Kitron (KIT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of NOK/EUR 272.7 million, up 65.7% year-over-year, with all five sectors growing and the strongest quarter in company history.

• Defence & Aerospace revenue more than tripled year-over-year, now representing about half of group revenue and driving overall growth.

• Order backlog reached a record NOK 806 million/EUR 805.9 million, up 54% year-over-year, with a book-to-bill ratio of 1.35.

• DeltaNordic (now Kitron ELTECH) acquisition closed and integrated from January 1, adding significant defence capability and new customers.

• Operational momentum supported by capacity expansions in Poland, Sweden, and a planned new facility in Örnsköldsvik for 2028.

Financial highlights

• EBIT margin reached 9.4% (+180 bps YoY), with EBIT of NOK 25.6 million/EUR 25.6 million, up 105% YoY.

• EBITDA was NOK 31.8 million/EUR 31.8 million, up 86% YoY; net income increased 163% YoY to NOK/EUR 20 million.

• EPS doubled to $0.09/EUR 0.09 from $0.04/EUR 0.04 YoY.

• Operating cash flow was NOK/EUR 5 million, down from NOK/EUR 12.1 million last year due to working capital absorption.

• Equity ratio improved to 40%, with return on equity rising to 23.2% from 15.0%.

Outlook and guidance

• Trending toward the upper half of 2026 guidance: NOK/EUR 900 million–1.05 billion in revenue, NOK/EUR 80 million–108 million in EBIT.

• Medium-term ambition of NOK/EUR 1.5 billion in annual revenue, supported by record backlog and robust pipeline.

• EBIT margin expected between 9.5% and 10% given current momentum, with further growth dependent on supply chain improvements.