Indutrade (INDT) Q1 2026 earnings summary

Executive summary

• Order intake increased by 2% year-over-year, with 1% organic growth and over half of companies showing organic order growth.

• Net sales were flat at SEK 8,063 million, with stable organic sales and positive acquisition impact offset by currency headwinds.

• EBITDA margin was 13.3%, matching last year; EBITA margin also at 13.3%, with EBITA down 2% to SEK 1,070 million.

• Operating cash flow remained strong at SEK 638 million, with working capital management supported by historically low inventories.

• Three acquisitions completed or announced YTD, including two larger deals, adding SEK 625 million in annual sales.

Financial highlights

• Total order growth was +2% and sales growth 0% year-over-year, with gross margin improving to 36.0% from 35.4%.

• EBITDA declined 2% year-over-year; EPS down 4% to SEK 1.64.

• Return on capital employed declined to 18%.

• Net debt/EBITDA at 1.5x; net debt/equity at 45%.

• Free operating cash flow was SEK 539 million, up from SEK 510 million.

Outlook and guidance

• Order backlog strengthened, supporting expectations for improved sales and margin in Q2 and Q3.

• Market uncertainty remains high due to geopolitical factors and global economic recovery concerns.

• Management expects sequential improvement in margins and cost alignment in coming quarters.

• Focus remains on achieving at least 10% annual growth and a stable EBITA margin of at least 14% over the business cycle.

• Raw material price increases anticipated in Q2, but gross margin expected to be managed through pricing.