SEB (SK) H1 2026 earnings summary

Executive summary

• H1 2026 saw a recovery in operating results, with ORfA up 44% to €172m, driven by cost control, innovation, and the Rebound plan, despite a challenging macroeconomic and geopolitical environment.

• Sales reached €3,743m, up 1.7% like-for-like, stable year-over-year, with all geographies contributing to organic growth in the Consumer segment.

• Net profit attributable to shareholders was -€124m, impacted by €178m in exceptional charges from the Rebound plan; adjusted net profit was €41m.

• Free cash flow improved to €53m from -€213m in H1 2025, reflecting better working capital and lower capex.

• ESG commitments recognized with a Platinum EcoVadis rating and double "A-" CDP scores for climate and water.

Financial highlights

• H1 2026 sales: €3,743m (+1.7% LFL vs. 2025), Q2 sales: €1,859m (+0.6% LFL vs. 2025).

• ORfA: €172m (4.6% margin), up 44% year-over-year; Q2 ORfA: €100m (+45.3% vs. 2025).

• Net financial debt at €2,516m, down €142m year-over-year; net debt/adjusted EBITDA at 2.8x.

• Operating margin improved to 4.6%, up 140 basis points year-over-year.

• Working capital reduced to €1,466m (17.9% of sales), mainly due to lower inventory.

Outlook and guidance

• Full-year 2026 outlook confirmed: ORfA growth, return to normative free cash flow, and financial leverage targeted at ~2x by 2027.

• Continued strict management of COGS and OPEX, leveraging innovation, pricing, and Rebound plan impacts.

• Macro environment remains volatile with inflationary pressures, but small domestic equipment markets show resilience.