Alimak earnings for the third quarter of 2026 showed stronger orders and higher reported profitability, but weaker underlying revenue and pressure in Construction. Results released on October 23 put order intake at SEK 1.789 billion, up 16%, while the acquisition of Pro-Bel helped lift the adjusted EBITA margin to 17.8%. Management also outlined SEK 80 million in annual cost savings, with full effect expected from the second quarter of 2027.

Key Takeaways

  • Service orders grew 24% organically, outpacing the group’s 4% organic order growth.
  • Pro-Bel supported profitability; excluding the acquisition, the adjusted EBITA margin fell to 16.8%.
  • Management is prioritizing debt reduction while pursuing savings led by Construction.

Table of Contents

Alimak earnings separate acquisition gains from organic performance

Alimak’s third-quarter 2026 results announcement showed revenue rising 8% to SEK 1.783 billion, despite a 2% organic decline. Adjusted EBITA increased 11% to SEK 318 million from SEK 287 million, with the margin improving from 17.3% a year earlier.

Pro-Bel, consolidated from July 16, contributed 106 basis points to the quarterly adjusted EBITA margin. Excluding that acquisition, the margin was 16.8%, below the year-earlier group level. The reported improvement therefore did not reflect stronger profitability across the existing business.

Gross margin expanded by 250 basis points excluding items affecting comparability, with Pro-Bel contributing 60 basis points. All divisions except Construction achieved organic gross-margin improvement. Basic earnings per share rose to SEK 1.42 from SEK 1.25.

ItemDetails
IndustrialQ3 orders: SEK 410 million; organic order growth: 11%; EBITA margin: 24.6%.
WindQ3 orders: SEK 179 million; organic order growth: 10%; EBITA margin: 19.2%.
ConstructionQ3 orders: SEK 398 million; organic order growth: 6%; revenue: SEK 318 million.
Facade AccessQ3 orders: SEK 448 million; revenue: SEK 554 million; EBITA margin: 18.3%.
Height Safety and Productivity SolutionsQ3 orders: SEK 359 million; organic order growth: 5%; EBITA margin: 18.0%.

Service demand strengthens while Construction margins fall

Service order intake reached SEK 788 million, up 32% overall and 24% organically. Service revenue grew more slowly, rising 10% to SEK 730 million, including 3% organic growth. That contrast points to stronger new business than current-period revenue conversion.

Construction’s EBITA margin fell to 6.9% from 13.3%. Chief Executive Ole Kristian Jødahl attributed the pressure to weak equipment sales, an unfavorable product mix and disruption from organizational changes. Low factory volumes were particularly difficult because the cost base also supports the Industrial business and could not be reduced fully.

Jødahl said the order book supported higher future sales, but cautioned that recent growth was largely driven by the group’s rental business, where pricing pressure limits margins. He expected the worst operational inefficiencies to be behind the division, without suggesting that profitability would recover immediately.

Facade Access also faced weaker underlying demand, with organic orders down 8%. Management described a deliberate shift away from highly price-pressured tall-building projects toward lower and medium-height buildings and infrastructure. Wind and Industrial were the only divisions to deliver organic revenue growth.

Savings program targets full effect in Q2 2027

Chief Financial Officer Sylvain Grange said the SEK 80 million annual savings program covers four of the five divisions and group functions. Construction is the largest contributor, followed by Facade Access.

Expected one-off costs total approximately SEK 40 million. The third quarter included SEK 15 million of restructuring costs, and most of the remaining charges are expected in the fourth quarter of 2026.

Management said Construction’s cost actions were largely completed and operating expenses should begin declining in the fourth quarter. The full annual savings benefit is not expected until the second quarter of 2027, separating the near-term restructuring expense from the later recurring benefit.

Pro-Bel financing raises the priority of debt reduction

Net debt increased to SEK 3.8 billion from SEK 2.6 billion at the end of the second quarter, primarily because of financing for the Pro-Bel acquisition. Reported net debt to EBITDA reached 2.82 times, or 2.60 times when including 12 months of Pro-Bel earnings.

Grange identified deleveraging as the leading capital-allocation priority and said management expected leverage below 2.5 times by year-end, supported by cash conversion. That remains a target rather than a completed reduction.

Operating cash flow was unchanged year over year at SEK 196 million despite a SEK 57 million working-capital increase. Management attributed the increase to acquisition-related working-capital mechanics and revenue timing, including a strong September.

Conclusion

The next checkpoints are the expected fourth-quarter decline in Construction operating expenses and management’s year-end leverage target. The broader savings program has a longer timetable, with full benefits expected from Q2 2027.

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