Net sales increased by 10 percent including Splendor Plant where eight out of thirteen subsidiaries increased their sales. Adjusted EBITA increased to SEK 20 (14) million, of which Splendor Plant contributed SEK 11 million. Organically, adjusted EBITA decreased by SEK 5 million (-35 percent) where Borö-Pannan and Nordbutiker delivered below expectations, but where the transformation projects are now completed from an operational standpoint and the financial benefits are expected to materialize in the coming quarters.
Q3 2026
- Net sales amounted to SEK 245 (223) million, an increase of 10 percent compared to the same period in 2025. Organic growth amounted to -8 percent, where discontinued operations impacted organic growth by -9 percentage points. The acquisition of Splendor Plant AB, which was consolidated as of May 1, 2026 contributed SEK 39 million.
- Adjusted EBITA amounted to SEK 20 (14) million, an increase of 42 percent, corresponding to a margin of 8 (6) percent. Splendor Plant contributed SEK 11 million. Organic EBITA growth amounted to -35 percent.
- EBITA amounted to SEK 18 (20) million, corresponding to a margin of 7 (9) percent.
- Operating profit (EBIT) amounted to SEK 13 (13) million.
- Basic and diluted earnings per share amounted to SEK 0.08 (0.21).
- Operating cash flow before tax1 amounted to SEK -12 (4) million.
The period January-September 2026
- Net sales amounted to SEK 770 (695) million, an increase of 11 percent compared to the same period in 2025. Organic growth amounted to -2 percent, where discontinued operations impacted organic growth by -8 percentage points. The acquisition of Splendor Plant AB, which was consolidated as of May 1, 2026 contributed SEK 91 million.
- Adjusted EBITA amounted to SEK 59 (39) million, an increase of 51 percent, corresponding to a margin of 8 (6) percent. Splendor Plant AB contributed SEK 21 million. Organic EBITA growth amounted to -3 percent.
- EBITA amounted to SEK 57 (41) million, corresponding to a margin of 7 (6) percent.
- Operating profit (EBIT) amounted to SEK 41 (22) million.
- Basic and diluted earnings per share amounted to SEK 0.38 (0.09).
- Operating cash flow before tax1 amounted to SEK 15 (42) million.
Significant events during and after the reporting period
- No significant events occurred during or after the reporting period.
THE CEO'S COMMENTS ON Q3
Seafire reported growth and increased earnings in Q3, with a strong contribution from Splendor Plant and continued strong underlying demand in most subsidiaries. Net sales increased by 10 percent including Splendor Plant, organically and adjusted for discontinued operations, growth was +2 percent. Adjusted EBITA increased to SEK 20 (14) million, of which Splendor Plant contributed SEK 11 million. Organically, adjusted EBITA decreased by SEK 5 million (-35%). The performance was below expectations in the quarter, driven by a weaker development in Borö-pannan and Nordbutiker.
Continued sales growth
Underlying demand remained strong in most subsidiaries, and overall, eight out of thirteen companies reported growth during the quarter. Meanwhile, discontinued operations had a significant negative effect on growth, equivalent to 9 percentage points during the quarter, mainly related to Nordbutiker. Seafire has a broad exposure and underlying markets are in different phases, but the overall outlook is for a mainly positive demand trend going forward.
Increased earnings, transformation projects impacting negatively
Adjusted EBITA increased to SEK 20 (14) million, of which Splendor Plant contributed SEK 11 million. Organically, adjusted EBITA decreased by SEK 5 million (-35%). The result was significantly lower than expectations, primarily due to the performance in Nordbutiker and Borö-Pannan, while the other subsidiaries collectively performed in line with expectations. Half of the subsidiaries improved their earnings, while some subsidiaries reported record quarters in the previous year. Nordbutiker was affected by the transformation where Q2-Q3 historically have been relatively strong quarters for the discontinued segments. The factory relocation in Borö-Pannan is completed, and the underlying fixed cost base has fallen by about SEK 8 million on an annual basis. However, the quarter was impacted by lower productivity, remaining transformation costs and timing effects related to price adjustments driven by material costs. The effects are expected to persist in part during the fourth quarter. The ambition for Borö-Pannan is unchanged, the focus is on realizing the benefits of the transformation, which is expected to deliver its full effect from the start of 2027. During the quarter, we also welcomed a new permanent CEO with a clear mandate to develop Borö beyond the structural measures that have been implemented.
Cash flow impacted by temporary working capital effects
Net debt including the tax deferral amounted to SEK 264 (262) million and the adjusted Net debt/EBITDA ratio was 2.5x (3.5x). Operating cash flow before tax amounted to SEK -12 (4) million. The quarter was negatively impacted by increased working capital of SEK -28 (-8) million. Seasonal inventory build-up in Splendor Plant AB had an effect of SEK 11 million, otherwise, cash flow was negatively impacted by transformation projects and tactical inventory build-up during the spring to mitigate the disruptive effects from the geopolitical turbulence. We are continuing to focus on structurally reducing working capital and we expect stronger cash flow in the fourth quarter.
Splendor Plant is making a strong contribution to earnings
Splendor Plant's net sales amounted to SEK 39 million in Q3 (+2 percent), while EBITA amounted to SEK 11 million. Seasonal patterns vary from year to year, and in addition to sales, earnings in individual quarters are also affected by the plant cultivation season. Splendor normally experiences low sales and significant costs in Q1, peak season in Q2 and Q4, and a focus on cultivation in Q2 and Q3. Results so far this year under Seafire's ownership are in line with expectations. In October, Ulf Molén was appointed as the new CEO and will take up his position in January 2027. With Ulf, Splendor gains a new, strong leader with a commercial focus who will take over from the CEO and founder Nils Andersen who will transition to an advisory role.
Focus on efficiency, costs and acquisitions
AI is creating the right conditions for efficient administration and thus a greater focus on the business. The Group is actively working on using established tools to make everyday life easier, both at head office and at its subsidiaries. Our focus on pricing and direct procurement continues, and we have also launched initiatives, both at head office and in our subsidiaries, to reduce the costs of indirect procurement of goods and services.
Seafire's balance sheet is stronger following profit growth, the completed new issue and strong cash flows over time. This means that we have the flexibility to make value-creating acquisitions, and we have several ongoing discussions at various stages. The right transaction at the right valuation remains our guiding principle.
Outlook
Our focus is always on profit growth, cash flow and on doing things a little better every day. The underlying demand in our end markets is stable with a positive trend. The restructuring projects have been completed from an operational standpoint, and our focus is on realizing the financial benefits, which will occur somewhat later than initially expected. All in all, we have a positive view regarding Seafire's future development.
I want to thank all colleagues in the Group for your hard work every day, and our shareholders for your continued trust.
Daniel Repfennig
President and CEO
Investor Presentation and conference call
An investor presentation on Q3 2026 is published on Seafire's homepage https://www.seafireab.com/en/investor-relations post the conference call regarding the Q3-report to be held 6 november 11.00 CET. Language will be in Swedish. Please join the conference call through the following Zoom-link
For more information, please contact
Daniel Repfennig, CEO, +46 722-00 89 41, daniel.repfennig@seafireab.com
Per Bodén CFO, +46 70-236 54 74, per.boden@seafireab.com
About Seafire
Seafire is a company group consisting of the business segments Industrial components and Products, which acquires and develops companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable companies with development potential. Seafire consists of 13 operating companies with sales of slighlty above 1.1 billion SEK. The company's shares are listed on Nasdaq Stockholm. For more information, please visit www.seafireab.com/en.
This information is information that Seafire 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.
