Elanders (ELAN) Q2 2026 earnings summary

Executive summary

• Organic growth of 3% in Q2 2026, with all regions contributing positively, especially Asia; net sales for Q2 were MSEK 2,921 (down from 3,044), and for H1 were MSEK 5,686 (down from 6,277).

• Adjusted EBITA increased by 8% year-over-year to MSEK 181 in Q2, with margin improving to 6.2% from 5.5%; H1 adjusted EBITA rose 18% to MSEK 353.

• Strong cash conversion of 113% in Q2, freeing up SEK 92 million from working capital and reducing net debt (excluding IFRS 16) by SEK 19 million.

• Major lease renegotiations and planned exits in the U.S. and U.K. expected to lower cost base by SEK 80–95 million annually starting 2027.

• CEO transition from Magnus Nilsson to Florian Beck effective 1 September 2026.

Financial highlights

• Adjusted EBITA for Q2 2026: MSEK 181 (up from 167), margin at 6.2%; H1 adjusted EBITA: MSEK 353, margin at 6.2%.

• Supply Chain Solutions: Q2 net sales MSEK 2,369 (down from 2,470), adjusted EBITA up 15% to MSEK 166, margin at 7.0%.

• Print & Packaging Solutions: Q2 net sales MSEK 580 (down from 606), negative organic growth of 3%, margin at 4.2%.

• Adjusted result after tax for H1 was MSEK 43 (up from -7); Q2 was MSEK 20 (up from 14).

• Free cash flow per share for Q2 was SEK 10.95; for H1 was SEK 16.09.

Outlook and guidance

• Cautiously optimistic for the rest of 2026 and into 2027, supported by organic growth, new sales, and expected cost savings from lease renegotiations.

• Strong sales pipeline and low churn rate in North America, with improving warehouse utilization expected to optimize costs.

• Ongoing review and potential restructuring of Print & Packaging Solutions expected in Q3.

• No formal forecast for 2026 is provided.