Q1 2026 began with lingering supply chain and output issues from Q4, resulting in a weak January, but performance improved through February and March, ending the quarter strong.
Q1 2026 sales reached SEK 962 million, down from SEK 1,003 million year-over-year, with organic growth at -6% after currency and acquisition adjustments.
The acquisition of STI, a leading UK defense EMS provider, was completed and is considered transformational, expected to add SEK 550–600 million in sales for 2026 and expanding exposure to the security and defense sector.
Security & Defence segment now represents 18% of business, with expectations for further growth.
Order backlog increased 11% year-over-year, with longer-term orders supporting growth into 2027.
Q1 sales reached SEK 962 million, slightly above guidance, but organic growth was -6% year-over-year.
Reported operating margin was 8.7%; underlying/adjusted operating margin was 9.1%, slightly above the guided range.
Profit after tax was SEK 52 million, or SEK 1.83 per share.
Operational cash flow was SEK 46 million, lower than previous quarters due to lower profitability and a buildup in working capital.
Equity ratio remains strong at approximately 35% despite recent acquisitions.
Entering Q2 with strong momentum; Q2 is expected to be the best quarter to date, with continued improvement throughout 2026.
Underlying operating margin for the full year is expected to return to 9.5%-10.5%.
STI is expected to contribute SEK 550–600 million in sales for the remainder of the year, with a back-end loaded revenue profile.
Order backlog at quarter-end was 11% higher year-over-year on a like-for-like basis.
Cash flow is expected to remain positive and stable, with working capital needs rising moderately as growth resumes.
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