Röko (RÖKO) Q1 2026 earnings summary

Executive summary

• Net sales increased by 9% year-over-year in Q1 2026 to SEK 1,853 million, with organic growth of 6% despite a -6% FX impact and ongoing global trade uncertainties.

• Adjusted EBITA rose 5% to SEK 415 million, with a margin of 22%, down 1 percentage point from the prior year due to mix and low-margin acquisitions.

• Operating and free cash flow improved versus last year, with cash conversion in line after excluding IPO-related costs; operating cash flow reached SEK 275 million.

• Three acquisitions (Lambda, ABP Group, Golfshopen) were completed and consolidated, adding SEK 552 million in annual net sales.

• CEO transition announced: Johan Bladh to become CEO in April 2026, with Fredrik Karlsson as Deputy CEO and Douglas Kressner as CFO.

Financial highlights

• Net sales for Q1 2026: SEK 1,853 million (up 9% YoY); organic growth 6% in local currency.

• Adjusted EBITA: SEK 415 million (up 5% YoY); margin at 22% (down from 23% YoY).

• Operating profit: SEK 338 million (up 15% YoY); net profit: SEK 227 million, stable YoY; EPS: SEK 15.53.

• Exchange rate differences negatively impacted net sales and EBITDA by 6%.

• Return on capital employed: 14.1% (down from 14.5% YoY); return on equity: 13.3%.

Outlook and guidance

• M&A market conditions have improved, with a strong pipeline and larger deals available, but volatility and higher interest rates could impact future deal flow.

• Management remains comfortable with leverage up to 3x EBITDA and expects de-leveraging as acquisitions are integrated.

• Continued focus on disciplined acquisitions and organic growth across diversified industries and geographies.