Wetteri (WETTERI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was €107.8M, down 7% year-over-year, mainly due to lower delivery volumes and divestment of heavy vehicle maintenance.

• Order backlog for new cars increased 39% from year-end to €61.6M, with new car orders up 23% year-over-year.

• Adjusted operating result was -€1.5M, similar to Q1 2025; adjusted EBITDA was €2.2M, down 3% year-over-year.

• Strategic focus shifted to passenger cars, with new service launches and acquisitions in key markets.

• Market showed signs of recovery towards quarter-end, with passenger car registrations up 3% year-over-year.

Financial highlights

• Revenue: €107.8M (Q1 2025: €115.5M), down 7% year-over-year.

• Adjusted EBITDA: €2.2M (Q1 2025: €2.3M, -3%).

• Adjusted operating result: -€1.5M (Q1 2025: -€1.4M).

• Net loss: -€3.1M (Q1 2025: €10.9M profit); EPS: -€0.02 (Q1 2025: €0.07).

• Equity ratio: 20% (Q1 2025: 21–22%); net debt: €82.5M, down 23% year-over-year.

Outlook and guidance

• Revenue and adjusted operating profit expected to grow and turn positive in 2026 compared to 2025.

• Market forecasts predict a 6% increase in new passenger car registrations in Finland for 2026.

• Strategic targets for 2026–2028: >10% annual organic revenue growth, adjusted operating profit at 3% of revenue, equity ratio at least 25%.