Coor Service Management (COOR) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw stable performance with high market activity, contract extensions, and new wins, especially in Sweden and Norway, while Denmark and Norway faced challenges from contract losses and lower variable volumes.

• Strategy implementation is progressing, with new management appointments and strengthened sales and technical capabilities.

• Margin improvements are closing in on financial targets, with adjusted EBITA margin at 5.5% in Q2, and cash conversion at 90% LTM.

• Leverage decreased to 2.5x adjusted EBITDA, and dividend of SEK 143 million was paid in Q2.

• Management expects continued high market activity and positive financial performance for the remainder of 2026.

Financial highlights

• Q2 net sales were SEK 3,118 million, down 2.5% year-over-year; organic growth was -3.3%, with FX contributing +0.8%.

• Adjusted EBITA was SEK 170 million, margin 5.5% (up from 5.2% last year); net income for Q2 was SEK 87 million, up from SEK 65 million.

• LTM net sales were SEK 12,361 million, with adjusted EBITA of SEK 630 million and margin of 5.1%.

• Earnings per share were SEK 0.9 for Q2 and SEK 1.7 for H1, both higher than the previous year.

• Cash conversion for Q2 LTM was 90%, leverage stable at 2.5x EBITDA, and equity/assets ratio at 21%.

Outlook and guidance

• Organic growth in Sweden and Finland is expected to remain positive, with ongoing efforts to upsell and win new tenders.

• Denmark's negative growth from contract losses is expected to continue impacting results, but improvement initiatives are underway.

• Margin improvements are anticipated as operational efficiencies and cost reductions take effect, especially in Denmark.

• Management expects continued high market activity and positive financial performance for the remainder of 2026.

• No specific forward-looking financial guidance provided.