Nordisk Bergteknik (NORB) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 rose 13% year-over-year to SEK 984.6 million, with organic growth of 12% driven by increased market activity across all segments.

• Adjusted EBIT increased to SEK 44.3 million, with a margin of 4.5%, reflecting improved operational efficiency and project mix, though profit for the period declined to SEK 10.9 million due to higher input costs and weaker net financial items.

• Cash flow from operating activities strengthened to SEK 131.4 million in Q2, and net debt/adjusted EBITDA improved to 3.2x.

• For H1 2026, net sales grew 6% to SEK 1,795.4 million, with organic growth of 5% and adjusted EBIT margin of 4.0%.

• Profit for Q2 was SEK 10.9 million, and earnings per share were SEK 0.19.

Financial highlights

• Q2 2026: Net sales SEK 984.6 million (up 13%), organic growth 12%, adjusted EBIT SEK 44.3 million (margin 4.5%), profit SEK 10.9 million.

• H1 2026: Net sales SEK 1,795.4 million (up 6%), organic growth 5%, adjusted EBIT SEK 72.3 million (margin 4.0%), profit SEK 14.8 million.

• Adjusted cash flow from operations: SEK 131.4 million (Q2 2025: SEK 100.9 million).

• Cash and cash equivalents: SEK 46.5 million (Q2 2025: SEK 33.2 million); undrawn overdraft facility of SEK 229 million.

• Net debt/adjusted EBITDA LTM: 3.2x (Q2 2025: 3.5x).

Outlook and guidance

• Market activity is gradually increasing across all segments, with a strong finish to Q2 and signs of normalization in pricing and project mix.

• The group targets annual growth above 15% and an adjusted EBIT margin above 7% in the medium term.

• EBITDA margins remain stable around 14%, with further potential for economies of scale and synergies.

• Positive long-term outlook supported by public sector demand and the green transition.

• Continued positive development is expected to improve profitability and utilization, supported by new infrastructure projects in Sweden and Norway.