Vertiseit walked into its Q3 2026 report with the share price at SEK63. Over the past three months the stock has quietly added just over 10%. The headline this time is not about revenue. It is the sharp swing back into profit, with basic earnings per share at SEK0.50 and net income at SEK16.7m.
That kind of earnings recovery can tempt traders to chase the move. The real story sits in the profit trend and margin rebuild, which gives you a very different feel for whether today's price reaction is emotion or evidence based.
Love Vertiseit's swing back into profit but unsure how repeatable this kind of rebound is? Pressure test it against a list of solid balance sheet and fundamentals stocks (203 results) .
Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025):SEK 222.237m vs. SEK 150.721m (up roughly 47%)
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Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025):SEK 16.667m vs. SEK 10.631m (up about 57%)
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Basic EPS (Q3 2026 vs. Q3 2025):SEK 0.50 vs. SEK 0.35 (higher earnings per share year on year)
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Annual Recurring Revenue, ARR (Q3 2026 vs. Q3 2025):SEK 464m vs. the prior-year level (up 44% year on year)
Ask Charlie what Vertiseit's Scala cloud shift could unlock .
Vertiseit's SaaS Mix And ARR Targets On Trial
The bullish story says Vertiseit can lean on a richer software mix and a bigger in store media network to grow recurring revenue and profits.
"The shift toward a higher SaaS share of revenue, now above 50%, together with management's focus on software license based Retail Media modules instead of revenue share, creates a mix that can support margin expansion and net profit."
Q3 puts a clear marker down. SaaS accounts for 54% of turnover and adjusted EBITDA margin sits at 25%, with cash EBITDA at 22%. ARR of SEK 464m, up 44% year on year, lines up with that higher software share and suggests the mix thesis is starting to show through in the numbers.
The price and this Narrative do not agree. → Uncover what this Narrative says Vertiseit is actually worth .
Vertiseit Bears Focus On Tender And Mix Friction
For the cautious view, Vertiseit's weak point is supposed to be execution around partners and tenders rather than the headline ARR or margin print.
"Although the Scala acquisition significantly widens Vertiseit's North American partner network, the shift to a partner only model and the handover of direct customers to integrators could take longer than planned, which may cap new project volumes and weigh on both revenue growth and net margins during the transition."
Q3 shows the partner only pivot largely on track, with Scala integration finished on time and cash EBITDA margin at 22%. The miss is elsewhere. Systems and consulting revenue fell short of internal hopes, and organic ARR growth of 3.5% in the quarter, annualized near 15%, still trails the target of more than 20%, so the feared growth drag is not fully cleared.
Hunt For Quiet Fundamental Shifts
Vertiseit shows how quickly a profit story can change once a mix shift starts to bite. The real opportunity is finding stocks that could be undervalued before the market corrects them.
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Company 1 - 20% below our estimate - expand complex injectables and biosimilars capacity after investing in specialty products and APIs.
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Company 2 - 21% below our estimate - supply liquid cooling and power systems that address thermal constraints inside dense AI racks.
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Company 3 - 49% below our estimate - run a retail and corporate lender with strong loan books and high coverage for potential non performing credits.
Those are three of them. See all 190 potentially undervalued companies →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include VERT-B.ST .
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