Roblon: Publishes preliminary figures for Q3 2025/26 and cuts full-year guidance

RBLN BAnalyst Comment2026-08-27 13:49

Rasmus KøjborgHead of Research, Stables

Summary

Roblon released preliminary Q3 2025/26 figures, reporting sales of MDKK 110.9 and an EBITDA before special items of MDKK -6.3 for the first nine months, leading to a reduction in full-year guidance.
The revised guidance forecasts full-year sales of MDKK 150-170 and an EBITDA before special items of MDKK -10 to 0, primarily due to reduced purchasing needs from a major offshore oil and gas customer.
Q3 sales were approximately MDKK 37.9, with cost adjustments expected to reduce annual costs by MDKK 5, and Q4 sales projected at MDKK 39-59, aligning with the order backlog.
Management anticipates increased activity in 2026/27, with ongoing discussions for future cable projects, aiming for long-term sales of at least MDKK 400 and an EBITDA of MDKK 70 by 2029/30.

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Automatic translation: Originally published in undefined 27/08/2026, 11:49 GMT. Give feedback here.

This afternoon, Roblon released its preliminary figures for Q3 2025/26 and, in connection with this, lowered its guidance for the 2025/26 financial year for the second time this year.

For the first nine months of the year, sales reached MDKK 110.9 (MDKK 182.3), while EBITDA before special items was MDKK -6.3 (MDKK 43.7) and EBIT before special items was MDKK -14.4 (MDKK 33.3). The order backlog as of July 31, 2026, amounted to MDKK 53.7 (MDKK 54.0).

Full-year guidance has been decreased to sales of MDKK 150-170 (previously MDKK 170-210), EBITDA before special items of MDKK -10 to 0 (previously MDKK 0-20), and EBIT before special items of MDKK -20 to -10 (previously MDKK -10 to 10). Management states that the primary reason is that one of its largest offshore oil and gas customers has temporarily reduced its purchasing needs due to high inventories, which has impacted order intake and sales more negatively than previously expected. In addition, the progress in the FOC product group has been realized at a lower level than anticipated.

Viewed in isolation, the figures imply Q3 sales of approximately MDKK 37.9 (MDKK 69.3) and EBITDA before special items of approximately MDKK 1.2 vs. MDKK -7.5 for H1 combined. The cost adjustments and organizational changes implemented in Q1 are expected to reduce costs by the magnitude of MDKK 5 for the full year. The new guidance implies Q4 sales of MDKK 39-59, which, relative to the order backlog at the start of the quarter, appears to be an achievable level.

Management has previously communicated that 2025/26 would be affected by a changed product mix, including lower sales from deliveries for subsea power cables. The area is project-based, and activity can vary significantly from year to year. Customer dialogues, development activities, and discussions regarding deliveries for future cable projects expected to be initiated after the 2025/26 financial year are ongoing, and management expects a higher activity level both in this area and generally in 2026/27. By comparison, the long-term ambitions in the GPS-3 strategy are sales of a minimum of MDKK 400 and an EBITDA of a minimum of MDKK 70 in 2029/30.

The interim report for Q3 will be published as planned on September 29, 2026.

You can find the full announcement from Roblon here along with other material about the company: https://www.inderes.dk/companies/Roblon

Disclaimer: HC Andersen Capital receives payment from Roblon for a Digital IR subscription agreement and a research agreement. /Rasmus Køjborg, CFA at 1:45 PM on August 27, 2026.

Roblon develops high performance fiber solutions and technologies with a history dating back to 1957, when the company was founded. Roblon produces the fibers, made of fiberglass, aramid etc. that are used to reinforce and protect vital cables in various industries. The company is divided into two main business areas – Fiber Optic Cables (FOC) and Composite. The FOC segment is usually a sub-supplier to large cable producers, where the end customers are typically global internet and telecom providers. The Composite segment is usually a sub-supplier to the producers of wires and cables, which supply global oil & gas companies as well as companies that are active within wind energy. Roblon is headquartered in Frederikshavn (Denmark) and has production facilities in Gærum (Denmark), Hickory, North Carolina (USA) and the recently acquired Vamafil in the Czech Republic. Roblon is thus active with production and sales in both Europe and the USA.