MacGregor reports record profitability as orders accelerate

MacGregor reported record profitability in the third quarter of 2026, supported by a sharp increase in new orders across its divisions and improvements in operating efficiency under its Full Ahead strategy.

Orders received reached EUR 305.4 million during the July–September period, an increase of 126% compared with EUR 135 million a year earlier. The strong order intake lifted the company’s order book to EUR 1.34 billion at the end of September, compared with EUR 998.6 million at the same point in 2025.

Quarterly sales remained broadly stable at EUR 196.5 million, up 1% year on year, although Services revenue increased by 5%. Sales in the Merchant division declined by 8%, primarily reflecting the timing of customer deliveries, while the Offshore division recorded higher sales.

Despite the limited increase in revenue, MacGregor delivered a substantial improvement in profitability. Adjusted EBITDA rose by 23% to EUR 38.6 million, with the corresponding margin increasing to 19.6% from 16% a year earlier. Adjusted EBIT climbed by 27% to EUR 35.9 million, representing an 18.3% margin compared with 14.5% in the third quarter of 2025.

Reported EBIT increased by 35% to EUR 33.1 million, while cash flow from operations before finance items and taxes reached EUR 67.5 million, compared with EUR 17.6 million in the corresponding quarter. The company’s leverage ratio improved to 0.51 at the end of September from 1.01 at the end of June.

Stronger performance over the first nine months

For the January–September period, MacGregor recorded orders of EUR 908.8 million, an increase of 52% from EUR 599.3 million a year earlier. Sales edged up to EUR 634.1 million from EUR 629.8 million, while adjusted EBITDA increased by 20% to EUR 108 million.

Adjusted EBIT for the nine-month period rose by 28% to EUR 99.9 million, lifting the margin to 15.7% from 12.4%. Reported EBIT increased by 59% to EUR 95.5 million, while operating cash flow before finance items and taxes more than doubled to EUR 132.9 million.

MacGregor attributed the improvement to initiatives implemented under its Full Ahead strategy, including reductions in product costs, improved pricing, a more focused Offshore division and a leaner cost structure. The company also highlighted disciplined project execution as a contributor to its stronger margins.

“Our profitability in Q3 was strong. Our adjusted EBIT increased to EUR 35.9 million, corresponding to an adjusted EBIT margin of 18.3 percent,” said Jonas Gustavsson, CEO of MacGregor.

Gustavsson said the company’s order intake was broad-based across all divisions, strengthening its visibility for the coming years. The quarterly book-to-bill ratio reached 1.5, indicating that new orders exceeded sales during the period.

MacGregor enters the final quarter of 2026 with an order book exceeding EUR 1.3 billion and continued emphasis on expanding its services business and improving operational performance. Management indicated that the company remains focused on implementing its Full Ahead strategy and maintaining profitable growth beyond 2026.

The interim report also includes restatements of certain quarterly figures for the second half of 2025. According to MacGregor, these adjustments do not affect its full-year 2025 financial results or its balance sheet at the end of that year.

MacGregor is scheduled to publish its fourth-quarter 2026 interim report on 19 February 2027.