Waystream Group (WAYS) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 increased by 5.6% year-over-year to 37.2 MSEK, or 39.1 MSEK pro forma including Tellus Fiber acquisition.

• EBITDA for Q2 was 2.2 MSEK (5.9% margin), down from 6.4 MSEK (18.2%) last year, mainly due to lower gross margin and postponed deliveries.

• Net result for Q2 was -1.2 MSEK, compared to 3.2 MSEK in Q2 2025.

• Acquisition of Tellus Fiber in May 2026 broadened the product portfolio and increased sales of optical transceivers.

• Strong growth in operator segment and Nordic markets, offset by a sharp decline in other European markets.

Financial highlights

• Q2 net sales: 37,168 tkr (35,203 tkr in Q2 2025); pro forma: 39,123 tkr.

• Q2 EBITDA: 2,208 tkr (6,402 tkr); EBITDA margin: 5.9% (18.2%).

• Q2 operating result (EBIT): -770 tkr (4,317 tkr); EBIT margin: -2.1% (12.3%).

• Q2 net result: -1,242 tkr (3,206 tkr); EPS: -0.15 kr (0.40 kr).

• Cash flow from operations in Q2: -5,764 tkr (11,276 tkr), mainly due to inventory build-up.

• Gross margin in Q2: 45% (48% in Q2 2025), improved sequentially from Q1.

Outlook and guidance

• Order backlog of 11 MSEK expected to be delivered in H2 2026 due to component lead times.

• Bruttomargins and operating results expected to improve as production of cost-optimized switches ramps up.

• Continued focus on expanding operator segment and leveraging Tellus Fiber synergies.

• Financial targets to 2030: 20% annual growth, EBITDA margin ≥20%, ROE ≥20%.