Infrea (INFREA) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance was seasonally weak but aligned with expectations, with lower revenue and EBITA due to project mix and winter effects, yet improved cash flow from operations compared to Q1 2025.

• Order intake improved, with significant new contracts such as Jonab's SEK 147 million Västerport project, supporting a positive outlook for the year.

• The company is now more focused after divesting the Water & Sewage segment, resulting in a stronger balance sheet and capital return initiatives.

Financial highlights

• Net sales for Q1 2026 were SEK 318.8 million, down 14.9% year-over-year.

• EBITA from continuing operations was SEK -48.4 million (Q1 2025: -41.3 million); operating result was SEK -48.5 million.

• Net result for the period was SEK -40.0 million (Q1 2025: -38.4 million); EPS was SEK -1.4.

• Rolling 12-month net sales from continuing operations were SEK 2,013.2 million, with EBITA of SEK 33.0 million (margin 1.6%).

• Cash flow from operations improved to SEK -28.3 million (Q1 2025: -44.8 million).

Outlook and guidance

• Management expects revenue growth and a clear improvement in EBITA for 2026 versus 2025, supported by a stronger order book and ongoing efficiency initiatives.

• The order situation is generally positive, with robust project pipelines in both segments.