Systemair (SYSR) Q3 25/26 earnings summary

Executive summary

• Organic growth of 1% in Q3, while reported net sales declined 5.9% to SEK 2,862 million due to significant negative currency effects.

• Gross margin improved to 36.3% from 35.3% year-over-year.

• Adjusted operating profit was SEK 199.3 million, with a stable margin of 7.0%.

• Major IT project completed, enhancing efficiency across over 60 entities, and new product launches in AHU and heat pump segments.

• Acquisition of NADI Airtechnics Ltd in India strengthens presence in a high-growth market.

Financial highlights

• Net sales for Q3 were SEK 2,862 million, down from SEK 3,040 million year-over-year.

• Adjusted operating profit was SEK 199.3 million (margin 7.0%); reported EBIT was SEK 224 million, including a SEK 24.9 million capital gain.

• Profit after tax was SEK 132 million for Q3.

• Free cash flow reached SEK 328.4 million, up sharply from SEK 54.6 million year-over-year.

• Net financial items were SEK -34.1 million, impacted by currency effects and higher interest expenses.

Outlook and guidance

• Slightly positive outlook maintained, with optimism for continued growth despite geopolitical uncertainties.

• Structural and organizational changes underway in key markets to improve efficiency and customer focus.

• Continued focus on improving commercial operations, sales execution, and ongoing review of underperforming units.