Nordisk Bergteknik (NORB) Q1 2026 earnings summary

Executive summary

• Achieved increased profitability and continued organic growth in Q1 2026 amid a recovering market, despite a 2% year-over-year net sales decline to SEK 810.8 million and organic growth at -1%.

• Adjusted EBIT margin improved to 3.5% from 2.5%, reflecting a focus on profitability over volume.

• Profit for the period was SEK 3.9 million, up from a loss of SEK -3.3 million in Q1 2025.

• Maintains a diversified project portfolio with high revenue diversification and limited exposure to fixed-price projects.

• Focused on operational synergies, efficiency, and leveraging a strong market position in Northern Europe.

Financial highlights

• EBITDA rose to SEK 103.4 million (12.8% margin), up from SEK 99.4 million (12.0%) year-over-year.

• Adjusted EBIT reached SEK 28.0 million, up from SEK 20.8 million, with margin improving to 3.5%.

• Adjusted cash flow from operating activities was SEK -2.1 million, down from SEK 26.8 million in Q1 2025.

• Net debt stood at SEK 1,522 million, with a net debt/adjusted EBITDA ratio of 3.3x.

• Cash and cash equivalents at quarter-end were SEK 10.9 million.

Outlook and guidance

• Market climate has slowed organic growth and M&A activity, but long-term infrastructure demand remains strong.

• Activity in large infrastructure projects is increasing, while construction remains subdued due to geopolitical uncertainty and higher input costs.

• Continued focus on disciplined acquisitions and operational flexibility to adapt to market changes.

• Long-term growth expected, supported by infrastructure investment pipeline and niche market positioning.

• Financial targets include annual sales growth above 15% and an adjusted EBIT margin above 7% over the medium term.