Indutrade (INDT) Q2 2026 earnings summary

Executive summary

• Order intake reached a record SEK 9,413 million in Q2 2026, up 14% year-over-year with 8% organic growth and a book-to-bill ratio of 105%.

• Net sales increased 11% to SEK 8,988 million, with 5% organic growth; all-time high EBITA and margin improvement driven by organic growth and nine acquisitions completed year-to-date.

• Order backlog increased 8% year-over-year, with broad-based demand improvements, especially in medtech, pharma, and energy sectors.

• Earnings per share rose 23% to SEK 2.15, an all-time high.

• Nine acquisitions in H1 2026 added SEK 1.5 billion in annual sales, with a robust pipeline and larger average company size.

Financial highlights

• EBITA rose 19% year-over-year to SEK 1,322 million in Q2 2026, with margin improving to 14.7% (14.9% excluding a SEK 14 million negative earnout revaluation).

• Gross margin increased to 35.6% from 35.3% last year, supported by effective price increases.

• Operating cash flow improved 20% year-over-year to SEK 882 million.

• Net debt/EBITDA increased to 1.7x (from 1.5x), and net debt/equity ratio was 55%.

• Return on capital employed was 18%.

Outlook and guidance

• Strong order backlog and high acquisition pace support a cautiously optimistic outlook for H2 2026, with continued focus on at least 10% annual growth and stable EBITA margin of at least 14%.

• Price/cost dynamics expected to remain similar in H2 as in Q2.

• Market uncertainty persists due to geopolitical factors, but several companies are well positioned in structurally growing markets.