ITAB Group (ITAB) Q2 2026 earnings summary

Executive summary

• Q2 2026 earnings were stable, with net sales of 3,201 MSEK, a 1% year-over-year decrease, and an improved EBITA margin of 5.6% (5.4%).

• Net profit rose to 61 MSEK from 21 MSEK year-over-year, driven by lower restructuring costs and improved tax rates.

• Strong performance in Nordics, France, Spain, and the US, while Italy, UK, and the Middle East faced headwinds.

• HMY acquisition is fully integrated, with synergy realization at 50% and a target of MEUR 30 annually by end of 2027.

• New CEO appointed in May 2026, bringing extensive retail and leadership experience.

Financial highlights

• Adjusted EBITA for Q2 2026 was 180 MSEK (up from 175 MSEK), with margin improved to 5.6% from 5.4%.

• Net profit: 61 MSEK, up 190% from 21 MSEK in Q2 2025.

• Net debt (excluding leasing): 2,424 MSEK, down 553 MSEK year-over-year but up sequentially due to working capital.

• Operating cash flow for Q2 was -112 MSEK, with rolling 12-month cash flow at 914 MSEK.

• Rolling 12-month net sales: 12,842 MSEK; adjusted EBITA: 800 MSEK.

Outlook and guidance

• Full synergy effect of MEUR 30 expected by late 2027, with about 50% executed so far.

• Focus remains on profitability, cost structure flexibility, and achieving a 7-9% EBIT margin midterm.

• Price adjustments and efficiency measures are expected to positively impact future quarters.

• Order book for cross-selling synergies looks strong for the second half of the year.

• Short-term market conditions remain challenging with cautious customer investment due to macroeconomic and geopolitical uncertainties.