Nexam earnings for the third quarter of 2026 showed lower sales and a swing to negative EBITDA despite an improvement in gross margin. Results released on October 16 put net sales at SEK 41.607 million, down 9% from a year earlier, while EBITDA fell to a loss of SEK 2.546 million from a profit of SEK 761,000.
Key Takeaways
- Gross margin rose to 49% from 46%, but EBITDA turned negative.
- Performance Masterbatch sales increased 2%, while Performance Chemicals sales fell 20%.
- Quarter-end available liquidity included SEK 25 million of undrawn credit, not just bank balances.
Table of Contents
- Nexam earnings show margin gains alongside weaker sales
- Business units move in opposite directions
- Cash flow weakens as credit supports liquidity
- Conclusion
Nexam earnings show margin gains alongside weaker sales
Nexam Chemical’s third-quarter 2026 results announcement recorded net sales of SEK 41.607 million, compared with SEK 45.499 million in the corresponding quarter of 2025. Gross margin improved by three percentage points to 49%.
The higher gross margin means the company retained a larger share of revenue after the costs reflected in that measure. It did not translate into positive EBITDA, however: the quarterly result before depreciation deteriorated by SEK 3.307 million year over year. The announcement did not provide a detailed explanation of that change.
| Item | Details |
|---|---|
| Q3 operating cash flow | SEK -2.440 million, versus SEK 8.175 million in Q3 2025. |
| Q3 earnings per share | SEK -0.06 before and after dilution, versus SEK -0.05 a year earlier. |
| Quarter-end bank balances | SEK 16.743 million. |
| Quarter-end unused overdraft facility | SEK 25 million. |
Business units move in opposite directions
Performance Masterbatch increased sales by 2% compared with the third quarter of 2025, while Performance Chemicals recorded a 20% decline. The contrasting results show that the group’s sales weakness was not uniform across its two businesses.
Nexam also reported its first orders from distributors in France and Turkey, among other markets. The announcement did not disclose the value of those orders, so their contribution to revenue cannot be quantified.
Cash flow weakens as credit supports liquidity
Operating cash flow turned negative during the quarter, compared with a positive inflow a year earlier. Earnings per share also weakened, as shown in the table.
Nexam reported SEK 41.743 million of available liquidity at quarter-end. That total combined bank balances with an unused overdraft facility; it should not be read as cash held entirely in bank accounts. At the beginning of the financial year, bank balances were SEK 12.168 million and the unused overdraft facility was SEK 13.703 million.
Conclusion
The quarter combined a stronger gross margin with weaker sales, negative EBITDA and an operating cash outflow. Subsequent results will show whether the margin improvement can be sustained alongside a recovery in profitability and cash generation.
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