Goodtech (GOD) Q1 2026 earnings summary

Executive summary

• Achieved solid operational performance in Q1 2026 with improved profitability and margin expansion, despite a less procurement-heavy revenue mix compared to Q1 2025.

• Net operating revenue after external project costs rose 3% year-over-year to NOK 141.4 million, driven by strong project execution and higher personnel utilization.

• EBITDA increased to NOK 20.3 million (14.4% margin), up from NOK 15.2 million (11.1%) in Q1 2025.

• EBITA reached NOK 14.8 million (10.5% margin), compared to NOK 9.6 million (7.0%) last year.

• Order intake was NOK 148 million, with backlog at NOK 312 million, both down from previous year.

Financial highlights

• Total revenue for Q1 2026 was NOK 172.2 million, down 12% year-over-year due to a less procurement-heavy project mix.

• Aftermarket and service revenue accounted for 17% of total revenue, supporting earnings stability.

• Personnel expenses increased 5% to NOK 106.9 million, reflecting wage growth.

• Other operating expenses decreased 28% to NOK 14.2 million, aided by discontinued operations and cost discipline.

• Net profit for the period was NOK 10.7 million, up from NOK 6.3 million; EPS at 0.36 NOK (0.22 NOK in Q1 2025).

Outlook and guidance

• Focus remains on operational excellence, disciplined execution, and increasing recurring higher-margin revenue from aftermarket and life cycle services.

• Activity levels expected to remain solid despite fewer large procurement-heavy projects in backlog and longer lead times for large projects.

• Geopolitical uncertainty is causing longer decision processes for large projects.

• Diversified industry exposure provides resilience.