Transfer Group (TRNSF) Q1 2026 earnings summary

Executive summary

• Divestment of Sensec AB completed, focusing the group on security technology, alarm services, and surveillance solutions.

• Significant transformation with strengthened operational structure and focus on recurring revenues and long-term profitability.

• All subsidiaries won new contracts, boosting the order backlog.

• Strategic entry into the German market and defense industry through pilot projects and acquisition of Active Armour.

Financial highlights

• Net sales for Q1 2026 reached 11,141 TSEK, up 90% year-over-year (Q1 2025: 5,860 TSEK).

• Operating profit was 39,576 TSEK (Q1 2025: -8,557 TSEK), including a 46,311 TSEK gain from the Sensec divestment.

• Adjusted operating profit (excluding divestment gain) was -6,735 TSEK.

• EBITDA was 43,495 TSEK (Q1 2025: -5,604 TSEK); adjusted EBITDA was -2,816 TSEK.

• EBITDA margin (adjusted) improved to -25.3% from -95.6% year-over-year.

• Earnings per share from continuing operations: 0.08 SEK (Q1 2025: -0.03 SEK).

• Cash flow from operations: -11,003 TSEK (Q1 2025: -11,650 TSEK).

• Dividend of 41,600 TSEK paid.

Outlook and guidance

• 2026 forecast: net sales of ~208 MSEK and EBITDA of ~35 MSEK, based on contracted and financed deals.

• At least 360 customers expected to renew contracts in 2026, representing at least 65 MSEK in contract value.

• Focus remains on contract renewals, recurring revenues, and international expansion.