Röko (ROKO) Q2 2026 earnings summary

Executive summary

• Net sales increased 31% in Q2 2026 to SEK 2,045m and 20% in H1 to SEK 3,898m, driven by acquisitions and 5% organic growth.

• Adjusted EBITA rose 37% in Q2 and 19% in H1 to SEK 842m, maintaining a 22% margin, with operating profit up 32% in Q2 and 23% in H1.

• Four acquisitions completed in H1 2026 added SEK 1,249m in annual net sales and SEK 68m in Adj. EBITA, strengthening positions across multiple countries.

• Earnings per share increased 16% in Q2 and 8% in H1.

• Market uncertainty from trade tariffs, Middle East tensions, and FX impacts affected some B2B and construction-related companies.

Financial highlights

• Free cash flow after CapEx increased 28% for H1 2026, with cash flow from operations up 26% and cash conversion at 72%.

• Net debt to EBITDA ratio rose to 2.6x due to SEK 1.4 billion in net investments from acquisitions, remaining within target.

• Return on capital employed improved to 14.5% from 14.1% year-over-year.

• Earnings per share for H1 2026 was SEK 29.71, up from SEK 27.63 in H1 2025.

• Number of employees grew 18% to 1,829.

Outlook and guidance

• Acquisition pipeline remains strong, with continued focus on disciplined investments in niche and diversified markets.

• Management is comfortable with leverage up to 3x net debt to EBITDA over the longer term.

• Uncertainty from global trade disruptions and Middle East supply chain issues persists, with no clear improvement yet.