Seafire (SEAF) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the fourth consecutive quarter of organic growth, with net sales up 3% year-over-year to SEK 212 million, despite volatility from geopolitical and weather factors.

• EBITA rose 29% to SEK 7 million, driven by improved gross margins in most subsidiaries and active cost management.

• The acquisition of Splendor Plant, completed after the quarter, is expected to increase net sales by 21% and adjusted EBITA by 39% on a 2025 pro forma basis.

Financial highlights

• Net sales: SEK 212 million (up 3% year-over-year), all organic growth.

• Gross margin improved to 49% from 48% year-over-year.

• EBITA: SEK 7 million (margin 3%), adjusted EBITA also SEK 7 million.

• Operating profit (EBIT): SEK 2 million, up from SEK 0 million.

• Basic and diluted EPS: SEK -0.03, improved from SEK -0.17.

• Operating cash flow before tax: SEK -6 million, impacted by inventory build-up and higher receivables.

Outlook and guidance

• Management maintains a cautiously positive outlook, citing good underlying demand but ongoing macro volatility from geopolitics and energy costs.

• Priorities remain on profit growth, cash flow, and value-creating acquisitions.