ceo’S gREETINGS
CEO Christian Gebauer comments the first quarter of 2026
Solid start to the year
The first quarter of 2026 marked a solid start to the year. In a still uncertain operating environment, we delivered a good financial performance, with net sales of EUR 119 million, an adjusted EBITA margin of 10.8% and cash flow from operations of EUR 10.4 million.
Cash flow improved compared to the prior year, reflecting a stronger focus on working capital management. While it is still early in the year, the development provides initial signs that our priorities are beginning to translate into results.
We also continued to make progress in onboarding and value creation initiatives related to previously completed acquisitions.
While profitability remained broadly stable year-on-year, the quarter showed encouraging progress in operational execution. We continue to see clear potential to further improve profitability and capital efficiency over time. Our focus remains clear: to drive EBITA growth, strengthen cash flow and continue to allocate capital selectively.
President and Chief Executive Officer
Business area performance
As we announced in February, we have transitioned from a geographically organized management structure to a business area-based operating and management structure. From this quarter onwards, we manage and report our operations through three distinct business areas, enabling clearer strategic steering, improved transparency, and a more disciplined capital allocation across the group.
Commercial Vehicle Services consists of leading suppliers of repair, maintenance, and service solutions for commercial vehicles and industrial equipment. Market conditions remained stable during the quarter. Adjusted EBITA improved, supported by operational improvement measures implemented in Team Verkstad Sverige and a strong performance in Raskone. Following the acquisitions completed in 2025, Commercial Vehicle Services now represents a larger share of the group. As a result, the group’s quarterly seasonality has become somewhat more pronounced. In this business area, the second quarter typically includes fewer working days than other quarters.
Products and Solutions consist of companies with scalable branded products and solutions for vehicle users across international markets. During the first quarter, focus areas included strengthening operational scalability and profitability to support sustainable growth. Net sales and earnings development were supported by continued organic performance, particularly in Strands Group, as well as the consolidation of recently acquired companies.
Technical Wholesale brings together leading distributors of spare parts, vehicle equipment, and technical solutions primarily for commercial vehicles and professional mobility. For the business area, the first quarter was strong with 12% organic net sales growth and solid earnings development. Performance was supported by both healthy market demand and internal improvement initiatives. During the quarter, we initiated measures in Startax to streamline the product assortment and increase focus on higher-return product categories. These actions support improved capital efficiency and profitability over time.
Still uncertainty in the operating environment
Market conditions remained broadly stable during the first quarter, although uncertainty in the external environment remains elevated. Demand continued to vary across markets and business areas, and we maintain a strong focus on execution, cost discipline and adaptability.
Positive long-term outlook
It is encouraging to see early signs that our increased focus on operational performance, cash conversion and capital discipline is starting to be reflected in our results. Going forward, consistency over time remains a key priority.
We remain confident in our long-term outlook. Our business model is resilient, supported by a diversified earnings base and strong cash generation. We will continue to advance our active M&A pipeline and pursue selective, value-accretive opportunities with discipline.
I would also like to remind our shareholders and other investors of our ongoing strategic update. At our Capital Markets Day in May, we will present the outcome of our strategic review and provide more detail on our priorities and long-term financial targets.
I warmly thank all our professionals for your continued dedication and contribution during the quarter. I also thank our customers, shareholders, and business partners for your continued support.
Christian Gebauer
President and CEO