Qben Infra (QBEN) Q1 2026 earnings summary

Executive summary

• Strategic focus shifted to Power and infrastructure, with divestments of Rail and Kvalitetsbygg completed and agreement to sell Nordic Inspekt Group.

• Acquisition of B45 Anlegg AS strengthens position in critical infrastructure concrete projects and expands geographic reach in Norway.

• New CEO and CFO appointed, with significant refinancing actions completed.

• Revenue from continuing operations was 169 MSEK, down from 195 MSEK year-over-year, reflecting strategic divestments and market challenges.

• Net result for the quarter, including Rail divestment, was 147 MSEK compared to -113 MSEK last year.

Financial highlights

• Net sales of 169 MSEK, down from 195 MSEK year-over-year.

• Adjusted EBITA from continuing operations at -29 MSEK (margin -16.9%), compared to -15 MSEK (-7.5%) last year.

• Period result improved to 147 MSEK from -113 MSEK, driven by divestments.

• Operating cash flow positive at 51 MSEK, up from -85 MSEK.

• Cash position at 60 MSEK, down from 183 MSEK; net debt at 404 MSEK; group equity at 425 MSEK (581 MSEK last year).

Outlook and guidance

• Expectation of stronger quarters ahead in Power segment and increased activity in Construction in H2 2026.

• Continued cost control and commercial discipline emphasized.

• B45 Anlegg’s new 215 MNOK contract expected to positively impact revenue and earnings over the next 12 months.

• Strategic partnerships and divestments aim to free up capital and management capacity for prioritized segments.

• Completion of Inspekt divestment anticipated.