Net sales reached SEK 1,698 million in Q1 2026, down 10% year-over-year, with organic sales down 2% due to FX headwinds and weak Fiber Solutions performance in Europe, while Data Center and Harsh Environment segments showed strong organic growth.
Adjusted EBITA was SEK 146 million, with an 8.6% margin, down from 9.8% last year but improved sequentially after five quarters of decline.
Data Center became the largest profit and EBITA contributor for the first time, driven by 20% organic growth and strong US demand, reflecting a strategic shift in business mix.
Harsh Environment saw 9% organic growth, while Fiber Solutions faced continued challenges in Europe but showed recovery in the US and growth in APAC.
The performance improvement program was completed ahead of schedule, delivering SEK 110 million in annualized cost savings, and the acquisition of JoWo/JOWO Systemtechnik AG in Harsh Environment was announced and closed after the quarter.
Net sales: SEK 1,698 million, down 10% year-over-year; adjusted EBITA: SEK 146 million (down 21%), margin 8.6%.
Adjusted gross margin was 41.3%, stable year-over-year.
Net income: SEK 92 million; EPS after dilution: SEK 0.45 (up from SEK 0.42).
Net debt (excluding leases) increased to SEK 1.7 billion, with a net debt/EBITDA ratio of 2.2x.
Cash flow from operating activities was SEK 29 million, with a 26% cash conversion rate.
Persistent headwinds expected in Europe for Fiber Solutions, offset by growth in North America; Data Center segment expected to see continued strong demand and a modest margin increase in Q2.
Harsh Environment margins may remain muted in Q2 due to project mix and U.S. government shutdown effects, with normalization expected in the second half.
Submarine cable order book is nearly full for 2026 and filling for 2027, with a shipment peak expected in Q3 2026.
FX headwinds should abate, and leverage will temporarily increase in Q2 due to an earn-out payment.
Continued focus on M&A, especially in Data Center and Harsh Environment.
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