Q1 2026: A challenging quarter with a strong finish

• Net sales amounted to SEK 663 million (649), an increase of 2.2 percent. Organic growth for comparable units amounted to -3.1 percent (-6.1). Adjusted for currency effects, organic growth for comparable units amounted to -1.7 percent. Net sales were affected by winter conditions prevailing in all Nordic countries during January and February, which hampered the ability to work outdoors.
• EBITA amounted to SEK 1 million (25) with a margin of 0.1 percent (3.9). Profit was impacted by approximately SEK -25 million as a result of winter conditions in all Nordic countries during January–February, which hampered outdoor work and led to delayed project starts as well as higher costs in ongoing projects. Profit was also impacted by one-off project write-downs of approximately SEK -10 million.
• EBIT amounted to SEK -16 million (10).
• Cash flow from operating activities amounted to SEK -12 million (73). Cash flow was affected by winter effects and delayed project starts, income tax paid, and changes in working capital.

Significant events after the balance sheet date

• An extraordinary general meeting held on April 17, 2026, resolved to appoint Sebastian Karlsson as a new member of the Board and to re-elect Mikael Ericson (Chairman), Fredrik Holmström and Lars Kvarnsund as ordinary members of the Board until the end of the next annual general meeting. The meeting further resolved that the Board shall consist of four members, with no alternate members.

Per-Johan Dahlgren, President & CEO of Novedo, comments on the first quarter of 2026:

The start of 2026 was marked by challenging winter conditions across all the Nordic countries, which led to project start-ups being postponed and additional costs for Novedo. However, the final month of the quarter was in line with expectations.

My assessment is that the market will gradually recover during 2026, with demand varying depending on the market, customer base and geography. However, the prevailing uncertainty in the external environment means that it is difficult to determine the timing and strength of a recovery. In the long term, growth is expected to be supported to some extent by investment in infrastructure, gradual stabilisation in housing construction and the continuing need to maintain and modernise existing assets.

My assessment is that all Novedo’s companies are well positioned to cope with changing market conditions and are well placed to benefit from a gradually improving business climate.