CombinedX (CX) Q2 2026 earnings summary

Executive summary

• Revenue/net sales for Q2 2026 was 223.1 MSEK, a 5.0% year-over-year decrease, with organic growth at -8.2%.

• Excluding Nethouse, Q2 net sales grew 8.4% year-over-year.

• Adjusted EBITA for Q2 2026 was 10.2 MSEK, down from 17.9 MSEK in Q2 2025, with a margin of 4.6% versus 7.6% last year.

• Margins were pressured by higher personnel costs, including 4.8 MSEK in one-time restructuring expenses.

• The divestment of Nethouse contributed a 111.5 MSEK capital gain, reflected in reported EBITA.

Financial highlights

• H1 2026 revenue/net sales was 481.9 MSEK, up 1.7% year-over-year, with organic growth at -8.9%.

• Adjusted EBITA for H1 2026 was 40.2 MSEK (margin 8.3%), down from 45.2 MSEK in H1 2025.

• Personnel costs rose to 72.4% of revenue/sales in Q2 2026, up from 66.9% in Q2 2025.

• Cash flow from operations before working capital changes was 32.2 MSEK in Q2 2026; total cash flow from operations was 19.7 MSEK.

• Period-end cash position was 351.3 MSEK.

Outlook and guidance

• Management expects improved resource utilization and better conditions in the coming quarters, supported by positive customer dialogues and restructuring.

• No formal forecasts are provided, but the outlook is described as positive.

• Capital return to shareholders of approximately 220 MSEK is planned for 2026, pending board decision and following the Nethouse sale.