First quarter 2026

• Order intake increased by 2% and amounted to SEK 8,609 million (8,462). For comparable units, the increase was 1%.
• Net sales were unchanged and amounted to SEK 8,063 million (8,036). For comparable units, there was no change.
• EBITA decreased by 2% to SEK 1,070 million (1,094), corresponding to an EBITA margin of 13.3% (13.6%).
• Profit for the quarter decreased by 4% to SEK 599 million (623) and earnings per share were SEK 1.64 (1.71).
• Cash flow from operating activities amounted to SEK 638 million (644).

CEO’s message

First quarter
Demand during the first quarter was slightly higher overall than in the corresponding period in the previous year, and the order backlog improved. Order intake increased by 2% compared with the corresponding period in the previous year and amounted to SEK 8.6 billion (8.5). Organic order growth was 1%, with positive development in just over half of the companies. Demand trends continued to vary between customer segments, companies and geographies. Order growth was strongest for companies with customers in medical technology and pharmaceuticals, but the energy segment and parts of the process industry also saw positive development. Demand in engineering remained relatively stable, whilst it weakened slightly in infrastructure and construction. Order intake was 7% higher than sales.

Net sales were in line with the corresponding period previous year and amounted to SEK 8.1 billion. Organically, too, this was in line with the previous year. Net sales for comparable units increased in two out of five business areas, primarily thanks to the improvement in order intake and the strengthened order backlog in 2025. Despite good demand and a high order backlog, the Process, Energy & Water business area had the weakest organic net sales growth, primarily due to generally longer lead times in the energy segment and the process industry.

EBITA amounted to SEK 1.1 billion (1.1), giving an EBITA margin of 13.3% – in line with the underlying EBITA margin in the corresponding period in the previous year. The gross margin remained strong, and effects from acquisitions and divestments had a positive impact on the EBITA margin. However, this was offset by the weak development in net sales, combined with slightly higher expense levels. The EBITA margin improved in three out of five business areas, with the Industrial & Engineering business area showing the strongest development.

Cash flow from operating activities was in line with the corresponding period in the previous year and amounted to SEK 638 million (644). Our companies continued to be successful in reducing inventories, but total working capital for comparable units increased slightly due to increase in trade receivables. We are maintaining our strong financial position.

Acquisitions
To date this year, Indutrade has acquired three companies with combined annual sales totalling SEK 625 million. We welcomed two larger companies during the quarter: Belman in Denmark and CAT Ricambi in Italy. Belman offers customised expansion joints and bellows for a wide range of industrial applications. CAT Ricambi is a technical trading company offering original equipment and high-quality spare parts for Italian, French, Japanese and South Korean car brands to the Italian market. Axotan in Sweden, which operates in the field of stoma and wound care products, was acquired after the end of the quarter.

Since the second half of 2025, the acquisition pace has gradually picked up. This has resulted in improved contributions to net sales and EBITA, which amounted to 5% and 7% respectively during the quarter. Our business areas are involved in many different acquisition projects and are working successfully to generate more acquisition candidates from the internal network. There are many interesting acquisition candidates in the pipeline, and we have a very strong financial position, laying a solid foundation for a gradual increase in acquisition pace.

Outlook
Order intake continued to improve during the first quarter, and the order backlog strengthened. Financial development improved gradually during the quarter. At the same time, the market is still characterised by significant uncertainty, primarily related to the prevailing geopolitical situation and its potential impact on general investment appetite and the global economic recovery.

Indutrade’s diversified structure, with decentralised responsibility, strong entrepreneurship and decisions close to the customer, does however provide resilience in an uncertain macroeconomic situation. The Group’s five independent business areas support the companies and pursue their respective acquisition agendas in a proactive and opportunistic manner. In combination with a strong order backlog, this creates good conditions for sustainable profitable growth.

Bo Annvik, President and CEO

For further information, please contact:
Bo Annvik, President and CEO, tel. +46 (0) 8 703 03 00,
Patrik Johnson, CFO, tel. +46 (0) 70 397 50 30.

This report will be commented upon as follows:
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