Lyckegård Group (LYGRD) Q2 2026 earnings summary

Executive summary

• Achieved 18% revenue growth and 20% EBITA improvement year-over-year for the first half of 2026, with broad-based growth across all subsidiaries and both product sales and contracting services.

• Organic growth, excluding the Norway establishment, was nearly 12%, exceeding financial targets.

• Strengthened unit margins by over 2 percentage points, driven by a shift away from low-margin products and effective procurement.

• Successful entry into the Norwegian market through the acquisition of S48 Vanningsanlegg, with strong customer demand and expansion of technical staff.

• Welcomed Aeternum Capital as a major new shareholder, with a new board member appointed after the period.

Financial highlights

• Net sales for January–June 2026 reached 142,905 TSEK, up from 120,754 TSEK year-over-year; Q2 sales were 87,612 TSEK, up from 77,997 TSEK.

• EBITA for January–June 2026 was 18,769 TSEK (up from 15,700 TSEK); Q2 EBITA was 15,958 TSEK (up from 13,943 TSEK).

• EBIT for January–June 2026 was 12,075 TSEK (up from 9,530 TSEK); profit before tax was 11,218 TSEK (up from 8,293 TSEK).

• Cash flow from operations for January–June was 2,965 TSEK (up from -681 TSEK); total cash flow for the period was 4,816 TSEK (up from 3,151 TSEK).

• Equity at period end was 45,873 TSEK (up from 37,573 TSEK); liquidity improved to 13,237 TSEK (up from 3,450 TSEK).

Outlook and guidance

• Continued strong demand expected, especially from municipalities for green space irrigation solutions.

• Positioned for further growth both organically and through acquisitions, supported by new strategic ownership.

• Financial targets remain: minimum 10% annual revenue growth, EBITA margin of at least 8%, and net debt/EBITA not exceeding 2.5x long-term.