Bergholm Fritidsfordon (BHOLM) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw high activity, with focus on motorhome demand, profitability, and Norwegian market entry.

• Net sales declined year-over-year due to a strong comparison period, but profitability improved significantly.

• Strategic milestones included a Letter of Intent and later a five-year exclusive agreement with Knaus Tabbert AG for Norway.

• Expansion of the dealer network in Sweden and Norway strengthens market position.

Financial highlights

• Q2 2026 net sales: 159.4 MSEK (180.0 MSEK in Q2 2025), reflecting negative organic growth.

• EBITDA: 10.7 MSEK (6.0 MSEK), EBITDA margin 6.7% (3.3%).

• EBIT: 10.4 MSEK (5.7 MSEK), EBIT margin 6.5% (3.1%).

• EBT: 10.6 MSEK (22.9 MSEK), EBT margin 6.7% (12.7%), prior year included a 17.7 MSEK one-off FX gain.

• H1 2026 net sales: 306.7 MSEK (314.3 MSEK), EBITDA: 17.0 MSEK (11.1 MSEK), EBIT: 16.2 MSEK (10.5 MSEK), EBT: 16.9 MSEK (6.2 MSEK).

• Cash flow for Q2: 9.9 MSEK (0.9 MSEK), cash at period end: 18.4 MSEK.

Outlook and guidance

• Entering the key sales season with priorities on maximizing sales, completing Norway entry, and launching new models.

• Well positioned for coming periods with balanced inventory and attractive products.

• Long-term targets: 5-10% annual organic growth, EBT margin of 5%, net debt/EBITDA below 1.0x, dividend payout 25-50% of net profit.