Byggmax Group (BMAX) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales declined 5.3% year-over-year to SEK 880–888 million, mainly due to cold weather delaying seasonal demand for outdoor products.

• Operating profit (EBIT) was SEK -127 million, nearly flat compared to last year’s SEK -123 million, supported by strong gross margin and cost control.

• Gross margin improved to 36.1% from 35.0%, driven by procurement, product and channel mix, and low in-store waste.

• Net debt reduced to SEK 510 million, with leverage at 1.1x, down from 1.8x a year ago.

• The company is well prepared for the high summer season, with optimized inventory, staffing, and intensified customer-centric initiatives.

Financial highlights

• Rolling 12-month net sales reached SEK 6.1 billion, with an EBITDA/EBITA margin of 5.7%, up from 4.5% last year.

• Like-for-like sales declined 5.3% year-over-year; currency impact was -0.7%.

• Operating expenses rose 1.7% year-over-year, reflecting ongoing investments in customer experience and digital tools.

• Cash flow from operating activities (R12) was SEK 815 million; Q1 CapEx was SEK 23 million, mainly in IT and store improvements.

• Inventory at period end was SEK 1,354 million, down from SEK 1,416 million.

Outlook and guidance

• The business is well prepared for the high season with strong operational control, inventory, and trained staff.

• Management remains cautious due to macroeconomic uncertainties and does not provide specific earnings or sales guidance.

• Focus remains on profitable growth, customer relevance, and leveraging infrastructure, with emphasis on simplicity and swift adaptation.

• Consumer confidence is gradually recovering, supported by fiscal stimulus and increased real wages, but remains below historical averages.

• Planned store openings include a reopening in Stenungsund, a new Stockholm location, and a showroom in Göteborg.