Seafire (SEAF) Q2 2026 earnings summary

Executive summary

• Adjusted EBITA grew by 67% year-over-year to SEK 32 million in Q2 2026, with 18% organic growth and significant contribution from the Splendor Plant acquisition and a new share issue.

• Revenue increased by 18% to SEK 312 million, with Splendor Plant contributing SEK 52 million; organic growth was -2%, but +8% when adjusted for discontinued operations.

• Major transformation projects, including Borö-Pannan's factory consolidation and Nordbutiker’s restructuring, were completed, strengthening the group operationally.

• Operational cash flow remained strong at SEK 32 million, despite inventory build-up due to supply disruptions and anticipated price increases.

• The balance sheet was significantly impacted by the Splendor Plant acquisition and the completed share issue.

Financial highlights

• Q2 2026 net sales were SEK 312 million, up 18% year-over-year; Splendor Plant contributed SEK 52 million.

• Adjusted EBITA reached SEK 32 million (margin 10%), up from SEK 19 million (margin 7%) in Q2 2025.

• Gross margin improved to 48% from 46% year-over-year.

• Net debt/EBITDA (pro forma, R12) decreased to 1.9x from 2.9x.

• Earnings per share rose to SEK 0.26 from SEK 0.04.

Outlook and guidance

• Gradual improvement in underlying market activity, with five consecutive quarters of organic growth.

• Positive market outlook for autumn, with strong exposure to the Swedish economy and signs of recovery in construction, consumer, and installation sectors.

• Focus remains on organic profit growth, operational leverage, and completing transformation projects.

• Active acquisition pipeline in place, with emphasis on valuation discipline and long-term value creation.

• Borö-Pannan’s new cost structure expected to take effect in H2 2026.