Nimbus Group (BOAT) Q1 2026 earnings summary

Executive summary

• Q1 net sales declined 14% year-over-year to SEK 257 million, mainly due to weak North American demand and reduced commercial order intake.

• Gross profit dropped to SEK 13 million from SEK 37 million, with gross margin falling to 5.1% from 12.3%.

• EBITA was SEK -30 million, down from SEK -13 million, with margin at -11.6% versus -4.2% last year.

• Operating cash flow improved to SEK -29 million from SEK -127 million year-over-year.

• Management is focused on cost reductions, inventory management, and revitalizing underperforming segments, especially in North America.

Financial highlights

• Available cash at quarter-end was SEK 191 million, down from SEK 237 million last year.

• Net working capital decreased by SEK 3 million, compared to an increase of SEK 89 million last year.

• Finance net was positive SEK 9 million, mainly due to favorable currency effects and lower interest expenses.

• Earnings per share for Q1 were SEK -0.27, compared to SEK -0.91 last year.

• Net cash flow from financing activities was SEK 27 million in Q1 2026.

Outlook and guidance

• Market volumes are at decade lows but show signs of stability; management expects performance improvements in North America in Q2.

• Financial targets remain unchanged: >10% growth, 10% EBITDA margin, no financial debt, and future dividends.

• Additional measures may be implemented if market conditions do not improve.

• Continued investment in product portfolio and workboat segment for defense customers.