Exsitec (EXS) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered 12% net sales growth and 8% organic growth, driven by strong recurring software revenue and the acquisition of Amesto Solutions, which strengthened the Nordic market position, especially in Norway.

• Recurring software revenue reached SEK 246 million LTM, up 19% year-over-year, providing a stable revenue base.

• Order intake from new customers increased by 8% year-over-year, with LTM order intake up 19%.

• Adjusted EBITA for Q2 was SEK 50 million, up 12% year-over-year, with a margin of 19.5%.

• Acquisition of Amesto Solutions added over 1,500 customers and 120 employees, making it the largest Visma partner in Norway.

Financial highlights

• Q2 2026 net sales: SEK 255 million (up 12%); H1 2026 net sales: SEK 493 million (up 5%).

• Adjusted EBITA Q2: SEK 50 million (up 12%), margin 19.5%; H1: SEK 99 million (up 10%), margin 20%.

• Reported EBITA Q2: SEK 37 million, down 17% due to SEK 13 million in one-off costs related to Amesto acquisition and Norwegian restructuring.

• Cash flow from operating activities Q2: SEK 64 million, up 36% year-over-year.

• Recurring net software revenue LTM: SEK 246 million, up 19% year-over-year.

Outlook and guidance

• Strong order intake and improved market conditions, especially in Sweden, support a positive outlook for H2.

• Financial goals: net sales and adjusted EBITA per share to grow at least 15% per year; net debt not to exceed 2x EBITDA; dividend policy of 20%-40% of profit after tax.

• AI adoption is expected to drive new revenue streams and margin improvements over the next few years.

• Focus remains on long-term profitable growth, both organically and through acquisitions.

• Integration of Amesto Solutions is underway, with cost synergies to be detailed in Q3.