Nobia (NOBI) Q1 2026 earnings summary

Executive summary

• Completed divestment of U.K. operations, focusing on core Nordic markets and reducing leasing liabilities by SEK 750 million.

• Successfully executed an oversubscribed SEK 1.5 billion share rights issue, raising SEK 1,460 million net of costs and strengthening the balance sheet.

• Refinanced SEK 2.5 billion credit facility with improved terms and normalized covenants, supporting operational and financial flexibility.

• Launched and progressed a cost-saving program expected to yield SEK 80 million in annual savings from Q3 2025/2026.

• Ramp-up of Nobia Park, a highly automated kitchen factory, is underway, with double staffing costs impacting margins.

Financial highlights

• Organic growth of 2% year-over-year for the third consecutive quarter, driven by improved product mix and higher average order values.

• Adjusted gross margin improved to 37.8% (36.8%); reported gross margin temporarily lower due to ramp-up costs at Nobia Park.

• Adjusted EBIT at SEK 73 million, slightly ahead of last year, with an adjusted EBIT margin of 5.1%.

• Free cash flow improved to SEK -54 million from SEK -157 million year-over-year.

• Net debt reduced to SEK 1.7 billion from SEK 2.8 billion at year-end 2025, with a net debt/equity ratio of 0.8.

Outlook and guidance

• Cost-saving program to deliver SEK 80 million in annual run-rate savings from Q3 2025/2026.

• Remaining CapEx for Nobia Park in 2026 is SEK 150 million, targeting a 3.5% EBITDA uplift over the business cycle.

• Items affecting comparability (IAC) of SEK 45 million expected to remain at similar levels in Q2, tapering off in H2 2026.

• Continued focus on driving average order values and strict cost discipline to safeguard margins.

• No plans to change reporting structure; will continue with one segment and provide B2B/B2C highlights.