MatvareExpressen (MVE) Q1 2026 earnings summary

Executive summary

• Achieved record operating revenue of NOK 146.5 million in Q1 2026, up 14% year-over-year from NOK 128 million.

• Unique active customers reached 2,531, the highest in company history, with strong growth especially in Eastern Norway.

• Secured a major contract with Bærum Municipality worth NOK 20 million annually, to be phased in Q2 2026.

Financial highlights

• Adjusted EBITDA was NOK 7.9 million, down 8% from NOK 8.6 million in Q1 2025.

• Adjusted profit before tax was NOK 2.3 million, a 39% decrease from NOK 3.8 million year-over-year.

• Gross margin was 28.9%, down from 29.6% in Q1 2025 and 30.8% in Q4 2025.

• Net interest-bearing debt decreased to NOK 50.9 million from NOK 59.6 million a year earlier.

• Equity ratio improved to 28.1% from 27.0% at the end of Q1 2025.

Outlook and guidance

• Targeting operating revenue of around NOK 600 million for 2026, continuing annual growth of approximately NOK 100 million.

• Expects continued customer growth and positive pre-tax results in Q2 2026.

• Strategic review ongoing since November 2025; further updates to be provided.