Karnell Group (KARNEL) Q2 2026 earnings summary

Executive summary

• EBITA exceeded SEK 100 million for the first time in Q2 2026, with a rolling 12-month EBITA margin of 15.4%, surpassing the IPO target.

• Net sales reached SEK 584 million, up 36% year-over-year, with organic growth of 17% and acquisitions contributing 19%.

• Operating cash flow for the quarter was SEK 62 million, up 210% year-over-year; H1 operating cash flow reached SEK 121 million.

• Recent acquisitions, including flex7 Ltd in the UK and OBA Tradizione Futura S.R.L in Italy, are performing as expected and contributing to growth.

• Decentralized model and sector/geographic diversification support resilience amid mixed macroeconomic conditions.

Financial highlights

• EBITA increased 59% to SEK 100 million, with a margin of 17.1% for the quarter and 15.4% LTM; organic EBITA growth was 34%.

• Earnings per share after dilution rose to SEK 1, up from SEK 0.68 a year ago.

• Return on capital employed stands at 13.6%.

• Net debt to EBITA/EBITDA is 1.9x, within the target of not exceeding 2x.

• LTM operating cash flow reached SEK 307 million, up 86% year-over-year.

Outlook and guidance

• No explicit forward guidance, but management emphasizes maintaining EBITA margin above 15% and highlights strong M&A pipeline, especially in Italy and the UK.

• Broad-based organic growth and improved margins expected to underpin long-term growth.

• Market conditions remain mixed, but sector and geographic diversification support resilience.