Nordic LEVEL Group (LEVEL) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were 76.5 MSEK, down 30.5% year-over-year, mainly due to project delays, not lost revenue.

• EBITDA was -7.2 MSEK (0.6 MSEK last year), and EBIT was -11.6 MSEK (-3.6 MSEK), reflecting higher costs from sales investments and delayed project execution.

• Net result after tax was -13.1 MSEK (-4.8 MSEK), with EPS at -0.06 SEK (-0.02 SEK).

• Order intake fell 43.4% to 48.7 MSEK, but order backlog rose 23.3% to 137.9 MSEK and quotation backlog reached a record 619.8 MSEK, up 57.1%.

• Strategic sales investments in 2025 are now reflected in a record-high quotation backlog, supporting future growth.

Financial highlights

• Operating cash flow before working capital changes was -10.2 MSEK (-1.1 MSEK), and total operating cash flow was -10.6 MSEK (10.7 MSEK).

• Cash flow from investing was -0.7 MSEK, and from financing 13.1 MSEK, resulting in a net cash flow of 1.7 MSEK (-4.6 MSEK).

• Equity at period end was 189.1 MSEK (194.5 MSEK), with a solidity of 50% (48%).

• Interest-bearing debt was 84.8 MSEK (90.1 MSEK), with new long-term financing of 50 MSEK secured in December 2025.

• Liquidity at period end was 4.7 MSEK (3.8 MSEK).

Outlook and guidance

• No formal forecast for 2026 is provided.

• Management expects delayed projects to be executed in coming quarters, with strong forward indicators from record quotation and order backlogs.

• Focus for the rest of 2026 remains on profitable growth, market share gains, and leveraging recent investments.