45.6 million. Earnings growth came from both acquisitions and existing workshops, supported by disciplined cost control. Demand softened toward the end of the quarter, particularly in Norway. In Finland, workshop consolidations aimed at improving profitability, reduced sales in the short term.
Technical Wholesale increased net sales by 7 percent to EUR 54.3 million, despite localized market weakness, and improved its gross margin. Adjusted EBITA decreased to EUR 4.7 million (5.3), with the margin declining to 8.7 percent (10.5).
Our Technical Wholesale companies remain among the most profitable in their markets. With that said, current profitability is below the level we expect, and we are therefore accelerating efficiency measures, with full effect expected during 2027.
EXECUTING ON OUR STRATEGY
Acquisitions remain central to our strategy. At the same time, creating value requires us to continuously improve earnings and returns from the businesses we already own.
Products and Solutions and Commercial Vehicle Services demonstrate this well. Pricing measures have improved gross margins in Products & Solutions, while cost control has strengthened profitability in our workshops. In Technical Wholesale, our immediate priority is to improve earnings and returns on the investments already made, company by company.
Market conditions were mixed during the quarter. Demand was largely stable, but softened in some markets toward the end of the period. As in any diverse portfolio, development varies between markets and operating companies.
Our priorities for the remainder of the year are clear: execute the efficiency measures in Technical Wholesale and maintain working capital discipline through the high season. Across the Group, our focus is on ensuring that growth translates into higher earnings, stronger cash flow and better returns on capital.
I would like to thank our employees for their work during the quarter, and our customers, shareholders and partners for their continued trust.
Christian Gebauer
President and CEO