Prevas (PREV) Q1 2026 earnings summary

Executive summary

• Q1 2026 featured stable revenue, with net sales at SEK 425.8 million, down 1.1% year-over-year, and organic growth at -2.9%.

• Profitability improved, with adjusted EBITA/EBITDA margin at 9.3% and reported EBITA/EBITDA margin at 8.4%, both in line with last year.

• Defense sector was the main growth driver, with sales up 22% year-over-year to SEK 74 million, now 17% of group sales.

• Record SEK 80 million EAM contract signed in Norway, the largest in company history, with a 12-year partnership and recurring revenue.

• Restructuring actions in southern Sweden and Denmark, including closure of Malmö unit and workforce reduction, to improve profitability.

Financial highlights

• Net sales for Q1 were SEK 425.8 million, down from SEK 430.7 million in Q1 2025.

• EBITA was SEK 35.7 million (8.4% margin), up from SEK 35.6 million (8.3%) year-over-year; adjusted EBITA margin improved to 9.3%.

• EPS was SEK 1.57, down from SEK 1.75, mainly due to negative currency effects.

• Operating cash flow was SEK 10.8 million, down from SEK 32.2 million last year, impacted by working capital changes.

• EBITDA for Q1 was SEK 47.0 million; EBITDA margin at 11.0%.

Outlook and guidance

• Company remains agile, focusing on internal efficiency, margin improvement, and adapting to market changes.

• Full effect of restructuring in Denmark and Skåne expected from H2 2026.

• Positive outlook for acquisitions, with a strong pipeline and focus on strategic fit.

• Recruitment ongoing to meet strong demand in key segments.

• Market remains stable with strong demand in defense and cybersecurity, though some investment decisions are postponed.