FIRST QUARTER 2026
MARTIN NYSTRÖM PRESIDENT & CEO21 APRIL, 2026
First quarter highlights
18%
Order intake growth
6%
Total sales
-
Record order intake - growth driven by acquisitions
Total order intake and net sales increased, driven by recent acquisitions
Organic order intake decreased year-on-year, but improved vs Q4
Organic invoicing declined, mainly due to ramp-up challenges in Nashville
Price increases in Americas started to positively impact sales
-
Markets remain soft, with signs of warehousing recovery
Demand remained weak and difficult to assess, as in late 2025
Demand improved through the quarter, particularly for warehousing in Europe and North America
Automotive challenges impacted organic order intake in Europe and Asia
Q1 interim report 2026
First quarter highlights
10.1%
Adjusted EBITA margin (excl. one-off items)
2.7
Net debt / EBITDA
-
EBITA impacted by low volumes and ramp-up issues
Gross margin in line with last year and improved vs Q4
Increased sales and marketing costs origin from acquisitions
Cost synergies expected as acquisitions are integrated
-
Operational transition progressing
North America factory transfer in its most intensive phase
Delivery performance from the Nashville warehouse improved during the quarter
Production ramp-up in Sweden initiated after transfer from Poland
Commercial partitioning manufacturing in the UK closed after
portfolio review
Q1 interim report 2026
Acquisitions strengthening portfolio and growth potential
Broader portfolio from recent acquisitions (Vich acquisition completed in January 2026)
Strong demand for flexible barriers and data centre safety solutions
Cost synergies expected as acquisitions are integrated
Order intake share of total: 21%
Q1 interim report 2026
High pace of transformation towards our 2030 targets
Production ramp-up in Sweden ongoing after transfer from Poland
Commercial partitioning discontinued following portfolio review, (incl. closure of manufacturing site in the UK)*
Production transfer from Chicago to Portland progressing at high intensity
Leadership change in Americas, with continued focus on sales and operational execution
* Financial effects related to the closure impacted Q4 2025
Q1 interim report 2026
Operational ramp-up progressing in North America
New facility in Portland (Nashville) will start operating in May
Delivery performance from the new Nashville warehouse close to full capacity
Improved competitiveness through full automation, best practices, and cost-effective location
Higher capacity will improve delivery performance and customer service
Q1 interim report 2026
Racking footprint optimisation
Racking portfolio streamlined to improve
efficiency and simplify our offering
Production transfer from Poland to Sweden successfully completed
Ramp-up ongoing, with customer deliveries
underway
Previously communicated annual savings of
~EUR 5 million expected after ramp-up
Q1 interim report 2026
Market development
(Organic intake YoY, excl. FX)
~15% Share of sales OI change (2025) (YoY) | ~35% | ~10% | ~10% | ~30% | 100% | |||
Northern Europe 67% Southern Europe | -20% | |||||||
10% | ||||||||
Americas 12% 36% | ||||||||
APAC 21% -31% | ||||||||
Automotive
Warehouse
Construction
Process
Total
-5%
Other
Total
< -5%
-5% to 5%
>5%
Q1 interim report 2026
Order intake growth (YoY)
Order intake by quarter (MEUR) Bridge
+18%
69,5
82,0
+18%
82,0
69,5
-2%
+25%
-5%
21-Q4 22-Q4 23-Q4 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4
26-Q1
25-Q1 Organic Structure FX 26-Q1
Q1 interim report 2026
Sales development Q1
68,3
71,8
+20%
-14%
-2%
+5%
Sales by quarter (MEUR) Bridge
71,8
68,3
+5%
21-Q1 22-Q1 23-Q1 24-Q1
25-Q1 25-Q2 25-Q3 25-Q4
26-Q1
Q1-25 Organic Structure FX Q1-26
Q1 interim report 2026
EBITA development
20
15
10
5
0
20
15
10
5
0
9,5
7,2
14,0
10,1
22-Q1 23-Q1 24-Q1 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1
Adjusted EBITA margin
10.1%Lower organic volumes in EMEA and ramp-up of our new Americas site put pressure on the EBITA-margin
The profitability gap in Americas decreased to ~150 bps (vs. 300 bps in Q4-25) due to price adjustments
Sales and admin costs are relatively high in relation to net sales, but underlyingly decreasing
Q1 interim report 2026
25
0
180
90
0
-90
3,6
21-Q1 22-Q1 23-Q1 24-Q1 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1
Operating cash flow (MEUR)
R3 Cash conversion %
4,5
Operating cash flow development
Free operating cash flow
4.5 MEURQ1 interim report 2026
Net debt development
160
140
120
100
80
60
40
20
3,0
2,5
2,0
1,5
1,0
0,5
0,0
2,7
Target: Net debt/EBITDA <2.5 over time
21-Q1
22-Q1
23-Q1
24-Q1
25-Q1
26-Q1
Financial net debt Net debt/EBITDA
Financial Net debt / EBITDA
2.7 (R12)Net debt increase during Q1 due to acquisitions
Target is to remain below 2.5
Financial summary
KEY FINANCIALS (MEUR) | Q1 2025 | Q1 2026 |
Order intake | 69.5 | 82.0 |
Sales | 68.3 | 71.8 |
Adj. EBITA | 9.5 | 7.2 |
Adj. EBITA (%) | 14.0% | 10.1% |
Net debt / EBITDA | 0.9 | 2.7 |
EPS (adjusted) | 0.10 | 0.07 |
GROWTH (YoY) | OI | Sales |
Organic | -5 | -14 |
Structure | +25 | +20 |
Organic + structure | 20% | 6% |
Currency | -2 | -2 |
Total | 18% | 5% |
Looking ahead
Market conditions remain uncertain - we are actively preparing to adapt both up and down
Our strategy for profitable growth is unchanged -
keeping the course
Broader portfolio through acquisitions and strong demand for flexible barriers and data centre safety solutions
Optimised factory structure will enhance our efficiency and competitiveness
With our decentralised organisation and lean processes we are well positioned to grow when the market turns
Q1 interim report 2026
Q&A
Q1 interim report 2026
THANK YOU!