Troax Group Ab Class AOMXSTO: TROAX

Interim Report Q1 2026

· MarketScreener

‌INTERIM REPORT 2026‌

JANUARY - MARCH

TROAX GROUP AB (PUBL)

Hillerstorp, Sweden, 21 April, 2026

SHAPING THE FUTURE OF SAFETY

‌WE'RE SHAPING THE FUTURE OF SAFETY

Troax Group is a world-leading provider of safety solutions for industrial manufacturing, warehouse management and storage. The Group offers a wide range of products and services that contribute to safe and efficient production and warehouse flows for customers globally. With operations in over 40 countries, approximately 1,400 employees and an international sales and distribution network, Troax meets the industry's need for both advanced and standardised safety solutions. The head office is located in Hillerstorp, Sweden, and the Troax share is listed on Nasdaq Stockholm. In 2025, net sales amounted to approximately 262 MEUR.





SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION











3 Month

3 Month

12 Month

12 Month

12 Month

Jan-Mar

Jan-Mar

Jan-Dec

Jan-Dec

Apr-Mar

MEUR

2026

2025

2025

2024

2025/2026

Order intake

82,0

69,5

261,4

276,9

273,9

Sales

71,8

68,3

262,4

278,5

265,9

Gross profit

26,7

25,6

98,2

106,0

99,3

Gross margin, %

37,2

37,5

37,4

38,1

37,3

Adjusted operating result EBITA

7,2

9,5

36,3

48,2

34,0

EBITA margin, %

10,1

14,0

13,8

17,3

12,8

Operating result EBIT

4,0

8,6

22,8

45,1

18,2

EBIT margin, %

5,6

12,6

8,7

16,2

6,8

Profit after tax

1,8

5,3

13,5

31,3

10,0

EBITDA

10,7

12,5

49,1

60,1

47,1

EBITDA margin, %

14,9

18,4

18,7

21,6

17,7

EBITDA excl IFRS 16

9,2

11,4

44,9

55,5

41,9

EBITDA Margin excl IFRS 16

12,8

16,7

17,1

19,9

15,8

Net debt / EBITDA (12 months rolling)

2,7

0,9

1,9

0,8

2,7

Adjusted earnings per share after dilution in EUR

0,07

0,10

0,40

0,57

0,37





SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION‌





























RECORD ORDER INTAKE AND MAINTAINED GROSS MARGIN

HIGH PACE OF TRANSFORMATION TO ACHIEVE OUR 2030 TARGETS











SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION‌





























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‌Troax's operations are reported as one segment. As secondary information Order intake and Sales are reported based on geographical regions.‌

Order intake MEUR

3 Month Jan-Mar 2026

3 Month

12 Month

12 Month

Jan-Mar

2025

Diff

Jan-Dec

2025

Jan-Dec

2024

Diff

EMEA North

29,6

36,9

-20%

137,8

152,3

-10%

EMEA South

16,7

15,2

10%

62,5

66,1

-5%

Americas

15,2

11,2

36%

41,4

43,2

-4%

APAC

4,3

6,2

-31%

19,8

14,3

38%

Total organic order intake

65,8

69,5

-5%

261,5

275,9

-5%

Currency effect

-1,2

0,0

-2%

-1,8

0,0

-1%

Order intake discontinued businesses

0,0

0,0

0%

0,0

1,0

0%

Order intake acquisitions

17,4

0,0

25%

1,7

0,0

1%

Total Order intake

82,0

69,5

3 Month Jan-Mar 2025

18%

Diff

261,4

276,9

-6%

3 Month

12 Months

12 Months

Total Sales

Jan-Mar

Jan-Mar

Jan-Mar

MEUR

2026

2025

2024

Diff

EMEA North

31,4

37,8

-17%

140,3

155,5

16%

EMEA South

14,3

14,9

-4%

61,1

67,3

-9%

Americas

8,9

11,3

-21%

41,0

40,1

2%

APAC

4,3

4,3

0%

19,6

15,4

27%

Total organic sales

58,9

68,3

-14%

262,0

278,3

-6%

Currency effect

-1,1

0,0

-2%

-1,8

0,0

-1%

Sales discontinued businesses

0,0

0,0 0%

0,0

0,2

0%

Sales acquisitions

14,0

0,0

20%

2,2

0,0

1%

Total Sales

71,8

68,3

5%

262,4

278,5

-6%

* Note that organic growth is reported excluding currency effect.



SUMMARY

CEO-COMMENTS

FINANCIAL DEVELOPMENT

FINANCIAL REPORTS

OTHER INFORMATION





MEUR

Jan-Mar

2026

Jan-Mar

2025

Jan-Dec

2025

Jan-Dec

2024

Apr-Mar

2025/2026

Sales

Cost of goods sold

71,8

-45,1

68,3

-42,7

262,4

-164,2

278,5

-172,5

265,9

-166,6

Gross profit

26,7

25,6

98,2

106,0

99,3

Sales expenses

-12,4

-10,5

-40,9

-39,8

-42,8

Administrative expenses

-7,0

-5,6

-20,8

-18,9

-22,2

Other operating income and expenses

-0,1

0,0

-0,2

0,9

-0,3

Adjusted operating result (EBITA)

7,2

9,5

36,3

48,2

34,0

Amortizations and items affecting comparability

-3,2

-0,9

-13,5

-3,1

-15,8

Operating result (EBIT)

4,0

8,6

22,8

45,1

18,2

Financial income and expenses

-1,6

-1,6

-4,9

-4,3

-4,9

Result after financial expenses

2,4

7,0

17,9

40,8

13,3

Taxes

-0,6

-1,7

-4,4

-9,5

-3,3

Net result for the period

1,8

5,3

13,5

31,3

10,0

‌3 Months 3 Months 12 Months 12 Months 12 Months‌

STATEMENT OF COMPREHENSIVE INCOME

Net result for the period

Jan-Mar

2026

1,8

Jan-Mar

2025

5,3

Jan-Dec

2025

13,5

Jan-Dec Apr-Mar

2024 2025/2026

31,3

10,0

Other comprehensive income:

Items that may be reclassified to the income statement

3 Month 3 Month 12 Month 12 Month 12 Month

Translation differences

Tax related to items that may be reclassified

-0,2

0,0

6,8

0,0

3,9

0,0

-1,4

0,0

-3,1

0,0

Items that will not be reclassified to the income statement Actuarial gains and losses on defined-benefit pension commitment Tax related to items that may be reclassified

-0,2

0,0

0,0

6,8

0,0

0,0

3,9

0,1

0,0

-1,4

0,1

0,0

-3,1

0,1

0,0

0,0

0,0

0,1

0,1

0,1

Other comprehensive income, net of tax

-0,2

6,8

4,0

-1,3

-3,0

Total comprehensive income for the period

1,6

12,1

17,5

30,0

7,0

Earnings per share before / after dilution

0,03 €

0,09 €

0,23 €

0,52 €

0,17 €

Adjusted earnings per share before / after dilution

0,07 €

0,10 €

0,40 €

0,57 €

0,37 €

Number of shares before / after dilution (1000's)

60 000

60 000

60 000

60 000

60 000

3 Month 3 Month 12 Month 12 Month 12 Month

EBITDA

Operating result (EBIT)

Jan-Mar

2026

Jan-Mar

2025

Jan-Dec

2025

Jan-Dec

2024

Apr-Mar

2025/2026

4,0

8,6

22,8

45,1

18,2

Amortizations and items affecting comparability

3,2

0,9

13,5

3,1

15,8

Adjusted operating result (EBITA)

7,2

9,5

36,3

48,2

34,0

Depreciations

3,5

3,0

11,9

11,9

13,1

EBITDA

10,7

12,5

49,1

60,1

47,1



SUMMARY

CEO-COMMENTS

FINANCIAL DEVELOPMENT

FINANCIAL REPORTS

OTHER INFORMATION







MEUR

2026

31-mar

2025

31-mar

2025

31-dec

2024

31-dec

Assets Intangible assets Tangible assets

Financial fixed assets

177,2

108,8

10,0

124,6

84,0

10,8

140,6

106,8

11,5

120,5

79,8

10,9

Total fixed assets

296,0

219,4

258,9

211,2

Inventories

33,3

30,3

27,3

29,4

Current receivables

75,0

60,9

73,2

58,6

Cash and cash equivalents

25,1

28,7

39,7

29,5

Total current assets

133,4

119,9

140,2

117,5

TOTAL ASSETS

429,4

339,3

399,1

328,7

Equity and liabilities

Equity

178,9

192,2

177,4

180,1

Long-term liabilities and provisions

184,6

99,8

166,8

98,0

Current liabilities

65,9

47,3

54,9

50,6

TOTAL EQUITY AND LIABILITIES

429,4

339,3

399,1

328,7

Adjusted operating result (EBITA)

7,2

9,5

36,3

48,2

Depreciations, interest received and paid, tax paid and adjustments

0,2

0,7

0,2

-2,5

Changes in working capital

-2,9

-6,6

-6,6

-3,3

Cash flow from operating activities

4,5

3,6

29,9

42,4

Investments

-37,6

-3,3

-35,9

-15,9

Cash flow after investing activities

-33,1

0,3

-6,0

26,5

Financing activities

25,0

-1,1

16,6

-30,2

Cash flow for the period

-8,1

-0,8

10,6

-3,7

Cash and cash equivalents at the start of the period

33,2

29,5

29,5

33,2

Translation difference in cash and cash equivalents

0,0

0,0

-0,4

0,0

Cash and cash equivalents at the end of the period

25,1

28,7

39,7

29,5

3 Month

3 Month

12 Month

12 Month

2026

2025

2025

2024

MEUR Jan-Mar

Jan-Mar

Jan-Dec

Jan-Dec

‌Net debt 127,4 50,7 75,3 56,8

STATEMENT OF CHANGES IN EQUITY ATTRIBUTABL

2026

2025

2025

2024

TO THE PARENT COMPANY'S SHAREHOLDERS

31-mar

31-mar

31-dec

31-dec

Opening balance

177,4

180,1

180,1

172,3

Dividends

0,0

0,0

-20,3

-20,4

Received option premiums

0,0

0,0

0,1

0,2

Re-purchase of shares

0,0

0,0

0,0

-2,0

Total comprehensive income for the period

1,6

12,1

17,5

30,0

Closing balance

179,0

192,2

177,4

180,1



SUMMARY

CEO-COMMENTS

FINANCIAL DEVELOPMENT

FINANCIAL REPORTS

OTHER INFORMATION







‌3 Months 3 Months 12 Months 12 Months

Jan-Mar Jan-Mar Jan-Dec Jan-Dec

MEUR

MEUR

2026

2025

2025

2024

Sales

0,0

0,0

4,4

1,0

Cost of goods sold

0,0

0,0

0,0

0,0

Gross profit

0,0

0,0

4,4

1,0

Administrative expenses

-3,4

-1,8

-8,1

-4,0

Other operating income and expenses

0,1

-0,1

-0,1

-0,1

Operating result (EBIT)

-3,3

-1,9

-3,8

-3,1

Financial income and expenses

-1,9

-1,2

4,9

11,2

Result after financial expenses

-5,2

-3,1

1,1

8,1

Year-end appropriations

0,0

0,0

14,2

2,4

Profit before tax

-5,2

-3,1

15,3

10,5

Taxes

-0,2

0,6

-1,2

-2,2

Net result for the period

-5,4

-2,5

14,1

8,3

Assets

Shares in subsidiaries Receivables to subsidiaries Other long-term receivables

137,7

22,8

1,1

87,7

24,1

1,0

112,7

22,1

1,1

87,7

24,9

0,9

Total fixed assets

161,6

112,8

135,9

113,5

Receivables to subsidiaries

14,8

0,0

18,1

12,2

Current receivables

0,6

0,0

0,1

0,0

Cash and cash equivalents

0,5

3,8

1,3

6,0

Total current assets

15,9

3,8

19,5

18,2

TOTAL ASSETS

177,5

116,6

155,4

131,7

Equity and liabilities

Equity

28,1

37,1

33,5

39,6

Untaxed reserves

0,4

2,6

0,4

2,6

Long-term liabilities and provisions

138,1

70,9

113,1

70,9

Current liabilities

10,9

6,0

8,4

18,6

TOTAL EQUITY AND LIABILITIES

177,5

116,6

155,4

131,7

31-mar

31-mar

31-dec

31-dec

2026

2025

2025

2024

STATEMENT OF COMPREHENSIVE INCOME

Net result for the period

-5,4

-2,5

14,1

8,3

Other comprehensive income, net of tax

0,0

0,0

0,0

0,0

Total comprehensive income for the period

-5,4

-2,5

14,1

8,3



SUMMARY

CEO-COMMENTS

FINANCIAL DEVELOPMENT

FINANCIAL REPORTS

OTHER INFORMATION



SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION





3 Months 3 Months 12 Months 12 Months

2026 2025 2025 2024

MEUR Jan-Mar Jan-Mar Jan-Dec Jan-Dec

Operating result (EBIT)

-3,3

-1,9

-3,8

-3,1

Interest paid and received, taxes, adjustments

-2,7

-0,8

-11,4

-0,8

Change in working capital

5,2

0,5

-11,2

21,0

Cash flow from continuing operations

-0,8

-2,2

-26,4

17,1

Investments

-25,0

0,0

0,0

0,0

Cash flow from investment activities

-25,8

-2,2

-26,4

17,1

Cash flow from financing activities

25,0

0,0

21,7

-22,3

Cash flow for the period

-0,8

-2,2

-4,7

-5,2

Cash and cash equivalents at the beginning of the period

1,3

6,0

6,0

11,2

Translation difference

0,0

0,0

0,0

0,0

Cash and cash equivalents at the end of the period

0,5

3,8

1,3

6,0





SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION





Troax Group's financial targets, connected to the company`s strategic initiatives, are presented below.









The financial targets represent future oriented information. Future oriented information shall not be considered as guarantees for future result or development. The actual result may and can materially vary from what is expressed in the future oriented information.









‌This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The Accounting principles that have been applied coincide with those accounting principles used for preparing the latest Annual Report. The Annual Report for 2025 is available on https://www.troax.com.‌



In this interim report, Troax presents certain financial measures that are not defined by IFRS, so-called alternative key ratios. The Group believes that these measures provide valuable supplementary information to investors as they enable an evaluation of the company's results and position. Since not all companies calculate financial measurements in the same way, these are not always comparable to those used by other companies. Investors should consider these financial measures as a complement rather than an IFRS financial statement. Troax uses the following alternative key figures:

ORGANIC GROWTH

As a large proportion of the Group's sales take place in currencies other than the reporting currency (Euro), the Group's sales are evaluated based on its organic sales growth, which enables separate evaluations of the effect of acquisitions / divestments and currency effects.





Income and expenses from acquisitions

and items affecting comparability MEUR

3 Months Jan-Mar

2026

3 Months Jan-Mar

2025

12 Months Jan-Dec

2025

12 Months Jan-Dec

2024

EBITA

Amortizations from acquisition-related assets Acquisition costs

Effect from changes in earn-out estimations Result from sale of shares in subsidiaries

Other items affecting comparability

7,2

-0,8

-1,1

0,0

0,0

-1,3

9,5

-0,9

0,0

0,0

0,0

0,0

36,3

-3,6

-0,7

0,8

0,2

-10,2

48,2

-3,1

0,0

0,0

0,0

0,0

Income and expenses from acquisitions and

items affecting comparability

-3,2

-0,9

-13,5

-3,1

EBIT

4,0

8,6

22,8

45,1

ADJUSTED EARNINGS PER SHARE AFTER DILUTION



NET DEBT / EBITDA

Troax' definition of net debt is the sum of interest-bearing liabilities (including leasing liabilities according to IFRS 16 but excluding pension liabilities) less cash and cash equivalents. Net debt is used by Group management to monitor and analyze the debt development in the Group and evaluate the Group's refinancing needs. Net debt compared with EBITDA provides a key figure for net debt in relation to cash-generating operating results, which gives an indication of the business' ability to pay its debts.

MEUR

31-mar

2026

31-mar

2025

31-dec

2025

31-dec

2024

Short term loans

0,0

0,0

0,0

0,0

Long term loans

152,4

76,1

124,7

75,9

Liabilities for leases (IFRS 16)

28,4

9,4

29,6

9,3

Total debt

180,8

85,5

154,3

85,2

cash

25,1

28,7

39,7

29,5

Net debt incl IFRS 16

155,8

56,8

114,6

55,7

12 month rolling EBITDA incl IFRS 16

47,5

58,7

49,1

60,1

Net debt / EBITDA incl IFRS 16

3,3

1,0

2,3

0,9

Net debt excl IFRS 16

127,4

47,4

85,0

46,4

12 month rolling EBITDA excl IFRS 16

42,4

54,2

44,7

55,5

Net debt / EBITDA excl IFRS 16

3,0

0,9

1,9

0,8

Netdebt excl. IFRS 16

127,4

47,4

85,0

46,4

12 month rolling EBITDA excl. IFRS 16 incl proforma EBITDA

aquisitions

47,7

54,2

44,7

55,5

Netdebt / EBITDA excl. IFRS 16 incl. Proforma

2,7

0,9

1,9

0,8



Jan- Mar

2026

Jan-Mar

2025

31-dec

2025

Earnings per share

Net income after tax (MEUR)

1,8

5,3

13,5

Adjusted earnings per share

0,03

0,09

0,23

Adjusted earnings per share

Net income after tax (MEUR)

1,8

5,3

13,5

Adjustments

Items affecting comparability after tax

1,0

-

7,0

Aquisition costs after tax

0,8

-

0,5

Amortization costs after tax

0,6

0,9

2,7

Adjusted result after tax (MEUR)

4,2

6,2

23,7

Adjusted earnings per share

0,07

0,10

0,40

Number of shares

60 000 000

60 000 000

60 000 000

RISKS AND RISK MANAGEMENT

Total Sales MEUR

3 Months Jan-Mar

2026

3 Months Jan-Mar

2025

Diff

12 Months Jan-Dec

2025

12 Months Jan-Dec

2024

Diff

Organic sales / growth

Currency effect

58,9

-1,1

68,3

0,0

-14%

-2%

262,0

-1,8

278,5

0,0

-6%

-1%

Sales from acquisitions

14,0

0,0

20%

2,2

0,0

1%

Total Sales

71,8

68,3

5%

262,4

278,5

-6%



SUMMARY

CEO-COMMENTS

FINANCIAL DEVELOPMENT

FINANCIAL REPORTS

OTHER INFORMATION



SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION





SEASONAL VARIATIONS TRANSACTIONS WITH RELATED PARTIES

No significant transactions with related parties have taken place during the period.

RE-PURCHASE OF SHARES

As of the 31st of March 2026, Troax Group AB (publ) owned 154,668 own shares.

BUSINESS ACQUISITION EMPLOYEES

At the end of the period the Group had 1 400 (1 221) employees.

OTHER EVENTS AFTER THE QUARTER

On April 13 Robert Burning was appointed new CFO of Troax Group. He will assume the role by October at the latest. Robert Burning most recently held a corresponding role at SSC Space and prior to that he held leading roles within Elekta.

DEVELOPMENT IN THE PARENT COMPANY

There is no significant information to report after the quarter.

AUDIT

This report has not been comprehensively reviewed by the auditors.

On 7 January, Troax completed the acquisition of Vichnet, including its subsidiaries. The company, headquartered in Ningbo, China, reported revenues of EUR 26 million and approximately 300 employees (2024). Since its establishment in 2006, Vichnet has achieved profitable growth and today offers a comprehensive range of safety solutions for both the Chinese market and export markets.

The fair value of the acquired company's net assets at the acquisition date was as follows:

MEUR

FAIR VALUE RECOGNIZEDIN THE GROUP

Acquired net assets

11,8

Purchase consideration, including expected earn-out

48,0

Goodwill

36,2





SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION





LEADER IN OUR NICHE AND THE ONLY GLOBAL PLAYER ATTRACTIVE OPPORTUNITIES FOR M&A

STRONG OFFERING AND CUSTOMER VALUE WE AIM TO LEAD THE MARKET SOPHISTICATION

Troax continues to hold the leading position in our niche, and we remain the only truly global supplier in the safety industry. This gives us a uniquely strong offering and enables us to deliver superior customer value across all major markets.

We see a healthy and growing pipeline of acquisition opportunities. With clear strategic rationale and strong industrial fit, our aim is to lead market sophistication - both within our core niches and by driving the development of safer solutions across the industry.

LONG-TERM COMMITMENT TO SUSTAINABILITY PROFITABILITY TARGET OF 20% EBITA OVER THE CYCLE

WE ARE AT THE FOREFRONT OF OUR INDUSTRY

AND STRIVE TO REMAIN THE LEADER IN THE FUTURE

IMPROVEMENTS FROM SUPPLY FOOTPRINT

CONSOLIDATION AND DEVELOPMENT ARE UNDERWAY

Sustainability is an integral part of our strategy, and we remain at the forefront of our industry. We will continue to invest in safer, more resource-efficient solutions and maintain our commitment to leading the sector with responsible practices.

STRONG FINANCIAL POSITION

STRONG BALANCE SHEET

Troax maintains a solid financial foundation and a strong balance sheet. This provides stability and creates room to act more actively on the acquisitive side as the right opportunities arise.

Our long-term target of achieving at least 20% EBITA remains firm. Several initiatives are underway to strengthen profitability, including footprint consolidation, efficiency improvements and continued optimisation in North America.

WELL POSITIONED FOR ORGANIC GROWTH

THE MARKET TRENDS ARE IN OUR FAVOUR

The underlying macro trends are favourable, and market conditions are gradually improving. With our global footprint, strong brands and competitive portfolio, we are well positioned to capture organic growth as demand normalises.





SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION





Interim report Q2 2026

15 July 2026

Interim report Q3 2026

29 October 2026

Year-end report Q4 2026

3 February 2027

Martin Nyström

President and CEO

+46 (0)370-828 31

martin.nystrom@troax.com

The interim results will be presented at a Teams webinar by Martin Nyström, President & CEO, on 21 April 2026 at 13:00 CEST. The conference will be held in English. To participate, please register via the link below:

Troax Group AB (publ)

Box 89

SE 335 04 Hillerstorp

Phone: 0370-828 00

https://events.teams.microsoft.com/event/d1e2174d-2293-4bdb-9a6d-258525286727@3288c4ec-b004-4866-b1a1-dcf4b1d0c9e3

https://www.troax.com

Follow the Troax Group's journey on LinkedIn.



Hillerstorp, Sweden, 21 April 2026

This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 21 April 2026.







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