W5 Solutions (W5) Q2 2026 earnings summary

Executive summary

• Achieved record net sales in Q2 2026, growing 105% year-over-year, with 66% organic growth, driven by strong demand and the KT-Shelter acquisition.

• Profitability was challenged by high direct costs and acquisition-related one-off expenses, resulting in a negative EBIT margin.

• Integration of KT-Shelter completed, strengthening the deployable defence infrastructure offering and expanding presence in Finland.

• Secured major contracts, including a SEK 700 million framework agreement with the Swedish Armed Forces and a SEK 46 million power systems contract.

• Focus remains on cost control, efficiency improvements, and integrating KT-Shelter.

Financial highlights

• Q2 2026 net sales reached SEK 227.9 million, up from SEK 111.1 million in Q2 2025; H1 net sales totaled SEK 357 million.

• EBIT margin adjusted for one-off costs was -3% in Q2 2026, improved from -7% last year.

• Order intake for Q2 2026 was SEK 234 million, with an order backlog of SEK 865 million at quarter-end.

• Operating cash flow was positive at SEK 41 million for Q2 2026.

• Q2 net profit was SEK -23.3 million; H1 net profit was SEK -25.4 million.

Outlook and guidance

• Financial targets for 2027 include SEK 1,000 million in net sales and a 10% EBIT margin, requiring ongoing operational adjustments.

• Focus for H2 2026 is on cost control, efficiency improvements, and strengthening gross margin.

• Integration of KT-Shelter expected to enhance profitability and market position.

• Export market potential remains, but home markets are currently prioritized due to high demand.

• No immediate plans for further M&A; priority is integrating KT-Shelter and improving profitability.