ICA Gruppen (ICA) Tertial 1 2026 summary

Executive summary

• Strong sales growth of 5.6% year-over-year, with increased market shares in both grocery and pharmacy segments driven by price investments and volume growth.

• Food VAT halved in April, resulting in price reductions in stores greater than the VAT cut and market average.

• All business segments except ICA Banken contributed to higher sales volumes; ICA Sverige showed particularly strong volume growth.

• Positive development dampened by higher IT and logistics costs.

Financial highlights

• Net sales for Jan–Apr 2026: SEK 47,761m (up 5.6% from SEK 45,234m in 2025).

• EBITDA: SEK 3,635m (up 10.9% year-over-year).

• Operating income (excl. items affecting comparability and IFRS 16): SEK 1,368m (up 8.8%).

• Net income: SEK 932m (down from SEK 1,223m, due to discontinued operations in 2025).

• Cash flow from continuing operations (excl. ICA Banken): SEK 1,691m (down from SEK 1,968m).

Outlook and guidance

• Continued focus on price investments and efficiency to support customers amid inflation and geopolitical uncertainty.

• Investments in infrastructure and logistics to ensure long-term competitiveness.

• Full-year 2026 investments expected to exceed SEK 5bn, with SEK 3bn in ICA Fastigheter.