Seamless Distribution Systems - Q3 Report Comment

2026-11-12 13:10:00

Impala Nordic comments on Seamless Distribution Systems AB (publ) (“Seamless” or the “Company”) and its interim report for the third quarter of 2026.
Net sales amounted to SEK 38.5 million (35.3), up 9.3% year on year. EBITDA was SEK 20.8 million, a margin of 54.0%, and profit before tax was SEK 10.2 million. This was the third consecutive quarter at around SEK 10 million and takes profit before tax for the first nine months to SEK 30.3 million. Lower operating costs and a further reduction in headcount kept the result at the Q2 level despite lower revenue. Recurring revenue was SEK 25.1 million, 65.3% of sales, and continues to cover the operative cost base. The Company has lowered its full-year guidance to profit before tax of around SEK 40 million, from SEK 45–55 million, as weaker order intake in Q2 and Q3 and postponed deals move revenue into 2027. The revised target implies a fourth quarter in line with the run-rate so far this year. Management reports improved order intake at the start of Q4 and expects a larger order backlog going into 2027. On 6 November the Board initiated a strategic review, including a possible sale of the Company.

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