Nobia (NOBI) Q1 2026 earnings summary

Executive summary

• Completed divestment of UK operations, reducing leasing liabilities by SEK 750 million and focusing on core Nordic markets.

• Successfully executed an oversubscribed SEK 1.5 billion share rights issue, strengthening the balance sheet.

• Launched a cost-saving program expected to yield SEK 80 million in annual savings from Q3 2026.

• Signed a new SEK 2.5 billion revolving credit facility with improved terms and normalized covenants.

• Achieved third consecutive quarter of organic growth, driven by B2B strength and higher order values.

Financial highlights

• Net sales for Q1 2026 were SEK 1,424 million, slightly down from SEK 1,446 million in Q1 2025, but organic growth was 2% year-over-year.

• Adjusted gross margin improved to 37.8% from 36.8% year-over-year.

• Adjusted EBIT increased to SEK 73 million (margin 5.1%) from SEK 70 million (margin 4.8%) year-over-year.

• Cash flow from operating activities rose to SEK 100 million from SEK 28 million year-over-year.

• Free cash flow improved to minus SEK 54 million from minus SEK 157 million year-over-year.

Outlook and guidance

• Cost-saving program to deliver SEK 80 million in annual run-rate savings from Q3 2026.

• Ramp-up costs for Nobia Park expected to taper off in H2 2026; double staffing costs to decrease as transition completes.

• Remaining CapEx for Nobia Park in 2026 is SEK 150–160 million, targeting a 3.5% EBITDA uplift over the business cycle.

• Market recovery signs in B2B, especially in Sweden and Denmark, but overall demand remains subdued.

• Continued focus on driving average order values and strict cost discipline to safeguard margins.