Well then, my expectations couldn’t have been more wrong (shouldn’t have trusted the guidance or the analysts?).
We got terrible numbers, especially in North America.
Order intake there plummeted by 59% compared to the comparison period and has now dropped really ugly over the last four quarters: 21.3 → 6.9.
North America figures (MEUR and share of total):
| Period | Order Intake | Revenue |
|---|---|---|
| Q3’25 | 16.7 (22%) | 11.8 (16%) |
| Q4’25 | 21.3 (22%) | 8.3 (11%) |
| Q1’26 | 11.0 (16%) | 10.5 (16%) |
| Q2’26 | 10.9 (15%) | 11.8 (17%) |
| Q3’26 | 6.9 (12%) | 7.5 (11%) |
Despite everything, there are some positives in the report as well.
Europe outside the Nordics performed surprisingly well compared to other regions: 10% revenue growth and a decent order intake. Compared to Q2, revenue even grew by 19% (40.7 vs. 34.2 MEUR) and order intake (37.9) remained roughly at the same level. By far the most important market for the company, accounting for a record 62% of revenue and order intake this quarter.
In addition, sales in the APAC & MEA region have picked up (order intake grew from 4.3 → 6.4 MEUR compared to the comparison period, an increase of 48%).
Gross margin (45.9%) held up, which is probably very crucial for the investment case. Practically the same as in the comparison period (45.8%). A decline compared to Q2, but it has remained fairly steady:
| | |\n|— | — |
|Q4 |45.6% |
|Q1 |45.3% |
|Q2 |47.2% |
|Q3 |45.9% |
Services revenue was 5.1 million (8% of revenue), the highest level so far (both in euros and relatively) and an increase of 83% from the comparison period.
Warranty costs were 4.4 million, a significant decrease from the comparison period (6.4m) and exactly the same as in Q2.
The biggest silver lining this morning is, of course, the US election result, which I believe will play into Kempower’s hands, at least in the longer term.