Unlimited Travel Group UTG (UTG) Q1 2026 earnings summary

Executive summary

• Revenue increased by 16.6% year-over-year to 203.7 Mkr, driven by acquisitions and strong B2C demand.

• EBITA improved to -2.7 Mkr from -5.9 Mkr, with margin gains from pricing, currency, and sales investments.

• Notable acquisitions: NEX Travel (consolidated full quarter), Surfakademin (March), and Waterproof Expeditions (March).

• Booking levels as of April 30, 2026, were 15% higher than the previous year, indicating robust future demand.

• B2C segment showed strong growth, while B2B was impacted by event timing shifts.

Financial highlights

• Revenue: 203.7 Mkr (174.7 Mkr), up 16.6% year-over-year.

• Gross margin: 24.7% (18.4%), with comparable companies at 21.6% (18.4%).

• EBITA: -2.7 Mkr (-5.9 Mkr); adjusted EBITA for comparable companies: -1.6 Mkr (-3.2 Mkr).

• Net result: -5.6 Mkr (-7.1 Mkr); EPS: -0.60 kr (-0.69 kr).

• Cash flow from operations: 63.6 Mkr (17.8 Mkr); net cash: 60.0 Mkr (26.7 Mkr).

Outlook and guidance

• Booking levels remain strong, with a 15% year-over-year increase as of April 30, 2026.

• Focus remains on portfolio expansion, performance, and people, with continued acquisition activity.

• Market uncertainty persists, especially regarding flight costs and capacity.