At the close of the first nine months, we achieved a net profit of EUR 116.6 million, reflecting an impressive year-on-year increase of 141.4%. Revenues from sales of products and services saw robust year-on-year growth, adding EUR 133.5 million to reach a cumulative EUR 734.6 million. Export revenues made up almost 73% of the total, as we continued to expand our foothold in the competitive EU market. With year-on-year EU exports up 35.3% to EUR 398.2 million by the close of Q3, our market strength is further underscored by new contracts reaching EUR 1.28 billion as of September. Nearly EUR 1 billion, or 76.5%, of these are export-focused. 

As we achieve new milestones in results and strengthen our global competitiveness, the backlog remains a vital support for sustaining positive growth trends. This financial metric, which has continuously set new records for our Group over recent years, recorded further growth, reaching EUR 1.96 billion by the end of September. Contracts for 2025 and beyond now total EUR 1.52 billion. In addition, EBITDA increased by EUR 75.5 million over the first three quarters, totalling EUR 139.5 million, with an EBITDA margin of 19%. KONČAR – Distribution and Special Transformers demonstrated particularly high competitiveness, with revenues up by 43% year-on-year and net profit 2.8 times higher than the corresponding period last year.

„Building on sustained positive growth trends, we are especially proud of the strategic initiatives undertaken in the third quarter, which have propelled our business and development goals forward, positioning KONČAR among Europe’s foremost manufacturers driving the green energy transition. Our People, Technology, Investments – KONČAR 2030 Strategy sets the stage for an intensive transformation at KONČAR, as we concentrate on extending our global presence with a cutting-edge, digitalized portfolio serving the energy, transport, and industrial sectors. Looking ahead with a strong order backlog for the coming years, we anticipate sustained growth across all segments. Our priorities remain clear: advancing our investment cycle to modernize the product portfolio for energy transition, streamlining our operational model for greater market resilience, and prioritizing talent development — the foundation of our continued success“, stated M. Sc. Eng. Gordan Kolak, CEO.

Capitalizing on rising demand for transformers and the subsequent growth in related manufacturing areas, we successfully concluded a joint venture agreement with Siemens Energy AG, a longstanding partner. This joint initiative will develop a new production facility for transformer tanks, with holding a 60% majority share.

In addition to strategic and operational advancements, we secured several significant contracts for the Group as part of its ongoing business activities in the third quarter. Within the urban mobility and infrastructure segment, we reached an agreement with HŽ Passenger Transport Ltd. for the sale of six electro-diesel long-distance trains, valued at EUR 57.3 million, and with Zagrebački električni tramvaj Ltd. for 20 tram vehicles, totalling nearly EUR 40 million. A notable contract in the power transmission and distribution segment includes the EUR 13.7 million reconstruction of high-voltage substations for EAC Cyprus. Additionally, Dalekovod has secured preferred bidder status for the construction of a 420 kV transmission line in Norway, valued at over EUR 63 million.

In closing, the substantial revenue growth and even stronger net profit gains we have achieved over the last four years have garnered notable recognition from investors, providing a strong foundation for continued development. Reflecting this confidence, our share price exceeded EUR 400 per share by the end of Q3, elevating our market capitalization to EUR 1 billion.