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| Estimates | Q3'25 | Q3'26 | Q3'26e | Difference (%) | 2026e |
|---|---|---|---|---|---|
| MSEK / SEK | Comparison | Actualized | Inderes | Act. vs. Inderes | Inderes |
| Revenue | 1381 | 1415 | 1411 | 0% | 5363 |
| EBITDA | 159 | 172 | 159 | 8% | 499 |
| EBITA (adj.) | 136 | 145 | 127 | 14% | 383 |
| EBIT | 83 | 137 | 127 | 8% | 365 |
| PTP | 42 | 99 | 95 | 4% | 216 |
| EPS (reported) | 0.58 | 0.84 | 0.86 | -2% | 1.87 |
| Revenue growth-% | 14.9 % | 2.4 % | 2.2 % | 0.2 pp | -1.5 % |
| EBITA-% (adj.) | 9.9 % | 10.2 % | 9.0 % | 1.2 pp | 7.1 % |
Source: Inderes
Fasadgruppen's Q3 revenue was in line with our expectations, while profitability clearly exceeded our forecast. In our view, the key positive surprise was the strong development in Specialist Solutions, where solid organic growth and improved profitability more than offset continued weakness in Total Solutions and lower volumes in Clear Line. Leverage remained unchanged at 3.3x, and we believe the balance sheet remains a key monitoring point.
Revenue amounted to 1,415 MSEK, roughly in line with our estimates, corresponding to organic growth in local currencies of 2.4% year-on-year. On a positive note, the company reported organic growth in Sweden, Norway and Finland. Specialist Solutions was the clear outperformer, with revenue of 556 MSEK compared with our expectation of 527 MSEK, and the organic growth in the segment was 12.1%. In our view, this was largely driven by Finland, where revenue more than doubled y/y to 118 MSEK. In contrast, Total Solutions generated 727 MSEK (estimate 738 MSEK), down 0.6% y/y, as the segment continued to operate in a challenging market, with a particularly large impact in Norway. In the UK, Clear Line's revenue of 132 MSEK was below our forecast of 147 MSEK, as bottlenecks in the BSR approval process continued to delay project start-ups. The group's order backlog grew organically by 2.0% y/y to 4,254 MSEK, but declined from Q2'26 (4,479 MSEK). Clear Line's backlog reached a record high of 1,422 MSEK (+10% y/y), which we believe supports the segment's medium-term volumes once approval times normalize and project starts increasingly ramp up.
Adjusted EBITA amounted to 145 MSEK, clearly exceeding our expectation of 127 MSEK. The adjusted EBITA margin of 10.2% was above both our estimate of 9.0% and the comparison period's 9.9%. The improvement was mainly driven by Specialist Solutions, where EBITA increased by 19% y/y to 72 MSEK, corresponding to a margin of 12.9% (11.9%). Clear Line once again defended its margins well despite lower volumes, with an EBITA margin of 35.7% (33.3%) and EBITA unchanged at 47 MSEK. In contrast, Total Solutions' EBITA margin declined to 6.4% (6.9%), as Norway continued to weigh on profitability. Further down the income statement, reported EBIT of 137 MSEK (estimate 127 MSEK) increased clearly from the comparison period (83 MSEK), mainly due to lower amortization of acquisition-related intangible assets. However, net financial items of -38 MSEK were weaker than our forecast of -32 MSEK, and the effective tax rate of 25.4% was higher than we had assumed. As a result, reported EPS of SEK 0.84 was slightly below our forecast of SEK 0.86, though clearly up from the comparison period (Q3'25: SEK 0.58).
Fasadgruppen does not provide formal financial guidance. The company sees signs of a cautious recovery in demand, although competition remains high in several markets. Furthermore, renewed inflationary pressure has raised expectations of further interest rate increases. According to the company commentary, the focus going forward is on operational excellence, cash flow and profitable growth, with a more selective approach to acquisitions. Management has identified measures to improve efficiency and sees potential in consolidating the business and closer cooperation between subsidiaries, while maintaining the decentralized model. Net debt/EBITDA was unchanged at 3.3x at the end of Q3 (Q2'26: 3.3x), below the covenant threshold of 3.50x that applies at the end of Q3'26 and Q4'26, but above the 3.00x threshold that applies thereafter. The working capital release in Q3 was modest (+6 MSEK), as more projects started than were completed following delayed project start-ups after the cold Q1. Overall, we believe the report shows continued early signs of a recovery, but that leverage remains a key risk for the investment case.
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