EL7.AI
StocksMedium•23 October 2026•
3 min read

BHG Revenue Reaches SEK 2,901.1 Million, Beating Third-Quarter Expectations

Key Facts

1BHG revenue was SEK 2,901.1 million, up 11.7% year on year and above the SEK 2,772 million forecast in the third quarter of 2026.
2BHG adjusted operating profit was SEK 122.1 million, compared with SEK 92.3 million a year earlier and above forecasts of SEK 108 million.
3Catena reported rental income of SEK 837 million, compared with SEK 675 million a year earlier, beating forecasts of SEK 821 million.
4Catena net operating income was SEK 705 million, compared with SEK 548 million a year earlier and forecasts of SEK 688 million.
5Catena’s chief executive said market interest rates rose sharply during the quarter and that the company aims to keep its loan-to-value ratio at no more than 45%.

Swedish e-commerce group BHG reported revenue of SEK 2,901.1 million in the third quarter of 2026, up 11.7% year on year and above analysts’ average forecast of SEK 2,772 million, according to a report published by Finwire via MarketScreener on October 23. Adjusted operating profit was SEK 122.1 million, compared with SEK 92.3 million a year earlier and above forecasts of SEK 108 million. Adjusted operating profit has now improved for the twelfth consecutive quarter compared with the corresponding period a year earlier. Net income rose to SEK 93.8 million from SEK 28.7 million, while earnings per share increased to SEK 0.41 from SEK 0.06. The news page showed BHG shares up 9.35% alongside the company’s results.

Chief Executive Gustav Örn said higher sales translated into earnings because fixed costs did not rise at the same pace, adding: "We are growing without fixed costs increasing at the same speed, which means higher sales translate into earnings." Organic sales accounted for 9.3% of quarterly growth, while currency effects added 2.3 percentage points to net sales growth. Gross profit rose to SEK 700.3 million from SEK 632.3 million, but the gross margin declined to 24.1% from 24.3%. Profitability increased 32.3% during the quarter, and the adjusted operating margin rose 0.7 percentage points to 4.2%. Cash flow from operating activities reached SEK 91.6 million, compared with SEK 51.9 million in the corresponding period a year earlier.

BHG maintained its short-term target for an adjusted operating margin of 5%, above the margin recorded in the third quarter. Over the medium term, the company targets annual growth of 10% to 15% and an adjusted operating margin of 7%. Örn said the company’s profitability had improved in every quarter over three years compared with the corresponding period a year earlier. Separately, BHG said on October 2 that it would continue deploying artificial intelligence solutions in collaboration with Algorithma. In less than four months, the company deployed nine AI agents across five platforms for product information, search, pricing and customer service.

In a different sector, logistics property company Catena reported rental income of SEK 837 million in the third quarter, compared with SEK 675 million a year earlier and above analysts’ average forecast of SEK 821 million, according to a Finwire report published via MarketScreener. Net operating income was SEK 705 million, compared with SEK 548 million in the corresponding period and above forecasts of SEK 688 million. Profit from property management also rose to SEK 498 million from SEK 401 million, beating forecasts of SEK 477 million. Net profit increased to SEK 614 million from SEK 457 million, while earnings per share were SEK 9.24 versus SEK 7.57. The news page showed Catena shares up 1.39% alongside its third-quarter results.

Chief Executive Jörgen Eriksson said the external environment remained unstable and market interest rates had risen sharply during the quarter. He added: "The external environment remains unstable, and market interest rates rose sharply during the quarter," reaffirming the company’s commitment to a strong balance sheet and a loan-to-value ratio capped at 45%. In its first-half report, Eriksson said demand for logistics space was primarily driven by long-term structural trends in trade and industry, and that the company’s impression from stakeholders was one of cautious optimism. Catena had scheduled publication of its January-to-September report for 08:00 on October 23, with an investor presentation due to begin at 10:00 the same day. The company’s financial calendar sets February 19, 2027, as the publication date for its 2026 year-end report.