Norden Estates (NORDEN) Q1 2026 earnings summary

Executive summary

• Transitioned from development to established operational project business in Q1 2026, with strong revenue growth and increased market interest in energy-efficient solutions.

• Revenue rose 238% year-over-year to 10.7 MSEK, driven by higher project activity.

• Operating loss narrowed to -0.9 MSEK from -1.1 MSEK, reflecting ongoing organizational build-up.

• Subsidiary Zustainment Bygg AB delivered a positive result, validating the operational model.

• Focus remains on project delivery, cash flow improvement, and sustainable growth.

Financial highlights

• Net sales: 10,706,155 SEK (3,167,910 SEK prior year), up 238%.

• Operating result: -881,008 SEK (-1,071,329 SEK prior year).

• Net result after tax: -1,038,283 SEK (-1,279,212 SEK prior year).

• Earnings per share: -0.03 SEK (-0.06 SEK prior year).

• Equity at period end: 16,018,377 SEK (16,574,426 SEK prior year).

Outlook and guidance

• Prioritizing conversion of customer dialogues to projects, cash flow strengthening, and building operational references.

• Aims to improve results in 2026 through increased project volume, margin discipline, and cost control.

• Market interest in long-term energy performance and operational economy continues to grow.