KH Group Oyj

KH Group Plc’s Interim Report January–September 2026: The turnaround in earnings lays the foundation for profitable growth

KH Group Plc
Stock Exchange Release 30 October 2026 at 8:00 am EET

KH Group Plc’s Interim Report January–September 2026: The turnaround in earnings lays the foundation for profitable growth

This is the summary of the Interim Report for January–September 2026. The full report is attached to this release and is also available on the company’s website at www.khgroup.com.
Figures in parentheses refer to the corresponding period of the previous year, unless otherwise stated.

KH Group January–September 2026 

• Net sales amounted to EUR 156.6 (141.3) million, approx. 11% growth compared to the corresponding period
• Comparable operating profit was EUR 5.9 (2.2) million, approx. 168% growth compared to the corresponding period
• Operating profit was EUR 5.1 (1.3) million, approx. 292% growth compared to the corresponding period
• Net profit for the period was EUR 0.3 (-1.1) million
• Earnings per share (undiluted and diluted) were EUR -0.01 (-0.02)
• Equity per share at the end of the review period was EUR 0.85 (0.83)
• Return on equity for rolling 12 months was 2.9% (-44.6%)
• The Group’s cash and cash equivalents amounted to EUR 6.3 (2.3) million at the end of the review period
• Gearing at the end of the review period was 132.6% (294.9%)
• Gearing excluding lease liabilities was 111.0% (202.2%)

 CEO Carl Haglund:

 The strong performance of KH Group’s business operations and better-than-expected profitability have strengthened our outlook for 2026. We now estimate the Group’s comparable operating profit to be 9–10 million euros, representing growth of approximately 40–50 percent compared to the previous year. For the January–September period, the comparable operating profit stood at 5.9 (2.2) million euros. This earnings trend demonstrates that our determined efficiency and development measures are yielding results. At the same time, there are clearer signs than before of a recovery in construction and investments within our operating environment.

We have succeeded in improving profitability even before a broader recovery in the construction sector. This is significant for the Group’s future development: the strengthened earnings capacity of our businesses provides a foundation that allows us to capitalize on opportunities arising from increased demand from a stronger starting position.

At KH-Koneet, the improvement in profitability has been particularly robust. The turnaround in our Swedish operations demonstrates that measures focused on enhancing sales quality, margin levels, and capital utilization are positively impacting our results. In Finland, the construction market remains mixed, though there are signs of a gradual pick-up in customer activity and demand for tenders. Demand is being supported, in particular, by growing interest in rental solutions as well as electric and low-emission machinery.

Market prospects for the construction sector have strengthened, especially within investment-driven segments. According to a forecast by the Confederation of Finnish Construction Industries RT, total construction volume in Finland is set to grow by 2 percent in 2026 and 4 percent in 2027. This growth is being driven primarily by the construction of data centers, commercial premises, and industrial facilities, as well as investments in energy and infrastructure. However, the recovery is uneven, and residential construction remains weak. For KH-Koneet, the gradual strengthening of investments creates conditions for an increase in demand for machinery. Our objective is to convert this market-driven growth into profitable business, while simultaneously improving machine turnover, sales margins, and return on capital.

The operations of Nordic Rescue Group form a strong second pillar for the Group. With an order backlog at a record level extending into 2029, there is good visibility regarding production for the coming years. Demand for rescue vehicles is supported by the need to renew existing fleets, as well as by increased societal investment in preparedness and the operational reliability of critical infrastructure. We are focusing on meeting this strong demand by enhancing production efficiency and delivery capacity, while ensuring that this growth is also reflected in our profitability and cash flow.

KH Group’s strategic transformation into an industrial group focused on machinery and rescue vehicles is progressing according to plan. We have streamlined our organizational and cost structures and placed greater emphasis on the efficient use of capital in the management of our business operations. As part of the effort to clarify the group structure, KH-Koneet Group Oy, the parent company for KH-Koneet’s operations in Finland and Sweden, will merge into the group’s parent company, KH Group Oyj, on December 31, 2026. This merger will simplify the group structure, enhance administrative efficiency, and support the realization of cost savings in the coming years. Our goal is to build a group capable of combining profitable growth, strong cash flow, and efficient capital utilization, even amidst fluctuating market conditions.

KH Group’s next phase of development will be built on combining our strengthened earnings capacity with the growth opportunities offered by the market. Our financial performance in 2026 demonstrates that we are moving in the right direction. I have informed the Board of Directors of the listed company that I intend to step down from my position during the first half of next year at the latest, and the search for a new CEO has commenced. At this stage, however, our focus is on fourth-quarter operations and ensuring the continuity of our positive earnings development. Nordic Rescue Group’s strong order backlog, KH-Koneet’s improved profitability and the gradually strengthening outlook for the construction sector provide a solid foundation for the coming years. We will continue to focus on profitable growth, improving cash flow and return on capital, and creating long-term shareholder value.

Events after the review period

9 October 2026: KH Group specified its guidance, estimating that net sales for the year 2026 will be in the range of EUR 210–230 million and comparable operating profit will grow 40–50% compared to last year and will be in the range of EUR 9–10 million.

27 October 2026: KH Group announced that CEO Carl Haglund would step down from his position. He will continue as the company’s CEO for the next six months or until a successor has been appointed.

Financial objectives and future outlook

In line with our strategy, we strive for value creation in all our business areas. The KH-Koneet and NRG businesses will be developed as part of a group focusing on earth-moving equipment and rescue vehicles.

During the next few years, the aim is to invest in the growth of the core business and pay dividends within the limits established by the balance sheet structure and financing agreements.

Guidance updated on 9 October 2026: The company estimates that net sales for the year 2026 will be in the range of EUR 210–230 million and comparable operating profit will grow 40–50% compared to last year and will be in the range of EUR 9–10 million.

KH GROUP PLC
Carl Haglund
CEO

Further information:
CEO Carl Haglund, tel. +358 40 500 6898
CFO Minni Lempinen, tel. +358 40 671 2566

KH Group in brief:
KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earth-moving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki. More information at www.khgroup.com/en

Attachment

• KH Group Plc - Interim Report Q3_2026