Waystream Group (WAYS) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 32.4 million, down 14% year-over-year, mainly due to lower sales in Germany and product mix issues, but offset by strong growth in the Nordic operator segment.

• EBITDA was SEK 2.4 million (7.4% margin), significantly lower than Q1 2025, impacted by lower sales and a temporary dip in gross margin due to inventory clearance of lower-margin products.

• Cash flow from operations remained positive at SEK 13.2 million, and cash and bank balances increased to SEK 36.6 million.

• New long-term financial targets set: 20% annual growth, EBITDA margin above 20%, and return on equity above 20% by 2030.

Financial highlights

• Net sales: SEK 32.4 million, down from SEK 37.7 million in Q1 2025.

• EBITDA: SEK 2.4 million (7.4% margin), down from SEK 7.4 million (19.5%).

• EBIT: SEK 0.16 million (0.5% margin), down from SEK 5.4 million (14.3%).

• Net result: SEK -0.17 million, compared to SEK 4.0 million in Q1 2025.

• Earnings per share: SEK -0.02 (Q1 2025: SEK 0.50).

• Cash flow from operations: SEK 13.2 million (Q1 2025: SEK 15.2 million).

• Cash and bank: SEK 36.6 million (Q1 2025: SEK 16.9 million).

Outlook and guidance

• Sales expected to strengthen in H2 2026 as delayed orders (~SEK 6 million) are delivered.

• Gross margin anticipated to recover to 2025 levels as inventory of lower-margin products is depleted.

• Focus remains on growing operator segment in the Nordics and expanding in Europe.

• Long-term targets: 20% annual growth, EBITDA margin above 20%, and return on equity above 20% by 2030.