Ferronordic (FNM) Q2 2026 earnings summary

Executive summary

• Revenue increased 43% year-over-year to SEK 1,558m–1.6 billion, with growth in all segments and record sales in the US, driven by infrastructure and data center construction.

• Operating profit improved to SEK 68m from SEK -5m, with all three markets profitable.

• Net profit reached SEK 45m, reversing a SEK -51m loss a year earlier, aided by lower finance costs and FX gains.

• EBITDA nearly doubled to SEK 180m, reflecting operational improvements and higher sales.

• Strategic focus on aftermarket, cost discipline, and data-driven operations contributed to improved results.

Financial highlights

• Gross margin was 15.8%, slightly lower year-over-year due to higher equipment/truck share, but up in the US to 18.2%.

• SG&A expenses decreased 2% to SEK 177m, with SG&A as a percent of revenue down to 11.4%.

• Net debt reduced by SEK 112m–113m in the quarter; net debt/EBITDA improved to 3.0x from 4.5x a year earlier.

• Revenue mix: 62% US, 35% Germany, 3% Kazakhstan; business mix: 62% equipment/truck sales, 31% aftermarket, 7% rental.

• Net asset value at SEK 1.4 billion or SEK 97 per share.

Outlook and guidance

• US outlook remains optimistic, driven by high infrastructure and AI/data center investments, with strong order books and high machine utilization.

• Germany expected to see gradual recovery as fleet renewal needs accumulate and aftermarket strengthens.

• Kazakhstan activity expected to improve as government spending resumes, with opportunities in mining and road construction.