EL7.AI
StocksMedium•25 October 2026•
3 min read

MSAB sales rise 19.4% to SEK 175 million in third quarter

Key Facts

1Net sales rose 19.4% to SEK 175.0 million in the third quarter of 2026.
2Operating margin climbed to 41.1% from 31.3%, and operating profit was SEK 72.0 million.
3Profit after tax was SEK 56.3 million, and earnings per share before dilution was SEK 3.05.
4Asia-Pacific’s share rose to 15%, while the Americas’ share fell to 31%.
5Operating cash flow was SEK 3.1 million, while working capital recorded a negative change of SEK 79.4 million.

MSAB raised net sales 19.4% year on year to SEK 175.0 million in the third quarter of 2026, compared with SEK 146.6 million in the same period a year earlier, according to its financial report. Growth excluding the effect of currency movements was 17.6%, indicating that most of the increase did not result from exchange-rate movements. The company posted operating profit of SEK 72.0 million, compared with SEK 45.8 million a year earlier. Operating margin rose to 41.1% from 31.3% in the corresponding quarter. Profit after tax was SEK 56.3 million, compared with SEK 35.1 million, while earnings per share before dilution increased to SEK 3.05 from SEK 1.90.

Revenue growth was accompanied by a shift in the regional sales mix. Asia-Pacific’s share of quarterly revenue rose to 15%, from 9% in the corresponding period last year. The Americas’ share, by contrast, fell to 31% from 38%, while Europe, the Middle East and Africa increased to 55% from 53%. These figures show a change in the revenue mix and do not mean that sales in the Americas declined in absolute terms. The company said the region’s performance remained stable, despite delays in government budgets and procurement processes that affected the timing of business. It added that it expects the delayed business to be recovered in coming quarters.

In Asia-Pacific, the company linked continued growth to several strategic contracts secured in the region. It said adoption of its XRY products continued to expand in Japan, while customer interest remained strong in India. These developments help explain the region’s increased share of total revenue during the quarter, although the report did not provide sales figures for each market separately. MSAB also announced that it had signed what it described as a significant agreement with a military customer in Europe during the period. The company did not disclose the contract’s value, so its financial impact is not shown separately in the published quarterly figures.

Cash flow presented a more cautious picture than profit growth: cash generated from operating activities was SEK 3.1 million in the quarter, the same level recorded a year earlier. Before changes in working capital, cash flow was SEK 82.5 million, compared with SEK 48.9 million in the third quarter of 2025. But working capital recorded a negative change of SEK 79.4 million, compared with a negative SEK 45.7 million a year earlier. The company attributed the negative effect mainly to higher trade receivables. As a result, the use of working capital offset a large part of the cash generated before those changes, alongside growth in operating profit.

The company plans to increase investment in development next year, while keeping improvements to data extraction capabilities and development of its Android and iOS products among its top priorities. MSAB said strengthening extraction capabilities and continuing to develop its offerings for the two operating systems remain its main areas of focus. This direction comes alongside the strategic contracts it cited in Asia and the European military agreement it signed during the quarter. The company is scheduled to publish its 2026 year-end report on 26 January 2027, the next date set in its reporting calendar.