Inwido (INWI) investor relations material

Executive summary

• Achieved record-high profits and strong growth in Q2 2026, with net sales up 16% to SEK 2,721 million and organic growth of 4%, despite volatile markets and geopolitical uncertainty.

• Order intake surged 23% organically, driven by a record GBP 50 million project in Scotland, and the order backlog reached an all-time high of SEK 3,290 million.

• Six acquisitions in the past seven months, expanding into Slovenia and Croatia, and now present in 15 countries.

• Strategic and decentralized business model credited for resilience, efficiency, and performance.

• Cash flow was robust, with gearing at 1.8x pro forma, providing ample capacity for further acquisitions and investments.

Financial highlights

• Q2 net sales: SEK 2,721 million (up 16% year-over-year); organic growth 4%; operating EBITA up 19% to SEK 314 million, margin 11.5%.

• Profit after tax up 27% to SEK 209 million; EPS up 26% to SEK 3.40.

• Cash flow from operating activities in Q2: SEK 515 million (up from 374 million); CapEx at 3.4% of sales on a 12-month basis.

• Net debt/operating EBITDA: 2.2x (2.1x excluding IFRS 16); pro forma 1.8x.

• Return on operating capital improved to 11.8% in Q2.

Outlook and guidance

• Market visibility remains low due to ongoing geopolitical conflicts and economic uncertainty, but gradual improvements across all business areas support cautious optimism for H2 2026.

• Near-term priorities include securing supply chain, managing cost increases, value-based pricing, cost containment, and continued selective M&A.

• No significant impact from the EU Energy Performance of Buildings Directive expected in 2026, but potential for future tailwinds.