Alimak Group stock closed at SEK120 on Friday, after a weak few months where the share price slipped over the last week, month and quarter. Q3 2026 numbers just landed with a clear message for elevator and access-equipment investors. Revenue reached SEK1,783m and basic earnings per share came in at 1.42 SEK, supported by an adjusted EBITA margin of 17.8%.
In the short term, the market is still pricing in recent share price softness. Over a longer horizon, the key story sits in that margin resilience and what it means for a business trading on a 22.4x trailing P/E.
Like the look of Alimak Group’s 17.8% adjusted EBITA margin but uneasy about paying a 22.4x trailing P/E for a stock that has just cooled off? Compare that profile with our list of solid balance sheet and fundamentals stocks (206 results)
Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs Q3 2025): SEK 1,783m vs. SEK 1,658m (up about 8%)
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Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): SEK 150m vs. SEK 133m (up about 13%)
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Basic EPS (Q3 2026 vs Q3 2025): 1.42 SEK vs. 1.26 SEK (up about 13%)
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Adjusted EBITA Margin (Q3 2026 vs Q3 2025): 17.8% vs. 17.3% (slightly higher profitability on each krona of sales)
Alimak raised margins even before its SEK 80m savings hit. Ask Charlie what Alimak’s new cost cuts mean for margins.
Alimak bullish story: services and synergies on trial
The optimistic view says Alimak Group is quietly rebuilding around services, digital offerings and acquired platforms. The question is how much of that shows up in this quarter.
“Expansion of automation and digitalization is opening new recurring revenue streams, with Alimak investing in product development, digital offerings, and remote monitoring solutions, as seen in both recent innovation awards and ongoing R&D focus; these initiatives support improved margins and drive higher earnings through more differentiated and value-added solutions.”
Service order intake reached SEK788m and grew 32%, which backs the pivot toward recurring work. The 17.8% adjusted EBITA margin, helped by Pro Bel, suggests early economic payoffs, although organic revenue declined slightly, so mix rather than broad-based growth is doing the heavy lifting.
Alimak bear case: construction cyclicality and integration risk
The sceptical angle focuses on construction exposure and acquisition execution, especially after the Pro Bel deal lifted leverage.
“Recent and ongoing acquisitions, while presenting growth opportunities, introduce integration risks. Failure to achieve operational synergies or missteps in execution, especially with the integration of Century Elevators, could increase overhead and dilute net profits.”
