"We deliver a solid first quarter with continued strong profitability, despite a somewhat cautious market, confirming the strength of our business model."
First Quarter
- Net sales amounted to SEK 583.7m (596.2), a decrease of 2.1 percent. Organic growth was 3.4 percent
- EBITA amounted to SEK 92.8m (93.6), corresponding to a margin of 15.9 percent (15.7)
- EBIT amounted to SEK 89.4m (89.9), corresponding to a margin of 15.3 percent (15.1)
- Profit before tax amounted to SEK 80.2m (71.3)
- Earnings per share amounted to SEK 1.13 (0.99)
- Free cash flow amounted to SEK -59.7m (50.9)
Significant events during the quarter
- An earn-out of SEK 18.2m relating to the acquisition of Thebalux was paid during the quarter
| Financial data | Jan-Mar 2026 | Jan-Mar 2025 | R12 Apr-Mar | Jan-Dec 2025 |
| Net sales, SEKm | 583.7 | 596.2 | 2,240.1 | 2,252.7 |
| EBITDA, SEKm | 110.9 | 111.4 | 415.0 | 415.5 |
| EBITDA margin, % | 19.0 | 18.7 | 18.5 | 18.4 |
| EBITA, SEKm | 92.8 | 93.6 | 342.7 | 343.5 |
| EBITA margin, % | 15.9 | 15.7 | 15.3 | 15.2 |
| EBIT, SEKm | 89.4 | 89.9 | 328.8 | 329.3 |
| EBIT margin, % | 15.3 | 15.1 | 14.7 | 14.6 |
| Profit after tax, SEKm | 60.3 | 52.4 | 224.0 | 216.0 |
| Earnings per share, SEK | 1.13 | 0.99 | 4.22 | 4.07 |
| Free cash flow, SEKm | -59.7 | 50.9 | 256.0 | 366.7 |
CEO comment
Stable profitability in a cautious market
We begin 2026 with a stable first quarter, where we despite challenging market conditions continue to deliver organic growth, solid profitability and strengthened margins. Net sales amounted to SEK 584m (596), corresponding to organic growth of just over 3 percent, confirming our resilience in a cautious market.
At the same time, we improved our gross margin to 49.2 percent (46.0), driven by focused efforts in sourcing, product mix and efficiency. EBITA amounted to SEK 93m (94), corresponding to a stable EBITA margin of 15.9 percent (15.7). The stronger Swedish krona has a negative impact, but the operational improvements more than offset this. We are pleased to report that, also this quarter, we achieve an EBITA margin exceeding the Group's long-term financial target of 15 percent. This clearly demonstrates the strength of our business model - with independent brand companies, decentralized responsibility and a strong focus on profitability.
Continued solid development in our brand companies
In the UK, Roper Rhodes represents a stable and important foundation within the Group. The company holds a strong position in its market segments and demonstrates resilience despite a cautious market. The clear positioning, combined with control over product development and offering, creates conditions for continued profitability. At the same time, work on the new distribution centre in South Gloucestershire is progressing, which will strengthen capacity, efficiency and service levels, as well as create favourable conditions for continued growth.
In the Netherlands, Thebalux continues to develop strongly. The company combines organic growth with high profitability and demonstrates how a clear customer offering and efficient operations can create value over time, while continuing to strengthen its market position.
In the Nordics, we demonstrate stability in a continued cautious market, improving EBITA across all segments despite slightly lower sales. We are experiencing positive effects from implemented measures, with improved efficiency and continued strong margins.
Cash flow in the first quarter is seasonally negative, primarily due to increased accounts receivable and paid customer bonuses, while the comparative quarter was positively affected by timing effects.
Strategic focus and operational development
During the first quarter, we have worked consistently in line with our strategy, focusing on profitable growth and operational improvement, while prioritizing the areas that most clearly strengthen our competitiveness in the current market environment.
Product development and sales remain central, as we continuously develop our offering to meet customer needs and strengthen profitability. At the same time, we have maintained a clear focus on improving service levels and accessibility, including through increased digitalization, enabling shorter response times and an improved customer experience.
We continue to develop in line with our long-term strategy of combining locally anchored companies with decentralized leadership and Group-wide strengths. This, combined with our geographically diversified business model, provides strength, agility and resilience in a changing environment.
Continued focus on sustainable transformation
During the quarter, Svedbergs Group has further strengthened its sustainability efforts, focusing on the areas where we have the greatest impact - primarily purchased goods and upstream transportation. This work is driven through improved product design with an increased share of recycled materials, reduced material usage and energy efficiency measures, while intensifying collaboration with suppliers to support their transition. In parallel, we have further developed our reporting in line with CSRD and ESRS and strengthened our internal processes for efficiency, data quality and follow-up. Our long-term climate targets remain firm, with clear progress across several areas, while efforts continue to further reduce emissions across the value chain.
Outlook
The geopolitical environment remains challenging, with tensions in the Middle East in particular affecting energy markets, trade flows and the investment climate. Svedbergs Group remains stable, and we are closely monitoring developments, ready to take action if required.
Some disruptions in global logistics flows persist, impacting freight costs and lead times. However, through proactive planning, long-term supplier agreements and a diversified supplier base, we have so far maintained control over developments.
Overall, we enter the remainder of the year with a stable platform and a clear focus on profitable growth, both organic and structural. We are performing strongly in the UK and the Netherlands, while in the Nordic market we are working in a focused manner to improve efficiency and strengthen our operations. Our decentralized model and geographic diversification remain key strengths, providing flexibility to act in a changing market environment.
Contacts
Per-Arne Andersson, CEO: +46 (0)706 38 50 12, per-arne.andersson@svedbergsgroup.com
Ann-Sofie Davidsson, CFO: +46 (0)720 74 10 62, ann-sofie.davidsson@svedbergsgroup.com
About us
Svedbergs Group is a long-term investor in Europe's strongest independent companies that design, manufacture and market sustainable bathroom products and services. We are growing through organic growth and acquisitions that complement and strengthen our group through new product categories, geographic spread and new knowledge in marketing, innovation and sustainability. We create value by sharing each company's unique expertise with the rest of the group, and we care about maintaining the entrepreneurial drive and commitment of the companies. We call this cooperation without confusion.
This information is information that Svedbergs Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-23 07:30 CEST.
