Q1 2026 Boreo Oyj Earnings Call Transcript
Key Points
- Boreo Oyj (OHEL:BOREO) reported a strong start to 2026 with a 16% increase in net sales compared to Q1 2025, driven by both organic and inorganic growth.
- Operational EBIT increased by 28% to EUR1.7 million, reflecting improved profitability.
- The company achieved a strong cash conversion rate of 116%, indicating efficient cash flow management.
- Boreo Oyj strengthened its balance sheet, reducing net debt to operational EBITDA from 3.1x to 2.2x year-on-year.
- The order books grew, particularly in industrial and defense-related businesses, suggesting a positive demand outlook.
- The EBIT for the quarter was EUR0.9 million, slightly below the previous year's comparison period due to non-recurring items in 2025.
- The construction business remains subdued, although there are signs of cautious improvement.
- The company is still behind its strategic target for capital efficiency, despite improvements.
- The YERS business developed slower than expected due to customer uptake issues.
- SSN experienced delays in deal closures, impacting its performance in Q1.
Good morning. My name is Tuomas Kahri and I'm the CEO of Borea since beginning of April this year. Welcome and thank you for joining us today.
Today, we will walk you through Borea's first-quarter results of 2026, and we will put the performance into the context of a serial acquirer business model. Q1 marks a strong start for the year, continuing the positive trajectory we've seen over the past six quarters. We delivered strong, solid growth. We improved our profitability. We had a strong cash generation, and we strengthened our balance sheet.
So, with that, maybe it's a good time to introduce the rest of the team. We are three persons from Boreo in this call this morning. I'm joined today by Rafael Kosmonov, who is our Head of M&A and Financing. And our VP of Finance, Sami Hanerva.
Rafael will dive deeper into our financing situation and our M&A activities, and Sami will cover the business areas. Sami also is the man with the historical background on Boreo, since Rafael and myself still have a
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