Organic growth in order intake and margin improvement in all business areas

Third quarter

• Net sales increased by 22 percent to SEK 2,724 million (2,224). Organic growth amounted to 5 percent.
• Order intake increased organically by 7 percent, with the Project segment growing by 18 percent and the Consumer segment by 1 percent. The order backlog as of September 30 increased to SEK 3,453 million (2,769), the highest level to date.
• Operating EBITA increased to SEK 334 million (268), Inwido’s highest quarterly result to date. The operating EBITA margin rose to 12.3 percent (12.0).
• EBIT increased to SEK 309 million (241) and the EBIT margin increased to 11.4 percent (10.8).
• Earnings per share before and after dilution increased to SEK 3.49 (2.65) and SEK 3.48 (2.65), respectively.
• Net debt amounted to a multiple of 1.9 in relation to operating EBITDA excluding IFRS 16.
• Nordea Research has upgraded Inwido’s ESG rating from BB to A. This upgrade is one of the largest year-on-year improvements among the companies covered by the analysis.

January–September 2026

• Net sales increased by 15 percent to SEK 7,528 million (6,562). Organic growth amounted to 2 percent.
• Operating EBITA rose to SEK 738 million (643) and the operating EBITA margin amounted to 9.8 percent (9.8)
• EBIT increased to SEK 669 million (571) and the EBIT margin increased to 8.9 percent (8.7).
• Return on operating capital amounted to 12.0 percent (12.7).
• Earnings per share before and after dilution increased to SEK 7.07 (6.00) and SEK 7.05 (5.98), respectively.

CEO comments

The improvement in earnings seen during the second quarter of the year, resulting from stabilized market conditions and internal efficiency improvements, continued during the third quarter. All business areas are reporting higher profit margins and organic growth in order intake. In addition, three out of four business areas are reporting organic growth in invoicing. This positive trend was driven primarily by increased demand in the Project market, improved operational efficiency, effective cost control, and continued disciplined pricing practices. This improvement should be viewed in light of the conflict in the Middle East, which has led to higher costs for input goods, energy, and transportation, as well as continued subdued consumer demand in several of Inwido’s markets.

During the third quarter, net sales increased by 22 percent, of which 5 percent was organic growth, to SEK 2,724 million (2,224). Operating EBITA rose to SEK 334 million (268), which is Inwido’s highest result to date in a single quarter. The operating EBITA margin rose to 12.3 percent (12.0). The Group’s debt has decreased, while the return on operating capital has increased compared with the previous quarter.

The market
During the quarter, we are seeing increased volumes in the Project market across all business areas, while consumer demand is varying between the geographic markets. We are still experiencing a historic downturn in the new build industry. We are, however, seeing light at the end of the tunnel, including customers placing greater emphasis on energy efficiency, and our assessment is that the recovery will be gradual over an extended period.

In Scandinavia, margins are improving as a result of increased volumes, pricing, and efficiency improvements. Denmark is stable and Sweden is improving, while Norway remains challenging. In the UK, acquisitions are making a positive contribution, and the Project market grew despite high volumes also being reported in the same quarter in the previous year. Business units focused on the Project market performed well in both the UK and Ireland, while those focused on the Consumer market experienced a more challenging quarter. The market situation in Finland remains challenging, which calls for continued cost control, while the markets in Croatia and Poland are performing well. Business Area e-Commerce continued to improve its profitability for the fifth consecutive quarter, driven by increased volumes, pricing, and a more cost-effective structure.

Our operations
The financial results for the third quarter confirm that Inwido’s long-term approach and strategy, focused on profitable growth within a decentralized structure with a local presence, are both successful and sound. We have continued to counter the pressure on margins resulting from the conflict in the Middle East through initiatives in respect of both purchasing and pricing, effective cost control, as well as increased efficiency at our factories. It is gratifying to see improved margins across the entire Inwido Group.

I am proud to report that Nordea Research has upgraded Inwido’s ESG rating from BB to A. This upgrade is one of the largest year-on-year improvements among the companies covered by the analysis. Nordea highlights our strong momentum across several key performance indicators and underscores progress in all ESG areas, including improved reporting and reduced Scope 2 emissions. A positive outcome of our systematic efforts to improve resource and energy efficiency can also be seen in this quarter’s sustainability results, in particular where the amount of waste is decreasing thanks to increased recycling.

Further proof of our unique customer focus within Inwido’s e-Commerce operations is that our Danish brand, SPAR Vinduer, now has more than 10,000 customer reviews on Trustpilot, over 90 percent of which have a rating of 4 or 5 – which is impressive.

Acquisitions
The acquisitions of Marlex in Croatia and Sovereign Group in the UK, both of which were completed during the second quarter, have been successfully integrated. The acquisition market is continuing to show strong activity. At the same time, it is more challenging to value companies accurately, primarily due to economic uncertainty in some markets and the effects of the conflict in the Middle East. A number of parallel discussions are being conducted in both existing and new markets, as well as in the field of solar shading solutions, and I am cautiously optimistic about further acquisitions in the medium term.

Outlook
The continued improvements across all of Inwido’s business areas, indications of an economic recovery in certain markets, and the early signs of a tailwind from energy efficiency initiatives, are giving rise to cautious optimism going forward. The outlook is clouded by concerns about rising inflation driven by higher energy prices, which may lead to rising interest rates across Europe.

Regardless of market trends, the Group is well-positioned to proactively consolidate the European window and door market in a profitable manner, thanks to an efficient business model, strong financial position, and a clear strategy.

MALMÖ, OCTOBER 21, 2026

Fredrik Meuller, President and CEO