First quarter of 2026
Plejd AB (publ)
Interim Report
First quarter of 2026
First quarter │ Jan-March 2026Net sales amounted to TSEK 307,876 (220,383), which is an increase of 39.7% compared to the same period last year.
The gross margin amounted to 55.8% (51.6).
Operating profit before depreciation (EBITDA) amounted to TSEK 132,282 (77,140), which corresponds to an operating margin before depreciation of 43.0 % (35.0).
Operating profit (EBIT) amounted to TSEK 106,767 (57,100), which corresponds to an operating margin of 34.7% (25.9).
Earnings per share before dilution amounted to SEK 7.51 (4.02).
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Financial overview | ||||||||
Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
Amounts in TSEK | 2026 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
Net sales | 307,876 | 288,333 | 215,349 | 210,703 | 220,383 | 203,991 | 153,148 | 146,194 |
Gross margin, % | 55.8 | 54.5 | 52.6 | 52.0 | 51.6 | 55.1 | 53.5 | 53.4 |
Operating profit before depreciation (EBITDA) | 132,282 | 104,121 | 68,005 | 68,570 | 77,140 | 71,155 | 44,038 | 41,712 |
Operating profit (EBIT) | 106,767 | 80,169 | 45,075 | 47,384 | 57,100 | 54,039 | 26,048 | 24,906 |
Operating margin, % | 34.7 | 27.8 | 20.9 | 22.5 | 25.9 | 26.5 | 17.0 | 17.0 |
Profit after tax | 83,906 | 62,891 | 35,244 | 37,117 | 44,991 | 42,749 | 20,319 | 18,919 |
Earnings per share before and after dilution, SEK | 7.51/7.45 | 5.63/5.58 | 3.15/3.13 | 3.32/3.30 | 4.02/4.02 | 3.82/3.82 | 1.82/1.82 | 1.69/1.69 |
Equity/assets ratio, % | 70.2 | 69.0 | 72.6 | 74.2 | 74.0 | 74.0 | 73.0 | 74.2 |
Cash and cash equivalents | 146,312 | 92,303 | 95,315 | 78,464 | 62,290 | 43,825 | 21,762 | 31,485 |
For definitions of key figures, see the table on page 15.
PLEJD AB | INTERIM REPORT F OR THE FIRST QU ARTER OF 2026 2
Value growth in installationsQ1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
% | 2026 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
Global | 34.1 | 45.5 | 44.4 | 46.7 | 44.1 | 36.0 | 33.6 | 33.8 |
Sweden | 20.8 | 29.4 | 29.3 | 31.6 | 29.8 | 29.7 | 22.3 | 21.4 |
Norway | 51.2 | 70.7 | 64.6 | 67.0 | 64.1 | 39.0 | 46.5 | 54.6 |
Finland | 29.7 | 50.9 | 36.6 | 39.3 | 37.5 | 42.6 | 36.1 | 48.4 |
The Netherlands | 76.5 | 87.2 | 85.1 | 103.0 | 86.4 | 89.1 | 90.0 | 95.6 |
The figures show the value growth in installations compared to the same quarter of the previous year, which is the best measure of the company's underlying organic growth, as it excludes variations in inventory held by wholesalers and electricians. An installation is defined as an installed unit multiplied by the price.
Net salesTSEK 350,000
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Net sales per quarter Rolling 12-month net salesThe graph presents the net sales per quarter in bars, according to the axis on the left.
The line represents the net sales for the last 12-month period, according to the axis on the right.
Operating profit/EBITTSEK 120,000
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EBIT per quarter Rolling 12-month EBITThe graph presents operating income EBIT per quarter in bars, according to the axis on the left.
The line presents the operating income for the last 12-month period, according to the axis on the right.
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Comments from the CEO
We begin the year with a fantastic quarter.
The highlight is a level of profitability that clearly indicates the potential we have been working towards. Revenue growth is somewhat higher than installation growth, mainly as a result of increased inventory levels among wholesalers, but the underlying demand and installation pace remain very high.
The improved profitability is largely driven by a strong gross margin. As we have previously
communicated, the margin is affected by several factors. We are now seeing clear effects of
the measures we have implemented, where optimizations of our most installed product, the downlight DWN-01, as well as an increased share of in-house production in our own factory, are the primary ones. High foreign exchange gains have also contributed to an improved operating profit during the quarter.
At the end of the quarter, we launched our new LED panel, LPN-01, our first luminaire aimed exclusively at commercial installations. We look forward to commencing deliveries; a ramp-up of production capacity will take place during the second quarter, and given a successful reception, we see potential for a clear contribution to earnings during the second half of 2026.
We continue to strengthen our position in the Nordic market and also see good opportunities to take further steps in our European expansion going forward.
During the past year, we have carried out preparatory work ahead of the planned uplisting to the main market, which was scheduled for the end of 2026. Given the strong growth in the business, we have chosen to prioritize operational execution and have therefore adjusted the timeline. We now plan for a listing during the second half of 2027.
I would like to thank the team for a fantastic quarter and look forward to a continued exciting year, with a focus on organic growth and strong profitability.
Babak Esfahani
CEO of Plejd AB
PLEJD AB | INTERIM REPORT F OR THE FIRST QU ARTER OF 2026 4
Market developmentThe global market for smart products has during the past years undergone significant growth, and forecasts indicate that this trend will continue for several years ahead. The market growth is affected by a combination of factors, where connected technology plays a central role. Other driving factors are cost savings and installation flexibility through the use of wireless technology instead of traditional cable pulling.
With simple scheduling and presence control, energy savings are achieved, which is Note only cost-effective but also beneficial for the environment. The increasing use of mobile technology reinforces the trend further, as smartphones enable simple and efficient configuration and control of smart systems. At the same time, the acceptance is increasing for the use of mobile applications for this purpose.
Plejd, which is an actor within the professional market for connected smart products, focuses on fixed installations that are performed by authorized electricians in both private and commercial environments. The products are sold via electrical wholesalers to electricians, who then install them at end customers. Even though the products create value for all parties, Plejd's focus is clearly on the electrician. Plejd develops all products and services in-house, which provides full control from idea to finished product and ensures highest quality and best user experience.
About the companyPlejd is a leading Nordic supplier of smart lighting and other smart products. By focusing on the user experience, Plejd makes smart solutions easy and available to everyone.
PLEJD AB | INTERIM REPORT F OR THE FIRST QU ARTER OF 2026
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