Systemair (SYSR) Q2 25/26 earnings summary

Executive summary

• Achieved record sales and operating profit for Q2 2025/26, with 8.2% organic growth and positive trends across all markets, including notable recovery in Central Europe.

• Completed major strategic investments, including new manufacturing facilities in Saudi Arabia and the acquisition of Nadi in India, expanding presence and capacity.

• Recognized for product innovation, with Menerga's CO2mpass air handling unit winning the Heat Pump Innovation of the Year Award.

• Announced CEO transition: Robert Larsson to succeed Roland Kasper as CEO from January 2026.

Financial highlights

• Net sales reached SEK 3,271 million in Q2 2025/26, a 4.0% increase year-over-year; organic growth was 8.2% despite negative currency effects of -5.6%.

• Operating profit was SEK 390 million, with an operating margin of 11.9% (up from 11.0% last year).

• Gross margin improved to 37.7% from 37.3% year-over-year, driven by restructuring, cost reductions, and organic growth.

• Profit after tax was SEK 265 million, up from SEK 236 million last year; tax rate at 24.8%.

• Free cash flow for the quarter was SEK 187.6 million.

Outlook and guidance

• Market signals are mixed, with normalization and recovery in some regions but ongoing uncertainty in others; continued positive growth expected.

• No further price increases planned in North America; future impact of tariffs remains uncertain.

• Capacity investments are expected to slow after current projects, with utilization in Europe at 70%-80%, positioning for future growth.

• Expansion in Saudi Arabia and new product launches position the company for further growth.

• Confident in sustained demand for energy-efficient ventilation solutions.