Momentum Group (MMGR) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was SEK 736 million, flat year-over-year, as acquisitions offset a 6% decline in sales from comparable units amid cautious market demand and geopolitical uncertainty.

• EBITA decreased by 8% to SEK 70 million, with net profit at SEK 38 million and operating profit at SEK 56 million.

• Two acquisitions were completed, including the first outside the Nordics, expanding into the U.K. and adding approximately SEK 80 million in annual revenue.

• Cost control and efficiency measures were prioritized, improving gross margin and reducing the cost base despite sluggish demand.

• Market conditions were hesitant, with customers focused on cost control and postponing investments and maintenance.

Financial highlights

• EBITA margin declined to 9.5% from 10.3% year-over-year; operating margin was 7.6%.

• Rolling 12-month revenue increased by 5% to SEK 3.1 billion, with acquisitions contributing SEK 288 million.

• Earnings per share for Q1 was SEK 0.75 (down from 0.85), and SEK 3.70 for the last 12 months.

• Cash flow from operating activities was SEK 57 million, impacted by higher receivables and down from SEK 92 million in Q1 2025.

• Equity/assets ratio improved to 37% from 33% at the end of the period; available cash SEK 944 million.

Outlook and guidance

• Short-term market remains challenging due to geopolitical uncertainty; customers expected to remain cautious.

• The group targets at least 15% annual earnings growth and aims for EBITA of SEK 680 million by 2030.

• Expectation that postponed maintenance and project activity will return, mainly in Q2–Q3.

• Focus on cost control, pricing, and efficiency to mitigate demand volatility and position for recovery.

• Continued emphasis on value-adding acquisitions and maintaining a controlled balance sheet.