Translation: Original published in Finnish on 10/30/2026 at 9:17 am EET.

Source: Inderes

The main figures in KH Group's Q3 report were, as expected, in line with the recently released preliminary data, but there was a surprise beneath the surface. Both subsidiaries demonstrated robust operational progress in Finland, while their activities in Sweden were more subdued. In fact, the group's earnings were weighted even more heavily toward Nordic Rescue Group (NRG) than we expected, and Q3 is typically a quiet period for NRG. In the management interview, we will seek additional insight into the underlying assumptions of the guidance because, in light of deliveries shifted to the fourth quarter and the generally positively described outlook, the guidance appears exceptionally conservative.

Finnish operations drove revenue growth

In line with preliminary data, the group's revenue for Q3 stood at 50 MEUR, marking an approximate 10% increase from the 45 MEUR recorded during the comparison period. The quarter was surprisingly mixed, with strong revenue growth posted by both subsidiaries in Finland but weaker growth in Sweden. Notably, growth in KH-Koneet’s Finnish operations accelerated significantly to 20% in the third quarter, whereas the cumulative figure for January–September was just 6.5%. Growth was driven by heavy earthmoving machinery and aftermarket services. Demand for heavy machinery was particularly supported by investments related to data center projects. NRG's revenue, in turn, was bolstered by an order received from the Finnish Defence Forces, which maintained good volume levels during a quiet quarter. The company also reported that the order book for rescue vehicles is at a record level, extending until 2029, which the company says provides “good visibility regarding production for the coming years.”

NRG surprised with its strong earnings margin

The group’s comparable EBIT improved to 2.7 MEUR, as expected, from 1.2 MEUR in the comparison period. However, earnings distribution deviated from our preliminary expectations as profitability relied more heavily on NRG than anticipated. The third quarter is usually slow for a rescue vehicle manufacturer, but the order from the Finnish Defence Forces resulted in exceptional earnings for the company. KH-Koneet's earnings also developed positively as the strong momentum of Finnish operations offset the slowdown in Sweden. The uptick in demand for heavy machinery in Finland suggests that customers are successfully tapping into ongoing data center projects. In the management interview, we will consequently seek insight into whether KH-Koneet's exposure to data center construction, which generates significant demand, is structurally smaller in Sweden.

Q4 profitability suggested by guidance seems conservative

KH Group naturally reiterated its guidance, refined in October, according to which the company's full-year 2026 revenue will be 210–230 MEUR and comparable EBIT will grow by ~40–50% from last year to 9–10 MEUR. Following a strong initial part of the year (January–September comparable EBIT of 5.9 MEUR, comparison period 2.2 MEUR), the year-end earnings level indicated by the guidance seems conservative to us. Based on management comments, customer deliveries for both subsidiaries were postponed to the fourth quarter in Sweden, which supports the prospects for the end of the year. Regarding the outlook, management commented that clearer signs of a recovery in construction and investments can be seen in the operating environment than before.