Infranord (I) Q2 2026 earnings summary

Executive summary

• Order intake reached 2,951 MSEK in Q2 2026, up from 1,774 MSEK year-over-year, with several large, strategic contracts awarded, boosting the order backlog to a record 9,370 MSEK.

• Net sales for Q2 were 1,390 MSEK, a 10% decrease from the previous year, mainly due to lower activity in Norway.

• Operating result for Q2 was -90 MSEK (41 MSEK last year), with a net result of -103 MSEK (24 MSEK), reflecting ongoing project challenges in Norway and Sweden.

• A cost-saving program was initiated to address unsatisfactory profitability, expected to improve results and liquidity.

• CFO transition occurred during the quarter, with Jonas Åkesson appointed as permanent CFO effective September 1.

Financial highlights

• Q2 order intake: 2,951 MSEK (1,774 MSEK last year); H1: 3,799 MSEK (3,142 MSEK).

• Q2 net sales: 1,390 MSEK (1,539 MSEK); H1: 2,463 MSEK (2,555 MSEK).

• Q2 operating result: -90 MSEK (41 MSEK); H1: -133 MSEK (-35 MSEK).

• Q2 net result: -103 MSEK (24 MSEK); H1: -152 MSEK (-46 MSEK).

• Q2 operating margin: -6.5% (2.7%); H1: -5.4% (-1.4%).

• Cash flow from operations in Q2: -108 MSEK (-282 MSEK); H1: -214 MSEK (-305 MSEK).

Outlook and guidance

• Strong order backlog and new contracts provide a solid foundation for future performance.

• Cost-saving measures are expected to positively impact profitability and liquidity in the current year.

• Market outlook in Sweden is positive due to increased government funding for rail maintenance, though funding remains insufficient for all needs.

• Norwegian market is stable, with a shift toward reinvestment and maintenance over new construction.