Linjemontage (LMGAB) Q1 26/27 earnings summary

Executive summary

• Net sales for April–June 2026/27 were SEK 823.9 million, down 5.8% year-over-year, mainly due to project mix and timing of milestones, but profitability improved with a higher share of complex substation projects.

• Adjusted EBITA rose to SEK 88.7 million (up from SEK 76.1 million), with an adjusted EBITA margin of 10.8% (8.7%), reflecting a favorable project mix and operational efficiency.

• Order intake reached a record SEK 1,567.0 million, driven by the largest substation contract in company history, resulting in an order backlog of SEK 4,348.9 million.

• Cash flow from operating activities improved to SEK 25.3 million from -21.2 million year-over-year.

Financial highlights

• EBITA was SEK 69.9 million (SEK 67.0 million last year), with an EBITA margin of 8.5% (7.7%).

• Earnings per share (basic and diluted) were SEK 276.29 (SEK 274.40 last year).

• Net debt improved to SEK -172.1 million (from SEK -9.7 million), with a net debt/adjusted EBITDA ratio of -1.7x.

• Gross margin for the quarter was 31.4% (24.2% last year).

• Return on equity was 15.3% and return on capital employed was 15.7%.

Outlook and guidance

• Strong long-term market fundamentals driven by electrification, grid modernization, and energy transition.

• Continued high activity expected in Sweden and Norway, with a robust tender pipeline and ongoing expansion in the Nordic region.

• Medium-term financial targets: net sales > SEK 5 billion, adjusted EBITA margin > 8%, net debt/adjusted EBITDA < 1.0, and dividend payout of 25%.