Interim report January 1 – June 30, 2026

"Q2 was strong with higher earnings in all markets and a record result in the US. The improvements we have worked on over the past years – stronger aftermarket, cost control, and increased use of technology and data – are increasingly visible in our results. Our focus remains on developing our existing operations, where we see significant untapped potential, while we continue to evaluate selective bolt-on acquisitions.

Revenue in the quarter grew 43% to SEK 1,558m, or 54% at fixed currency, with growth in all segments. Operating profit rose to SEK 68m (-5), EBITDA nearly doubled, and net debt to EBITDA improved to 3.0x.

In the US, demand remained strong, supported by infrastructure activity and accelerating construction of data centers. Sales increased 39% to SEK 969m (695) – 53% in dollars – driven by strong equipment sales. Aftermarket grew 22% in dollars, with growth constrained by technician capacity rather than demand. Operating profit more than doubled to SEK 74m (26) and EBITDA increased to SEK 164m (104). We continue to develop the US platform. During the quarter we signed a service agreement with Volvo Penta and extended our cooperation with Sandvik to underground drills.

In Germany, we delivered an operating profit of SEK 8m (-13), our second profitable quarter in a row. Sales increased 47% to SEK 540m (366) as deliveries postponed from Q1 materialized, which also released working capital. A high share of lower-margin fleet deals weighed on gross margin, but this was more than offset by higher volumes, a growing aftermarket, and a 14% reduction in SG&A. Aftermarket sales grew 9%, with June the strongest month of the year. Here too, technician capacity is the main constraint, and we have more to give. We also signed a lease for a new workshop in Hesse, opening in January 2027, so we can take even better care of our customers in the region.

In Kazakhstan, sales increased 88% to SEK 49m (26) and operating profit improved to SEK 3m (-1), despite a subdued market as government infrastructure investments remain temporarily on hold.

We remain optimistic about our US operations and the market environment ahead. Q2 set a high mark and quarters will vary, but the underlying drivers of our business continue to build. In Germany, we expect the gradual recovery to continue, and with a lower cost base and a stronger aftermarket, we are well positioned as volumes return. In Kazakhstan, we expect activity to improve as government spending resumes."