Nederman (NMAN) Q1 2026 earnings summary

Executive summary

• Maintained resilience and strong activity across all divisions despite a volatile market, though order intake and sales declined year-over-year.

• Strengthened position in structurally growing industries such as food, pharma, life sciences, wind power, hydrogen, batteries, and recycling, but this led to lower sales and EBIT margins.

• Activity picked up at the end of Q1 and continued into April, with broad-based improvement except for slower APAC.

• Continued investments in automation, operational efficiency, and digitalization across divisions.

• Cash flow from operations was negative, mainly due to working capital build-up, which is typical for Q1.

Financial highlights

• Orders received were SEK 1,267m, down from just over SEK 1,500m in Q1 last year; 6.7% down currency neutral, 9.2% organic decline.

• Sales were SEK 1,257m, down 2% currency neutral and 5.5% organically; currency impact was -9% on both orders and sales.

• Adjusted EBITA/EBITDA was SEK 117m (Q1 2025: SEK 143m); margin 9.3% (Q1 2025: 10.1%).

• Earnings per share SEK 1.31 (Q1 2025: SEK 1.69).

• Net debt was SEK 1,964m as of March 31, 2026 (1,886m SEK prior year); equity ratio improved to 38.0%.

Outlook and guidance

• Demand remains subdued in many sectors, but strong service and digital offerings support performance.

• Activity picked up late in Q1; if sustained, could improve future quarters.

• Considerable market uncertainty persists, making broader demand recovery difficult to forecast.

• Well-positioned to improve profitability when demand recovers, supported by a strong balance sheet and ongoing investments.