Rapala VMC (RAP1V) Q1 2026 earnings summary

Executive summary

• Net sales rose to 69.5 MEUR, up 6% year-over-year, and 13% at comparable exchange rates, driven by new product launches and strong fill rates for seasonal orders.

• Comparable operating profit increased by 39% to 7.8 MEUR, reflecting improved profitability from sales growth and cost discipline.

• Strong performance in North America, with sales up 8% (20% at comparable rates), supported by tariff-related price increases and robust demand.

• Inventory levels decreased to 82.5 MEUR, aided by early deliveries and efficient supply chain management.

• Cash flow from operations improved to -3.8 MEUR from -9.3 MEUR year-over-year.

Financial highlights

• Net sales: 69.5 MEUR (up 6% from 65.3 MEUR year-over-year).

• Comparable operating profit: 7.8 MEUR (up 39% from 5.6 MEUR year-over-year).

• Operating profit margin: 11.1% (up from 9.1% year-over-year).

• EBITDA for Q1 2026 was 10.4 MEUR, up from 8.8 MEUR in Q1 2025.

• Cash and cash equivalents at period end: 21.6 MEUR.

Outlook and guidance

• Full-year 2026 comparable operating profit expected to increase from 2025.

• Management remains cautious due to geopolitical volatility and inflationary pressures, particularly from rising oil prices affecting raw materials.