- Weak quarter followed by management changes and flatter organization, with business responsibilities moving closer to the customer
- Cost target of SEK 140 million on an annualized basis during 2027 is to significantly lower the threshold for achieving a double-digit adjusted EBITA margin
SUMMARY OF FINANCIAL PERFORMANCE
| SEK million | 1 July 2026 -30 September 2026 | 1 July 2025 -30 September 2025 | 1 January 2026 -30 September 2026 | 1 January 2025 -30 September 2025 | 1 January 2025 -31 December 2025 | 1 October 2025 -30 September 2026 |
| Net revenue | 159.7 | 181.7 | 563.0 | 595.7 | 820.2 | 787.5 |
| Adjusted EBITDA | 3.1 | 21.4 | 45.4 | 58.0 | 85.1 | 72.5 |
| Adjusted EBITDA margin, % | 1.9% | 11.8% | 8.1% | 9.7% | 10.4% | 9.2% |
| Adjusted EBITA | -12.1 | 6.1 | 1.3 | 12.9 | 25.0 | 13.4 |
| Adjusted EBITA margin, % | -7.6% | 3.4% | 0.2% | 2.2% | 3.0% | 1.7% |
| Operating profit (EBIT) | -11.4 | 3.6 | -11.3 | -61.1 | -251.0 | -201.2 |
| Net earnings | -15.4 | -0.6 | -22.0 | -71.0 | -277.7 | -228.8 |
| Net debt | 218.7 | 270.6 | 218.7 | 270.6 | 244.2 | 218.7 |
| Adjusted EBITDA R12 | 72.5 | 90.8 | 72.5 | 90.8 | 88.9 | 72.5 |
| Net debt/adjusted EBITDA R12 | 3.0 | 3.0 | 3.0 | 3.0 | 2.7 | 3.0 |
| Average number of shares outstanding in the period, before and after dilution | 13,344,539 | 13,456,081 | 13,220,225 | 13,483,821 | 13,468,943 | 13,378,396 |
| Number of issued shares at the end of the period | 13,710,381 | 13,710,381 | 13,710,381 | 13,710,381 | 13,710,381 | 13,710,381 |
| Treasury shares | 374,351 | 298,351 | 374,351 | 298,351 | 328,351 | 374,351 |
| Basic and diluted earnings per share by average number of shares, SEK | -1.15 | -0.05 | -1.67 | -5.27 | -20.62 | -17.10 |
CEO André Strömgren comments
- Unusually weak summer months, but a clearly improved earnings trend in September and October
- A flatter organization, closer to the business, under strengthened leadership
- No earnings improvement expected in 2026, but the cost target of SEK 140 million lowers the threshold for a double-digit adjusted EBITA margin
INTERIM PERIOD 1 JULY - 30 SEPTEMBER
- The Group's net revenue amounted to SEK 159.7 million (181.7), adjusted EBITDA to SEK 3.1 million (21.4) and adjusted EBITA to SEK -12.1 million (6.1), corresponding to an adjusted EBITA margin of -7.6 (3.4)%. On a pro forma and currency-adjusted basis, net revenue declined by 12.3%, while adjusted EBITA was unchanged from the reported figure. Cash flow from operations amounted to SEK 97.1 million (-9.6)
- Operating profit (EBIT) amounted to SEK -11.4 million (3.6), impacted by items affecting comparability
- The Group's net earnings amounted to SEK -15.4 million (-0.6)
- The Group's earnings per share, basic and diluted amounted to SEK -1.15 (-0.05)
PERIOD 1 JANUARY - 30 SEPTEMBER
- The Group's net revenue amounted to SEK 563.0 million (595.7), adjusted EBITDA decreased to SEK 45.4 million (58.0) and adjusted EBITA amounted to SEK 1.3 million (12.9), corresponding to an adjusted EBITA margin of 0.2 (2.2)%. On a pro forma and currency-adjusted basis, net revenue declined by 6.7%, while adjusted EBITA amounted to SEK 1.2 million (17.2), corresponding to a margin of 0.2 (2.8)%. Cash flow from operations amounted to SEK 92.1 million (6.1)
- Operating profit (EBIT) amounted to SEK -11.3 million (-61.1), impacted by items affecting comparability
- The Group's net earnings amounted to SEK -22.0 million (-71.0)
- The Group's earnings per share, basic and diluted amounted to SEK -1.67 (-5.27)
SIGNIFICANT EVENTS AFTER THE QUARTER
After the end of the quarter, changes to the Group management team have been decided. Tore Hansen, head of the Norwegian operations, will also assume the role of COO. CEO André Strömgren will also take on the role of CFO. A new position responsible for the Group's support functions, including finance (CAO), is being established, with Jan Stensen as acting CAO. The current CFO, Johan Wewel, is leaving the Group.
OUTLOOK
Following the weak third quarter, an earnings improvement is no longer expected for 2026. Management and organizational changes consolidate customer and business responsibility closer to the customer and reduce cost, which significantly lowers the revenue required for a double-digit adjusted EBITA margin. We continue to assess that the market is facing a recovery. The long-term margin target of 15 percent remains but requires significantly higher volumes than today.
For the complete interim report, please see the attachment.
Contacts
André Strömgren, CEO & CFO
+46 708 410 796
andre.stromgren@walltowallgroup.com
About Wall to Wall Group AB
Wall to Wall Group is primairly active within property related pipe flushing and relining. Wall to Wall's customers mainly consist of commercial property managers and housing cooperatives. Wall to Wall Group has a clear growth strategy with a focus on both acquisitions and organic growth, including through greenfieldings in new locations. The head office is located in Stockholm.
This information is information that Wall To Wall Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-06 08:00 CET.
