Supported by a stronger activity level, GPV delivered its highest-ever quarterly EBITDA in the third quarter of 2026. Higher sales led to increased capacity utilisation and improved operational efficiency, lifting profitability. Order intake remained strong throughout the first nine months of the year, while availability constraints and long lead times for certain commodities continued to restrain production and sales. Based on the performance and current outlook, GPV raises its full-year sales and EBITDA expectations.
GPV, majority owned by Nasdaq Copenhagen-listed Danish industrial conglomerate Schouw & Co., reported Q3 2026 sales of DKK 2,344 million, an increase of 6% compared to Q3 2025. For the first nine months of 2026, sales amounted to DKK 6,729 million, up 2% on the same period last year.
EBITDA came to DKK 217 million in Q3, the highest quarterly result in GPV’s history and up from DKK 172 million in Q3 2025. For the first nine months, EBITDA increased by 20% year on year to DKK 564 million.
“Overall, I am very proud of what the entire organisation has achieved in the first three quarters of the year. Activity levels have strengthened quarter by quarter since Q1, which is typically our weakest quarter, and capacity utilisation is improving. It is encouraging to see the structural changes we have made to our footprint and organisation reflected in our earnings, and we are pleased with the continued improvement in our margin,” says Bo Lybæk, CEO of GPV.
Working capital amounted to DKK 2,390 million at 30 September 2026, an increase of 1% compared with DKK 2,361 million at 30 September 2025, primarily driven by higher activity and increased inventories following the challenging supply situation for certain materials.
Made for moving markets
The improvement in profitability reflects structural changes implemented during 2024 and 2025. GPV has consolidated its manufacturing footprint from 19 to 14 sites while increasing overall capacity and improving productivity. This enables the company to handle higher activity more efficiently. During Q3 2026, GPV also initiated an expansion of manufacturing capacity at existing sites in Asia and the Americas to accommodate increasing customer demand.
The ability to adapt to changing market conditions is central to GPV’s approach. GPV will exhibit at electronica in Munich on 10-13 November 2026 under the theme “Made for moving markets”:
“Our ability to adapt has always been one of our key strengths. In today’s constantly changing market environment, this is more important than ever. Our customers recognise us for being agile, whether they need us to increase production or help find solutions to material shortages. ‘Made for moving markets’ reflects how we work with both customers and our important supply chain to adapt our business to the conditions we face,” says Bo Lybæk.
Strong order intake supports future activity
GPV experienced a high level of order intake throughout Q1- Q3 2026, resulting in a strong book-to-bill ratio at index 167. This supports expectations for future sales, although the timing of production and deliveries will continue to depend on the availability of materials.
A longer order horizon partly reflects GPV’s request for customers to work with a longer forecast period, allowing time to secure materials with long or very long lead times.
GPV continues to strengthen its position among the world’s largest EMS providers within the industrial electronics segment, while pursuing opportunities in selected growth segments. The company has recently secured its largest-ever order within the data centre segment, although the timing of deliveries has yet to be determined. Within the defence sector, GPV has won several important orders, particularly in Scandinavia.
“We have a very strong position within industrial electronics, a position we are working to sustain and further strengthen. At the same time, we see attractive opportunities in areas such as data centres, semiconductor equipment, defence and cleantech. Our acquisitions have significantly strengthened our market position, enabling us to take on larger projects and meet a wider range of customer requirements,” says Bo Lybæk.
Materials availability remains the main challenge
Major global investments in AI and data centres continue to drive high demand for certain electronic components, resulting in allocation issues, long lead times and typically increasing prices. Securing materials remains essential to converting the strong order intake into production and sales.
“We are encouraged by the strong order intake, but we also need the materials to produce and deliver. By working closely with our customers on their requirements and order horizons, we can improve our ability to secure components and plan ahead,” says Bo Lybæk.
Full-year sales and EBITDA outlook raised
Based on the performance in the first nine months and the current market outlook, GPV raises its full-year 2026 sales expectations to DKK 8.8-9.2 billion from previously DKK 8.6-9.1 billion. EBITDA expectations are raised to DKK 740-770 million from previously DKK 710-750 million.
“We are moving in the right direction, with improved earnings, strong order intake and a more efficient organisation. The availability of materials remains the main uncertainty, but we have strong customer relationships and attractive opportunities to grow our business. Our focus is on delivering to our customers and continuing to strengthen our competitiveness,” concludes Bo Lybæk.
For further information, please contact:
Bo Lybæk, CEO, GPV, phone +45 2128 8797
