Interim report second quarter and first half of 2026

Second quarter 2026

• Order intake increased by 14% and amounted to SEK 9,413 million (8,290). For comparable units, the increase was 8%.
• Net sales increased by 11% and amounted to SEK 8,988 million (8,121). For comparable units, the increase was 5%.
• EBITA increased by 19% to SEK 1,322 million (1,115), corresponding to an EBITA margin of 14.7% (13.7%).
• Profit for the quarter increased by 23% to SEK 784 million (639) and earnings per share amounted to SEK 2.15 (1.75).
• Cash flow from operating activities amounted to SEK 882 million (735).

CEO’s message

Second quarter
Demand strengthened further in the second quarter. Order intake increased 14% compared with the corresponding period in the previous year, amounting to a record-high SEK 9.4 billion (8.3). Organic growth was 8%, and development was positive in the majority of companies and all main customer segments. Performance was strongest in companies with customers in the medical technology, pharmaceuticals and energy segments. Order intake was 5% higher than sales, thus further strengthening the order backlog.

Net sales increased 11% to SEK 9.0 billion (8.1) due to acquisition effects and organic growth of 5%. Four out of five business areas grew organically, with the strongest performance in Life Science. Development was also positive for many companies in Process, Energy & Water, where deliveries increased due to the strong order backlog built up in recent quarters. Organic growth was also strong in Industrial & Engineering, with the majority of companies developing positively. Performance remained subdued in Technology & Systems Solutions and Infrastructure & Construction.

EBITA increased by 19%, of which 11% organically, to SEK 1.3 billion (1.1), corresponding to an EBITA margin of 14.7% (13.7%). The improvement in profits was driven by the organic sales growth, a continued strong gross margin and positive effects from acquisitions. The EBITA margin improved in four out of five business areas, with Infrastructure & Construction and Industrial & Engineering showing the strongest development. The EBITA margin improved in all business areas compared with the first quarter.

Cash flow from operating activities improved and amounted to SEK 882 million (735). The Group’s financial position remains very strong.

Acquisitions
There was a good acquisition pace in the first six months of the year. Acquisition effects on net sales and EBITA increased in the quarter, amounting to 6% and 8% respectively. To date this year, nine companies with combined annual sales totalling SEK 1.5 billion have been acquired. We welcomed five companies in the second quarter: the Swedish company Axotan, the German companies Phacotec and Createc, the Dutch company Valveco and the Norwegian company Autek. Since the end of the quarter, we have made the two add-on acquisitions Dorte Egelund and Albiox, which complement our Finnish medical technology company, Labema.

Our business areas are involved in many different acquisition projects and are focused on generating more acquisition candidates from the internal network. There are many interesting acquisition candidates in the pipeline, and we have a strong financial position, laying a solid foundation to maintain a high acquisition pace.

Outlook
The higher demand in the first six months has contributed to a gradual improvement in order backlog. Along with the recent good acquisition pace, this lays a solid foundation for positive development in the second half of the year. Significant uncertainty remains in the general economy, however, mainly due to the prevailing geopolitical situation.

Several of our companies are well positioned in structurally growing market areas, and we enter the second half of the year with a strong order backlog. Our decentralised model, with companies making decisions close to customers and independent business areas coaching our entrepreneurs and working proactively with acquisitions, creates good conditions for sustainable, profitable growth.

Bo Annvik, President and CEO

For further information, please contact:
Bo Annvik, President and CEO, tel. +46 (0)8 703 03 00,
Patrik Johnson, CFO, tel. +46 (0)70 397 50 30.

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