Financial summary April - June 2026
- Net sales totaled SEK 142m (171), down 16.8 percent. Organic growth totaled -14.1 percent, and the currency effect -2.7 percent.
- EBITDA amounted to SEK 21m (36) and the EBITDA margin was 14.5 percent (21.0).
- EBIT amounted to SEK 0m (18) and the EBIT margin was 0.0 percent (10.5).
- Profit for the period totaled SEK -0m (14).
- Adjusted return on operating capital (LTM) was 4.0 percent (23.8).
- Cash flow from operating activities was SEK 8m (20).
- Earnings per share (basic and diluted) totaled SEK -0.01 (0.36).
Financial summary January - June 2026
- Net sales amounted to SEK 291m (335), a decrease of 13.2 percent. Organic growth totaled -6.9 percent, and the currency effect, -6.3 percent.
- EBITDA amounted to SEK 56m (67) and the EBITDA margin was 19.4 percent (20.1).
- EBIT was SEK 17m (35), and the EBIT margin, 5.8 percent (10.5).
- Profit for the period was SEK 12m (18).
- Cash flow from operating activities totaled SEK 31m (78).
- Earnings per share (basic and diluted) totaled SEK 0.30 (0.44).
- Net debt totaled SEK 169m (219) and net debt/EBITDA LTM, SEK 1.82m (1.14).
Cautious market conditions resulted in a weak quarter.
- Weak sales affect earnings despite implemented cost reductions.
- Continued focus on cash flow and financial flexibility.
- Positive reception of the Profoto ProPanel.
- Anders Hedebark, CEO
| Apr-Jun 2026 | Apr-Jun 2025 | Jan-Jun 2026 | Jan-Jun 2025 | Jul 2025- Jun 2026 | Full year 2025 | |
| Net sales, SEKm | 142 | 171 | 291 | 335 | 573 | 617 |
| Organic growth, % | -14.1 | -6.7 | -6.9 | -5.7 | -11.1 | -10.4 |
| EBITDA, SEKm | 21 | 36 | 56 | 67 | 93 | 104 |
| EBITDA margin, % | 14.5 | 21.0 | 19.4 | 20.1 | 16.2 | 16.8 |
| EBITA, SEKm | 15 | 30 | 46 | 56 | 71 | 81 |
| EBITA margin, % | 10.9 | 17.8 | 15.9 | 16.7 | 12.4 | 13.2 |
| EBIT, SEKm | 0 | 18 | 17 | 35 | -24 | -6 |
| EBIT margin, % | 0.0 | 10.5 | 5.8 | 10.5 | -4.3 | -1.0 |
| Adjusted EBIT, SEKm | 0 | 18 | 17 | 35 | 23 | 41 |
| Adjusted EBIT margin, % | 0.0 | 10.5 | 5.8 | 10.5 | 4.0 | 6.6 |
| Profit/loss for the period, SEKm | -0 | 14 | 12 | 18 | -29 | -23 |
| Cash flow from operating activities, SEKm | 8 | 20 | 31 | 78 | 104 | 151 |
| Net debt, SEKm | 169 | 219 | 169 | 219 | 169 | 181 |
| Net debt/EBITDA LTM | 1.82 | 1.14 | 1.82 | 1.14 | 1.82 | 1.48 |
| Adjusted return on operating capital, % | 4.0 | 23.8 | 4.0 | 23.8 | 4.0 | 7.2 |
| Earnings per share, SEK | -0.01 | 0.36 | 0.30 | 0.43 | -0.72 | -0.57 |
Cautious market conditions resulted in a weak quarter
The second quarter was characterized by continued challenging market conditions with a tough competitive situation and a cautious willingness to invest among many customers, resulting in a weak quarter for both sales and earnings. At the same time, the organization continued to work close to customers, with clear cost awareness and good discipline in its priorities. This gives Profoto a solid foundation to stand on, even in a more difficult market situation.
Continued market uncertainty
Net sales totaled SEK 142m (171), corresponding to negative organic growth of 14 percent. The uncertainty in the market remains evident and is linked to general economic turmoil. This means that decision-making processes take longer and that certain investments are postponed. To simplify the decision making process, we are continuously working to clarify our product offering and refining our marketing strategy towards our primary customer groups.
During the second quarter of 2025, sales benefited from the phase-out of the Profoto B10 and strong sell-in of the B20 and B30. The combined effect of the phase-out and launch-related sell-in totaled approximately SEK 20 million.
Sales development was negative in all regions. EMEA in particular had a weak quarter with continued high uncertainty and some internal organizational challenges. Sales were also negatively impacted by an unusually large range of second-hand products on the market as a result of the bankruptcy of a medium-sized player. Sales decreased organically by 26 percent to SEK 49m (66). After the end of the quarter, we implemented certain organizational changes to strengthen sales. In the Americas, sales totaled SEK 64m (71), an organic decline of 9 percent. The decrease is mainly a result of the sell-in and phase-out activities related to the B-series in 2025. In APAC, sales fell organically by 6 percent to SEK 34m (37). We see the same pattern as in previous quarters, with a stable development in China and a weaker market in Japan and APAC.
Weak sales affect earnings despite implemented cost reductions
As a direct result of the lower sales, EBIT decreased sharply from SEK 18m to a marginally positive result, this despite the significantly lower cost level compared to the previous year. In addition, the result was adversely impacted by a less favorable product mix. While maintaining strict cost control, we are making selected investments in strategically important areas. We continue to drive efficiency improvements and develop the organization to strengthen our competitiveness. As part of these efforts, we are working to optimize our purchasing and development strategy.
Continued focus on cash flow and financial flexibility
Thanks to continued strong cost control and a stable cash flow from operating activities, we maintained a good financial position during the quarter. This has allowed us to continue to amortize our external loans. At the same time, we have maneuvering room for future investments and growth initiatives. In a situation where the market is difficult to assess, financial stability is particularly important. It gives us the opportunity to act long-term and continue to develop products while being selective and disciplined in our priorities.
Positive reception of Profoto ProPanel
The launch of Profoto ProPanel is unfolding according to plan and is an important part of positioning our LED offering. The product has been positively received and meets clear customer needs and strengthens our offering. At the same time, we see that the studio market is hesitant to invest in new products, in line with the prevailing sentiment in studio. As expected and as previously communicated, we have seen some financial impact from the launch in the quarter. We expect a gradual increase in revenue from ProPanel during the year as more and more end users get the opportunity to see and try the product in their work.
Closing words
Although market conditions remain challenging, Profoto has a strong long-term position. We have an attractive product portfolio, an efficient organization, and a financial position that gives us freedom of action. The dedication of our employees is an import ant strength in developing Profoto and creating value for our customers. The focus going forward is to continue to navigate the short-term market situation in a balanced matter, while at the same time investing purposefully in innovation, profitability and initiatives that strengthen our competitiveness over time.
Sundbyberg, July 17, 2026
Anders Hedebark
President and CEO
Financial calendar
Interim Report Q3 2026 - October 20, 2026
2026 Year-End Report - February 10, 2027
Annual Report 2026 - week 15 2027
Conference call
Profoto Holding AB (publ) will publish its interim report for the second quarter of 2026 on Friday, July 17, at 8:00 a.m. CEST. At 9:00 a.m. CET on the same day, a webcast conference call will be held at which President and CEO Anders Hedebark will present the report together with CFO Linus Marmstedt. The presentation will be followed by a Q&A session. The presentation will be held in English.
If you wish to participate via the webcast, please use the link below. https://profoto.events.inderes.com/q2-report-2026
If you wish to participate via teleconference, please register via the link below. https://events.inderes.com/profoto/q2-report-2026/dial-in
Contact
Linus Marmstedt
CFO
Phone
+46 768 08 03 01
E-mail
linus.marmstedt@profoto.com
About Profoto
Profoto was founded more than 50 years ago and has since then been a world leader in lighting equipment for professional photographers, driving innovation and awareness of how to create better images through light. We know that light is the indispensable source in all image creation - regardless of camera or situation. Creating great images is about mastering and shaping light. The end users are professional photographers and commercial customers, including major consumer brands and e-commerce companies. The company currently has sales in approximately 50 countries worldwide. Net sales in 2025 totaled SEK 617m, with an adjusted EBIT margin of 7 percent. Profoto has ~110 employees at its headquarters in Stockholm and in subsidiaries in the USA, Japan, China, and the Netherlands.
For more information about Profoto, please visit https://investors.profoto.com
This information is information that Profoto Holding is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-17 08:00 CEST.
