Vestum’s Interim Report January-June 2026: clear signs of recovery

Highlights of the period January – June 2026
On 10 June, Vestum entered into an agreement to divest Flowa Technology AB and its subsidiaries to Nordic Capital for a purchase price of SEK 6.5 billion on a cash and debt-free basis. The transaction is expected to close in the second half of 2026 and is estimated to generate a capital gain of approximately SEK 3.5 billion, which will be recognized upon closing. In connection with the transaction, Conny Ryk assumed the role of CEO and Caroline Atelius was elected Chair of the Board.
 
The income statement and cash flow statement have been restated in accordance with applicable accounting principles, presenting the companies separately as discontinued operations. The numbers and comments below focus on the Group’s remaining operations.

• Net sales amounted to SEK 593 (703) million
• EBITA amounted to SEK 33 (41) million, corresponding to an EBITA margin of 5.5% (5.8%)
• Adjusted EBITA amounted to SEK 42 (43) million, corresponding to an adjusted EBITA margin of 7.0% (6.1%)
• EBITA per share before dilution amounted to SEK 0.09 (0.11)
• Operating profit (EBIT) amounted to SEK 0 (6) million
• Cash flow from operating activities amounted to SEK 44 (26) million

Summarising comments by CEO Conny Ryk

After several years of challenging market conditions, we are seeing clear signs of a gradual recovery. Customer activity is increasing, while competition for projects is returning to more sustainable levels. In several business areas, activity is improving and requests for proposals are increasing ahead of the second half of the year, supporting our view of a lasting positive market trend. Demand at the retail level is also showing signs of recovery following a weak winter. Overall, developments indicate that the most challenging phase is now behind us and that market conditions are improving.

 
The products segment continues to perform well despite challenging market conditions. During the quarter, we implemented several organic initiatives that are expected to contribute to higher volumes and improved margins over time. At the same time, several of our product companies are strengthening their market positions and are well positioned to benefit from a gradual recovery in demand.
 
Market conditions within the services segment have remained challenging in recent quarters, with continued pricing pressure and a competitive environment that has affected margins. At the same time, we have successfully retained our specialist expertise, positioning us well to gain market share as we are now seeing clear indications that investment appetite is beginning to recover.
 
During the spring, we implemented several structural measures, involving both merging and demerging of operations, to further strengthen our specialist areas, improve profitability and create better conditions for organic growth. The effects of these initiatives are expected to become increasingly visible over the coming quarters.
 
Demand remains subdued within our more cyclical operations, while other parts of the business are already showing increased activity and a more balanced competitive environment. We therefore expect continued improvements in both volumes and margins during the coming quarters, although the pace of recovery is likely to vary between our operations.
 
We are actively engaged in discussions regarding a number of potential acquisitions and see good opportunities to complete one or more platform acquisitions per year. At the same time, we continuously evaluate complementary add-on acquisitions within our business areas to strengthen existing operations. The previously announced divestment of Flowa Technology AB is progressing according to plan and is still expected to be completed during the second half of 2026.
 
We enter the second half of the year with significantly better conditions than just a few quarters ago. With gradually improving demand, completed structural measures and a continued focus on profitability, we have created favorable conditions to gradually strengthen both growth and profitability.
 
The Interim Report is available on Vestum’s website: https://www.vestum.se/en/ir/financial-reports/.