Transfer Group (TRNSF) Q2 2026 earnings summary

Executive summary

• Divestment of Sensec AB completed, refocusing the group on Amigo companies and Altum; Amigo Defense acquired, expanding into ballistic protection and advanced security equipment for military and police.

• Q2 saw lower revenue but improved operating results and reduced debt; Amigo companies grew while Altum's revenue declined due to project delivery timing.

• Amigo Safe more than doubled sales year-over-year, with recurring monthly revenues rising and international expansion initiated.

• Significant orders secured in the Middle East and Norway, and a strategic entry into the German market.

Financial highlights

• Q2 net revenue: 9,893 TSEK (down 18% year-over-year); H1 net revenue: 21,034 TSEK (up 17% year-over-year).

• Q2 operating result: -8,263 TSEK (improved from -11,186 TSEK); H1 operating result: 31,313 TSEK (includes 46,311 TSEK gain from Sensec divestment; adjusted: -14,998 TSEK).

• Q2 EBITDA: -4,162 TSEK; H1 EBITDA: 39,333 TSEK (adjusted: -6,978 TSEK).

• Q2 EBITDA margin: -42.1% (improved from -63.9%); H1 adjusted EBITDA margin: -33.2% (improved from -74.3%).

• Q2 EPS: -0.02 SEK; H1 EPS: 0.06 SEK (adjusted for continuing operations: 0.06 SEK).

• Q2 cash flow from operations: -6,696 TSEK; H1: -17,699 TSEK.

• Dividend paid: 41,600 TSEK.

Outlook and guidance

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

• Focus for H2: converting Amigo Safe's customer base to recurring revenue, delivering on new Amigo Systems contracts, international expansion, and integrating Amigo Defense.