In the interim report for January–September 2026, VBG Group reports organic growth in all of the Group’s divisions and geographic markets.
Third quarter 2026
Nine months 2026
Comments from VBG Group’s President & CEO Anders Erkén
VBG Group reported organic growth in all of the Group’s divisions and geographic markets during the third quarter. Sales growth was driven by positive performance in several market segments as well as by implemented price adjustments.
Net sales amounted to SEK 1,447 M (1,368), corresponding to an increase of 5.8% compared with the yearearlier quarter. Adjusted for currency effects and acquired sales, organic growth amounted to 5.4% (6.3). Sales increased in all of the Group’s divisions and geographic markets: North America, Europe, and Rest of World.
Operating profit (EBIT) amounted to SEK 140 M (158), corresponding to an operating margin of 9.6% (11.6) and was negatively impacted by workforce-related reorganization expenses of SEK 4.7 M in Mobile Thermal Solutions. Order bookings for the quarter Increased 4.5% compared to the year-earlier quarter. Cash flow from operating activities amounted to SEK 265 M (136).
Price adjustments, operational improvements and cost control measures continued during the quarter to offset increased costs relating to tariffs, raw materials, energy and freight.
Growth supported by all divisions
Truck & Trailer Equipment’s sales increased by 2.8%, driven primarily by continued strong demand in the defense segment. Meanwhile, demand in the trailer segment in Europe performed positively.
Mobile Thermal Solutions’ sales increased by 8.3%, driven primarily by robust demand in the off-road segment and improved performance in the European markets. Increased costs for raw materials and freight, higher tariffs and workforce-related reorganizational expenses of SEK 4.7 M negatively impacted profitability for the quarter. Work on price adjustments and efficiency enhancement measures continues to compensate for the additional cost increases during the third quarter. The effect of the implemented price adjustments comes with a certain time lag in relation to the cost increases.
Ringfeder Power Transmission reported the strongest quarter in its history in terms of sales, with an increase of 3.3% during the quarter. Demand in all industrial segments was stable, with robust performance in the defense segment. The product mix and high activity levels led to capacity challenges that impacted efficiency and earnings during the quarter.
Focus on operational development
The strategic investments continued during the quarter in order to strengthen the Group’s capacity, efficiency and long-term competitiveness.
The work on the new Mobile Thermal Solutions Production facility in Toronto, Canada, has proceeded as planned, with full production capacity scheduled to be reached as of the second quarter of 2027. During the quarter, I stepped into the role of acting Division Manager for Mobile Thermal Solutions to further strengthen growth in the division.
Ringfeder Power Transmission continued the construction of its new production facility in Dobřany, Czech Republic. The facility is scheduled to be commissioned in the third quarter of 2027.
The future
The business environment is characterized by geopolitical and macroeconomic uncertainty. At the same time, we are seeing organic growth in all divisions and geographic markets.
Order bookings performed positively, with growth of 4.5% during the quarter, a reflection of stable demand in several segments.
We are closely monitoring developments in our business environment and focusing on price adjustments, cost control, capacity development and operational improvements as well as capitalizing on our order bookings.
Our diversified operations and financial position provide us with a platform to continue growing and creating long-term value.
Thank you for your continued confidence in VBG Group.