Triona (TRIONA) Q1 2026 earnings summary

Executive summary

• Annual recurring revenue (ARR) increased 16.9% year-over-year to 110.7 MSEK, with recurring revenue reaching 25.8 MSEK, a 13.3% increase compared to Q1 2025.

• EBITA turned positive at 0.9 MSEK, improving by 5.2 MSEK versus Q1 2025, with EBITA margin rising to 1.3% from -6.7% last year.

• The SaaS and product-focused strategy (FOCUS28) continues to drive transformation and growth, especially in Sweden and Finland.

• Expert Services stabilized, with billability at 88% and headcount rising to 212 employees.

• Norway saw recurring revenue growth despite a challenging expert services market, while Finland increased both recurring and consulting revenues.

Financial highlights

• Total revenue/net sales increased by 7.3% year-over-year to 69.1 MSEK.

• Operating cash flow was 5.0 MSEK, down from 7.2 MSEK in Q1 2025, mainly due to accounts receivable.

• Direct costs decreased by 21.8%, while other external costs rose 16% due to IT security and AI investments.

• Personnel costs decreased by 0.7% despite indexation and acquisitions, due to not replacing leavers and layoffs in Norway.

• Negative currency effect for the quarter was -0.6 MSEK.

Outlook and guidance

• Demand for services and software in infrastructure, transport, and forestry remains strong, with infrastructure investments driven by maintenance needs and new requirements for critical infrastructure and defense.

• Continued focus on combining domain expertise with scalable and responsible AI use and SaaS transformation.