The first quarter of 2026 was characterized by continued acquisition activity, our entry into the UK market, and improved profitability despite a seasonally slower period and a cautious macroeconomic environment.
JANUARY-MARCH 2026
•Reported total revenue amounted to SEK 632.6 million (409.1), an increase of 54.6%.
•Reported adjusted EBITDA amounted to SEK -26.8 million
(-44.1).
•LFL total revenue amounted to SEK 666.8 million (646.6), an increase of 3.1% (6.2% in constant currencies).
•LFL adjusted EBITDA amounted to SEK 4.5 million (-18.8).
•During the quarter, our position was further strengthened through ten acquisitions, whereof one in United Kingdom marking Citira's entry into this market, six in Sweden, two in Finland and one in Norway.
•Net debt amounted to SEK 2,853.6 million at the end of the period, corresponding to 5.26 times LFL Adjusted EBITDA R12M.
•Under K3, net debt amounted to SEK 2,032.9 million, corresponding to 5.35 / 5.94 times LFL Adjusted EBITDA R12M with / without synergies.
•During the quarter, Citira issued additional secured senior bonds in the amount of SEK 420 million.
•After the end of the reporting period, we announced two additional acquisitions, both in Sweden.
•After the end of the reporting period, Citira issued additional secured senior bonds of SEK 260 million.
Growth supported by early season and commercial momentum
During the quarter, demand conditions remained relatively subdued across several of our markets, reflecting continued macroeconomic uncertainty. We also see increased volatility in the macro environment, including rising oil prices, which are affecting fuel costs, tire prices, and may have a dampening effect on customer demand going forward.
On a like-for-like basis, revenue increased by 6% in constant currencies (3% in SEK), supported by targeted commercial initiatives and an early start to the season in Sweden and southern Finland. Activity levels improved gradually ahead of the seasonal tire change period, and we continued to benefit from increased participation in tenders and stronger traction with new and existing customers.
LFL adjusted EBITDA improved significantly compared to last year, reflecting continued commercial progress, disciplined cost control, and early benefits from efficiency measures across the Group. Despite the quarter being seasonally the slowest of the year, profitability developed positively.
Progress across markets and integration of recent acquisitions
In Sweden, revenue grew 9% on a like-for-like (LFL) basis, driven by an early start to the season. The commercial activity remained high and several new important customer contracts were signed during the period. LFL adjusted EBITDA improved meaningfully compared to last year, supported by realized synergies from the Däckia integration and continued efficiency initiatives. The integration work is progressing according to plan, with a continued focus on strengthening operational efficiency and reducing the fixed cost base.
Finland delivered solid growth, with LFL revenue increasing 13% (7% in SEK). Performance was supported by an early seasonal start, particularly in southern Finland, combined with continued commercial initiatives. LFL adjusted EBITDA improved compared to last year and during February we launched a profit improvement program with clearly defined activities targeting pricing, sourcing and cost efficiency.
In Poland, market conditions remained soft, with a late seasonal start impacting activity levels. Despite headwinds, LFL revenue increased 4% (-2% in SEK), driven by the distribution business. Activities to strengthen the commercial proposition and enlarge the customer base are ongoing. LFL adjusted EBITDA improved year-on-year, driven by the continued execution of our efficiency program.
In the United Kingdom, the acquisition of Tyrefix in early February marked an important step in our geographic expansion. Demand from national accounts and infrastructure projects remained solid, supporting LFL revenue growth of 3% (-5% in SEK). The business contributed positively to earnings during the quarter with solid margins, although profitability was impacted by inflationary pressure, particularly related to fuel and transportation costs.
Norway continued to operate in a soft market environment, with stable development compared to last year. LFL revenue grew by 5% (2% in SEK).
Continued expansion and strengthened platform
Acquisition activity remained high during the quarter, with ten acquisitions completed across our markets, including our entry into the UK. After the end of the period, we have announced two additional acquisitions in Sweden. We continue to see a strong pipeline of opportunities across both existing and new markets.
To support our growth strategy, we issued additional senior secured bonds during and after the quarter. While leverage has increased as a result of our acquisition-led growth strategy, we remain confident in our ability to realize synergies and continue to strengthen underlying profitability over time.
Outlook - focus on profitability and execution in uncertain environment
Looking ahead, our focus remains on driving commercial initiatives, realizing synergies from recent acquisitions, and further improving operational efficiency across the Group. While the macroeconomic environment remains uncertain, with continued volatility and rising input costs driven by higher oil prices, we remain well positioned to capture underlying demand.
We continue to execute on our strategy to build a leading customer-centric challenger in our industry.
David Boman
CEO
For further information, please contact:
David Boman, CEO, +46 70 508 84 99
Jonas Söderkvist, CFO, +46 70 578 50 64
Forward-looking information
Some statements in this report are forward-looking and the actual outcome may be significantly different. In addition to the factors specifically highlighted, other factors may have a material impact on the actual outcome. Such factors include, but are not limited to, the general economic situation, changes in exchange rates and interest rates, political developments, the impact of competing products and their prices and disruptions in the supply of materials.
Financial calendar
Interim Report January - June 2026, 13 August 2026
Interim Report January - September 2026, 12 November 2026
Year-end Report 2026, 25 February 2027
About Citira
Citira is a circular tire management provider. Our company offers tire service, collection and retreading of worn-out tires, as well as sale and delivery of replacement tires. Our inhouse logistics enables a circular flow of products - delivering replacement tires, while collecting used casings.
Citira strives to make tire management convenient and sustainable for transport companies and vehicle users. Our company supports customers in gaining more uptime, reducing environmental impact, lowering costs, and meeting safety requirements.
Citira consists of 150+ directly operated service points, 38 affiliated service points, 5 retreading sites, 1,200+ employees and inhouse logistics covering Northern Europe. Our mission is to keep society moving in a convenient, sustainable way.
More information about Citira is available at www.citira.com
This information is information that Citira Holding AB 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 2026-05-13 08:10 CEST.
