Wall to Wall Group (WTW-A) Q1 2026 earnings summary

Executive summary

• Q1 2026 began with seasonally slow activity but saw progressive improvement, ending the period stronger with improved results driven by lower costs and better margins despite market uncertainty.

• Profitability improved as indirect costs were reduced and gross margins increased, offsetting lower net sales.

• Structural transformation over the past year shifted focus to sales and revenue growth, with further profitability improvements expected as volumes increase.

• Energy solutions segment started slow but is expected to perform well for the rest of the year, driven by demand for energy efficiency services.

Financial highlights

• Net sales for Q1 2026 were SEK 190.9m, down 8.7% year-over-year on a proforma, currency-adjusted basis.

• Adjusted EBITA for Q1 2026 was SEK 3.5m, up from SEK 0.5m in Q1 2025 and SEK -1.4m in the prior year.

• Gross margin improved to 31.8% in Q1 2026 (up 0.3pp YoY) and 32.1% LTM (up 1.2pp YoY).

• Indirect costs decreased by 16.2% in the quarter and 11.8% LTM, reaching SEK 165.9m.

• Operating profit (EBIT) was SEK 0.2m (SEK -26.6m), and net profit was SEK -2.6m (SEK -31.1m).

Outlook and guidance

• Management expects continued improvement in activity and profitability, with the potential to achieve a double-digit EBITA margin if net sales increase by about 10 percentage points.

• Market remains cautious but deferred investment needs among property owners are expected to drive recovery and growth.

• Energy solutions are anticipated to develop well, supported by strong demand for energy efficiency services.