Savox Communications 2026 Q3 Interim Report
Savox Communications Plc: Interim report January–September 2026
Savox Communications Plc | Stock Exchange Release | November 10, 2026 at 09:00:00 EET
Defense business drove growth in orders, revenue, and operating profit
This release is a summary of Savox’s January–September 2026 interim report. The complete report is attached to this release, and it is also available on the company’s website at https://investors.savox.com/en/reports-and-presentations/.
HIGHLIGHTS
July–September 2026
- Orders received amounted to EUR 15.3 (9.1) million, up 69%.
- Order book at the end of the period was EUR 36.0 (34.3) million. Including options the order book was EUR 65.6 (39.1) million.
- Revenue was EUR 15.4 (9.8) million, up 57%.
- Operating profit was EUR 2.9 (-0.7) million, or 19% (-7%) of revenue.
- Comparable EBIT was EUR 2.9 (-0.7) million, or 19% (-7%) of revenue.
- Cash flow from operating activities was EUR -3.8 (2.9) million. Cash flow was weakened by the increase in working capital required for growth.
January–September 2026
- Orders received amounted to EUR 52.5 (34.3) million, up 53%.
- Order book at the end of the period was EUR 36.0 (34.3) million. Including options, the order book was EUR 65.6 (39.1) million.
- Revenue was EUR 38.0 (30.0) million, up 27%.
- Operating profit was EUR 1.3 (-2.3) million, or 3% (-8%) of revenue.
- Comparable EBIT was EUR 2.2 (-1.9) million, or 6% (-6%) of revenue.
- Cash flow from operating activities was EUR -8.7 (-1.5) million.
- In June, Savox Communications arranged an initial public offering which was multiple times oversubscribed. The company raised gross proceeds of approximately EUR 30 million through the share issue.
BUSINESS OUTLOOK AND GUIDANCE FOR 2026 (UNCHANGED)
Savox expects revenue to increase to EUR 65–75 million and the comparable operating profit margin to be 14–18%.
KEY FIGURES
| EUR thousand | 7–9/2026 | 7–9/2025 | Change % | 1–9/2026 | 1–9/2025 | Change % | 1–12/2025 |
| Orders received | 15,334 | 9,094 | 69% | 52,478 | 34,321 | 53% | 47,921 |
| Order book | 36,003 | 34,297 | 5% | 36,003 | 34,297 | 5% | 21,731 |
| Revenue | 15,413 | 9,793 | 57% | 37,989 | 30,029 | 27% | 56,076 |
| Gross profit | 7,730 | 3,618 | 114% | 16,859 | 11,234 | 50% | 24,967 |
| Gross margin, % | 50% | 37% | 44% | 37% | 45% | ||
| Comparable EBITDA | 3,780 | 119 | 3,080% | 4,553 | 394 | 1,055% | 10,604 |
| Comparable EBITDA margin, % | 25% | 1% | 12% | 1% | 19% | ||
| EBITDA | 3,780 | 81 | 4,548% | 3,660 | 152 | 2,315% | 10,166 |
| EBITDA margin, % | 25% | 1% | 10% | 1% | 18% | ||
| Comparable EBIT | 2,884 | -653 | 542% | 2,170 | -1,948 | 211% | 7,668 |
| Comparable EBIT margin, % | 19% | -7% | 6% | -6% | 14% | ||
| Operating profit (EBIT) | 2,884 | -690 | 518% | 1,277 | -2,281 | 156% | 7,140 |
| Operating margin, % | 19% | -7% | 3% | -8% | 13% | ||
| Profit for the period | 2,262 | -1,383 | 264% | -1,588 | -4,787 | 67% | 6,662 |
| Cash flow from operations before changes in working capital | 3,530 | 81 | 4,241% | 3,562 | 152 | 2,250% | 9,796 |
| Cash flow from operating activities | -3,801 | 2,855 | 233% | -8,683 | -1,486 | -484% | -1,458 |
| Adjusted net working capital | 31,014 | 14,625 | 112% | 31,014 | 14,625 | 112% | 23,548 |
| Capital expenditure | 1,328 | 1,109 | 20% | 4,063 | 3,968 | 2% | 5,833 |
| Free cash flow | -4,648 | 2,175 | 314% | -10,366 | -4,080 | -154% | -3,947 |
| Net debt | 19,437 | 37,717 | -48% | 19,437 | 37,717 | -48% | 36,568 |
| Adjusted net debt | 19,044 | 26,672 | -29% | 19,044 | 26,672 | -29% | 25,618 |
| Adjusted net debt/comparable EBITDA | 1.3 | N/A | 1.3 | N/A | 2.4 | ||
| Equity ratio, % (including subordinated loans) | 51% | 23% | 51% | 23% | 37% | ||
| Number of employees, average during period | 323 | 293 | 10% | 311 | 294 | 6% | 293 |
| Number of employees, end of period | 328 | 296 | 11% | 328 | 296 | 11% | 290 |
| Return on capital employed (ROCE), % | 20% | N/A | 20% | N/A | 17% | ||
| Return on equity (ROE), % | 38% | N/A | 38% | N/A | 75% | ||
| Number of shares at the end of period (* | 17,711,553 | 14,913,045 | 19% | 17,711,553 | 14,913,045 | 19% | 14,913,045 |
| Weighted average number of shares (* | 17,711,553 | 14,876,951 | 19% | 15,938,140 | 14,861,567 | 7% | 14,874,543 |
| Earnings per share | 0.13 | -0.09 | -237% | -0.10 | -0.32 | -69% | 0.45 |
| Equity per share | 2.21 | 0.05 | 4,258% | 2.21 | 0.05 | 4,258% | 0.82 |
*) The stock split carried out in connection with the listing, in which 300 new shares were issued for each existing share (1:301), has been taken into account in the comparative period share figures.
CEO’S REVIEW
In the third quarter of 2026, the strong market development and commercial momentum continued. Both orders and net sales grew in line with our expectations, and profitability improved significantly due to increased volumes and share of the Defense business. We believe that the impact of the strong order book, increasing deliveries, and customer activity will also be visible in the fourth quarter.
Orders received increased by 69 percent in the third quarter to EUR 15.3 million. The growth was strongest in the Defense business. Revenue increased by 57 percent to EUR 15.4 million. The order book increased to EUR 36.0 million and including options to EUR 65.6 million. In addition to the strong growth in the defence industry, we also saw encouraging activity in the rescue and law enforcement markets, and our position as a provider of marine solutions has progressed well.
The improvement in Savox's business profitability in the second half of the year is supported by three long-term factors impacting profitability: the favourable product mix, supported by the growing share of the Defense business, the economies of scale brought by growing production volumes, as well as the operational leverage and controlled operational cost development. The benefits of these factors were visible in the third quarter, when our gross margin was 50 percent and the last twelve months’ comparable EBIT was 18 percent of revenue.
In the third quarter, we continued to prepare for higher delivery and order volumes, which was reflected in the need for working capital and cash flow from operating activities, which amounted to EUR -3.8 million. To ensure security of supply, we increased inventory levels and strengthened our delivery capability also by recruiting more production personnel. In line with our strategy, we also strengthened our international sales organization in North America and Asia. Our initial public offering in the summer significantly strengthened our financial position and enables us to make the investments needed for growth.
Commercial activity continued to be strong in the third quarter. We received new orders from different businesses and several markets, including the Netherlands, the Middle East, Sweden, and Finland. This development supports our strategy to grow Savox into an even broader provider of mission-critical communications and integrated system solutions.
One of the significant commercial milestones of the quarter was securing the first Savox DPU vehicle computer order under the multinational armoured vehicle CAVS programme, valued at approximately EUR 3.3 million. The agreement also includes options of approximately EUR 4.3 million, and we estimate that the value of the orders for the entire program may increase to a maximum of approximately EUR 20 million. The order is a strategically important demonstration of the potential of Savox DPU and the broader MissionCore architecture to serve as a scalable digital platform for various vehicle, vessel and mission systems.
The significant increase in defence spending and procurement programs is reshaping the way the industry operates. As customers' operations expand, their procurement needs are shifting from individual products towards broader solutions and interoperable systems. This change creates new opportunities for companies whose solutions adapt to the expanding needs of customers. We believe that, in this evolving market, Savox's competitive advantage will be supported by its diverse range of solutions, strong technological expertise, agile in-house production, and modular systems based on open interfaces.
The last quarter of the year is typically significant for Savox's business, as orders and deliveries are often focused on the end of the year due to budgeting cycles in the defence sector. Our guidance remains unchanged. This is based on the strong order book, increasing deliveries, and customer activity particularly in the defence sector, as well as regularly recurring orders from long-term customers in the safety and security and industrial sectors.
In the fourth quarter, we will focus on converting a strong order backlog into revenue by carefully anticipating and planning our business operations. We will focus on securing our delivery capabilities, as well as improving the scalability and efficiency of our operations. We see demand remaining strong, and we believe that Savox is well positioned to benefit from the long-term growth of the mission-critical communications market.
WEBCAST
Savox will hold a webcast for investors, analysts, and media representatives today, 10 November 2026, at 1:00 p.m. EET. The result will be presented by the CEO Jerry Kettunen and CFO Juha Järvi. The webcast will be conducted in English and can be followed at https://savox.events.inderes.com/q3-2026. During the webcast, questions can be asked through the webcast chat function.
A recording of the webcast will be available on the company's website at https://investors.savox.com/en/reports-and-presentations/.
CONTACT INFORMATION
Jerry Kettunen
Chief Executive Officer
tel. +358 40 044 4615
Juha Järvi
Chief Financial Officer
tel. +358 50 367 2286
Savox in brief
Savox is a Finnish company operating in the critical communications sector that offers a wide range of communication devices and solutions for global defence, law enforcement, fire and rescue, and industrial markets. The Company has a broad product portfolio covering tactical communication controllers, advanced hearing protection, rugged ICT devices, search and rescue systems, and next-generation intercom and vision solutions. Savox's end customers include, among others, defence forces, law enforcement authorities, fire and rescue organisations, and industrial professionals. The Company's solutions support these customers' safe and effective communication, coordination, and operation, particularly in demanding field conditions. Our revenue in 2025 was EUR 56.1 million.