Karnell Group (KARNEL) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with net sales up 27.3% to SEK 457.4 million and organic growth of 13.1%.

• EBITA increased 73% to SEK 66.3 million, with margin expansion to 14.5% from 10.7%.

• Record operating cash flow reached SEK 59 million, over four times higher than Q1 last year.

• Completed acquisitions of OBA in Italy and flex7 in the UK, expanding geographic and segment reach.

• Strategy remains focused on disciplined acquisitions, operational improvements, and maintaining a robust M&A pipeline.

Financial highlights

• Net sales rose 27% year-over-year to SEK 457 million; organic growth was 13.1%.

• EBITA increased 73% to SEK 66 million; EBITA margin improved to 14.5% from 10.7%.

• Operating cash flow reached SEK 59 million, up 342% year-over-year.

• LTM operating cash flow at SEK 265 million, up 51% year-over-year.

• ROCE reached 13.4%.

Outlook and guidance

• Entering the rest of 2026 with confidence in strategy and ability to create long-term value.

• M&A pipeline remains active and expanding, especially in the UK, Italy, and Nordics.

• Q1 2027 expected to face challenging comparables due to non-recurring project activity in Q1 2026.

• Acquisitions are expected to positively impact earnings per share on an annual basis.

• Broader market conditions are mixed, but the decentralized model supports resilience.