Financial reports

Continued growth and improved profitability during the quarter

During the quarter, total revenue amounted to SEK 1,286 million (1,172), representing growth of 9.8 per cent. Organic growth amounted to 8.1 per cent. The impact of exchange rates was marginal during the quarter. Adjusted EBITA increased by 38.3 per cent to SEK 105 million (76), corresponding to a margin of 8.2 per cent (6.5). The improved result is attributable to higher sales combined with costefficiency measures implemented. Gross margins have normalised compared with the first quarter of 2026 and are in line with the outcome for the second quarter of 2025.

Recurring revenue increased compared with the same period last year and amounted to SEK 444 million (430). Order volume for new cloud services developed positively during the quarter and amounted to SEK 217 million (141), which will contribute to higher recurring revenue towards the end of the year. The increase was largely driven by Business Unit UK.

The systems business generated revenue of SEK 744 million (641), with activity remaining highest in Business Unit Nordic & Baltics. Extended delivery times due to component shortages continued to affect systems sales during the quarter.

Improvement efforts within Business Units Central and West are progressing according to plan. Both Central and West reported growth and improved results, primarily driven by increased sales and price rises in the systems business. For Business Unit UK, revenue fell during the period, mainly due to weaker system sales, whilst operating profit increased.

Divestment, service development and partnerships

During the quarter, we divested our staffing business in the Netherlands. Through this divestment, we are increasing our focus on our core business, which strengthens the conditions for improved profitability and organic growth.

We signed a partnership agreement with Truesec that strengthens our cyber security offering and forms part of our continued commitment to secure and sovereign data infrastructure for business- and society-critical operations.

The cost-efficiency programme launched in 2025 took full effect during the quarter, helping West and Central to return to positive earnings growth. Improvement efforts are continuing in both business units, with the aim of achieving the Group’s profitability target of 8 per cent.

Market outlook

Due to uncertainty in the memory market, the outlook is difficult to assess. During the quarter, lead times for memory components have increased further, and high memory prices are expected to persist well into 2027.

We note that an increasing number of customers are realising the need to review their critical infrastructure now, rather than waiting for future price falls.

We continue to work closely with both existing and new customers to identify alternative solutions, such as service-based offerings and other technical alternatives, which can help to manage the current market situation.

We consider the conditions for the next quarter to be favorable. At the same time, uncertainty remains regarding the fourth quarter.

Focus going forward

Building on this quarter’s improvements, we are continuing to strengthen our offerings in hybrid cloud, security and AI-related infrastructure, with a particular focus on recurring revenue. We are prioritising those areas of the business where we see good potential for profitable growth.

Over the spring, we have reviewed our strategy and future priorities, which we intend to present to the market at a capital markets day later this year.

Lastly, I would like to wish all our employees, customers and shareholders a truly wonderful summer.

Solna, 16 July 2026

Magnus Lönn
President & CEO