SEB (SK) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €1.885 billion, up 2.7% like-for-like, but down 1.1% as reported due to negative currency effects.

• Operating Result from Activity (ORfA) rose 42% to €72 million, with margin improving to 3.8% from 2.6% year-over-year.

• Growth was balanced across Consumer (+2.9% LFL) and Professional (+1.1% LFL) segments, supported by innovation and the ongoing Rebound plan.

• The Rebound plan is progressing on schedule, focusing on innovation, digital marketing, and cost reduction.

• Macroeconomic and geopolitical uncertainty remains, but guidance for organic growth and deleveraging is maintained.

Financial highlights

• Organic sales growth of 2.7% year-over-year, offset by a -3.8% currency effect, resulting in a reported sales decline of 1.1%.

• Consumer segment sales reached €1.654 billion (+2.9% LFL), Professional segment €231 million (+1.1% LFL).

• EMEA sales grew 2.5% LFL, Americas 6.7% LFL, Asia 2.2% LFL.

• Operating expenses decreased, supporting improved profitability.

• Free cash flow generation expected to normalize in 2026.

Outlook and guidance

• 2026 outlook unchanged: targeting organic growth, normalized free cash flow, and deleveraging to around 2x by 2027 (excluding acquisitions).

• ORfA growth expected to continue, with a focus on restoring profitability.

• Macroeconomic and geopolitical uncertainty remains a key challenge.

• Rebound plan execution on track, with SKU reduction and cost initiatives underway.