Q1 2026 Roko AB (publ) Earnings Call Transcript
Key Points
- Roko AB (publ) (FRA:N8Q) achieved organic growth of 6% in the first quarter of 2026.
- Net sales grew by 9% and EBITDA increased by 5% during the quarter.
- The company completed three acquisitions, adding approximately SEK552 million in annual turnover.
- Operating cash flow improved compared to the previous year.
- The M&A market has shown improvement, with a strong pipeline of acquisition opportunities for the rest of the year.
- The appreciation of the Swedish krona negatively impacted net sales and EBITDA by 6% due to translational effects.
- Net income was adversely affected by SEK26 million due to exchange rate effects on financial items.
- The net debt to EBITDA ratio increased to 2.4 times, influenced by recent acquisitions.
- Return on capital employed declined from 14.5% to 14.1%, driven by acquisitions completed towards the end of the quarter.
- The company's sales in the US decreased, accounting for only 5% of group net sales compared to 7% a year ago.
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Good morning and welcome. In the first quarter 2026, we had organic growth of 6% and we completed three acquisitions. We expected to have continued negative comparison effects from among others the introduction of US trade tariffs in 2025, but additional uncertainty has been seen to the global trade following the situation in the Middle East predominantly.
Net sales grew 9% and EBITDA grew 5% in the quarter, resulting in slightly lower margins, driven by negative mix effects and new acquisitions with a low margin in the quarter. Operating cash flow increased versus last year, but it's important to highlight that quarterly cash flows can be difficult to assess as we have some seasonality in the group.
The Swedish krona has appreciated against other currencies, and since 29 of the Werko subsidiaries report in another currency than Swedish krona, this has a negative translational impact with minus 6% in the first-quarter. Note that exchange rate
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