Qben Infra (QBEN) Q2 2026 earnings summary

Executive summary

• Revenue grew 38% year-over-year to SEK 344m in Q2 2026, driven by Power and Inspekt divisions and the B45 Anlegg acquisition, though profitability lagged due to margin pressure and higher costs in Construction.

• Adjusted EBITA returned to positive at SEK 6m (1.8% margin) versus SEK -9m (-3.7%) in Q2 2025, reflecting cost-saving initiatives.

• Order intake surged 113% YoY to SEK 564m, with backlog up 64% YoY to SEK 837m.

• The group is focusing on profitability, cost control, and a more streamlined portfolio, including the planned divestment of Construction.

• New group management fully in place, including a new CFO onboarded in August and Anders Kjøll appointed effective September 1.

Financial highlights

• Operating cash flow improved to SEK -19m from SEK -80m YoY; YTD operating cash flow positive at SEK 32m versus SEK -194m last year.

• Net income for the quarter was -125 MSEK (vs. -83 MSEK YoY); YTD net income turned positive at SEK 85m despite a pre-tax loss of SEK -128m.

• Gross debt reduced by 53% YoY, from SEK 2,068m to SEK 974m.

• Group equity at quarter-end was 367 MSEK, with an equity ratio of 27% (up from 24%).

• Liquidity at period end was 31 MSEK.

Outlook and guidance

• H2 2026 expected to be stronger, supported by a robust order backlog and recent contract wins in Power.

• 2027 group net sales guided at SEK 1,100–1,300m, EBITA SEK 90–130m (8–10% margin).

• Power division 2027 sales guided at SEK 600m, EBITA margin 6–8%; Inspekt at SEK 120m, margin 3–6%.

• Group overhead targeted below 2% of net sales.

• Planned sale of Construction expected to close in Q3 2026, supporting focus on Power and critical infrastructure.