Guldbrev (GULD) investor relations material

Executive summary

• Net revenue grew by 86% year-over-year to 154.4 MSEK for Q1 2026, driven by strong customer inflow across all markets.

• Operating profit increased by 99% to 41.2 MSEK, with an improved operating margin of 26.7% (up from 24.9%).

• Net income reached 33.0 MSEK, and EPS doubled to 1.57 SEK.

• Cash flow from operations rose to 15.0 MSEK, supported by higher earnings.

• Extraordinary gain of 3.6 MSEK from the sale of a former office property positively impacted results.

Financial highlights

• EBITDA increased by 91% to 43.1 MSEK, with an EBITDA margin of 27.9%.

• Return on equity improved to 42% (from 32%), and return on capital employed to 54% (from 33%).

• Equity ratio at quarter-end was 68%, with cash and equivalents at 63.5 MSEK.

• Net working capital stood at 14.2 MSEK.

Outlook and guidance

• Management expects continued profitable growth for the remainder of 2026, though notes Q2 is typically seasonally weaker.

• Ongoing optimization of marketing and channel mix is expected to support further market share gains, especially in Norway and Germany.