Revenio Group Corporation | Stock Exchange Release | November 12, 2026 at 09:00:00 EET
Q3/2026: New strategy launched, integration advancing according to plan
This release is a summary of Revenio’s Interim Report January-September 2026. The complete report is attached to this release as a PDF file and is also available on the company website at www.reveniogroup.fi/en/
The figures in parentheses refer to the corresponding period in the previous year unless otherwise stated. Visionix has been consolidated into Revenio as of June 2026.
July-September 2026
- Net sales totaled EUR 58.8 (25.9) million, up by 127.5%
- The currency-adjusted increase of net sales was 125.5%
- Adjusted EBITDA was EUR 10.2 (7.4) million, or 17.4% of net sales, up by 38.9%
- Adjusted EBITA was EUR 8.7 (6.6) million, or 14.7% of net sales, up by 30.3%
- EBITDA was EUR 7.3 (7.2) million, or 12.3% of net sales, up by 1.4%
- EBITA was EUR 5.7 (6.4) million, or 9.7% of net sales, down by 11.7%
- Cash flow from operating activities totaled EUR 5.5 (3.0) million
- Earnings per share came to EUR 0.116 (0.173)
- The integration of Visionix has progressed as planned, and Revenio aims to reach 70 per cent of the estimated EUR 20 million synergies by the end of 2027. Integration costs related mainly to the Visionix acquisition was approximately EUR 3.0 million during the quarter.
- In connection with the reporting for the review period, Revenio is updating its financial guidance for 2026; the exchange rate-adjusted net sales are estimated to be between EUR 190 million and EUR 200 million. The profitability guidance is unchanged.
January-September 2026
- Net sales totaled EUR 125.4 (78.5) million, up by 59.8%
- The currency-adjusted increase of net sales was 61.7%
- Adjusted EBITDA was EUR 24.9 (22.8) million, or 19.8% of net sales, up by 9.1%
- Adjusted EBITA was EUR 21.7 (20.7) million, or 17.3% of net sales, up by 4.7%
- EBITDA was EUR 15.0 (22.1) million, or 12.0% of net sales, down by 32.1%
- EBITA was EUR 11.8 (20.0) million, or 9.4% of net sales, down by 41.0%
- Cash flow from operating activities totaled EUR -0.3 (14.4) million
- Earnings per share came to EUR 0.231 (0.446)
Key figures
| MEUR | 7-9/2026 | 7-9/2025 | Change-% | 1-9/2026 | 1-9/2025 | Change-% | 1-12/2025 |
| Net sales | 58.8 | 25.9 | 127.5 | 125.4 | 78.5 | 59.8 | 109.7 |
| Gross margin | 37.2 | 18.5 | 101.1 | 81.3 | 56.7 | 43.3 | 77.8 |
| Gross margin - % | 63.2 | 71.5 | -11.6 | 64.8 | 72.2 | -10.3 | 70.9 |
| EBITDA | 7.3 | 7.2 | 1.4 | 15.0 | 22.1 | -32.1 | 29.9 |
| EBITDA -% | 12.3 | 27.7 | -55.4 | 12.0 | 28.2 | -57.5 | 27.3 |
| EBITA | 5.7 | 6.4 | -11.7 | 11.8 | 20.0 | -41.0 | 27.1 |
| EBITA -% | 9.7 | 24.9 | -61.2 | 9.4 | 25.5 | -63.1 | 24.7 |
| EBIT | 3.6 | 6.0 | -40.5 | 8.4 | 18.7 | -55.4 | 25.4 |
| Adjusted EBITDA | 10.2 | 7.4 | 38.9 | 24.9 | 22.8 | 9.1 | 31.0 |
| Adjusted EBITDA- % | 17.4 | 28.5 | -38.9 | 19.8 | 29.0 | -31.7 | 28.3 |
| Adjusted EBITA | 8.7 | 6.6 | 30.3 | 21.7 | 20.7 | 4.7 | 28.3 |
| Adjusted EBITA -% | 14.7 | 25.7 | -42.7 | 17.3 | 26.4 | -34.5 | 25.8 |
| Return on investment-%, ROI | 1.5 | 5.3 | -72.2 | 4.4 | 14.6 | -70.2 | 20.8 |
| Return on equity-%, ROE | 2.2 | 4.2 | -48.1 | 4.7 | 11.0 | -56.7 | 15.7 |
| Earnings per share | 0.116 | 0.173 | 0.231 | 0.446 | 0.655 | ||
| Sep 30, 2026 | Sep 30, 2025 | Change, %-point | |||||
| Equity ratio-% | 32.3 | 79.6 | -47.3 | ||||
| Gearing-% | 149.3 | -2.8 | 152.1 | ||||
| Net debt/Adjusted EBITDA * | 5.1 | -0.1 |
* Adjusted EBITDA in column 30.9.2026 is based on 2025 pro forma numbers and in column 30.9.2025 for historical rolling 12-month values.
Financial guidance for 2026
Revenio’s specified financial guidance:
• Revenio Group’s exchange rate-adjusted net sales are estimated to be between EUR 190 million and EUR 200 million and
• Adjusted EBITA -% is estimated to remain at a satisfactory level.
The lower end of the range assumes continued softness in market demand and slower customer activity. The upper end assumes an improvement in market conditions combined with successful execution of commercial initiatives.
Revenio’s previous financial guidance, published on September 8, 2026:
Revenio Group’s exchange rate-adjusted net sales are estimated to be between EUR 190 million and EUR 205 million and EBITA, excluding items affecting comparability is estimated to remain at a satisfactory level.
President and CEO Jouni Toijala
The third quarter of the year was Revenio’s first full quarter together with Visionix and an important phase in building the combined company after the acquisition in May. We continued the integration work with determination and completed the strategy process launched in connection with the acquisition. At our Capital Markets Day held in September, we presented our updated strategy and new financial targets for 2027–2029. At the heart of our strategy is the shift from vision care towards connected eye health. Our broader product and service offering after the acquisition strengthens our ability to serve new customer groups, such as optical retail, and continue serving existing customers in optometry and ophthalmology with a more comprehensive product portfolio.
The integration of Visionix has progressed as planned, and we aim to reach 70 per cent of the estimated EUR 20 million synergies by the end of 2027. During the third quarter, we continued building a shared organization, operating models and culture, as well as harmonizing key business processes. We also implemented organizational changes in the United States by combining sales operations and clarifying the operating model in the region. The changes aim to strengthen our competitiveness and enhance our ability to capitalize on the commercial potential of our expanded product portfolio. In the next phases of integration, we will focus on improving our operational efficiency, realizing commercial synergies and continuing to strengthen our business processes.
Our net sales for the third quarter were EUR 58.8 million (25.9), representing growth of 127.5%. Organically, net sales development was flat. Net sales developed strongly particularly in the EMEA and LATAM region, driven by France, Italy and global customers. This was supported especially by demand for multimodal devices. In the APAC region, market conditions remained challenging. In North America, net sales declined organically from the comparison period, partly reflecting the impact of the reorganization of our regional sales and marketing teams. We believe the changes we have implemented will strengthen our sales execution and support improved commercial performance going forward. Our combined sales organization, which began operating in the United States in August, together with our expanded product portfolio, provides a strong foundation to strengthen our commercial activities going forward.
Our profitability in the third quarter was as we expected. From this quarter onwards, Visionix’s lower margin profile is fully reflected in our quarterly figures. Adjusted EBITA was 14.7% and gross margin was 63.2% of net sales. Gross margin, in turn, was positively affected by tariff refunds related to the North American business. Our cash flow from operating activities returned to a clearly positive level and amounted to EUR 5.5 million. We have narrowed down our financial guidance top level to EUR 200 million, driven by softer market development.
One of the cornerstones of our updated strategy is advancing clinical confidence and workflow efficiency through integrated product innovations and workflows that help our customers provide better eye care. As a concrete example of this, in September we launched the next generation iCare IC1000 tonometer, which combines reliable intraocular pressure measurement with advanced GuideCam technology, anesthesia-free operation and completely automated digital workflow. We also achieved a significant commercial success in the UK by winning an NHS tender for imaging devices used in diabetic retinopathy screening. This opens up new opportunities for us, particularly in terms of increasing sales of our iCare DRSplus fundus imaging device.
The approximately EUR 80 million rights issue completed after the review period strengthened our financial position and supports the execution of our strategy. The offering was clearly oversubscribed, and we used the net proceeds to repay the bridge financing related to the Visionix acquisition. For us, the strong outcome of the rights issue is an important vote of confidence, and I would once again like to thank all our shareholders who participated in the offering.
We have now taken significant steps in building the combined company. Going forward, we will focus particularly on successfully executing the integration, capitalizing on the commercial opportunities offered by our expanded product portfolio and strengthening profitability. In this way, we are laying the foundation for Revenio’s long-term value creation.
Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EET) on November 12, 2026. CEO Jouni Toijala and CFO Jukka Kainulainen will present the Interim report.
The audiocast can be watched live at revenio.events.inderes.com/q3-2026
To ask questions, please join the teleconference by registering using the following link: events.inderes.com/revenio/q3-2026/dial-in
Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.
A recording of the audiocast will be published on www.reveniogroup.fi/en after the event.
For further information, please contact
CEO Jouni Toijala
jouni.toijala@revenio.fi
CFO Jukka Kainulainen
jukka.kainulainen@revenio.fi
ir@revenio.fi
+358 9 8775 1150
Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en
Revenio Group in brief
Revenio is a leading turnkey solutions provider in the global eye care market. The group offers fast, user-friendly, and reliable tools for diagnosing a wide variety of eye diseases. Revenio’s solutions include e.g. tonometers, fundus imaging devices, optical coherence tomography (OCT), perimeters, multimodal devices, refraction systems, and software solutions under iCare and Visionix.
In May 2026, Revenio joined forces with Visionix, creating the most innovative, creative and comprehensive entity serving eye care professionals across optometry, optical retail and ophthalmology. In 2025, the Group’s net sales totaled EUR 109.7 million, with an operating profit of EUR 25.4 million. In 2025, the Group’s pro forma net sales totaled EUR 252.8 million, with a pro forma adjusted EBITDA of EUR 45.3 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.