Roblon (RBLN) Q3 25/26 earnings summary

Executive summary

• Revenue and earnings for Q3 2025/26 were below management's initial guidance, prompting a downgrade in full-year profit expectations.

• The main driver of the decline was reduced procurement from a major offshore oil and gas customer and lower activity in the Composite product group.

• The FOC product group showed revenue and order intake growth, supported by a recovering European market.

Financial highlights

• Q1–Q3 2025/26 revenue was DKK 110.9m, down from DKK 182.3m year-over-year.

• EBITDA before special items was a loss of DKK 6.3m (profit of DKK 43.7m prior year); EBIT before special items was a loss of DKK 14.4m (profit of DKK 33.3m prior year).

• Gross margin declined to 59.1% from 62.9% due to a less favorable product mix.

• Net loss for Q1–Q3 was DKK 12.8m, compared to a loss of DKK 29.3m in the prior year.

• Cash flow from operating activities was a net outflow of DKK 0.7m (inflow of DKK 5.0m prior year).

Outlook and guidance

• Full-year 2025/26 guidance: revenue DKK 150–170m, EBITDA before special items DKK -10 to 0m, EBIT before special items DKK -20 to -10m.

• Cost adjustments, including organizational changes, are expected to reduce costs by DKK 5m for the year.

• Management expects a return to higher activity in 2026/27, especially in submarine energy cables.