TCECUR Sweden (TCC) investor relations material

Executive summary

• Order backlog increased by 11% year-over-year to 237.7 MSEK, with recurring revenues rising to 75.4 MSEK, representing 14.1% of total backlog.

• Net sales for Q2 2026 declined by 5.3% year-over-year to 133.9 MSEK, mainly due to delayed project starts in Secure Communication.

• EBITA improved significantly to 7.0 MSEK (5.2% margin) from 1.6 MSEK (1.1% margin) year-over-year, driven by operational efficiency and cost control in Security Systems.

• Net profit after tax was 3.7 MSEK, a turnaround from a loss of -18.7 MSEK in Q2 2025.

Financial highlights

• Recurring revenues increased to 75.4 MSEK (14.1% of total), up from 70.6 MSEK (13.0%) year-over-year.

• EBITA for H1 2026 was 11.6 MSEK (4.4% margin), up from 6.6 MSEK (2.4%) in H1 2025.

• Operating cash flow for Q2 was 2.7 MSEK, and 8.1 MSEK for H1 2026.

• Net debt reduced to 13.1 MSEK from 27.7 MSEK year-over-year; net debt/adjusted EBITDA improved to 0.6x from 2.2x.

• Earnings per share for Q2 was 0.38 SEK, compared to -1.93 SEK in Q2 2025.

Outlook and guidance

• Market conditions remain favorable, with strong demand in public sector and critical infrastructure, though private sector shows caution and longer decision cycles.

• Focus remains on profitable growth, strong cash flow, and operational efficiency, with continued emphasis on recurring revenues.

• Regulatory changes and geopolitical factors are expected to drive demand for both physical security and critical communications.