Framery Group Q3'26 preview: US momentum and European silence
Summary
- Framery's Q3 revenue is expected to decline by 5% year-on-year to 49.4 MEUR, primarily due to a tough comparison with a period of exceptionally large orders from its largest customer.
- Adjusted EBIT is estimated to fall to 9.3 MEUR, with a margin of 18.8%, as higher logistics and component costs impact profitability, though price increases help protect margins.
- The US market shows strong demand, but weaker momentum in other regions leads to a slight reduction in growth forecasts; the Michigan plant's assembly ramp-up is crucial for reducing tariff exposure and meeting local demand.
- Framery's results presentation will focus on the US market, particularly the reception of the new Gradus product line and the progress of the Michigan plant's assembly ramp-up.
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| Estimates | Q3'25 | Q3'26 | Q3'26e | Q3'26e | 2026e |
| MEUR/EUR | Comparison | Actualized | Inderes | Consensus | Inderes |
| Revenue | 52.2 | 49.4 | 51.0 | 219 | |
| EBIT (adj.) | 11.9 | 9.3 | 11.3 | 48.1 | |
| EBIT | 10.3 | 9.3 | 11.3 | 50.6 | |
| EPS (reported) | 0.08 | 0.08 | 0.10 | 0.47 | |
| Revenue growth-% | -53.6% | -5.4% | -2.3% | -1.6% | |
| EBIT-% (adj.) | 22.8% | 18.8% | 22.2% | 22.0% |
Source: Inderes & Modular Finance, 4 analysts (consensus)
Translation: Original published in Finnish on 10/29/2026 at 7:30 am EET.
Framery will publish its Q3 report on Monday, November 2, and the company’s results presentation can be followed here at 11:00 am EET. We expect revenue to have declined from a comparison period of exceptionally strong customer orders, while price increases implemented by the company should protect profitability from rising costs. We slightly lower our growth forecast for the quarter on weak momentum in markets outside the US, but slightly raise our material margin forecast.
Tough comparison with largest customer weighs on revenue
We expect Framery’s Q3 revenue to have fallen by 5% year-on-year to 49.4 MEUR (Q3'25: 52.2 MEUR). The comparison period is strong, as the company’s largest customer was still placing exceptionally large orders at the time. Excluding this customer, however, we expect revenue to have grown by 5%. On this basis, revenue growth has trended downward since the company’s IPO, and we will follow with particular interest whether the company can stabilize or reverse this trend. The demand picture is mixed: in the US, office demand and occupancy rates are strong, whereas the overall picture is weaker elsewhere in the world. We are confident in US demand, but given weaker momentum in other markets, we slightly lower our growth forecasts with this preview.
Price increases soften cost pressures
We estimate that Framery’s adjusted EBIT fell to 9.3 MEUR in Q3 (Q3'25: 11.9 MEUR), a margin of 18.8% (Q3'25: 22.8%). Higher logistics costs and component prices are weighing on profitability, but price increases are protecting margins from cost pressures. We believe competitors have largely followed Framery with similar price increases, so the competitiveness of the company’s products should not weaken as a result. Framery recorded refunds related to US tariffs in Q2, and we do not expect a similar item in Q3. The change in the tariff level for the company’s products earlier in the year is a tailwind in the US market, although tariff exposure will decrease as the Michigan facility starts its own assembly. We estimate that the start of assembly in Michigan will weigh on Framery’s margins this year until production volumes there can be increased.
All eyes on US factory ramp-up and reception of new product line
Framery does not provide guidance for the current year's financial development. In the results presentation, our focus will be particularly on the US market: given weak momentum elsewhere, we will be looking for signs of how the new Gradus product series for North America has been received. We also want visibility into how the assembly ramp-up at the Michigan plant has progressed. The ramp-up is an important step for Framery, not only for streamlining the supply chain and reducing tariff exposure, but also for serving local demand with customized products.