Nimbus Group (BOAT) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were SEK 479 million, down 16% year-over-year, reflecting a cautious market and lower volumes.

• Gross profit remained stable at SEK 68 million, with gross margin improving to 14.3% from 11.9% last year.

• EBITA increased to SEK 26 million from SEK 25 million, raising the margin to 5.3% from 4.5%.

• Operating cash flow improved significantly to SEK 139 million from SEK 90 million year-over-year, driven by inventory management and receivables.

• Available cash at quarter-end was SEK 279 million.

Financial highlights

• Order book declined 15% year-over-year, reflecting ongoing market caution.

• Commercial sales (independent dealers) dropped 31% organically, while retail sales remained stable at SEK 276 million.

• Sales of own brands (Nimbus, Alukin) increased to SEK 145 million from SEK 130 million.

• Order intake rose to SEK 238 million (from SEK 208 million), including SEK 75 million from Swedish Armed Forces.

• Net working capital reduced to SEK 502 million from SEK 664 million year-over-year.

Outlook and guidance

• Market sentiment remains uncertain, with short order horizons and cautious dealer/customer behavior.

• Management maintains financial targets: growth above 10%, EBITA margin of 10%, no financial debt, and dividend policy.

• Cautious optimism for Nimbus brand in North America due to increased dealer engagement and new product launches.

• Strategic investments in workboats and defense applications, with major deliveries starting 2027.

• Initiatives underway to strengthen brand, improve North American performance, and expand workboat and defense business.