Inwido earnings reached a quarterly record in July–September 2026, with operating EBITA rising 25% to SEK 334 million and the order backlog approaching SEK 3.5 billion. The window and door group’s results, announced on October 21, showed stronger sales and profitability despite acquisition-related margin dilution and continued weakness in some consumer markets.
Key Takeaways
- Quarterly sales rose 22%, with organic growth of 5%.
- Organic order intake increased across all four business areas.
- Efficiency gains offset material-cost pressure, but consumer demand remained uneven.
Table of Contents
- Inwido earnings grow faster than sales
- Record backlog masks differences in demand
- Regional profitability improves despite cost pressure
- Acquisitions remain the expansion priority
- Conclusion
Inwido earnings grow faster than sales
Third-quarter net sales reached SEK 2,724 million, compared with SEK 2,224 million a year earlier. Operating EBITA increased from SEK 268 million, while the operating EBITA margin improved to 12.3% from 12.0%.
The gap between reported sales growth of 22% and organic growth of 5% shows that expansion within existing operations was more modest than the headline increase. CFO Peter Welin said organic growth was split roughly evenly between price and volume, with volume contributing slightly more.
Gross margin was roughly unchanged. Management said higher factory efficiency and volumes offset the negative effect of material prices. Acquired companies had lower combined profitability than the rest of the group, limiting the improvement in the reported operating EBITA margin.
| Item | Details |
|---|---|
| Quarterly earnings per share | SEK 3.49, versus SEK 2.65 a year earlier. |
| January–September earnings per share | SEK 7.07, versus SEK 6.00 a year earlier. |
| Quarterly cash flow | Improved by SEK 56 million year over year. |
| Net debt / operating EBITDA | 1.9 times excluding IFRS 16, below the 2.5-times target ceiling. |
| Latest 12-month revenue | SEK 9,968 million. |
Record backlog masks differences in demand
Organic order intake rose 7%, taking the backlog to a record level close to SEK 3.5 billion at September-end. Orders increased 7% in Scandinavia, 4% in East, 10% in West and 6% in e-commerce.
Growth was stronger in product markets, where orders rose 18%, than in the consumer segment, which increased 1%. Management said consumer conditions remained difficult in the UK and Finland, with no near-term improvement expected in Finland.
Inwido’s decentralized window and door business focuses on homeowners and earns most of its revenue from renovations. That business model makes the uneven consumer recovery relevant even as the overall order book expands.
Deliveries on a previously secured large Scottish order had not begun during the quarter. CEO Fredrik Meuller said they were scheduled to start in November after buyer-side documentation delays. Separately, orders taken in East during Q3 were expected to be delivered partly by year-end but mostly in 2027.
Regional profitability improves despite cost pressure
All four business areas improved operating EBITA margins. Scandinavia’s margin approached 17%, while e-commerce reached 10% for the quarter and almost 11% over the latest 12 months.
West increased profit in both absolute and relative terms, supported by Ireland and Scotland. East reported negative organic sales growth but higher order intake, profit and margin.
Management identified aluminium, PVC, energy and transportation costs as pressure points linked to the Middle East conflict. Looking ahead, Welin warned that faster order growth in product markets than consumer markets created an unfavorable mix effect.
Acquisitions remain the expansion priority
Inwido completed six acquisitions over the preceding 12 months. Welin said most were performing around plan and described their margin dilution as normal rather than evidence of underperformance.
Meuller said valuation negotiations remained difficult because sellers’ expectations were high despite softer trading at some targets. Potential entry into solar shading remained under consideration, not an announced transaction. Share buybacks were not under consideration.
Conclusion
Inwido’s record profit and backlog contrast with a still-uneven consumer recovery. The next scheduled investor milestone is its Capital Markets Day on December 9, 2026, followed by the full-year results on February 9, 2027.
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