Hemnet Group (OM:HEM) Q3 Results Reveal A Sharper Profit Squeeze

Hemnet Group walked into its Q3 2026 report with the share price at SEK81.30 after a solid 7 day and 30 day run, yet a softer 90 day stretch. The headline was blunt. Net sales came in at SEK301.5m, while basic earnings per share landed at 0.99 SEK, as Sweden’s listing portal leader absorbed weaker housing volumes and a hit to profitability.

The stock’s recent resilience now meets a sentiment test. Q3 revenue pressure and a squeezed earnings base pull in one direction. A still profitable, cash generative business and a lower P/E than peers pull in the other.

Like the resilience of Hemnet Group’s business model but uneasy about pressure on revenue and earnings in this Q3 print? Check out our list of companies that pair strong cash generation with sturdier fundamentals in the list of solid balance sheet and fundamentals stocks (204 results).

Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs. Q3 2025): SEK301.5m vs. SEK366.7m (down 17.8%)
• Net Income (Q3 2026 vs. Q3 2025): SEK89.4m vs. SEK132.4m (down 32.5%)
• Basic EPS (Q3 2026 vs. Q3 2025): SEK0.99 vs. SEK1.40 (down 28.9%)
• EBITDA Margin (Q3 2026 vs. Q3 2025): 47.8% vs. 53.3% (down 5.5 percentage points)

Earnings tell you what Hemnet Group booked on the income statement, but valuation focused investors often care more about the cash that actually comes in and out of the business. Cash flow timing and durability can paint a very different picture of what the current share price reflects.

Look at Hemnet Group's cash generation in isolation, and on those streams alone the stock could be a striking 39% undervalued.

Hemnet’s Full Coverage Ambition Meets Q3 Reality

The bullish view hinges on Hemnet Group turning broader listing coverage into a richer marketplace, not just a bigger one.

"The move from hosting around 55% of published listings to aiming for all publicly available listings through free and automatically aggregated entry formats could lift total listings on Hemnet by more than 70%."

Q3 data shows published listings at 36,200, while paid listings fell to 29,200. That gap confirms the shift toward wider supply and free tiers is underway. At the same time, the drop in paid activity and net sales of SEK301.5m shows the coverage milestone is only partly translating into monetized volume so far.

One Narrative disagrees with today's price. → See where this Narrative says Hemnet Group should trade.

Hemnet Q3 Shows Mix Shift Without Monetization Proof

Bearish investors worry that Hemnet Group will collect more listings without getting paid for enough of them. That concern is very specific.

"Plans to move from hosting roughly 55% of published listings to all publicly available listings depend on free entry level formats and aggregated supply."

Q3 outcomes lean toward that risk. Published listings reached 36,200 while paid listings fell to 29,200, and net sales declined 17.8% with EBITDA margin also weaker. ARPL grew 9.2%, yet the 29.6% fall in paid volumes means richer packages are not offsetting lost fee bearing activity. The full coverage ambition is not yet translating into monetized scale.

Hunt Disconnects Behind Hemnet’s Numbers

Hemnet Group just showed how a profitable, cash generative profile can still coexist with pressure on reported revenue and earnings. The real opportunity lies in finding stocks that could be undervalued before the market corrects them.

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