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Bufab AB Interim / Quarterly Report 2026
2898_10-q_2026-04-23_239acc98-8499-42a7-8911-9a0d603a3e55.pdf
Interim / Quarterly Report
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DISCOVERING THE NEXT SOLUTION
Interim report, 2026
BUBAB
Summary
CEO's overview
Financial performance
Financial statements
Other information
Strong start of the year, with a clearly improved gross and operating margin
First quarter of 2026
- Net sales increased by 1.7 percent to SEK 2,222 million (2,184). Organic growth was 2.2 percent, and order intake was slightly higher than net sales.
- Adjusted operating profit (EBITA) amounted to SEK 340 million (278), corresponding to an operating margin of 15.3 percent (12.7).
- Operating profit (EBITA) totalled SEK 340 million (286), with an operating margin of 15.3 percent (13.1).
- Earnings per share were SEK 1.09 (0.96).
- Cash flow from operating activities amounted to SEK 201 million (164), corresponding to a cash conversion of 58 percent (56).
- Net debt/EBITDA, adjusted, was 2.4 (2.5).
Key figures
| MSEK | Q1 | Δ | LTM | Full-year | |
|---|---|---|---|---|---|
| 2026 | 2025 | % | 25/26 | 2025 | |
| Order intake | 2,286 | 2,152 | 6.2 | 8,252 | 8,118 |
| Net sales | 2,222 | 2,184 | 1.7 | 8,110 | 8,072 |
| Gross profit | 731 | 662 | 10.4 | 2,645 | 2,576 |
| Gross margin (%) | 32.9 | 30.3 | 32.6 | 31.9 | |
| Operating expenses | -391 | -376 | 4.0 | -1,542 | -1,527 |
| Share of net sales (%) | -17.6 | -17.2 | -19.0 | -18.9 | |
| Operating profit (EBITA) | 340 | 286 | 18.7 | 1,103 | 1,050 |
| Operating margin EBITA (%) | 15.3 | 13.1 | 13.6 | 13.0 | |
| Operating profit (EBITA), adjusted | 340 | 278 | 22.4 | 1,132 | 1,070 |
| Operating margin EBITA, (%) adjusted | 15.3 | 12.7 | 14.0 | 13.3 | |
| Operating profit | 316 | 269 | 17.3 | 1,016 | 969 |
| Operating margin (%) | 14.2 | 12.3 | 12.5 | 12.0 | |
| Profit after tax | 206 | 182 | 13.3 | 650 | 626 |
| Earnings per share, SEK¹ | 1.09 | 0.96 | 13.3 | 3.43 | 3.30 |
| Cash flow from operating activities | 201 | 164 | 22.6 | 962 | 925 |
| Net debt / EBITDA, adjusted | 2.4 | 2.5 | -5.6 | 2.3 | 2.6 |
1.7%
Sales growth
15.3%
Operating margin (EBITA), adjusted
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
BUBAB
Summary
CEO's overview
Financial performance
Financial statements
Other information
CEO's overview
Bufab starts the year with a strong first quarter, delivering improved gross and operating margins. Despite increased global uncertainty, we continue to deliver improved results, which we regard as a sign of strength.
We continue to execute on our strategy with a strong focus on value creation for customers. This is achieved, among other things, by strengthening our offering in customised full-service solutions, sustainability and logistics solutions. We have also worked actively to implement new ways of working with value-based pricing across the organisation, which over the past couple of quarters has generated clear results.
Continued mixed demand
Net sales amounted to MSEK 2,222, corresponding to an organic growth of 2.2 percent compared with the same quarter last year, with positive development in three of the five regions. The organic growth was mainly driven by volume increases. Underlying demand, however, remains cautious. During the quarter, we noted good demand in sectors such as energy, agriculture and food, digital infrastructure and defence, while demand within construction, furniture and interior design, and the automotive industry remained weak.
Strong performance during the quarter
I am very satisfied with the performance during the quarter. Both the gross margin and the operating margin increased compared with the comparative quarter and reached high levels. The gross margin increased to 32.9 percent as a result of focused work to improve our customer and product mix, purchasing savings, price adjustments, as well as the strengthened Swedish krona. Over the past eleven quarters, we have seen strong momentum in our gross margin, a development that we expect to continue during the year.
The share of operating expenses, adjusted for the revaluation of contingent purchase considerations, was somewhat lower compared with the comparative quarter. We continue to maintain a strong focus on cost control throughout the organisation, while at the same time investing in growth. The operating margin came in at a strong 15.3 percent in the quarter. Notably, the vast majority of the Group's operating companies improved their results compared with the previous year.
Outlook and priorities
While we note a strong start to the year, developments in Iran and the Middle East have increased uncertainty in the market. Bufab is not directly affected by disruptions from the war or the unrest in the Strait of Hormuz, but we see increased freight costs and continued cautious customers as risk factors, as similar developments historically have had a dampening effect on demand.
While the deteriorating external environment creates uncertainty, it also creates opportunities for a strong player such as Bufab to gain market share, as customers increase their focus on reducing costs and securing their supply chains.
The uncertain market situation does not affect our priorities going forward. We are well on track to reach our margin target and will continue our work to deliver on our strategy, focusing on what we can control ourselves: gaining market share, gradually improving our gross margin and cost base, and delivering strong cash flow. This leaves us well positioned for profitable growth when demand returns.
Internally, we also continue to work on strengthening performance orientation through increased accountability via decentralisation, supported by clear three-year plans for all companies. We are also working intensively to manage the EU's new carbon border adjustment mechanism (CBAM), which affects our European companies. Despite the uncertainty in the world, we remain optimistic about the future and the opportunities to continue creating value for our customers and shareholders.
I would like to thank all of the Group's "Solutionists" for their strong commitment and hard work during the quarter. Together, we have delivered a good start to the year!
Värnamo, 23 April 2026
Erik Lundén
President and CEO
BUBAB
Summary
The Group in brief
First quarter
Order intake increased to SEK 2,286 million (2,152) and was slightly higher than net sales. Net sales increased by 1.7 percent to SEK 2,222 million (2,184). Of the total change in sales, -6.5 percent was due to currency effects, 6.0 percent from acquisitions/divestments and 2.2 percent from organic growth.
The gross margin strengthened compared with the same quarter previous year and amounted to 32.9 percent (30.3).
Operating expenses as a percentage of net sales increased compared with the comparative quarter and amounted to 17.6 percent (17.2). Adjusted for the acquisition of novia Group, which was completed in mid-October 2025, and the revaluation of contingent purchase considerations in the comparative quarter, operating expenses as a percentage of net sales decreased slightly.
Adjusted operating profit (EBITA) increased to SEK 340 million (278), corresponding to an adjusted operating margin of 15.3 percent (12.7). Operating profit (EBITA) increased to SEK 340 million (286), corresponding to an operating margin of 15.3 percent (13.1).
Earnings per share were SEK 1.09 (0.96).
| 2026, % | Q1 | |||||
|---|---|---|---|---|---|---|
| Group | Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | 2.2 | 1.7 | 6.3 | 11.6 | -3.8 | -14.0 |
| Currency translation effects | -6.5 | -3.0 | -5.3 | -13.4 | -8.4 | -11.3 |
| Acquisitions | 6.5 | - | 23.7 | - | - | - |
| Divestments | -0.5 | - | - | -4.3 | - | - |
| Recognised growth | 1.7 | -1.3 | 24.7 | -6.1 | -12.2 | -25.3 |
BUBAB
Summary
Financial items and tax
The Group's net financial items amounted to MSEK -41 (-32) in the first quarter, of which exchange rate differences accounted for MSEK -1 (13) and interest expenses for MSEK -35 (-43). The Group's profit after financial items for the quarter amounted to MSEK 274 (237).
The change in net financial items in the quarter compared with the comparative quarter is mainly explained by exchange rate differences and a lower average interest rate.
The tax expense for the quarter amounted to MSEK -68 (-55), corresponding to an effective tax rate of 24.8 (23.2) percent. The change in the effective tax rate compared with the corresponding period of the previous year is mainly explained by a continued acquisition-driven shift in the share of taxation to countries outside Sweden, where tax rates in several cases have been higher, as well as changes in deferred tax.
Cash flow, working capital and financial position
Cash flow from operating activities amounted to MSEK 201 (164), corresponding to a cash conversion of 58 (56) percent.
Cash flow from operating activities for the quarter was higher than in the comparative quarter and is mainly explained by a higher underlying result. Provisions for future payments of costs related to CBAM, which affect the European subsidiaries, explain the increase in non-cash items compared with the comparative quarter. Working capital tied up in trade receivables increased compared with the corresponding period of the previous year as a direct result of the organic growth in the quarter.
Working capital in relation to net sales amounted to 39.2 (38.5) percent, mainly explained by increased capital tied up in receivables and inventories, driven by organic growth.
Adjusted net debt amounted to MSEK 2,721 (2,548) as of 31 March 2026, and the debt/equity ratio was 78 (81) percent.
The key ratio net debt/EBITDA, adjusted, amounted to 2.4 (2.5) as of 31 March 2026.
Operating cash flow and cash conversion ratio
Net debt/EBITDA, adjusted
BUBAB
Summary
Region Europe North & East
34%
Share of total sales
The region consists of Bufab's operations in Sweden, Finland, Norway, Denmark, Poland, Hungary, Romania, the Baltic States and Slovakia.
First quarter
Sales growth amounted to -1.3 percent in the quarter, and organic growth was 1.7 percent. Market conditions remain uncertain and vary depending on country and customer segment. A positive development was noted in Finland and Sweden while Denmark experienced a continued weak demand. Demand in the furniture and kitchen sector remained low, while demand in defence and digital infrastructure was strong.
The gross margin increased by 3.0 percentage points quarter-to-quarter. The increase was driven by improved customer and product mix and the consolidation of purchasing volumes, which in turn generated savings. As in the previous quarter, currency effects also had a positive impact on the gross margin.
Operating expenses as a share of sales increased quarter-to-quarter, mainly due to revaluation of contingent purchase considerations in the comparable quarter. Adjusted for these the share of cost increased only slightly quarter-to-quarter, driven by investments for growth, currency loss and a smaller customer loss.
The adjusted operating profit increased by SEK 13 million, resulting in an adjusted operating margin of 16.1 percent (14.2).
Key figures
| MSEK | Q1 | Δ | LTM | Full-year | |
|---|---|---|---|---|---|
| 2026 | 2025 | % | 25/26 | 2025 | |
| Order intake | 773 | 765 | 1.1 | 2,853 | 2,844 |
| Net sales | 762 | 772 | -1.3 | 2,822 | 2,832 |
| Gross profit | 258 | 238 | 8.4 | 935 | 914 |
| Gross margin (%) | 33.8 | 30.8 | 33.1 | 32.3 | |
| Operating expenses | -135 | -117 | 15.1 | -527 | -509 |
| Share of net sales (%) | -17.7 | -15.2 | -18.7 | -18.0 | |
| Operating profit (EBITA) | 123 | 121 | 1.9 | 408 | 406 |
| Operating margin EBITA (%) | 16.1 | 15.6 | 14.5 | 14.3 | |
| Operating profit (EBITA), adjusted | 123 | 110 | 12.0 | 408 | 395 |
| Operating margin EBITA, (%) adjusted | 16.1 | 14.2 | 14.5 | 13.9 |
-1.3%
Sales growth
16.1%
Operating margin (EBITA), adjusted
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
Region Europe West
The region consists of Bufab's operations in France, the Netherlands, Germany, the Czech Republic, Austria, Switzerland, Spain, Türkiye and Italy.
Sales growth amounted to 24.7 percent in the quarter, and organic growth was 6.3 percent. Of the total growth, 23.7 percent was attributable to the acquisitions of novia Group. The organic growth was driven by strong development in France, Spain, Turkey and the Czech Republic, as a result of increased market shares and a better product mix. A strong demand was noted within the mechatronics, aerospace, and defence sectors.
The gross margin increased by 2.2 percentage points quarter-to-quarter, due to a better product mix and added value on new projects.
34%
Share of total sales
Operating expenses as a share of sales were in line with the same quarter last year.
The adjusted operating profit increased by SEK 33 million, resulting in an adjusted operating margin of 15.3 percent (13.4). The newly acquired novia Group developed according to plan in the quarter.
24.7%
Sales growth (incl. acquisitions)
15.3%
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
Region Americas
The region comprises Bufab's operations in the US and Mexico.
Sales growth amounted to -6.1 percent during the quarter, and organic growth was 11.6 percent. Of the total change, -13.4 percent was attributable to currency. The organic growth was mainly driven by price increases. Demand was stable but remained at a low level in the important RV and trailer market, which is important to American Bolt and Screw. Low demand continued to be noted in the automotive industry, which particularly affected Components Solutions Group.
The gross margin increased by 7.7 percentage points quarter-to-quarter, mainly due to general price adjustments and a successful outcome in reversing the trend within
12%
Component Solutions Group. The gross margin is expected to decrease slightly going forward, but remain on a high level.
Operating expenses as a share of sales decreased quarter-to-quarter, mainly due to the divestiture within Component Solutions Group and a good cost control.
Adjusted operating profit increased by SEK 22 million, resulting in an adjusted operating margin of 21.7 percent (12.5).
Key figures
-6.1%
Sales growth (incl. divestments)
21.7%
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
Region UK/Ireland
16%
The region comprises Bufab's operations in the UK and Ireland.
Sales growth amounted to -12.2 percent in the quarter, and the organic growth was -3.8 percent. The decline in organic growth was attributable to low demand in the manufacturing industry, impacting both Bufab UK and Bufab Ireland. Lower market prices, adversely impacted Apex Stainless Fasteners. Weak confidence within the UK construction market combined with unfavourable weather, resulted in lower sales at TIMCO.
The gross margin increased by 2.0 percentage points quarter-to-quarter, mainly driven by sourcing savings and lower freight charges.
Operating expenses as a share of sales decreased quarter-to-quarter. The lower level of cost is explained by the fact that the comparable quarter was negatively impacted by a customer loss as well as restructuring costs.
The negative organic growth was offset by an improved gross margin and a lower share of operating expenses. The adjusted operating profit therefore increased by 3 MSEK, resulting in an adjusted operating margin of 11.7 percent (9.5).
-12.2%
11.7%
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
Region Asia-Pacific
The region consists of Bufab's operations in China, India, Singapore and other countries in Southeast Asia.
Sales growth amounted to -25.3 percent in the quarter, and organic growth was -14.0 percent. Of the total change, -11.3 percent was attributable to currency. The decline in organic growth was mainly attributable to Bufab Singapore due to lower demand from some large customers and the termination of an unprofitable customer. Bufab Shanghai recorded a small decline during the quarter due to a very strong comparable quarter last year.
The gross margin strengthened by 3.4 percentage points quarter-to-quarter, mainly due to a continued focused work with value-based pricing, but also a result of purchasing savings.
5%
Operating expenses as a share of sales increased quarter-to-quarter, mainly due to lower volumes and currency.
The adjusted operating profit decreased by SEK 5 million, but the operating margin increased to 16.6 percent (16.1), as a result of the higher gross margin and good cost control despite lower volumes.
-25.3%
16.6%
Net sales, SEK million
Operating profit (EBITA) adjusted, SEK million
BUE4B
Financial statements
Condensed Consolidated Income Statement
| Q1 | ||
|---|---|---|
| MSEK | 2026 | 2025 |
| Net sales | 2,222 | 2,184 |
| Costs of goods sold | -1,491 | -1,522 |
| Gross profit | 731 | 662 |
| Distribution costs | -264 | -255 |
| Administrative expenses | -158 | -157 |
| Other operating income and operating expenses | 7 | 18 |
| Operating profit | 316 | 269 |
| Profit/loss from financial items | ||
| Interest income and similar profit/loss items | 1 | 15 |
| Interest expenses and similar profit/loss items | -42 | -47 |
| Profit after financial items | 274 | 237 |
| Tax on net profit for the period | -68 | -55 |
| Profit after tax | 206 | 182 |
Statement of Comprehensive Income
| Q1 | ||
|---|---|---|
| MSEK | 2026 | 2025 |
| Profit after tax | 206 | 182 |
| Other comprehensive income | ||
| Items that will not be reclassified in profit or loss | ||
| Actuarial loss / profit on pension obligations, net after tax | - | - |
| Items that may be reclassified subsequently to profit or loss | ||
| Translation differences / Currency hedging net after tax | 53 | -237 |
| Other comprehensive income after tax | 53 | -237 |
| Total comprehensive income | 259 | -55 |
| Total comprehensive income attributable to: | ||
| Parent Company shareholders | 259 | -55 |
Earnings per share
| Q1 | ||
|---|---|---|
| SEK | 2026 | 2025 |
| Earnings per share | 1.09 | 0.96 |
| Weighted number of shares outstanding before dilution, thousands¹ | 189,653 | 189,485 |
| Diluted earnings per share, SEK | 1.09 | 0.96 |
| Weighted number of shares outstanding after dilution, thousands¹ | 190,166 | 190,000 |
¹) The numbers of shares have been recalculated to reflect the share split (5:1) carried out in May 2025.
Condensed Consolidated Balance Sheet
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2026 | 2025 | 2025 |
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | 4,014 | 3,504 | 3,932 |
| Property plant and equipment | 805 | 729 | 797 |
| Financial assets | 70 | 41 | 60 |
| Total non-current assets | 4,889 | 4,275 | 4,790 |
| Current assets | |||
| Inventories | 2,750 | 2,628 | 2,717 |
| Current receivables | 1,906 | 1,744 | 1,606 |
| Cash and cash equivalents | 261 | 233 | 205 |
| Total current assets | 4,917 | 4,605 | 4,529 |
| Total assets | 9,806 | 8,880 | 9,319 |
| MSEK | 31 Mar | 31 Dec | |
| --- | --- | --- | --- |
| 2026 | 2025 | 2025 | |
| Equity and liabilities | |||
| Equity | 4,274 | 3,844 | 4,027 |
| Non-current liabilities | |||
| Non-current liabilities, interest bearing | 3,297 | 3,046 | 3,339 |
| Non-current liabilities, non-interest bearing | 310 | 344 | 238 |
| Total non-current liabilities | 3,608 | 3,390 | 3,577 |
| Current liabilities | |||
| Current liabilities, interest bearing | 307 | 302 | 298 |
| Current liabilities, non-interest bearing | 1,618 | 1,343 | 1,417 |
| Total current liabilities | 1,925 | 1,645 | 1,715 |
| Total equity and liabilities | 9,806 | 8,880 | 9,319 |
Consolidated Statement of Changes in Equity
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Equity at beginning of year | 4,027 | 3,899 |
| Comprehensive income | ||
| Profit after tax | 206 | 182 |
| Other comprehensive income | ||
| Items that will not be reclassified in profit or loss | ||
| Actuarial loss / profit on pension obligations, net after tax | - | - |
| Items that may be reclassified in profit or loss | ||
| Translation differences / Currency hedging net after tax | 53 | -237 |
| Total comprehensive income | 259 | -55 |
| Transactions with shareholders | ||
| Share savings programme | 2 | - |
| Issued call options | - | - |
| Redemption call options | - | - |
| Repurchase of own shares | -15 | - |
| Dividend to shareholders | - | - |
| Total transactions with shareholders | -13 | - |
| Equity at end of period | 4,274 | 3,844 |
Consolidated Cash Flow Statement
| MSEK | Q1 | |
|---|---|---|
| 2026 | 2025 | |
| Operating activities | ||
| Profit before financial items | 316 | 258 |
| Depreciation and amortization | 80 | 72 |
| Interest and other finance income | -1 | 10 |
| Interest and other finance expenses | -41 | -47 |
| Other non-cash items | 46 | -3 |
| Income tax paid | -63 | -58 |
| Cash flow from operations | 337 | 232 |
| Changes in working capital | ||
| Increase (-)/decrease (+) in inventories | 1 | 32 |
| Increase (-)/decrease (+) in operating receivables | -270 | -229 |
| Increase (+)/decrease (-) in operating liabilities | 133 | 128 |
| Cash flow from operating activities | 201 | 164 |
| Investing activities | ||
| Purchase of intangible assets | -1 | -3 |
| Acquisition of property, plant and equipment | -12 | -16 |
| Purchase of financial assets | 2 | -0 |
| Company acquisitions including additional purchase considerations | - | -3 |
| Divestment of subsidiaries | - | - |
| Cash flow from (-used in) investing activities | -11 | -22 |
| Financing activities | ||
| Dividend paid | - | - |
| Option programme | - | - |
| Repurchase of own shares | -15 | - |
| Increase (+)/decrease (-) in borrowings | -124 | -99 |
| Cash flow from financing activities | -138 | -99 |
| Cash flow for (-used in) the period | 51 | 43 |
| Cash and cash equivalents at the beginning of the period | 205 | 211 |
| Translation differences | 5 | -19 |
| Cash and cash equivalents at the end of the period | 261 | 233 |
The Group's Segment Reporting
| Europe North & East | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 868 | 867 | 668 | 701 | 772 | 737 | 654 | 669 | 762 | |
| Gross profit | 236 | 246 | 197 | 209 | 238 | 230 | 218 | 229 | 258 | |
| Gross margin (%) | 27.2 | 28.4 | 29.4 | 29.9 | 30.8 | 31.2 | 33.3 | 34.2 | 33.8 | |
| Operating profit (EBITA) | 92 | 101 | 102 | 73 | 121 | 103 | 96 | 86 | 123 | |
| Operating margin EBITA (%) | 10.6 | 11.7 | 15.3 | 10.4 | 15.6 | 14.0 | 14.7 | 12.8 | 16.1 | |
| Operating profit (EBITA), adjusted | 92 | 101 | 95 | 74 | 110 | 103 | 96 | 86 | 123 | |
| Operating margin EBITA, (%) adjusted | 10.6 | 11.7 | 14.2 | 10.5 | 14.2 | 14.0 | 14.6 | 12.9 | 16.1 | |
| Europe West | ||||||||||
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 490 | 469 | 443 | 460 | 601 | 556 | 533 | 640 | 749 | |
| Gross profit | 123 | 119 | 113 | 112 | 152 | 140 | 138 | 194 | 206 | |
| Gross margin (%) | 25.1 | 25.3 | 25.6 | 24.3 | 25.3 | 25.2 | 25.9 | 30.3 | 27.5 | |
| Operating profit (EBITA) | 64 | 58 | 61 | 50 | 80 | 65 | 67 | 103 | 114 | |
| Operating margin EBITA (%) | 13.1 | 12.4 | 13.7 | 10.9 | 13.3 | 11.7 | 12.6 | 16.0 | 15.3 | |
| Operating profit (EBITA), adjusted | 64 | 58 | 61 | 51 | 81 | 66 | 68 | 103 | 114 | |
| Operating margin EBITA, (%) adjusted | 13.1 | 12.4 | 13.7 | 11.1 | 13.4 | 11.8 | 12.7 | 16.2 | 15.3 | |
| Americas | ||||||||||
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 278 | 278 | 248 | 223 | 274 | 255 | 257 | 214 | 257 | |
| Gross profit | 98 | 100 | 87 | 74 | 94 | 104 | 106 | 89 | 108 | |
| Gross margin (%) | 35.2 | 36.1 | 35.2 | 33.3 | 34.2 | 40.8 | 41.4 | 41.7 | 41.9 | |
| Operating profit (EBITA) | 36 | 32 | 31 | 15 | 34 | 49 | 49 | 23 | 56 | |
| Operating margin EBITA (%) | 12.9 | 11.6 | 12.5 | 6.7 | 12.5 | 19.3 | 19.2 | 10.7 | 21.7 | |
| Operating profit (EBITA), adjusted | 36 | 32 | 31 | 17 | 34 | 49 | 57 | 24 | 56 | |
| Operating margin EBITA, (%) adjusted | 12.9 | 11.6 | 12.5 | 7.6 | 12.5 | 19.3 | 22.2 | 11.3 | 21.7 | |
| UK/Ireland | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 398 | 415 | 409 | 364 | 400 | 380 | 370 | 318 | 351 | |
| Gross profit | 131 | 138 | 135 | 112 | 129 | 123 | 123 | 107 | 120 | |
| Gross margin (%) | 32.8 | 33.2 | 33.1 | 30.7 | 32.3 | 32.5 | 33.3 | 33.7 | 34.3 | |
| Operating profit (EBITA) | 48 | 56 | 51 | 30 | 36 | 41 | 40 | 26 | 41 | |
| Operating margin EBITA (%) | 12.2 | 13.6 | 12.5 | 8.1 | 9.1 | 10.8 | 10.7 | 8.1 | 11.7 | |
| Operating profit (EBITA), adjusted | 48 | 53 | 51 | 33 | 38 | 41 | 40 | 26 | 41 | |
| Operating margin EBITA, (%) adjusted | 12.2 | 12.7 | 12.5 | 9.0 | 9.5 | 10.8 | 10.7 | 8.1 | 11.7 | |
| Asia-Pacific | ||||||||||
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 116 | 114 | 110 | 116 | 138 | 112 | 102 | 90 | 103 | |
| Gross profit | 37 | 34 | 34 | 38 | 44 | 37 | 32 | 31 | 37 | |
| Gross margin (%) | 31.5 | 30.2 | 30.6 | 32.2 | 32.1 | 33.3 | 31.4 | 34.5 | 35.5 | |
| Operating profit (EBITA) | 19 | 14 | 10 | 19 | 22 | 15 | 15 | 13 | 17 | |
| Operating margin EBITA (%) | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 | 14.3 | 14.7 | 16.6 | |
| Operating profit (EBITA), adjusted | 19 | 14 | 10 | 19 | 22 | 15 | 15 | 13 | 17 | |
| Operating margin EBITA, (%) adjusted | 16.0 | 12.6 | 9.0 | 16.5 | 16.1 | 13.7 | 14.3 | 14.7 | 16.6 | |
| Other | ||||||||||
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 0 | -0 | 1 | -1 | -0 | 0 | -0 | -0 | - | |
| Gross profit | 1 | 2 | 8 | 5 | 5 | 5 | 4 | 3 | 6 | |
| Operating profit (EBITA) | 0 | -3 | -8 | -6 | -7 | -13 | -3 | -18 | -9 | |
| Group | ||||||||||
| MSEK | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | |
| Net sales | 2,149 | 2,142 | 1,880 | 1,863 | 2,184 | 2,039 | 1,917 | 1,931 | 2,222 | |
| Gross profit | 625 | 639 | 575 | 554 | 662 | 635 | 627 | 652 | 731 | |
| Gross margin (%) | 29.1 | 29.8 | 30.6 | 29.7 | 30.3 | 31.1 | 32.7 | 33.8 | 32.9 | |
| Operating profit (EBITA) | 259 | 263 | 258 | 179 | 286 | 267 | 264 | 233 | 340 | |
| Operating margin EBITA (%) | 12.1 | 12.3 | 13.7 | 9.6 | 13.1 | 13.1 | 13.8 | 12.1 | 15.3 | |
| Operating profit (EBITA), adjusted | 259 | 261 | 239 | 201 | 278 | 268 | 272 | 252 | 340 | |
| Operating margin EBITA, (%) adjusted | 12.1 | 12.2 | 12.7 | 10.8 | 12.7 | 13.1 | 14.2 | 13.1 | 15.3 |
Consolidated Key Figures
| Q1 | Δ | LTM | Full-year | ||
|---|---|---|---|---|---|
| MSEK | 2026 | 2025 | 25/26 | 2025 | |
| Order intake | 2,286 | 2,152 | 6% | 8,252 | 8,118 |
| Net sales | 2,222 | 2,184 | 2% | 8,110 | 8,072 |
| Gross profit | 731 | 662 | 10% | 2,645 | 2,576 |
| EBITDA | 396 | 342 | 16% | 1,328 | 1,275 |
| EBITDA, adjusted | 346 | 294 | 18% | 1,132 | 1,080 |
| Operating profit (EBITA) | 340 | 286 | 19% | 1,103 | 1,050 |
| Operating profit (EBITA), adjusted | 340 | 278 | 22% | 1,132 | 1,070 |
| Operating profit | 316 | 269 | 17% | 1,016 | 969 |
| Profit after tax | 206 | 182 | 13% | 650 | 626 |
| Gross margin | 32.9% | 30.3% | 32.6% | 31.9% | |
| Operating margin EBITA | 15.3% | 13.1% | 13.6% | 13.0% | |
| Operating margin EBITA, adjusted | 15.3% | 12.7% | 14.0% | 13.3% | |
| Operating margin | 14.2% | 12.3% | 12.5% | 12.0% | |
| Net margin | 9.3% | 8.3% | 8.0% | 7.8% | |
| Net debt, SEK million | 3,343 | 3,115 | 7% | ||
| Net debt, adjusted, SEK million | 2,721 | 2,548 | 7% | ||
| Debt/equity ratio, (%) | 78 | 81 | -3% | ||
| Net debt / EBITDA, adjusted | 2.4 | 2.5 | -6% | ||
| Working capital, SEK million | 3,175 | 3,104 | 2% | ||
| Working capital in relation to net sales, (%) | 39.2 | 38.5 | |||
| Solidity (%) | 44 | 43 | |||
| Return on capital employed (%) | 13.9 | 13.2 | |||
| Cash flow from operating activities | 201 | 164 | 23% | ||
| Earnings per share, SEK | 1.09 | 0.96 | 13% |
BUE4B
Condensed Parent Company Income Statement
| MSEK | Q1 | |
|---|---|---|
| 2026 | 2025 | |
| Administrative expenses | -14 | -8 |
| Other operating revenue | 2 | 1 |
| Operating profit | -11 | -7 |
| Profit/loss from financial items | - | - |
| Interest income and similar profit/loss items | 1 | 2 |
| Interest expenses and similar profit/loss items | - | - |
| Profit after financial items | -10 | -5 |
| Appropriations | - | - |
| Tax on net profit for the period | - | - |
| Profit after tax | -10 | -5 |
Condensed Parent Company Balance Sheet
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2026 | 2025 | 2025 |
| Assets | |||
| Fixed assets | |||
| Financial assets | |||
| Investments in group companies | 845 | 845 | 845 |
| Other assets | |||
| Other non-current receivables | 7 | 3 | 4 |
| Total non-current assets | 852 | 848 | 849 |
| Current assets | |||
| Receivables from Group companies | 363 | 347 | 380 |
| Other current receivables | 39 | 23 | 41 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 402 | 371 | 421 |
| Total assets | 1,254 | 1,218 | 1,270 |
| 31 Mar | 31 Dec | ||
| MSEK | 2026 | 2025 | 2025 |
| Equity and liabilities | |||
| Equity | 1,166 | 1,118 | 1,188 |
| Untaxed reserves | 60 | 82 | 60 |
| Non-current liabilities | |||
| Other non-current liabilities | 4 | 2 | 4 |
| Total non-current liabilities | 4 | 2 | 4 |
| Current liabilities | |||
| Trade payables | 0 | 1 | 1 |
| Other current liabilities | 24 | 15 | 17 |
| Total current liabilities | 24 | 16 | 18 |
| Total equity and liabilities | 1,254 | 1,218 | 1,270 |
Other information
Accounting policies
This interim report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's financial statements were prepared in accordance with the Swedish Annual Accounts Act, Chapter 9 and the Swedish Financial Reporting Board's recommendation RFR 2. The accounting policies applied correspond to the accounting policies and measurement principles presented in the 2025 Annual Report. The 2025 Annual Report is available at www.bufabgroup.com
Risks and risk management
Exposure to risk is a natural part of business activity, and this is reflected in Bufab's approach to risk management. Risk management aims to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed relate to the impact of the economy on demand. For further information regarding risks and risk management, see Note 3 of the 2025 Annual Report.
Seasonal variations
Bufab has no significant seasonal variation in its sales, but sales over the year vary based on the number of production days in each quarter for customers.
Related-party transactions
No transactions with related parties have taken place during the year, apart from payments of fees to the Board of Directors and remuneration to senior executives.
Acquisitions
| Final acquisition analysis novia Group | Fair value |
|---|---|
| Intangible fixed assets | 224 |
| Other assets | 20 |
| Inventories | 119 |
| Other current assets | 97 |
| Cash and cash equivalents | 72 |
| Deferred tax asset | -56 |
| Other liabilities | -170 |
| Acquired net assets | 306 |
| Goodwill | 400 |
| Total purchase consideration | 706 |
| Less: cash and cash equivalents in acquired operations | -72 |
| Acquired receivable | 49 |
| Less: contingent purchase consideration | -65 |
| Effect on the Group's cash and cash equivalents | 618 |
During the first quarter, new information was obtained regarding identified customer relationships, resulting in an updated assessment of the existing purchase price allocation. A reallocation from goodwill to intangible assets in the form of customer relationships was made in an amount of MSEK 180.
The customer relationships have been measured at the discounted value of future cash flows and are amortised on a straight-line basis over a period of ten years. Amortisation for the period amounted to MSEK 5.7 and is included in the result for the first quarter.
Divestments
No divestments of subsidiaries were carried out in 2026.
Contingent purchase considerations
The Group's liabilities for contingent purchase considerations attributable to acquisitions are measured at fair value. These items are recognised at fair value in the balance sheet, with changes in value recognised in the income statement.
Total recognised liabilities for contingent purchase considerations amounted to MSEK 227 (292) as of 31 March 2026, of which MSEK 90 (217) were recognised as
Non-current liabilities, non-interest-bearing, and MSEK 137 (75) were recognised as Current liabilities, non-interest-bearing, in the Group's balance sheet.
The recognised contingent purchase considerations are included, in accordance with the Group's definition, in the amounts for "net debt" and "net debt, adjusted" from the point in time when they are finally determined until the contingent purchase considerations are settled.
Significant events during and after the quarter
During the quarter, 134,425 shares were repurchased in order to secure future delivery of shares to participants in Bufab's long-term performance-based share savings programme. Following the repurchase, the number of treasury shares amounts to 900,000. The total number of shares in the Company amounts to 190,552,665.
Employees
The number of employees in the Group on 31 March 2026 amounted to 1,874 (1,755).
Contingent liabilities and collaterals
No additional significant changes were made to the company's contingent liabilities during the quarter.
Audit review
This interim report has not been reviewed by the company's auditors.
BUE4B
Summary
CEO's overview
Financial performance
Financial statements
Other information
Definitions of key figures
Gross margin, %
Gross profit as a percentage of net sales for the period
EBITDA
Operating profit before depreciation, amortisation and impairment
EBITDA, adjusted
Operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets according to IFRS 16 Leases. This key figure is intended to present a comparable EBITDA as though IAS 17 continued to be applied.
Operating profit (EBITA)
Gross profit less operating expenses.
Net debt
Interest-bearing liabilities, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Net debt, adjusted
Interest-bearing liabilities, excluding lease liabilities according to IFRS 16, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Debt/equity ratio, %
Net debt divided by equity, calculated at the end of the period
Net debt/EBITDA, adjusted
Net debt, adjusted, at the end of the period divided by EBITDA, adjusted, in the last twelve months
Operating expenses
Total distribution costs, administrative expenses, other operating income/expenses excluding depreciation, amortisation and impairment of acquisition-related intangible assets
Working capital
Total current assets less cash and cash equivalents less current non-interest-bearing liabilities, calculated at the end of the period.
Working capital in relation to net sales, %
Working capital as a percentage of net sales in the last twelve months
Equity/assets ratio, %
Equity as a percentage of total assets, calculated at the end of the period.
Return on capital employed (ROCE), %
Profit after financial items plus interest expenses as a percentage of average equity and average interest-bearing liabilities.
Cash conversion
Cash flow from operating activities divided by EBITDA, adjusted
Earnings per share
Profit after tax for the period divided by the average number of common shares
Performance measures not defined in accordance with IFRS
Bufab uses certain performance measures not defined in the rules for financial reporting adopted by Bufab. The purpose of these performance measures is to provide a better understanding of the performance of the operations. It should be pointed out that these alternative performance measures, as they are defined, are not fully comparable with other companies' performance measures with the same name.
Organic growth
Bufab has operations in many countries with different currencies, it is therefore essential to provide an understanding of the company's performance without currency effects when translating foreign subsidiaries. In addition, Bufab has an important strategic objective in carrying out value-generating acquisitions. For these reasons, growth is also recognised excluding currency effects when translating foreign subsidiaries and excluding acquired operations within the term Organic growth. This performance measure is expressed in percentage points of last year's net sales.
| 2026, % | Q1 | |||||
|---|---|---|---|---|---|---|
| Group | Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | 2.2 | 1.7 | 6.3 | 11.6 | -3.8 | -14.0 |
| Currency translation effects | -6.5 | -3.0 | -5.3 | -13.4 | -8.4 | -11.3 |
| Acquisitions | 6.5 | - | 23.7 | - | - | - |
| Divestments | -0.5 | - | - | -4.3 | - | - |
| Recognised growth | 1.7 | -1.3 | 24.7 | -6.1 | -12.2 | -25.3 |
| 2025, % | Q1 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Group | Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | -0.1 | 0.8 | -2.3 | -4.2 | -1.7 | 17.2 |
| Currency translation effects | 0.6 | 0.1 | -0.9 | 2.7 | 2.1 | 1.8 |
| Acquisitions | 5.9 | - | 25.9 | - | - | - |
| Divestments | -4.8 | -11.9 | - | - | - | - |
| Recognised growth | 1.6 | -11.8 | 22.7 | -1.5 | 0.4 | 19.0 |
EBITDA
EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2026 | 2025 |
| Operating profit | 316 | 269 |
| Depreciation and amortization | 80 | 73 |
| EBITDA | 396 | 342 |
EBITDA, adjusted
The performance measure EBITDA, adjusted, is an expression of operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets and interest expenses on lease liabilities according to IFRS 16. The performance measure is defined below.
| Q1 | ||
|---|---|---|
| MSEK | 2026 | 2025 |
| Operating profit | 316 | 269 |
| Depreciation and amortization | 80 | 73 |
| Less: amortisation on right-of-use assets according to IFRS 16 | -43 | -42 |
| Less: interest expenses on lease liabilities according to IFRS 16 | -7 | -6 |
| EBITDA, adjusted | 346 | 294 |
EBITA
Bufab's growth strategy includes the acquisition of companies. For the purpose of illustrating the underlying operation's performance, management has chosen to monitor EBITA (operating profit before depreciation, amortisation and impairment of acquired intangible assets). The performance measure is defined below.
| MSEK | Q1 | |
|---|---|---|
| 2026 | 2025 | |
| Operating profit | 316 | 269 |
| Depreciation and amortisation of acquired intangible assets | 24 | 17 |
| EBITA | 340 | 286 |
EBITA, adjusted
The key figure Operating profit (EBITA) adjusted is an expression of the operating profit excluding items affecting comparability, which include but are not limited to restructuring costs, remeasurement of additional purchase considerations, and gains and losses in conjunction with divestment of operations.
| MSEK | Q1 | |
|---|---|---|
| 2026 | 2025 | |
| EBITA | 340 | 286 |
| Remeasurement of additional purchase | - | -11 |
| Restructuring costs | - | 2 |
| Transaction costs relating to acquisitions and divestments | - | - |
| Realisation result in connection with the divestment of a business | - | - |
| EBITA, adjusted | 340 | 278 |
Operating expenses
Operating expenses is an expression of operating expenses before depreciation, amortisation and impairment of acquired intangible assets. The performance measure is defined below.
| MSEK | Q1 | |
|---|---|---|
| 2026 | 2025 | |
| Distribution costs | -264 | -255 |
| Administrative expenses | -158 | -157 |
| Other operating income and operating expenses | 7 | 18 |
| Depreciation and amortisation of acquired intangible assets | 24 | 17 |
| Operating expenses | -391 | -376 |
Working capital
Because Bufab is a trading company, working capital represents a large share of the balance sheet's value. In order to optimise the company's cash generation, management focuses on the local company's development, and thereby the entire Group's development, of working capital as it is defined below.
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Current assets | 4,917 | 4,605 |
| Less: cash and cash equivalents | -261 | -233 |
| Less: current non-interest-bearing liabilities excluding liabilities for additional purchase prices | -1,481 | -1,268 |
| Working capital on the balance-sheet date | 3,175 | 3,104 |
Cash conversion
Cash flow from operating activities divided by EBITDA, adjusted. The performance measure is defined below.
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Cash flow from operating activities | 201 | 164 |
| EBITDA, adjusted | 346 | 294 |
| Cash conversion | 58% | 56% |
Net debt
Net debt is an expression of how large the financial borrowing is in the company in absolute figures after deductions for cash and cash equivalents. The performance measure is defined below.
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Non-current liabilities, interest bearing | 3,297 | 3,046 |
| Current liabilities, interest bearing | 307 | 302 |
| Less: cash and cash equivalents | -261 | -233 |
| Less: other interest-bearing receivables | - | - |
| Net debt on balance-sheet date | 3,343 | 3,115 |
Net debt, adjusted
Net debt, adjusted, is an expression of how large the financial borrowing is in the company in absolute figures after deductions for lease liabilities according to IFRS 16 and cash and cash equivalents. The performance measure is defined below.
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Non-current liabilities, interest bearing | 3,297 | 3,046 |
| Current liabilities, interest bearing | 307 | 302 |
| Less: lease liabilities according to IFRS 16 | -622 | -567 |
| Less: cash and cash equivalents | -261 | -233 |
| Less: other interest-bearing receivables | - | - |
| Net debt, adjusted, on the balance-sheet date | 2,721 | 2,548 |
Return on capital employed
Return on capital employed is an expression of profitability after taking into account the amount of capital utilised. The performance measure is defined below.
| MSEK | 31 Mar | |
|---|---|---|
| 2026 | 2025 | |
| Result after financial items L12M | 860 | 741 |
| Interest expense | -169 | -200 |
| Average shareholder's equity | 3,950 | 3,763 |
| Average interest-bearing liabilities | 3,472 | 3,366 |
| Return on capital employed | 13.9% | 13.2% |
Information and addresses
Conference call
A conference call will be held on 23 April 2026 at 9:00 a.m. CEST. Erik Lundén, President and CEO, and Marcus Söderberg, CFO, will present the results. Analysts and investors who wish to ask questions are asked to connect to the presentation via the following Teams link: Click here to join the meeting and use the "Raise Your Hand" function during the Q&A session.
Calendar
Annual General Meeting 2026: 23 April 2026
Interim Report Q2, 2026: 14 July 2026
Interim Report Q3, 2026: 23 October 2026
Contact
Erik Lundén
President and CEO
+46 370 69 69 00
[email protected]
Marcus Söderberg
Group CFO
+46 70 672 69 66
[email protected]
Bufab AB (publ)
Box 2266
SE-331 02, Värnamo, Sweden
Corp. Reg. No. 556685-6240
Phone: +46 370 69 69 00
www.bufabgroup.com
This information is information that Bufab AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 23 April 2026 at 7:30 a.m. CEST.
About Bufab
Bufab is a trading company that offers its customers a full-service solution as a Supply Chain Partner for sourcing, quality control, sustainability and logistics for C-Parts.
Bufab was founded in 1977 in Småland, Sweden, and is an international Group that currently consists of more than 60 companies. The Group has about 1,900 employees in 31 countries and annual sales in 2025 amounted to SEK 8.1 billion. The share has been listed on Nasdaq Stockholm since 2014. Please visit www.bufabgroup.com for more information.
31
Countries
64
Sister companies
1,900
Employees