Wall to Wall Group (WTW-A) Q2 2026 earnings summary

Executive summary

• Revenue/net sales stabilized in Q2 2026, ending a decline since 2023, with Water & Sewer improving and Energy underperforming expectations.

• Profitability improvement remains below plan due to rising indirect costs, prompting further efficiency measures.

• The market remains cautious with long decision cycles, but management expects increased net sales and improved operating margin for 2026.

• Finland continues to underperform, with focus on efficiency and restructuring.

Financial highlights

• Q2 2026 net sales were SEK 212.4m (212.6m in Q2 2025); gross margin stable at 32.0% (31.9%).

• Adjusted EBITA margin for Q2 2026 was 4.6% (5.2% in Q2 2025); adjusted EBITA SEK 9.8m (11.1m in Q2 2025).

• Net profit for Q2 was SEK -4.1m (-39.3m in Q2 2025); EPS was SEK -0.30 (-2.91).

• Net debt at quarter-end was SEK 292.7m (244.2m at 2025 year-end); cash and available liquidity SEK 49.1m.

• Indirect costs increased 4.6% year-over-year in Q2 2026, impacting profitability.

Outlook and guidance

• Management expects higher net sales and improved operating margin for 2026, targeting a double-digit EBITA margin at a revenue level about 10% above 2025.

• Focus remains on sales growth, operational improvements, and cost reduction.