Q2 2026 Ferronordic AB Earnings Call Transcript
Key Points
- Revenue increased 43% year-over-year, with growth in all segments and markets.
- Operating profit improved significantly to SEK68 million from a loss of SEK5 million in Q2 2025, with profitability in all three markets.
- Net debt to EBITDA improved to 3.0 times from 4.5 times a year earlier, in line with financial targets.
- US sales surged 53% in USD, driven by strong demand from infrastructure and data center construction, with gross margin improving to 18.2%.
- Germany returned to profitability with an operating profit of SEK8 million, supported by cost reductions and higher aftermarket sales.
- Gross margin declined to 15.8% from the prior year due to a higher share of equipment sales in the revenue mix.
- Aftermarket growth in the US is constrained by technician capacity, limiting potential service and parts sales.
- Kazakhstan market activity was held back by delays in government infrastructure spending, though sales still grew.
- German gross margin fell to 10.9% from 13.7% due to a higher proportion of truck sales with compressed margins.
- The company's leverage remains at the top of its target range, limiting strategic flexibility for acquisitions.
Welcome to the Ferronordic Q2 2026 report presentation. (Operator Instructions)
Now, I will hand the conference over to CEO Henrik Carlborg and CFO Erik Danemar. Please go ahead.
Good morning, everyone, and welcome to our presentation of the results for the second quarter of 2026. Starting with some highlights for the quarter, we saw increased earnings in all markets. Revenue increased 43%, or up 54% in fixed currency, with growth in all segments. Gross margin amounted to 15.8%, somewhat lower than last year on higher equipment share of revenue, but was up in our main market, the US.
Operating profit improved to SEK68 million compared to minus 5 in Q2 last year, with profitability in all three markets. EBITDA nearly doubled to SEK180 million compared to 95 the year before. Net profit improved to 45 million compared to minus 51 the year before, supported by lower finance costs and currency gain. Thanks to the increased EBITDA and lower net debt, quarter-on-quarter net debt to
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