Komplett (OB:KOMPL) Q3 Results Keep Margin Pressure In Focus

Komplett came into today with a bruised share chart, down roughly 10% over the past week and past month, and trading at about 0.1x price to sales. Q3 2026 results did not flip the story. The group posted a loss of NOK 42 million on revenue of NOK 3,642 million, keeping the focus firmly on profitability rather than top line scale.

The stock closed at NOK 6.16 after the release. Anyone buying the low multiple is still betting that the margin squeeze highlighted this quarter eventually eases rather than deepens.

Interested in Komplett as a deep value idea but uneasy about the ongoing losses and margin pressure? Compare that setup with our list of cash generative, low leverage operators in the list of solid balance sheet and fundamentals stocks (204 results).

Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs Q3 2025): NOK 3,642 million vs. NOK 3,842 million (decline of about 5%)
• Net Income/Loss (Q3 2026 vs Q3 2025): Loss of NOK 42 million vs. loss of NOK 43 million (slightly smaller loss, about 2% improvement)
• Basic EPS (Q3 2026 vs Q3 2025): Loss of NOK 0.70 per share vs. loss of NOK 0.25 per share (loss per share widened materially)
• Trailing 12 Months Net Loss (Q3 2026 vs Q3 2025): Loss of NOK 584 million on revenue of NOK 15,379 million vs. loss of NOK 174 million on revenue of NOK 15,156 million (higher full-year loss on slightly higher sales)

Ask Charlie what Komplett’s real plan is beyond gaming.

Komplett’s Bull Story Meets Q3 Reality

Optimists argue Komplett is quietly rewiring its cost base for better earnings power once demand cooperates.

"Consolidation of warehouses, back office functions and sourcing, together with cost and efficiency measures targeting 8% to 10% of the cost base, is expected to improve operating leverage over time and support net margins as gross profit develops."

Q3 shows some groundwork. OpEx fell by about NOK 36 million and leverage moved to 2.4x from 3.0x, with liquidity above NOK 1b. Yet adjusted EBIT still weakened and gross margin compressed, so the efficiency plan is visible but has not yet translated into stronger profitability.

Bear Case On Demand And Mix Under Pressure

The darker narrative says the gaming and PC uplift never really lands and Komplett remains stuck with pressured mix and earnings.

"Gaming and PC replacement demand is described as recovering and supported by recent product launches. If this multi year upgrade and gaming cycle continues to build rather than flatten out, Komplett could see stronger than expected volume and mix in core categories, which would put upward pressure on revenue and earnings."

Q3 points closer to flattening than to a healthy upgrade cycle. Management flagged weaker volumes in Gaming and Components tied to higher memory prices and less favorable mix. Group revenue declined year on year and gross profit fell, which gives the demand sceptics fresh support for now.

Not everyone reads the same price the same way. → See the higher figure this Narrative lands on, and how it gets there.

Hunt Quieter Mispriced Stories

Komplett just reminded investors how messy a margin rebuild can look in real time. The real opportunity is finding stocks that could be undervalued before the wider market closes the gap.

• Company 1 - 22% below our estimate - shifts from export-focused refining toward an integrated fuel retail network supported by efficiency projects.
• Company 2 - 30% below our estimate - leans on rising prosthetics and neuro orthotics demand while consolidating manufacturing and upgrading clinics.
• Company 3 - 44% below our estimate - converts a strong order book in port solutions and material handling into long-cycle automation and electrification projects.

Those are three of them. See every one of the 194 undervalued companies on it →

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com