* Q3 EBITDA of NOK 18m * Sainsbury's slow, but Meijer already live * Fair value range of NOK 8-18 per share
ANNONS
Q3 EBITDA of NOK 18m
Q3 was a strong quarter, with revenues of NOK 364m, +14% y-o-y, breaking three quarters of flat revenue. Growth in the Nordics was strong (+20% y-o-y, despite the NOK 13m loss from the ESL partner transition), as was Spain (+58% y-o-y). The GM was 41.1% vs. ABGSCe at 42.4%, but gross profit was still 3% above us on the higher revenue. EBITDA landed at NOK 18m (ABGSCe NOK 10m), for a margin of 4.8%. Clean opex was ~2% better than forecast (NOK 132m vs. our 135m). Net finance was NOK -10m (ABGSCe -2m), which offset the EBITDA beat and left EPS in line at NOK -0.05. Disposable funds fell to NOK 66m on weak cash flow (-19m q-o-q,) and net debt rose to NOK 103m (NOK 57m in Q2).
Sainsbury's slow, Meijer already live
Order Picking remains mixed. Sainsbury's is rolling out slower than planned, and the temporary cut to the volume commitment remains. Against this, Meijer – the first US Order Picking customer – signed in Q3 and is already live in three stores, with more expected in the coming weeks. It is early, but it shows a large rollout can move quickly, and we expect full rollout towards summer 2027. Iceland Foods’ trial is live in over 80 stores. The Pricer run-off remains a headwind through ‘26, with Vusion building over time. The ~100-store Spanish Vusion order announced on 27 Oct supports that, and the rollout already began this summer.
Fair value range of NOK 8-18 per share
Q3 was a strong quarter, with revenue up 14% and an EBITDA beat on higher revenue and lower opex. The pipeline keeps building: Meijer, the Spanish Vusion order, Coop Estonia, AutoStore contracts and CashGuard Connect. The path to profitability will have its ups and downs, but Q3 showed the right direction, with further cost cuts to come. Our DCF indicates an equity value of ~NOK 650m, and we see a fair value range of NOK 8-18.
