Nordtech Group (NTECH) Q2 2026 earnings summary

Executive summary

• Net sales grew 50% year-over-year in Q2 2026 to SEK 198.4 million, with 9% organic growth and strong contributions from acquisitions.

• Adjusted EBITA rose 45% to SEK 52.6 million, maintaining a margin of 26.5–27%; adjusted EBITA per share increased 53%.

• IPO on Nasdaq Stockholm in June 2026 raised SEK 400 million, significantly reducing leverage and broadening the shareholder base.

• 24 companies acquired since 2021, with 430 employees across three segments and no single end market dominating.

• High recurring revenue (ARR up 45% to SEK 678 million) and robust acquisition pipeline support continued profitable growth.

Financial highlights

• Q2 2026 net sales: SEK 198.4 million (132.3), up 50% year-over-year; organic growth 9%.

• Adjusted EBITA: SEK 52.6 million (36.2), up 45%; margin at 26.5–27%, down 0.9 percentage points year-over-year.

• ARR grew 45% to SEK 678 million; recurring revenue represents 85.8–86% of total.

• Cash conversion after CapEx at 91% for Q2 and 95% LTM.

• Operating cash flow up 16% in the quarter and 58% year-to-date, excluding listing costs.

Outlook and guidance

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

• Focus remains on profitable organic growth, disciplined acquisitions, and high cash conversion.

• M&A pipeline remains strong, with four to five acquisitions per year targeted; additional M&A resource added to increase capacity.

• Dividend policy prioritizes reinvestment over payouts in the medium term.

• High share of recurring revenue and strong financial position provide visibility and flexibility for future expansion.