Q2: Organic growth and strong order book

• Net sales amounted to SEK 894 million (758), an increase of 18.0 percent. Organic growth for comparable units amounted to 10.8 percent (-7.4). Adjusted for currency effects, organic growth for comparable units amounted to 10.9 percent (-5.7).
• EBITA amounted to SEK 70 million (66) with a margin of 7.8 percent (8.8).
• EBIT amounted to SEK 54 million (52).
• Cash flow from operating activities amounted to SEK 10 million (-30).

Period (January-June 2026)

• Net sales amounted to SEK 1,558 million (1,407), an increase of 10.7 percent. Organic growth for comparable units amounted to 4.4 percent (-6.8). Adjusted for currency effects, organic growth for comparable units amounted to 5.1 percent (-5.8). Net sales were initially adversely affected by winter conditions across all the Nordic countries and by delays in project start-ups.
• EBITA amounted to SEK 70 million (92) with a margin of 4.5 percent (6.5). Profit was reduced by approximately SEK -25 million as a result of winter-related effects, which led to project start-dates being brought forward and higher costs in ongoing projects. Profit was also reduced by one-off project write-downs of approximately SEK -10 million.
• EBIT amounted to SEK 38 million (62).
• Cash flow from operating activities amounted to SEK -2 million (43). Cash flow was affected by seasonal factors and the postponement of project start-ups, as well as higher income tax payments resulting from a one-off adjustment relating to previous years.

Significant events after the balance sheet date

• Novedo calls for an extraordinary general meeting to decide on directed new issues of convertible bonds.

Per-Johan Dahlgren, President & CEO of Novedo, comments on the first six months of 2026:
Following a weak start to the year, which was affected by the winter conditions and delayed project launches, there was a gradual increase in customer activity and demand. At the end of the period, the order book was significantly higher than at the same time last year. This puts us in a strong position for the coming periods. However, the time taken for procurement and award decisions has increased, and in many cases the start of projects is delayed. This means there is a certain amount of sluggishness when it comes to getting work under way.

Profitability in the Installation & Services segment and the Infrastructure segment improved gradually during the period, despite continued fierce competition. As the market gradually recovers, pricing and profitability in both segments are expected to improve gradually. The Industrial segment continued to perform well, with good profitability.

My assessment is that the market will continue to improve in 2026, with demand varying depending on the market, customer base and geography.