Infrea (INFREA) Q2 2026 earnings summary

Executive summary

• Organic growth of 3.0% in Q2 2026, with EBITA up 40% year-over-year to 26.7 Mkr and net sales at 610.7 Mkr.

• Announced planned merger with Netel to form a leading Northern European infrastructure group, targeting 5 billion SEK in combined sales and significant synergies.

• Key project wins include contracts for Huddinge municipality (200 Mkr), Södertälje industrial facility (110 Mkr), and Malmö city (90 Mkr).

Financial highlights

• Q2 2026 net sales: 610.7 Mkr (up 3.0% year-over-year); EBITA: 26.7 Mkr (up 40%); net income: 18.9 Mkr (12.1 Mkr in Q2 2025).

• H1 2026 net sales: 929.5 Mkr (down 3.9% year-over-year); EBITA: -21.6 Mkr; net income: -21.1 Mkr.

• Rolling 12 months (R12) net sales: 2,030.9 Mkr; EBITA: 40.6 Mkr (margin 2.0%).

• Cash flow from operations in Q2: -10.3 Mkr; H1: -38.6 Mkr.

• Dividend of 0.65 kr/share paid in May; share capital reduction via cancellation of 1,950,600 treasury shares.

Outlook and guidance

• Second half of 2026 expected to be eventful, with merger integration and continued focus on profitability and cash flow.

• Order backlog strengthened by recent project wins, especially in southern Sweden.

• Market remains volatile with fluctuating input prices and macroeconomic uncertainty, but infrastructure demand is resilient.