Revenue — no API Ninjas consensus estimate for this event
Highlights & what matters
Record quarter on sales: Q3 revenue of EUR 329 million with organic growth of 14.2%, up from 3.9% organic in the first half. No consensus estimate was available to compare against.
Organic sales guidance raised for the second time this year, to 6.5-7.5% from 4-6%; EBITDA margin before non-recurring items held at 16-16.5% (midpoint) and operating margin at 9-9.5% (upper end).
Growth was broad: Electrical Power organic growth of 22.8% on data center protection and power electronics, Advanced Materials back to 6.4%, and every region up, with North America at 17.2%, Asia Pacific at 18.6% and Europe at 9.5%.
Price did about 4 points of the 14.2%, and management said inflation in components and raw materials is running ahead of what it expected in July.
The one thing that matters: a 14% organic quarter added nothing to the margin guide. Management blames inflation outpacing price and a shift toward OEM project mix, so this year the growth is showing up in sales rather than in earnings.
Guidance & KPIs
Item
New guidance
Prior guidance
FY2026 organic sales growth
between 6.5% and 7.5%
between 4% and 6%
FY2026 EBITDA margin before non-recurring items
between 16% and 16.5%, expected around the midpoint of the range
between 16% and 16.5%
FY2026 operating margin before non-recurring items
between 9% and 9.5%, expected on the upper range of the guidance
—
FY2026 industrial CapEx
between EUR 80 million and EUR 90 million
between EUR 80 million and EUR 90 million
FY2026 data center sales
above EUR 40 million
—
Management commentary
Inflation is running ahead of plan: the CFO said pricing power is where expected, but inflation is a little higher than anticipated in July and repricing is not immediate.
The margin drag is mix: more OEM project business with higher volumes, which management says will build future spare-part revenue.
On SiC the CEO repeated the July view: "We don't see a significant recovery before end of 2027."
Visibility comes from markets rather than backlog: the order book is about five months of sales, and management expects data center growth in 2027.
M&A remains focused on bolt-on acquisitions with a good pipeline; no deal was announced.
Quality of earnings
Volume, not just price, drove the quarter. About 4 points of the 14.2% organic growth came from price, which leaves roughly 10 points of underlying volume and mix growth.
Currency flatters organic growth relative to reported growth. Nine-month sales of EUR 941 million include a negative exchange rate impact of EUR 18 million.
Gotchas & watch items
Q4 looks slower: the raised full-year range implies roughly 4-8% Q4 organic growth after 14.2% in Q3. Management attributes this to comparisons, with last year's Q3 at -6% and Q4 almost flat.
Pricing tailwind is peaking: the CFO said prices are not going to increase again a lot by the end of the year, after about 4% in Q3 and 3% for nine months.
Silicon semiconductors are a stronger engine than the segment number shows: growth is closer to 30% this year, and data center sales are expected above EUR 40 million, about 2x last year.
Silicon carbide and solar remain weak: no significant SiC recovery is expected before end of 2027, and no solar recovery in 2027.
Last quarter's watch items: what happened
No watch items on file from a prior quarter - this is the first tracked quarter for this company.
Next quarter: the 2-3 things that matter
Full-year organic sales growth lands within the raised range Baseline: Nine-month organic growth 7.3%; FY guide 6.5-7.5% Confirms: FY organic growth at or above 7.0% Breaks: FY organic growth below 6.5% Check in: Q4 2026. Source: Q3 2026 sales call, CEO guidance remarks
Pricing keeps pace with component and raw material inflation Baseline: Price contributed about 4 points of 14.2% Q3 organic growth; EBITDA margin guide 16-16.5% Confirms: FY EBITDA margin before non-recurring items at or above 16.25% Breaks: FY EBITDA margin below 16% Check in: Q4 2026. Source: Q3 2026 sales call, CFO answer on pricing and inflation
Data center sales reach the stated level Baseline: Data center sales expected above EUR 40 million for 2026, about 2x 2025 Confirms: Reported 2026 data center sales above EUR 40 million Breaks: Data center sales below EUR 40 million Check in: Q4 2026. Source: Q3 2026 sales call, CEO answer on data centers