Adjusted EBITA increased by 67 percent to SEK 32 (19) million. Organically, adjusted EBITA increased by 18 percent, driven by strong performance in several subsidiaries and the effects of implemented measures. The acquisition of Splendor Plant was completed on April 30 and contributed SEK 52 million to net sales and SEK 9 million to EBITA. During the quarter, Borö-Pannan's factory consolidation was completed after a period of elevated costs. Following an intense first half of the year, Seafire stands stronger than at the start of the year.
Q2 2026
- Net sales amounted to SEK 312 (266) million, an increase of 18 percent compared to the same period in 2025. Organic growth amounted to -2 percent, where deliberate decisions related to the closure of operations had an impact of 10 percentage points. The acquisition of Splendor Plant AB, which was consolidated as of May 1, 2026 contributed SEK 52 million.
- Adjusted EBITA amounted to SEK 32 (19) million, an increase of 67 percent, corresponding to a margin of 10 (7) percent. Splendor Plant contributed SEK 9 million. Organic EBITA growth amounted to 18 percent.
- EBITA amounted to SEK 31 (15) million, corresponding to a margin of 10 (6) percent.
- Operating profit (EBIT) amounted to SEK 26 (9) million.
- Basic and diluted earnings per share amounted to SEK 0.26 (0.04).
- Operating cash flow before tax1 amounted to SEK 32 (38) million.
The period January - June 2026
- Net sales amounted to SEK 525 (473) million, an increase of 11 percent compared to the same period in 2025. Organic growth amounted to 0 percent, where deliberate decisions related to the closure of operations had an impact of 7 percentage points. The acquisition of Splendor Plant AB, which was consolidated as of May 1, 2026 contributed SEK 52 million.
- Adjusted EBITA amounted to SEK 39 (25) million, an increase of 58 percent, corresponding to a margin of 7 (5) percent. Splendor Plant contributed SEK 9 million. Organic EBITA growth amounted to 20 percent.
- EBITA amounted to SEK 38 (21) million, corresponding to a margin of 7 (5) percent.
- Operating profit (EBIT) amounted to SEK 28 (9) million.
- Basic and diluted earnings per share amounted to SEK 0.28 (-0.13).
- Operating cash flow before tax amounted to SEK 28 (35) million.
Significant events during and after the reporting period
- A fully guaranteed rights issue of approximately SEK 140 million was carried out to finance the acquisition of Splendor Plant AB and strengthen financial flexibility. The issue was 126.6 percent subscribed, of which 97.1 percent was subscribed through the exercise of subscription rights.
- The acquisition of Splendor Plant AB was completed on April 30, 2026 and was consolidated from May 1. Read more about the acquisition on page 3 and in Note 5. As part of the purchase price, directed issues totaling 2,619,168 shares (SEK 17.5 million) were carried out to the sellers. The total number of shares therefore amounts to 71,173,676. Meanwhile, the bank loan was increased by SEK 50 million.
THE CEO'S COMMENTS ON Q2
The second quarter was characterized by a good underlying performance in the Group. Organically, adjusted EBITA increased by 18 percent. Deliberate measures are having an effect and several major projects are nearing completion. During the quarter, Borö-Pannan's closure of the Motala factory was completed, we welcomed Splendor Plant to Seafire and the rights issue of SEK 140 million was completed. Following an intense first half of the year, the Group is stronger than at the start of the year.
Continued sales growth
Net sales in Q2 amounted to SEK 312 million, equivalent to growth of 18 percent. Splendor Plant AB contributed SEK 52 million and organic growth amounted to -2 percent. Deliberate decisions related to the closure of operations had an impact of 10 percentage points and the underlying growth thus amounted to approximately 8 percent, where eight of twelve subsidiaries increased their sales. Åkerstedts, Opo Scandinavia and DOFAB performed particularly well. Kenpo Sandwich showed growth for the second quarter in a row after a weak 2025. Splendor Plant grew during May-June (months were they were part of Seafire) by 11 percent.
Improved earnings and satisfactory cash flow
The gross margin in the second quarter amounted to 48%, and excluding Splendor Plant the gross margin strengthened by just over one percentage point. Structural changes and our focused efforts related to pricing and procurement are having an impact, and the subsidiaries have successfully offset cost increases related to the geopolitical turbulence.
Adjusted EBITA in Q2 amounted to SEK 32 (19) million, corresponding to an increase of 67 percent. Splendor contributed SEK 9 million and excluding Splendor, adjusted EBITA increased from SEK 19 million to SEK 23 million, where half of the companies improved their earnings. Earnings continued to be impacted by the elevated cost base in Borö-Pannan as a result of the restructuring project; these costs will cease in Q3. Adjusted EBITA for the first half of the year amounted to SEK 39 million (SEK 25 million), of which Splendor contributed SEK 9 million (SEK 0 million). The overall improvement in earnings is satisfactory.
The operating cash flow before tax amounted to SEK 32 (38) million, of which Splendor Plant contributed SEK 19 million. Cash flow was negatively affected by inventory build-up in Borö-Pannan ahead of factory consolidation and tactical inventory build-up in a few companies, as well as by investments in Borö-Pannan's Kalix facility. The new issue was completed in the quarter, in which Seafire raised SEK 140 million (before issue and transaction costs).
Net debt decreased significantly during the quarter as a result of the completed rights issue and positive cash flow and amounted, including tax deferrals, to SEK 245 million (SEK 276 million) at the end of the quarter and the Net debt/EBITDA ratio was 2.3x (3.8x) pro forma.
Borö-Pannan's relocation project in its final phase
During the quarter, Borö-Pannan produced its last buffer tank in Motala. The operations in Kalix have undergone a major transformation project, both in terms of machinery and corporate culture, and are ready to start production after the summer. In addition to cost savings in the form of premises, energy and personnel, the effects from increased collaboration between departments, reduced internal movements etc. are also expected to free up resources to focus on sales and product development. A small but capable team has worked hard for a year on the project, and we look forward to seeing the results. I would like to express a big thank you for your efforts.
The first quarter for Splendor Plant
On Walpurgis Night (April 30), we welcomed Splendor Plant with just over 100 employees to Seafire. The rights issue of SEK 140 million, partly linked to the acquisition, was completed with an oversubscription of 27%. Splendor is a market-leading, quality company with a strong culture, a high level of knowledge and satisfied customers. The future of Splendor in Seafire will be "much the same", we will manage a 65-year history and lead it into the future. The journey forward includes business development, acquisitions and, just like the rest of Seafire - the ambition to do things a little better every day.
Clear priorities going forward
For 2026, our priorities are organic profit growth through operational leverage and continuous improvements, delivering on our critical transformation projects, particularly the Borö-Pannan factory consolidation, and further acquisition activity. We are also continuing to streamline our operations with a focus on profitability and capital efficiency, and on improving the efficiency of our processes through AI initiatives.
We are working on an active acquisition pipeline with several interesting target companies. Meanwhile, valuation discipline is crucial. Our experience is that value creation occurs when high-quality businesses are acquired on reasonable terms and are then developed on a long-term basis. The aim is therefore not to carry out many acquisitions quickly, but to make the right acquisitions.
Outlook
Our markets are showing signs of a gradual recovery, although uncertainty remains. With completed transformation projects, improved profitability and a strengthened balance sheet, we are entering the fall with confidence.
Finally, I would like to thank our employees for their dedicated efforts and our shareholders for their continued trust.
Daniel Repfennig
President and CEO
Investor Presentation
An investor presentation on Q2 2026 is published on Seafire's homepage https://www.seafireab.com/en/investor-relations
For more information, please contact
Daniel Repfennig, CEO, +46 722-00 89 41, daniel.repfennig@seafireab.com
Per Bodén CFO, +46 70-236 54 74, per.boden@seafireab.com
About Seafire
Seafire is a company group consisting of the business segments Industrial components and Products, which acquires and develops companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable companies with development potential. Seafire consists of 13 operating companies with sales of slighlty above 1.1 billion SEK. The company's shares are listed on Nasdaq Stockholm. For more information, please visit www.seafireab.com/en.
This information is information that Seafire 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 2026-07-21 08:00 CEST.
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Daniel Repfennig, CEO
