Norden Estates (NORDEN) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached 24.5 MSEK, up 227% year-over-year, driven by increased project and contracting activity.

• Operating result for H1 was -2.2 MSEK and net result after tax was -2.5 MSEK, reflecting ongoing investments in operational structure.

• Major project execution included the start of a depot station in Karlskrona valued at 13.9 MSEK.

• A directed share issue through debt conversion of 1.26 MSEK reduced debt and strengthened equity.

• Focus remains on project delivery, cost control, and converting customer dialogues into new business.

Financial highlights

• Q2 2026 revenue was 13.7 MSEK, up 218% from Q2 2025.

• Q2 operating result was -1.3 MSEK (Q2 2025: -1.0 MSEK); net result after tax was -1.5 MSEK.

• H1 2026 revenue was 24.5 MSEK (H1 2025: 7.5 MSEK); operating result -2.2 MSEK (H1 2025: -2.1 MSEK); net result after tax -2.5 MSEK.

• Cash flow for Q2 was 1.8 MSEK, mainly from changes in working capital.

• No material investments were made during the quarter.

Outlook and guidance

• Continued focus on quality project execution, profitability, and converting customer interest into contracts.

• Market interest in energy performance and long-term operational economy is increasing.

• Several projects are ongoing, with additional potential projects under discussion.