Bong (BONG) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 declined 9% year-over-year to SEK 444 million, reflecting market headwinds and lower paper prices.

• Operating profit before depreciation (EBITDA) fell to SEK 27 million from SEK 32 million, and operating profit (EBIT) dropped to SEK 10 million from SEK 14 million.

• Net result was negative at SEK -2 million, compared to break-even in Q1 2025.

• The company continues its strategic transition toward light packaging, with this segment showing modest growth despite challenging conditions.

Financial highlights

• Gross margin decreased slightly year-over-year due to price pressure and higher input costs.

• Cash flow from operating activities was SEK 6 million, down from SEK 22 million in Q1 2025.

• Cash and cash equivalents at quarter-end were SEK 101 million, with total available liquidity of SEK 115 million.

• Adjusted net debt/adjusted EBITDA improved to 1.04 from 1.34 year-over-year.

• Equity/asset ratio remained stable at 35.5%.

Outlook and guidance

• The company aims to accelerate its transformation to a light packaging-focused business, targeting a 50% sales share from this segment.

• Ongoing cost pass-through efforts are intended to protect margins amid rising raw material and energy costs.

• The board has been authorized to issue new shares to strengthen financial flexibility and pursue strategic growth opportunities.