Navigo Invest (NAVIGO) Q2 2026 earnings summary

Executive summary

• Delivered strongest quarter in years with organic net sales up 28% and operating profit up nearly 300% year-over-year for Q2 2026.

• All four portfolio companies grew organically by at least 20% and improved operating results.

• Net asset value per common share rose 15% over twelve months, aligning with the 15% annual target.

• Q2 net asset value per share decreased 2.8% to SEK 9.81, mainly due to a SEK 15.2m preference share dividend.

Financial highlights

• Q2 2026 net sales: SEK 192.5m (up 28% YoY); H1 2026: SEK 354.6m (up 17.5% YoY).

• Q2 EBITDA: SEK 41.2m (up nearly 300% YoY); H1 EBITDA: SEK 69.1m (up 148% YoY).

• Q2 operating profit: SEK 36.5m (up over 300% YoY); H1 operating profit: SEK 58.3m (up over 200% YoY).

• Q2 net income: SEK 22.1m (vs. -3.6m YoY); H1 net income: SEK 38.1m (vs. 2.9m YoY).

• Q2 cash flow from operations: SEK 24.9m (down from SEK 32.0m YoY); H1: SEK 23.6m (down from SEK 45.9m YoY) due to higher working capital needs.

Outlook and guidance

• Entering H2 2026 with strong momentum; focus on converting profit improvements into cash flow.

• Ambition remains to deliver 15% annual net asset value growth per share and reduce the net asset value discount.