ICA Gruppen (ICA) Tertial 2 2026 summary

Executive summary

• Net sales for T2 2026 rose 5.0% year-over-year to SEK 51,070 million, driven by strong volume growth, especially in ICA Sweden and Apotek Hjärtat, with both segments gaining market share in-store and online.

• Operating profit excluding items affecting comparability and IFRS 16 Leases increased 33.7% to SEK 2,543 million, reflecting efficiency improvements, cost savings, and property acquisitions.

• Food prices at ICA stores fell more than the VAT reduction, supporting higher customer spend and volume growth.

• Strategic property transactions, including the acquisition from Trecore and divestments to Delcore and Vendus, resulted in a net investment of SEK 0.5 billion and ICA Real Estate becoming a co-owner of Vendus.

• After the period, ICA Sweden’s CEO announced his resignation, effective by February 2027.

Financial highlights

• EBITDA for T2 was SEK 5,033 million, up 27.1% year-over-year.

• Operating margin excluding items affecting comparability and IFRS 16 Leases improved to 5.0% from 3.9% a year earlier.

• Profit for the period was SEK 2,387 million, up 67.4% year-over-year.

• Cash flow from continuing operations increased by SEK 1,668 million to SEK 5,031 million, mainly due to higher earnings and positive working capital effects.

• Net debt (excl. ICA Bank and IFRS 16 Leases) rose to SEK 8.5 billion, mainly due to property acquisitions.

Outlook and guidance

• Investments for 2026 are expected to total SEK 6–7 billion, with SEK 4.5 billion allocated to ICA Real Estate.

• The pace of investment in logistics, IT, and infrastructure will remain high to support future growth and efficiency.

• The Group aims to maintain a net debt/EBITDA ratio below 2x and a return on capital employed above 10%.