Revenue — no API Ninjas consensus estimate for this event
Highlights & what matters
No consensus estimate was available for this event, so there is no beat or miss to report. Third-quarter sales were EUR 329.2 million, up 14.2% organically and 15.7% as reported; nine-month sales were EUR 940.7 million, up 7.3% organically.
Full-year organic sales growth guidance was raised a second time this year, to 6.5% to 7.5% from 4% to 6%. Both margin ranges were only confirmed: EBITDA margin 16.0% to 16.5%, now expected mid-range, and operating margin 9.0% to 9.5%, now at the upper end.
Electrical Power drove the quarter: EUR 168.6 million of sales, up 22.8% organically, on data centre electrical protection and power electronics. Advanced Materials returned to organic growth at EUR 160.6 million, up 6.4%, its first rise since the third quarter of 2024.
Growth was broad by region: North America up 17.2%, Asia-Pacific up 18.6% and Europe up 9.5% organically.
The one thing that matters: the guidance raise is volume and price, not profitability. Organic growth goes to 6.5% to 7.5% while both margin ranges are merely confirmed.
Key metrics
Metric
Reported
Prior year
Change
Group organic growth, Q3 2026
+14.2%
—
+14.2%
Electrical Power organic growth, Q3 2026
up 22.8%
—
+22.8%
Advanced Materials organic growth, Q3 2026
up 6.4%
—
+6.4%
North America organic growth, Q3 2026
organic growth of 17.2%
—
+17.2%
Asia organic growth, Q3 2026
up 18.6% year on year on an organic basis
—
+18.6%
Price increases, Q3 2026
Price increases of around 4% during the quarter
around 3% over the period
—
Guidance changes
Item
New guidance
Prior guidance
Full-year 2026 organic sales growth
between 6.5% and 7.5%
between 4% and 6% previously
Full-year 2026 EBITDA margin before non-recurring items
confirmed at between 16.0% and 16.5%, now expected in the middle of the range
between 16.0% and 16.5%
Full-year 2026 operating margin before non-recurring items
confirmed at between 9.0% and 9.5%, now expected in the upper end of the range
between 9.0% and 9.5%
Full-year 2026 capital expenditure
confirmed at between €80 million and €90 million
between €80 million and €90 million
Quality of earnings
This is a sales-only update, so earnings quality cannot be tested: no profit figure is given for the quarter, only the confirmed full-year ranges of 16.0% to 16.5% EBITDA margin and 9.0% to 9.5% operating margin.
Price did a meaningful share of the work. Price increases of around 4% in the quarter, against around 3% across the nine months, which the release says largely offset inflation on components and raw materials rather than more than offsetting it.
Currency turned from headwind to tailwind. The currency effect was positive 1.3% on third-quarter sales against negative 2.0% across the nine months, which is why reported growth of 15.7% ran ahead of 14.2% organic.
Gotchas & watch items
The margin guidance is as weak as the sales guidance is strong: the EBITDA margin is now expected mid-range, and the release says full-year margin guidance already absorbs higher-than-expected inflation and a less favourable product mix.
Advanced Materials is still negative across nine months: EUR 480.2 million against EUR 486.5 million, up 0.7% organically and down 1.3% reported, so the 6.4% third-quarter rise is a one-quarter inflection rather than an established trend.
Silicon carbide is not the driver anyone assumes: the release says SiC sales grew from a low base and expects fourth-quarter SiC deliveries to remain at a low level, with silicon semiconductors and aeronautics carrying the segment.
One region went backwards: rest of the world sales of EUR 10.0 million against EUR 10.1 million, down 5.9% organically.