HANZA (HANZA) Q2 2026 earnings summary

Executive summary

• Achieved 9% organic growth and 70% year-over-year sales growth in Q2 2026, with improved operating margin of 9.3% for comparable units and strong operational cash flow of SEK 273 million.

• Strategic initiatives included the Horizon efficiency program, acquisition of BMK Group, and agreement to acquire five Fortaco factories to strengthen heavy mechanics and expand the customer base.

• Integration of BMK progressing well, with margin improvement, increased order intake, and first major Defense & Security orders secured.

Financial highlights

• Q2 2026 net sales: SEK 2,573 million (up 70% YoY), with 9% organic growth; adjusted operating margin reached 8.5% (up from 7% prior year), and comparable units at 9.3%.

• Cash flow from operations in Q2: SEK 273 million; strong cash position of SEK 773 million and equity to assets ratio at 45%.

• Net debt/adjusted EBITDA at 1.4x, well below the target of 2.5.

• EPS increased to 1.79 (1.13 prior year).

Outlook and guidance

• Continued healthy demand and strong order intake across segments, with positive momentum expected into Q3 and 2028 targets reiterated (net sales at least SEK 14 bn, EBITA margin at least 9%, equity/assets ratio at least 30%, net debt/EBITDA max 2.5x).

• Defense & Security segment expected to see increased orders, especially with Fortaco acquisition and presence in Poland.

• No major further restructuring actions anticipated under Horizon; focus now on leveraging larger units and capacity.

• CapEx expected to remain stable, with Fortaco acquisition reducing future investment needs.