Elon (ELON) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 increased by 2.5% year-over-year to 1,072 MSEK, driven by strong B2C growth in Sweden and e-commerce, while B2B declined due to weak construction sector activity.

• EBIT improved to 19.8 MSEK from -18.5 MSEK in Q2 2025, with a margin of 1.8%. Net income was 8.9 MSEK, up from -26.8 MSEK.

• Cost reduction initiatives and improved gross margin contributed to profitability, with operating expenses (excl. depreciation) down 24 MSEK year-over-year.

• Cash flow from operations was 23.8 MSEK, up from 7.7 MSEK in Q2 2025.

• An independent review found no evidence of criminal activity but noted documentation and compliance issues, prompting ongoing governance improvements.

Financial highlights

• Q2 2026 revenue: 1,072 MSEK (up 2.5% YoY); H1 2026 revenue: 2,166 MSEK (down 0.6% YoY).

• Q2 gross margin: 17.9% (17.5% in Q2 2025); adjusted gross margin: 17.4% (16.6%).

• EBIT for Q2: 19.8 MSEK (margin 1.8%); H1 EBIT: 38.6 MSEK (margin 1.8%).

• Net income per share Q2: 0.60 SEK (vs. -1.81 SEK); H1: 1.17 SEK (vs. -2.42 SEK).

• Net debt at quarter-end: 339.8 MSEK (404.6 MSEK in Q2 2025); equity ratio: 23.1%.

Outlook and guidance

• Focus remains on cost control, digitalization, and strengthening the service business.

• Market for home electronics and appliances is stabilizing, with cautious recovery in consumer demand.

• Growth in profitability is primarily from efficiency and cost savings, not top-line growth.

• Medium-term targets: 5% annual organic revenue growth, 3% adjusted EBIT margin, net debt/EBITDA below 1.5x, and dividend payout of at least 50% of annual profit.