Idun Industrier (IDUN) Q1 2026 earnings summary

Executive summary

• Net sales grew by 15.7% year-over-year in Q1 2026, reaching SEK 659 million, with EBITA up 16.8% to SEK 91 million and earnings per share up 30%.

• Organic sales growth was 4.5% for the quarter, with organic EBITA growth at 1.0%.

• The group completed the acquisition of 90.1% of Mouldex Sweden AB and two add-on acquisitions (JoMi System and EcoSign) for Stegaföretagen.

• The group consists of 20 companies, primarily in Sweden and the Nordics, with a balanced split between manufacturing (60–62%) and service/maintenance (38–40%).

• Over 90% of sales are generated in the Nordics, with a focus on both manufacturing and service & maintenance segments.

Financial highlights

• EBITDA for Q1 2026 was SEK 106 million (Q1 2025: SEK 89 million), with a margin of 16.1%.

• Net sales rolling twelve months (RTM) Q1 2026: SEK 2,387 million, with EBITA RTM at SEK 329 million and margin at 14.8%.

• Net debt increased by SEK 66 million due to acquisitions, with net debt/EBITDA at 2.5x.

• Interest costs reduced by SEK 7 million in the quarter, with further annual savings expected from potential early bond redemption.

• Cash conversion for Q1 was 58%, with a target to exceed 60% in the coming year.

Outlook and guidance

• Management expects continued positive development, with potential for slightly higher operating margins in 2026 if macroeconomic conditions remain stable.

• Financial targets remain: EBITA/EBITDA growth ≥15% per year (10% from M&A, 5% organic), and net debt/EBITDA below 3.5x.

• Significant macroeconomic and geopolitical uncertainties persist, especially related to the Middle East.