Inwido (INWI) Q1 2026 earnings summary

Executive summary

• Q1 2026 was seasonally challenging amid geopolitical uncertainty, commodity volatility, and harsh winter weather, leading to lower activity and profitability compared to recent years.

• Profitability returned to pre-pandemic Q1 levels, with March showing strong momentum and April starting positively.

• Five acquisitions were completed in the last six months, including AJM Group and post-quarter Sovereign Group, expanding the platform in the UK and new markets.

• Market share gains, new product launches, and award-winning ESG and employee engagement initiatives were achieved.

• Continued focus on cost alignment, operational efficiency, and selective growth through M&A.

Financial highlights

• Net sales increased by 4% year-over-year to SEK 2,083 million, but organic sales declined by 2%.

• Operating EBITA fell 19% to SEK 90 million, with margin dropping to 4.3% from 5.5%.

• Gross margin declined from 22.9% to 22.1% due to lower volumes and mix.

• Profit after taxes dropped 55%, and EPS fell 73% to SEK 0.18.

• Cash flow from operating activities was negative SEK 162 million, reflecting seasonality and lower operating results.

Outlook and guidance

• Cautious optimism for Q2 and beyond, with positive momentum in March and April and gradual improvements across business units.

• Material and energy price increases expected to impact Q2 margins, with price adjustments to offset these by Q3.

• The long-term target of SEK 20 billion turnover by 2030 remains unchanged, with continued strategic acquisitions and green transition focus.

• Market uncertainty remains high due to geopolitical risks and potential inflationary pressures.