Automatic translation: Originally published in Danish 30/10/2026, 10:24 GMT. Give feedback here.

INVISIO released its Q3 2026 report this morning. Revenue is growing strongly, and order intake is solid after the US market rebounded following a couple of quarters impacted by the partial government shutdown and the reorganization of the US Department of Defense. However, earnings disappoint as EBIT comes in clearly below analysts' expectations, even though revenue is in line with consensus.

INVISIO generated Q3 2026 revenue of 408.1 MSEK, corresponding to 40.1% growth from 291.3 MSEK in Q3 2025. However, the comparison quarter was impacted by delivery delays. According to CEO Lars Højgård Hansen, the growth was driven by the recovery in the US and increased deliveries of new products. After the first 9 months of the year, revenue growth stands at 28.3% to 1,351.4 MSEK from 1,053.1 MSEK last year.

The gross margin was 56.0% vs. 57.0% the previous year. Operating profit (EBIT) increased to 32.2 MSEK from -3.2 MSEK in Q3 2025, resulting in an EBIT margin of 7.9% vs. -1.1%. Consequently, EBIT came in well below analysts' expectations. Consensus collected by Modular Finance among 10 analysts stood at an EBIT of 50.8 MSEK, corresponding to a margin of ~12.3%. Revenue, on the other hand, was in line with consensus at 410 MSEK. Q3 is seasonally one of the weaker quarters, and year-to-date the EBIT margin is 11.1% vs. 8.0% in the same period last year.

Order intake rose by 17.8% to 565.5 MSEK from 479.9 MSEK, resulting in a book-to-bill ratio of ~1.4 for the quarter. The order book grew to 647.7 MSEK from 497.5 MSEK at the end of Q2 2026, but remains below the level of a year ago at 887.0 MSEK. In addition, INVISIO won a multi-year contract with the Canadian defense during the quarter. The contract covers all branches of the armed forces and has a potential value of up to 450 MSEK.

Cash flow from operating activities was 91.9 MSEK in the quarter vs. 105.8 MSEK the previous year.

INVISIO does not provide guidance for the financial year. From time to time, the financial targets are an average annual revenue growth of at least 20% and an average annual operating margin of at least 20%. Over the last 12 months, revenue is ~2,035 MSEK and the EBIT margin is ~18.4%.

You can find INVISIO's full report here: https://www.inderes.dk/releases/invisio-interim-report-january-september-2026-strong-sales-and-order-intake

Remember that on Tuesday, November 3 at 10:30 AM, we have the pleasure of inviting you to a presentation of the report with CEO Lars Højgård Hansen. There will also be an opportunity to ask questions to management. Register here: https://www.inderes.dk/videos/invisio-praesentation-af-regnskabet-for-3-kvartal-2026

Disclaimer: HC Andersen Capital receives payment from INVISIO for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 11:20 AM on October 30, 2026.