Achieved record quarterly sales of SEK 1,175 million in Q2 2026, up 20% year-over-year, with 1% organic growth and the remainder from acquisitions.
Strategic acquisitions (STI and Kasdon) and investments in new and upgraded plants in Sweden and the UK have strengthened positioning, especially in Security & Defence.
Strong order intake and positive customer wins, especially in Security & Defence and Industrial segments; order backlog for the current year is 11% higher than the previous year.
Component shortages, particularly in PCBs and semiconductors, led to extended lead times and some delivery pushouts.
Operational cash flow was negative SEK 34 million due to inventory tie-up from supply constraints and acquisition-related outflows.
Adjusted operating profit reached SEK 112 million, up 19% year-over-year; reported operating profit was SEK 90 million.
Adjusted operating margin held steady at 9.6% year-over-year; reported margin declined to 7.7% from 10.3%.
Order backlog increased 11% year-over-year on a like-for-like basis, excluding new acquisitions.
Western Europe sales rose 32% (5% adjusted for acquisitions); Sweden up 8%; UK declined 13% adjusted for acquisitions; Rest of World sales fell 12%, with China down 32%.
Gross margin improved to 14.6% in Q2 from 13.4% a year earlier.
Expect continued strong organic growth in the second half, driven by Security & Defence and Industrial segments.
Underlying operating margin guidance remains at 9.5%-10.5%; currently at 9.4%.
Communication segment expected to return to growth from Q3 onwards.
Medtech segment to remain weak for the next two to three quarters; no major recovery expected short-term.
GreenTech expected to maintain current sales levels in coming quarters.
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