Framery Interim Report Q3 2026
Framery Group Interim Report January-September 2026: Profitable growth continued, driven by North America
Framery Group Plc | Stock Exchange Release | November 02, 2026 at 09:00:00 EET
This release is a summary of Framery Group Plc’s Interim Report January–September 2026. The complete report is attached to this release as a pdf file. It is also available on Framery’s website at https://framery.com/sijoittajat/en/investors/
July–September 2026 in brief:
- Revenue grew by 2.3% year-over-year, amounting to EUR 53.4 (52.2) million. At comparable exchange rates, revenue grew by 1.5% and totaled EUR 53.0 million. Excluding the impact of the largest single end-customer, revenue grew by 11.6% year-over-year.
- EBIT was EUR 12.6 (10.3) million, or 23.6% (19.7%) of revenue.
- Items affecting comparability totaled EUR 0.0 (1.6) million.
- Adjusted EBIT totaled EUR 12.6 (11.9) million, or 23.7% (22.8%) of revenue.
- Operating free cash flow reached EUR 10.8 (18.5) million, and the cash conversion was 75.4% (138.2%).
- Earnings per share (basic and diluted) stood at EUR 0.12 (0.08).
January–September 2026 in brief:
- Revenue decreased by 0.5% year-over-year, amounting to EUR 163.1 (164.0) million. At comparable exchange rates, revenue grew by 0.9% and totaled EUR 165.4 million. Excluding the impact of the largest single end-customer, revenue grew by 11.3% year-over-year.
- EBIT was EUR 41.1 (31.0) million, or 25.2% (18.9%) of revenue.
- Items affecting comparability totaled EUR -2.4 (7.7) million, the largest of which was a non-recurring tariff refund from 2025 tariff expenses.
- Adjusted EBIT totaled EUR 38.7 (38.7) million, or 23.7% (23.6%) of revenue.
- Operating free cash flow reached EUR 29.6 (33.8) million, and the cash conversion was 68.3% (78.7%).
- Net debt was EUR 62.2 (90.0) million, and leverage, calculated as net debt divided by the last 12 months' adjusted EBITDA, was 1.1 (1.5).
- Earnings per share (basic and diluted) stood at EUR 0.39 (0.22).
Key figures
| Key figure (EUR million) | 7–9 2026 | 7–9 2025 | Change, % | 1–9 2026 | 1–9 2025 | Change, % | 1-12 2025 |
| Revenue | 53.4 | 52.2 | 2.3 | 163.1 | 164.0 | -0.5 | 222.1 |
| Revenue Growth, % | 2.3% | 24.0% | -21.8%-p. | -0.5% | 45.8% | -46.3%-p. | 37.0% |
| Revenue at comparable exchange rate | 53.0 | N/A | N/A | 165.4 | N/A | N/A | N/A |
| Revenue Growth, % at comparable exchange rate | 1.5% | N/A | N/A | 0.9% | N/A | N/A | N/A |
| EBITDA | 14.2 | 11.8 | 21.2 | 45.7 | 35.3 | 29.3 | 46.9 |
| EBITDA margin, % | 26.7% | 22.5% | 4.2%-p. | 28.0% | 21.6% | 6.5%-p. | 21.1% |
| Adjusted EBITDA* | 14.3 | 13.4 | 6.8 | 43.3 | 43.0 | 0.6 | 56.4 |
| Adjusted EBITDA margin, % | 26.7% | 25.6% | 1.1%-p. | 26.5% | 26.2% | 0.3%-p. | 25.4% |
| EBIT | 12.6 | 10.3 | 22.4 | 41.1 | 31.0 | 32.7 | 41.0 |
| EBIT margin, % | 23.6% | 19.7% | 3.9%-p. | 25.2% | 18.9% | 6.3%-p. | 18.5% |
| Adjusted EBIT* | 12.6 | 11.9 | 6.1 | 38.7 | 38.7 | 0.0 | 50.5 |
| Adjusted EBIT margin, % | 23.7% | 22.8% | 0.9%-p. | 23.7% | 23.6% | 0.1%-p. | 22.8% |
| EPS (basic), EUR | 0.12 | 0.08 | 43.1 | 0.39 | 0.22 | 75.9 | 0.26 |
| EPS (diluted), EUR | 0.12 | 0.08 | 43.1 | 0.39 | 0.22 | 75.9 | 0.26 |
| Operating free cash flow | 10.8 | 18.5 | -41.7 | 29.6 | 33.8 | -12.6 | 51.6 |
| Capital Employed | 47.3 | 41.1 | 15.2 | 47.3 | 41.1 | 15.2 | 38.6 |
| ROCE | 106.9% | 129.6% | -22.8%-p. | 106.9% | 129.6% | -22.8%-p. | 130.9% |
| ROE | 83.9% | 80.8% | 3.1%-p. | 83.9% | 80.8% | 3.1%-p. | 39.9% |
| Investments | 0.6 | 0.6 | 8.4 | 3.2 | 2.4 | 34.3 | 3.1 |
| Net debt | 62.2 | 90.0 | -30.9 | 62.2 | 90.0 | -30.9 | 66.9 |
| Net debt / Adjusted EBITDA* | 1.1 | 1.5 | -27.9 | 1.1 | 1.5 | -27.9 | 1.2 |
| Cash Conversion | 75.4% | 138.2% | -62.8%-p. | 68.3% | 78.7% | -10.3%-p. | 91.6% |
| Personnel | 486 | 489 | -0.6 | 486 | 489 | -0.6 | 484 |
*Adjusted with items affecting comparability, which are considered unusual significant items outside the ordinary course of business. Items affecting comparability include, e.g., costs related to changes in Group structure, non-recurring consulting and legal expenses, people-related non-recurring expenses, expenses related to pre-listing share-based incentive programs, non-recurring expenses related to the new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, costs related to preparations for and the implementation of the Company's listing on the stock exchange, and non-recurring tariff expenses and refunds.
Financial targets and outlook
The Company has set long-term targets for growth, profitability, and leverage. Framery targets an average annual organic revenue growth to exceed 10% from 2025 baseline, an adjusted EBIT margin of 25% in the mid-term, and net debt to adjusted EBITDA below 2.0x.
Framery does not publish a short-term outlook.
Framery’s dividend policy is to target payout of 70-90% of the net profit. Part of the distribution may be executed through share buybacks.
CEO Samu Hällfors
Framery continued its strong performance in the third quarter of 2026. Despite challenging market conditions, our growth continued, driven particularly by North America; our profitability remained strong; and we made determined progress on our strategic initiatives to secure future growth.
Our underlying sales momentum remained strong, even though the comparison figures for revenue were impacted by exceptionally large orders from a single global end customer in 2025. Reported revenue grew by more than 2 percent in the third quarter and by nearly 12 percent excluding the impact of a single global end customer in the prior-year period. In the fourth quarter of this year, this impact will already be significantly smaller and will even out in the first quarter of 2027. Growth was driven by the Americas, where revenue grew by nearly a third in the third quarter and underlying revenue by more than 60 percent. In EMEA, our largest market area, underlying revenue remained close to the level of the comparison period despite the challenging market environment. In APAC, revenue was affected by muted demand, partly due to the higher oil price, and by the project-based nature of sales typical for the region.
Our profitability remained strong despite growth investments, including the ramp-up of our U.S. assembly facility, supported by stable materials and services costs relative to revenue and the absence of the foreign exchange losses that burdened the comparison period, and our adjusted EBIT margin rose to nearly 24 percent. Our asset-light model and disciplined working capital management helped support solid operational cash flow conversion.
In the North American market, we are seeing the beginnings of widespread adoption of smart, soundproof workspaces, and we are seeing more and more companies across various industries adopting our solutions. We are strengthening our position and accelerating product adoption through proactive measures. In the spring of 2026, we successfully launched the new Framery Gradus™ product line, which is specifically tailored to North American workplace standards and customer preferences. Alongside this product launch, our local assembly facility in Michigan began operations on schedule in the third quarter of the year. Local assembly significantly shortens lead times, reduces shipping costs, and provides protection against exchange rate volatility and trade policy uncertainties. Demand for the new product line has been strong, and a record of over 200 units have been ordered for our dealers’ showrooms with more than 20 of those units being delivered to entirely new dealer locations. This significantly exceeded our expectations and, according to our estimates, will support stronger sales of this product line for customer projects starting next year.
We have also expanded our Framery Subscribed™ model globally through our dealer network. The subscription-based model lowers the barrier to entry for new customers and increases the share of predictable, high-margin, and recurring revenue. Sales through the dealer network have started out strong, contributing well over half of Subscribed sales in Q3. We see significant growth potential for this model in the future. The rollout of our integrated smart office technology is also progressing: Our sales channel for Framery smart office solutions, including both software and hardware solutions, is still in the development phase, but feedback from customers who have adopted the solutions has been excellent.
Our sales team works closely with our dealer partners, lead architects, contractors, and corporate facility planners in all of our key markets. We are purposefully further strengthening our own sales organization and providing our reseller partners with even more advanced digital tools to ensure that Framery remains their top choice. We are also restructuring our customer service organization to enhance a consistent, fast, and seamless customer experience. In addition, to reduce delivery times from four weeks to five days within the UK, we are opening a new logistics center in England.
During the quarter, we launched a 10 million euro share buyback program. The launch of this program reflects our strong confidence in Framery’s long-term growth and our commitment to optimizing our capital structure. Directing strong cash flow toward share repurchases and cancellations is a strategic solution for increasing shareholder value. The program offers a flexible way to allocate excess capital without changing our general capital allocation principles or our dividend policy. We will continue to prioritize strategic growth investments while ensuring a steady and attractive return for our shareholders.
Demand for flexible, quiet, and technology-enabled office solutions is structurally stronger than ever. Macroeconomic uncertainty in Europe and the timing of projects in the Asia-Pacific region continue to require us to remain agile. However, the strong momentum in North America and our position as the market leader create a solid foundation for the future. By investing in the customer experience and sales, digital ecosystems, product innovations, and local capabilities, we are accelerating our growth in global markets.
Samu Hällfors
CEO of Framery Group Plc
Press conference
Framery will hold an English-language results webcast and conference call for analysts, investors, and media on 2 November 2026 at 11:00 a.m. EET. CEO Samu Hällfors and CFO Lauri Isotalo will present the third-quarter results, after which participants can ask questions. The live webcast can be followed at https://framery.events.inderes.com/q3-2026.
Conference call:
To participate in the conference call, please register using the following link: https://events.inderes.com/framery/q3-2026/dial-in After registering, you will receive a phone number and a conference ID for joining the conference call.
Tampere, 2 November 2026
Framery Group Plc Board of Directors
For more information, please contact:
Investor Relations Director Kati Kaksonen
kati.kaksonen(at)framery.com
+358 50 393 1561
CFO Lauri Isotalo
lauri.isotalo(at)framery.com
+358 50 573 7875
Distribution:
Nasdaq Helsinki
FIN-FSA
The principal media
https://framery.com/sijoittajat/en/investors/
Framery in brief
Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solutions, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within many of the world’s leading companies.