Skandia GreenPower (SKAND) Q2 2026 earnings summary

Executive summary

• Revenue and EBITDA in Q2 2026 slightly exceeded forecasts, with stable operations and improved profitability year-over-year.

• Customer base declined to 52,104 at Q2 end, down from 54,075 at year start, due to a planned price adjustment and strategic focus on profitable growth.

• Motkraft price adjustment led to expected churn but is projected to improve future earnings.

• Strategic shift in dividend policy: now targeting 80% of free cash flow, up from 90% of net income, enabling higher payouts.

• Continued focus on software development, operational efficiency, and harmonizing platforms, with successful implementation of regulatory changes.

Financial highlights

• Q2 2026 gross revenue: NOK 153.97 million, up from NOK 90.14 million in Q2 2025; YTD gross revenue: NOK 504.6 million.

• Q2 EBITDA: NOK 5.9 million (Q2 2025: NOK 6.3 million); H1 EBITDA: NOK 14.0 million (H1 2025: NOK 13.8 million).

• Q2 net income: NOK 2.0 million, up from NOK 1.3 million in Q2 2025; H1 net income: NOK 5.3 million (H1 2025: NOK 4.2 million).

• Cash position at period end: NOK 104.9 million.

• Cash flow from operations was NOK 13.7 million, up NOK 9.3 million year-over-year.

Outlook and guidance

• EBITDA for 2026 expected to reach NOK 32 million, in line with previous guidance.

• Dividend for 2026 projected at NOK 0.1633 per share, a 72% increase from prior guidance and 150% above last year.

• For 2027, total dividend expected to be NOK 0.17 per share.

• Customer base target remains at 100,000 by end of 2026.

• Through-billing implementation expected to complete in Q3 2026, anticipated to reduce credit risk and strengthen market position.