INNIO Raises 2026 Revenue Guidance to $3.9 Billion-$4.0 Billion After 57% Year-Over-Year Sales Growth

INNIO N.V. raised its 2026 revenue and adjusted EBITDA guidance on October 27, 2026 after third-quarter net sales rose 57% to $1.17 billion from $742.7 million a year earlier. Net income was $109.2 million, up 176% from $39.5 million, and adjusted EBITDA rose 70% to $245.4 million, a 21.0% margin.

Equipment deliveries outrun services as the backlog converts

Equipment revenue of $777.6 million was 86% above the $417.4 million booked in the third quarter of 2025, while service revenue of $390.3 million rose 20% from $325.3 million. Adjusted EBITDA reached $245.4 million against $144.2 million, lifting the margin to 21.0%. Chief financial officer Dennis Schulze said in the release: "Equipment margins improved again this quarter as deliveries increased, while Services continued to deliver strong profitability." Equipment order intake of $2.18 billion was 10% higher than a year earlier, on top of a record prior-year quarter, and the equipment order backlog ended September at $7.96 billion, up 142% from $3.29 billion, which the company describes as multi-year revenue visibility.

Data center orders and the capacity they require

Data center revenue reached $463 million and now accounts for about 60% of equipment revenue, the presentation that accompanied the release shows. The order wins the company listed include a 620 MW follow-on order that adds to the 1.1 GW booked in the second quarter of 2026, a 450 MW order for North American data center projects from Liberty Energy with delivery by 2028, and an Aggreko partnership extended through 2031 carrying a minimum of 450 MW of Jenbacher engine capacity to be ordered and delivered by the end of 2027.

Guidance moves up to $3.9 billion to $4.0 billion in revenue

INNIO raised its 2026 revenue range to $3.9 billion to $4.0 billion from $3.8 billion to $3.9 billion, a $100 million increase, and its adjusted EBITDA range to $780 million to $800 million from $720 million to $740 million, a $60 million increase. At the $3.95 billion midpoint the revenue guide implies 50% growth over the $2.64 billion reported for 2025, the fiscal 2025 base the presentation prints; at the $790 million adjusted EBITDA midpoint it implies 44% growth over $549 million, a margin of about 20.0% against 20.8% in 2025, which the presentation rounds to about 20%. Holding nine-month results against those midpoints leaves $1.18 billion of revenue and $249.8 million of adjusted EBITDA for the fourth quarter, which is roughly the revenue the third quarter just produced. The release does not reconcile the adjusted EBITDA guide to net income, saying a reconciliation is not available without unreasonable effort.

Nine-month profit carries the IPO bill

Year to date, net sales rose 46% to $2.77 billion from $1.9 billion. Net income, though, fell 39% to $83.3 million from $136.9 million after $93.6 million of IPO and public market readiness costs. Interest expense and related financing costs reached $170.6 million against $84.9 million in the first nine months of 2025. The equipment segment's adjusted EBITDA margin was 14.0% year to date against 16.3% a year earlier, and the company ties that gap to self-funded growth investments ahead of a manufacturing capacity ramp.

Cash conversion slips as capital spending ramps

Cash conversion, which the presentation defines as adjusted EBITDA less capital spending divided by adjusted EBITDA, fell to 60% in the third quarter from 77% a year earlier, and capital spending explains the drop: the presentation's cash-conversion table, stated there in millions, puts capex at 97 for the quarter against 34 a year earlier, while adjusted EBITDA rose to $245.4 million from $144.2 million, which is the arithmetic behind the 60% and 77% the company reports. Separately on the balance sheet, inventories were $1.08 billion on September 30, 2026 against $601.2 million at December 31, 2025, and cash and cash equivalents reached $1.2 billion, with net leverage at 2.1x against 3.6x at the end of 2025 on net indebtedness of $1.42 billion.

The 10-Q and a fourth quarter that has to hold the pace

The release is unaudited and directs readers to the quarterly report on Form 10-Q for the quarter ended September 30, 2026, which the release says the company expects to file with the SEC on October 27, 2026. Guidance now depends on converting the record backlog while North American and Austrian capacity expansions stay on schedule, and on a fourth quarter that produces about as much revenue as the third. Management discusses the quarter on a call at 8:00 a.m. EDT on October 27, 2026.