Translation: Original published in Finnish on 11/9/2026 at 8:00 am EET.

Source: Inderes & Modular Finance (6 analysts, updated November 5, 2026)

Revenio will publish its Q3 report on Thursday, November 11, and you can follow the company's earnings release here at 3:00 pm EET. This is the first report to include Visionix for the entire quarter. While the new entity's debut performance reveals the current state of earnings, visibility remains limited. In the report, we are particularly looking for updates regarding the progress of the integration, the timeline for realizing synergies, and the earnings outlook for next year. We believe that confidence in the earnings growth outlook for the coming years will gradually strengthen as visibility improves.

Visionix takes revenue to a whole new level

We expect Revenio's Q3 revenue to have increased to over 60 MEUR (Q3'25: 25.9 MEUR). Our revenue forecast is in line with the consensus (59.9 MEUR). The vast majority of the strong growth is, of course, attributable to the acquisition of Visionix, which is now included in the results for the entire quarter for the first time. Insight into Visionix’s seasonal fluctuations and precise earnings performance remains limited, particularly during this period of transition, which significantly increases the uncertainty of our forecasts. In our view, Visionix's seasonal fluctuations should resemble those of the old Revenio, with Q3 typically being a relatively strong quarter and Q4, on the other hand, being clearly the best.

According to our assessment, market conditions have been favorable in Europe, relatively stable in the United States, and weak in Asia and the Middle East. We expect the former core business (e.g., iCare tonometers and imaging devices) to have returned to a stable growth path after experiencing weak organic growth in Q2. The company's management previously indicated that the "old" Revenio was on a growth trajectory at the beginning of Q3, and we expect the growth rate to have been around +4%. This would mean that Visionix's revenue was around 33–34 MEUR. Regarding Visionix, we are also working to better understand order flow trends since some products have longer delivery times.

Adjusted EBIT rises, but margin declines

We estimate Revenio's adjusted EBIT to have settled at 8.8 MEUR in Q3 (Q3'25: 6.2 MEUR). Although absolute earnings will grow with the volume brought by Visionix, the adjusted EBIT margin will clearly decrease from the comparison period, and Visionix's earnings contribution will remain small for now. Visionix's historical profitability has been significantly weaker than that of Revenio's legacy business, which has very high margins. Our adjusted EBIT estimate is ~11% higher than the consensus (7.9 MEUR), reflecting our margin assumption, which is higher than the consensus (14.5% vs. 13.1%). Our EBITDA estimate (9.4 MEUR), on the other hand, is slightly below the consensus estimate (9.6 MEUR), so the difference in adjusted EBIT is likely due to different treatments of one-time items and depreciation.

Our Q3 estimate includes -3 MEUR in one-off items, consisting of integration costs related to the acquisition. However, no information is available regarding their timing or size. Non-recurring items naturally weigh on reported EBIT and EPS. In addition, the recently executed share issue significantly increased the number of shares, which dilutes the earnings per share. Our EPS estimate (EUR 0.07) is slightly higher than consensus (EUR 0.06). We see US tariff refunds as a positive potential, which could bring a one-time gain of a few million euros. Other companies in the industry have already reported on tariff refunds earlier. In connection with its Q2 report, Revenio stated that it was working on the matter.

Focus on guidance clarification and integration progress

In connection with its Q2 report, Revenio provided guidance that currency-adjusted revenue would be 190–205 MEUR and that adjusted EBITA would be at a satisfactory level in 2026. Our full-year revenue forecast (200 MEUR) falls slightly above the midpoint of the guidance range. The profitability guidance allows for much interpretation, but we estimate that a "satisfactory level" of profitability is approximately 15–20%. We consider it possible that the earnings or profitability guidance will be specified or made more concrete in connection with the Q3 report. However, we do not expect any actual revisions to the scale.

Revenio recently presented its new strategy at its Capital Markets Day and completed a rights issue of around 80 MEUR, thereby securing the financing for the Visionix transaction as planned. The focus now shifts to executing the integration and realizing significant synergies. Reaching the synergy target of over 20 MEUR is crucial for creating value. We will look for concrete evidence in the report and management comments regarding synergies already achieved and new measures to realize them. Ultimately, we estimate that confidence in the earnings growth outlook for the coming years will gradually strengthen as visibility improves.