Nordtech (NTECH) Q1 2026 earnings summary

Executive summary

• Revenue grew 50% year-over-year to 185.5 MSEK, with 7% organic growth and strong recurring revenue momentum.

• Adjusted EBITA rose 76% to 54.3 MSEK, with margin improving to 29% from 25% year-over-year.

• Net result was -10.8 MSEK, impacted by 15.4 MSEK in one-time IPO preparation costs.

• Cash flow from operations increased to 63.1 MSEK, supported by improved working capital.

• One acquisition completed during the quarter, adding ~35 MSEK in annual revenue.

Financial highlights

• Recurring revenue (ARR) up 51% year-over-year to 652.1 MSEK; organic ARR growth 11%.

• Adjusted EBITA margin reached 29.3% (25.0% prior year); EBITA margin declined to 14.0% (21.3%).

• Cash conversion at 217% (132% prior year); net debt/adjusted EBITDA improved to 2.2x from 2.9x.

• ROIC + organic growth at 22%, in line with medium-term targets.

Outlook and guidance

• Medium-term targets reaffirmed: adjusted EBITA per share to grow ~20% annually, ROIC + organic growth above 20%, net debt/adjusted EBITDA below 2.0x.

• Focus remains on profitable growth and disciplined acquisitions over dividends.