Nederman (NMAN) Q1 2026 earnings summary

Executive summary

• Maintained resilience and high activity across all divisions despite a volatile market, though orders and revenue declined year-over-year.

• Strengthened position in structurally growing industries such as food, pharma, life sciences, wind power, hydrogen, batteries, and recycling, but this led to lower sales and EBIT margins.

• Continued investments in operational efficiency, automation, and digitalization supported performance.

• Activity picked up at the end of Q1 and continued into April, with cautious optimism for future demand.

• Cash flow from operations was negative, mainly due to working capital build-up, which is typical for Q1.

Financial highlights

• Orders received were SEK 1,267m, down from just over SEK 1,500m in Q1 last year; 6.7% down currency neutral, 9.2% organic decline.

• Sales were SEK 1,257m, down 2% currency neutral and 5.5% organically; currency impact was -9%.

• Adjusted EBITDA was SEK 117m (margin 9.3%) versus SEK 143m (margin 10.1%) last year; SEK 12m of EBITDA drop due to currency effects.

• Earnings per share SEK 1.31, down from SEK 1.69 in Q1 last year.

• Cash flow from operations was negative at SEK -19.9m, with capital expenditure at SEK 37.2m.

Outlook and guidance

• Demand remains subdued in many sectors, but strong service and digital segments support performance.

• Activity improved late in Q1; if sustained, could benefit future quarters.

• Considerable uncertainty persists, making broader demand recovery difficult to forecast.

• Well-positioned to improve profitability when demand recovers, supported by a strong balance sheet and ongoing investments in efficiency.