Q2 2026 Clavister AB Earnings Call Transcript

Aug 20, 2026 / 07:00 AM GMT

Transcript

Key Points

Positve

Record 63% net sales growth in Q2 2026, reaching SEK 89 million, driven by increased defense deliveries.
Adjusted EBITDA margin hit a record 30%, with EBIT margin at 17%, showing strong operational leverage.
Order backlog grew to SEK 642 million, providing strong long-term visibility, with SEK 226 million expected to be delivered in the next 12 months.
Gross margin exceeded the 80% target despite hardware-intensive defense deliveries, thanks to a balanced product mix.
Net profit turned positive for the second consecutive quarter, and cash flow from operations before working capital changes improved significantly to SEK 23 million.
Successfully expanded commercial banking relationship with Swedbank, fully repaying COVID-era tax deferrals and improving liquidity management.
Defense platform integrations increased to six, with potential for further growth from programs like the Nordic Edition CV90.
Civilian business remains stable with a strong recurring revenue base and growing pipeline in key verticals like energy and public sector.
Won a new major energy customer in the Nordics, demonstrating progress in civilian market expansion.
Company has substantial tax loss carryforwards (around SEK 800 million), meaning no tax payments expected in the near term.

Negative

Order intake in Q2 was lower than the comparison quarter due to the absence of multi-year contracts, though trailing 12-month intake remains strong.
Working capital is binding more cash due to growth and large defense projects, leading to larger cash flow fluctuations.
The Norwegian Armed Forces contract has milestone payments that only begin in autumn, delaying cash conversion from this major project.
Civilian business growth remains slow, with ARR growth only around 5% in the quarter, and management refrained from giving a timeline for acceleration.
OpEx increased by 20% (15% underlying), driven by investments in development capacity and sales, which could pressure margins if growth slows.
The company still has an old convertible loan of SEK 10 million with Norland Fonden maturing in May 2027, which remains a balance sheet overhang.
Customer churn in civilian business can occur due to acquisitions, new CIO decisions, or changes in partner relationships, posing a risk to recurring revenue.
The appeal process in the Fortified ID case is ongoing, with uncertainty about the Supreme Court's decision, creating legal overhang.
Defense growth is heavily dependent on a few large contracts, such as the Norwegian and BAE CV90 programs, which could lead to concentration risk.
Management reiterated a target of 10-15% EBIT margin, indicating they will not aggressively optimize profitability, which may limit near-term earnings upside.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CLAVI.ST - Clavister AB
Q2 2026 Clavister AB Earnings Call
Aug 20, 2026 / 07:00AM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Welcome to Clavita's Q2 Interim Report presentation. My name is Kate Linwood and I will be your host for today's webinar. Joining me today are John Westberg, our CEO, and David Nordstrom, our CFO.

So we will begin with an overview of the Q2 report. John will share key business insights and David will walk us through the financial details. And after the presentation, we will open the session for questions and answers. So please feel free to submit your questions you have throughout the presentation in the Q&A box that you can find on the top right.

And then we will answer the questions after. So, yeah, with that, I would like to hand over to you, John.

-------------------------------------------------------------------

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.