Profoto (PRFO) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 declined by 9.5–10% year-over-year to SEK 149m, with organic growth of 1% and a negative currency effect of 10.5–11%.

• EBIT remained stable at SEK 17m, with the margin improving to 11.3% (up from 10.4% last year).

• Large studios increased investments in content production, supporting demand, and the Pro-11 drove positive organic growth.

• The company began shipping the new ProPanel 3x2 LED panel at quarter-end, with broader market impact expected in Q2.

• Regional performance varied: Americas saw 9.3% organic growth, EMEA was soft with -6.5%, and APAC was mixed, with China strong and Japan/rest of APAC lagging.

Financial highlights

• EBIT for the quarter was SEK 17m, with an EBIT margin of 11.3%.

• EBITDA increased to SEK 36m (24.1% margin), up from SEK 32m (19.2%).

• Cash flow from operating activities was SEK 23m, down from SEK 58m in Q1 2025.

• Net debt/EBITDA improved to 1.5.

• Over 30% reduction in cost base compared to the same quarter last year.

Outlook and guidance

• Management expects a slightly higher cost base in coming quarters due to new product launches and increased sales and marketing investments.

• The launch of the Profoto ProPanel 3x2 is expected to impact Q2 2026 financials.

• No dividend proposed for 2025 to maintain operational flexibility.