Safe at Sea (SAFE) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was 3,961 tkr, down 18% year-over-year due to delayed customer orders and procurement processes.

• EBITDA increased to 425 tkr from 405 tkr, and net income rose to 240 tkr from 167 tkr, driven by improved gross margins.

• Strong customer engagement and ongoing product development to meet evolving dual-use and integration requirements.

Financial highlights

• Gross margin improved significantly to 36.4% from 22.9% year-over-year.

• Solid equity ratio at 70.1% (up from 62.7%) and cash liquidity at 98.4% (up from 78.6%).

• Earnings per share increased to 0.009 kr from 0.006 kr.

• Cash at period end was 3,893 tkr, with available liquidity including credit at 5,393 tkr.

Outlook and guidance

• Management expects additional significant orders in the coming months, particularly from defense contracts.

• Continued focus on supporting customers through extended procurement cycles and further product enhancements.