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HANZA Interim / Quarterly Report 2026
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Interim / Quarterly Report
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HANZA
Interim report January 1 – March 31 2026
01
2026 starts with a record quarter
First quarter 2026
- Net sales increased by 100% to SEK 2,646 million (1,326).
Adjusted for currency effects and acquisitions, sales increased by 20%. - Adjusted operating profit amounted to SEK 227 million (97), corresponding to an adjusted operating margin of 8.6% (7.3). Operating profit amounted to SEK 220 million (86), corresponding to an operating margin of 8.3% (6.5). For comparable units, excluding acquisitions and items affecting comparability, the operating margin was 9.7% (7.3).
- Adjusted earnings per share after dilution amounted to SEK 2.15 (1.14). Earnings per share after dilution amounted to SEK 2.08 (0.90).
- Cash flow from operating activities amounted to SEK 424 million (68).
20%
Organic growth
100%
Sales growth
9.7%
Operating margin for comparable units
424 MSEK
Cash flow in the first quarter
Financial overview
| Key ratios^{1)} (SEK million, where not otherwise stated) | Q1 2026 | Q1 2025 | Full year 2025 | R12 |
|---|---|---|---|---|
| Net sales | 2,646 | 1,326 | 6,025 | 7,345 |
| Adjusted operating profit^{2)} | 227 | 97 | 459 | 588 |
| Adjusted operating margin (%)^{2)} | 8.6 | 7.3 | 7.6 | 8.0 |
| Operating profit | 220 | 86 | 448 | 582 |
| Operating margin (%) | 8.3 | 6.5 | 7.4 | 7.9 |
| Adjusted earnings per share after dilution (SEK)^{2)} | 2.15 | 1.14 | 5.54 | 6.75 |
| Earnings per share after dilution (SEK) | 2.08 | 0.90 | 5.38 | 6.68 |
| Cash flow from operating activities | 424 | 68 | 517 | 856 |
| Interest-bearing net-debt | 1,405 | 1,196 | 1,239 | 1,405 |
| Net debt/adjusted EBITDA (times) | 1.4 | 2.3 | 1.9 | 1.4 |
| Equity ratio (%) | 45.2 | 33.9 | 34.2 | 45.2 |
1) See Key ratios and definitions for information on the key figures.
2) Adjusted operating profit is defined as operating profit excluding items affecting comparability, see also Note 4.
3) EBITDA from acquisitions is included for the correct ratio to net debt.
HANZA AB Interim report January 1 – March 31 2026
CEO comments
HANZA starts 2026 with a record quarter. Net sales exceeded SEK 2.6 billion, with organic growth of 20%. The operating margin for comparable units was 9.7%, and cash flow was SEK 424 million. The quarter confirms the ability of HANZA's business model to deliver profitable growth with strong cash flow.
Q1 is the first quarter in which BMK is included in HANZA. The integration is proceeding according to plan and marks the conclusion of the HANZA 2025 strategic phase. HANZA has thus established an industrial platform in Europe and is ready for the next step: HANZA 2028.
During Q1, we have received a very positive response to HANZA's business model from BMK's customers. Order intake in Germany is developing well, and we expect this to contribute to growth in BMK towards the end of the current year. At the same time, our establishment in Germany strengthens our presence in Europe's largest industrial market, creating new business opportunities for the entire Group, particularly in outsourcing and defense-related projects.
Growth, profitability, and cash flow - working together
Organic growth was driven by a stable and growing customer base in sectors including energy, electrification, defense, and industrial products.
Excluding acquired units, the operating margin was 9.7% (7.3), which confirms the profitability improvement seen during 2025. BMK reports an operating margin of 7.3%, which is in line with our previous assessment. A structured integration and synergy program has been initiated, and BMK's margin is expected to increase over time, in line with previous acquisitions. Including BMK, the Group's adjusted operating margin amounted to 8.6%.
Cash flow remained strong and amounted to SEK 424 million, driven by profitability and continued working capital discipline. Cash and cash equivalents totaled SEK 831 million at the end of the period, and the equity ratio strengthened to just over 45 percent. This results in a strong financial position and significant financial flexibility for continued development.
Effective integration and capacity expansion
Acquisitions are an integral part of HANZA's business model, where value creation occurs through structured integration and gradual operational improvement.
The acquisition of BMK is a clear example of this. The integration has progressed according to plan, with a focus on stable delivery, cost control, and coordination between units. The acquisition strengthens the Group's offering and market position.
At the same time, we continue to invest in our industrial platform. In Sweden, we inaugurated a new mechanics factory in Årjäng during the quarter and acquired another property in Töcksfors. In Finland, we have decided to expand the plant in Joensuu and, in connection with this, acquire the property where the operations are located. These investments are being made in line with demand and strengthen our ability to meet customers' needs for capacity, flexibility, and delivery reliability.
HANZA 2028 with new financial targets
Having completed HANZA 2025, we have now launched the next strategic phase, HANZA 2028. The focus is on further developing our manufacturing technologies and thereby further strengthening our offering.
In connection with the launch of HANZA 2028, we established new financial targets. Our assessment is that the operational plan will lead to a Group with sales of at least SEK 14 billion and an operating margin of at least 9% by 2028.
HANZA is a group in continuous development. With a proven business model, a strong financial position, and a clear strategic direction, we are well-equipped for the next phase of our company's growth.
Kista, May 5, 2026
Erik Stenfors
CEO
HANZA AB Interim report January 1 – March 31 2026
Significant events
- On January 7, 2026, HANZA completed the acquisition of BMK Group GmbH ("BMK"). BMK has net sales of approximately SEK 3,300 million and approximately 1,500 employees. The company is a leading player in Europe in electronics manufacturing and complex assembly, with its main operations in Augsburg, Germany, a manufacturing subsidiary in the Czech Republic, a strategic sourcing unit in China, and a manufacturing company in Israel.
-
Part of the purchase price for BMK consisted of 16,999,998 newly issued shares. The issuance was registered by the Swedish Companies Registration Office on January 8. This increased the total number of shares in HANZA to 62,959,338.
-
In January, HANZA was named 3M's Supplier of the Year, an award presented in competition with over 6,000 suppliers. The award was received at 3M's headquarters in Minneapolis, USA.
- In February, a new production facility for machining was inaugurated in Årjäng, Sweden. The investment is aimed at creating new manufacturing capacity for companies such as Siemens Energy and also opens up additional capacity for the defense and security industry.
- In March, the HANZA 2028 strategy was presented. In connection with this, the company raised its financial targets for 2028 to sales of at least SEK 14 billion and at least 9 percent in operating margin.
- In April, HANZA was named Supplier of the Year by Saab Surveillance at a supplier conference in Gothenburg, Sweden
A new production facility in Årjäng, Sweden, was inaugurated in February. Sweden's Minister of Defense, Pål Jonson, attended the ceremony.
The HANZA 2028 strategic plan is presented at a capital markets day in March, with various representatives from the HANZA Group.
HANZA was awarded the prize for best supplier by 3M. On the left, 3M's CEO William M. Brown.
HANZA is awarded the prize for best supplier of Saab Surveillance.
HANZA AB Interim report January 1 - March 31 2026
Market and customer segments
General
HANZA follows a market strategy that aims to create a well-balanced customer base in selected industries. Accordingly, no customer should reach 10% of HANZA's annual sales, and the ten largest customers combined should account for less than 50%. HANZA meets these targets, even after the acquisition of BMK.
The customer base is geographically concentrated in the Nordic region and Germany, while direct sales to the U.S. are limited and account for less than 1% of revenue.
Demand for HANZA's offerings is positively influenced by the trend toward regional and in-house manufacturing. Increased demands for delivery reliability, shorter lead times, and reduced exposure to global disruptions are driving a gradual transformation of the industry's supply chains. The business model offers opportunities to gain market share even in a weaker economic climate.
Customer segments
From 2026, HANZA divides its customer base into five customer segments based on end market. These segments reflect where customers' products are used and form the basis for the company's market analysis and growth initiatives.
1. Electrification & Energy Systems
This segment encompasses products and systems within electrification and energy infrastructure, such as power distribution, energy storage, and energy efficiency.
Demand is strong, driven by investments in energy systems and data centers. HANZA has an established position in the segment and sees continued strong growth opportunities in the coming years.
2. Defense & Security
The segment includes products and systems for defense and security, including military and civilian applications.
Demand is very strong, driven by increased investments in defense and security solutions. During the period, HANZA has received new orders and is actively working to increase capacity within the segment.
The company sees significant growth potential within the segment, where HANZA's business model helps simplify supply chains and meet increased capacity needs.
BMK has historically had limited exposure to this area but has already secured new business in the segment following the acquisition.
3. Heavy Equipment
The segment includes mobile machinery and industrial vehicles in sectors such as mining, construction, and material handling.
Order intake has been positive, particularly in mining-related applications, while other parts of the segment are performing steadily.
4. Industrial & Professional Products
The segment includes industrial and professional products, primarily standalone equipment for commercial and specialized applications.
The segment is showing stable development with continued strong order intake during the quarter.
5. Industrial Machinery & Systems
The segment comprises fixed industrial equipment and integrated systems for manufacturing and material flows.
The segment saw strong activity during the quarter, with robust demand for automation and material flow solutions.
HANZA AB Interim report January 1 – March 31 2026
HANZA AB interim report January 1 – March 31 2026 | 5
Market and customer segments¹
- Electrification & Energy Systems – ca 620 MSEK
- Defense & Security – ca 200 MSEK
- Heavy Equipment – ca 360 MSEK
- Industrial & Professional Products – ca 790 MSEK
- Industrial Machinery & Systems – ca 680 MSEK
¹) The figures refer to Q1 2026
Sales and profit development
Sales, SEK million
Net sales for the last five quarters
Operating profit, SEK million
Adjusted operating profit for the last five quarters
Financial calendar
At 10 am on May 5, 2026, HANZA will host a conference call for investors, analysts and media, during which CEO Erik Stenfors and CFO Lars Åkerblom will present the interim report for the first quarter.
Link to the presentation: https://hanza.events.inderes.com/q1-report-2026
May 12, 2026 Annual General Meeting
May 15, 2026 Proposed record date for dividend rights
May 20, 2026 Proposed date of dividend distribution
July 21, 2026 Interim report, second quarter, 2026
Oct 27, 2026 Interim report, third quarter 2026
HANZA's Sustainability work
HANZA's sustainability work is focused on three areas: Environment & Climate, Safety & Ethics and Colleagues. The sustainability goals, together with the financial goals in the company's overall strategy "HANZA 2028", shall ensure that HANZA achieves long-term profitable and sustainable growth.
Selected activities from the first quarter
- Continued focus on implementation, consolidation, and further development. During the period, the 2025 Sustainability Report was finalized and published, marking HANZA's first reporting in accordance with the CSRD.
- The integration of the recently acquired companies BMK and Milectria is underway and also encompasses the sustainability area. The work aims to gradually harmonize the companies' processes and activities with HANZA's common sustainability framework.
- At the same time, planning for the next sustainability report has begun. Within the procurement organization, several initiatives are underway with the goal of further integrating sustainability aspects into the supply chain, including through the continued development of methods for setting requirements and follow-up.
Hazardous waste (ton/SEK million)¹
Energy use (MWh/SEK million)¹
LTIFR
(Work related injuries/millions of worked hours)¹
¹) The charts above do not include BMK, which was acquired in January 2026, or Milectria, which was acquired in October 2025.
HANZA AB Interim report January 1 – March 31 2026
Financial development
First quarter
Net sales amounted to SEK 2,646 million (1,326), representing growth of 100%. Sales have increased through acquisitions and organic growth. Exchange rate fluctuations had a negative impact of SEK 53 million on the Group's sales. Excluding currency and acquisitions, organic growth amounted to 20%.
The gross margin for the quarter was 44.1% (42.5). EBITDA for the quarter amounted to SEK 311 million (138), corresponding to a margin of 11.8% (10.4). Adjusted operating profit amounted to SEK 227 million (97), corresponding to an operating margin of 8.6% (7.3).
Items affecting comparability of SEK 7 million relate to integration costs for BMK. After items affecting comparability, EBITA amounted to SEK 220 million (86), corresponding to an operating margin of 8.3% (6.5).
Net financial items amounted to SEK -47 million (-32), of which foreign exchange losses amounted to SEK -7 million (-2). Profit before tax for the quarter amounted to SEK 147 million (47), and profit after tax amounted to SEK 128 million (40). Income tax corresponds to a tax rate of 13% (15). The tax rate for the full year 2025 was 13%. Earnings per share for the quarter amounted to SEK 2.08 (0.91) before dilution and SEK 2.08 (0.90) after dilution.
Cash flow and investments
Cash flow from operating activities amounted to SEK 424 million (68) in the first quarter. The higher cash flow is mainly due to improved earnings and lower tied-up working capital, the change in which amounted to SEK 176 million (-14).
Investments in the quarter amounted to SEK 737 million (216), of which investments in acquisitions accounted for SEK 608 million (186). Other investments relate to construction SEK 26 million (8) and machinery and other fixed assets SEK 104 million (22).
Financial position
Interest-bearing net debt at the end of the period amounted to SEK 1,405 million (1,196), an increase of SEK 167 million during the quarter, which is attributable to the acquisition of BMK, which increased debt by SEK 556 million. Excluding the debt contributed by BMK, net debt decreased by SEK 389 million during the quarter.
Reported net debt/adjusted EBITDA is 1.8. If the acquired companies' EBITDA prior to the acquisition is included, this key ratio amounts to 1.4x.
Total assets at the end of the period amounted to SEK 9,156 million (4,890). The increase is mainly due to the acquisition of BMK. Shareholders' equity at the end of the period amounted to SEK 4,141 million (1,657), corresponding to an equity ratio of 45.2% (33.9).
Dividend
The Board of Directors has proposed to the Annual General Meeting a dividend of SEK 1.50 per share (0.80). The sellers of BMK, who collectively own 17 million shares, are obligated under the acquisition agreement to repay HANZA's 2025 dividend to the company in the form of a shareholder contribution. Consequently, the net dividend amounts to SEK 69 million, corresponding to 28% of 2025's profit after tax.
Outcome of the long-term incentive program LTIP 2026
The Board has determined the outcome of the company's long-term incentive program for 2023–2026. The performance targets were linked to sales, EBITA, total return, and debt ratio, all of which were fully achieved. The outcome means that participants will be awarded a total of 152,000 shares (excluding additional shares for dividend compensation), corresponding to approximately 91% of the maximum number of shares under the program. For tax reasons, 40% of the outcome is settled in cash, with the aim of enabling the highest possible shareholding among the participants. Delivery of shares is achieved by taking 93,289 shares from HANZA's own shareholding, which thereafter amounts to 67,986.
Parent company
The parent company's net sales consist solely of income from group companies. No investments were made in the parent company during the quarter.
Annual General Meeting
The Nomination Committee has proposed, for the Annual General Meeting on May 12, 2026, the re-election of Board members Francesco Franzé, Helene Richmond, and Lars-Ola Lundqvist, as well as the election of Georg Weber and Alva Åqvist. A detailed presentation of the new Board members and the Nomination Committee's other proposals is available on HANZA's website. Francesco Franzé is proposed for re-election as Chairman of the Board.
HANZA AB Interim report January 1 – March 31 2026
HANZA AB Interim report January 1 – March 31 2026
Significant risks and uncertainties
The risk factors that generally have the greatest significance for HANZA are unexpected external events, financial risks and changes in demand. For more information on risks and uncertainties, see note 3 in the company's annual report for 2025. No significant changes in risks have occurred since the annual report for 2025 was submitted.
Related party transactions
During the quarter, there were no significant transactions between the HANZA Group and related parties other than those described in Note 32 of the company's annual report for 2025.
The share
The number of shares at the beginning of the year was 45,959,340. On January 8, 2026, the number of shares increased by 16,999,998 through a non-cash issue to the sellers of BMK. On March 12, HANZA repurchased 161,275 shares. Consequently, the number of shares amounts to 62,798,063 as of the date of publication of this interim report. The repurchases were made at a price of SEK 155.30 per share for a total amount of approximately SEK 25 million.
HANZA has thus repurchased the maximum number of shares under the repurchase program, which is therefore concluded. Upon settlement of the LTIP 2026 incentive program, 93,289 of the repurchased shares will be used, as stated above.
Colleagues
The average number of employees during Q1 was 5,117 (2,795). At the end of the period, the number of employees was 5,207.
This report has not been subject to review by the company's auditor.
Segment overview
Description of segment reporting
HANZA organizes its manufacturing operations into so-called manufacturing clusters and applies a financial segment classification based on primary customer markets. In addition, the company conducts operations in development and consulting as well as business development, which are reported in a separate segment.
Starting in the first quarter of 2027, segment reporting will be aligned with a new organizational structure to be introduced in 2026, with the aim of supporting the Group's rapid pace of expansion. This means that a new financial segment classification will be applied starting January 1, 2027, as follows: The current classification into the "Main Markets" and "Other Markets" segments will be replaced by three geographic regions: Region North, Region East, and Region Center. The Group's R&D offering will be integrated into each respective region. The current third segment, Business Development and Services, will encompass business development as well as Group-wide costs that are not allocated to the manufacturing segment
Main market segment
| SEK million | Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 |
|---|---|---|---|
| External net sales | 1,767 | 787 | 3,471 |
| Adjusted operating profit | 147 | 74 | 267 |
| Adjusted operating margin (%) | 8.3 | 9.4 | 7.7 |
Breakdown of net sales by manufacturing cluster
The Main Markets segment is characterized by manufacturing clusters located within or near HANZA's primary geographic customer markets, which currently consist of Sweden, Norway, Finland, and Germany.
The segment currently comprises HANZA's manufacturing clusters in Sweden, Finland, and Germany. HANZA's operations in these areas are based on close collaboration with customers' development departments and proximity to their factories and/or end markets.
Adjusted operating profit
External net sales in the first quarter increased by 124% compared with the corresponding period in 2025.
Adjusted for acquisitions and currency, net sales increased by 11%. Operating profit amounted to SEK 145 million (65). The adjusted operating margin was 8.3% (9.4). For comparable units, the adjusted operating margin was 9.3% (9.4).
HANZA AB Interim report January 1 - March 31 2026
Other markets segment
| SEK million | Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 |
|---|---|---|---|
| External net sales | 878 | 535 | 2,543 |
| Adjusted operating profit | 83 | 26 | 206 |
| Adjusted operating margin (%) | 9.5 | 4.9 | 8.1 |
Breakdown of net sales by manufacturing cluster
Adjusted operating profit
The Other markets segment refers to manufacturing clusters located outside HANZA's primary geographical customer markets. Today, this segment includes HANZA's manufacturing clusters in the Baltics, Central Europe and China. The business is characterized by a high work content, extensive complex assembly, and proximity to important end customer areas.
External net sales increased by 64% in the first quarter compared with the same period last year. Adjusted for acquisitions and currency effects, sales for the quarter increased by 34%. Operating profit amounted to SEK 83 million (26). The adjusted operating margin was 9.5% (4.9). For comparable units, the adjusted operating margin was 10.7% (4.9).
Business development and services segment
Business Development and Services segment refers to revenues and expenses from the services offered by HANZA in advisory and development services, as well as costs not allocated to the manufacturing clusters, mainly related to group-wide functions within the parent company, as well as group-wide adjustments not allocated to the other segments.
Revenue from external customers amounted to SEK 1.6 million (4) in the first quarter, and adjusted operating profit was SEK -3 million (-3).
HANZA AB Interim report January 1 - March 31 2026
Financial reports
Condensed consolidated income statement
| SEK million | Note | Jan–mar 2026 | Jan–mar 2025 | Full year 2025 |
|---|---|---|---|---|
| Net sales | 4 | 2,646 | 1,326 | 6,025 |
| Change in inventories of work in progress, finished goods and work in progress on behalf of others | 27 | -25 | 21 | |
| Raw materials and supplies | -1,505 | -737 | -3,353 | |
| Other external costs | -255 | -144 | -709 | |
| Personnel costs | -603 | -299 | -1,362 | |
| Depreciation and impairment of tangible fixed assets | -91 | -52 | -242 | |
| Other operating income and expenses | 1 | 17 | 68 | |
| Operating profit (EBITA) | 4 | 220 | 86 | 448 |
| Depreciation and amortization of intangible assets | -26 | -7 | -35 | |
| Operating profit (EBIT) | 4 | 194 | 79 | 413 |
| Financial items – net | 5 | -47 | -32 | -130 |
| Profit before tax | 4 | 147 | 47 | 283 |
| Income tax | -19 | -7 | -37 | |
| Profit for the period | 128 | 40 | 246 | |
| Earnings per share | ||||
| Before dilution, SEK | 2.08 | 0.91 | 5.40 | |
| After dilution, SEK | 2.08 | 0.90 | 5.38 |
Consolidated statement of comprehensive income
| SEK million | Note | Jan–Mar 2026 | Jan–Mar 2025 | Full year 2025 |
|---|---|---|---|---|
| Profit for the period | 128 | 40 | 246 | |
| Revaluation of post-employment benefits | 4 | 2 | 2 | |
| Tax on non-recoverable items | - | - | - | |
| Total items not to be reversed in the income statement | 4 | 2 | 2 | |
| Exchange rate differences | 67 | -61 | -77 | |
| Total items that may subsequently be reversed in the profit and loss account | 67 | -61 | -77 | |
| Other comprehensive income for the period | 71 | -59 | -75 | |
| Total comprehensive income for the period | 199 | -19 | 171 |
HANZA AB Interim report January 1 – March 31 2026
Condensed consolidated balance sheet
| SEK million | Note | 2026-03-31 | 2025-03-31 | 2025-12-31 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Goodwill | 2,205 | 709 | 798 | |
| Other intangible assets | 864 | 209 | 249 | |
| Tangible fixed assets | 1,468 | 1,118 | 1,251 | |
| Right-of-use assets | 807 | 692 | 612 | |
| Other fixed assets | 2 | 3 | 3 | |
| Deferred tax assets | 56 | 38 | 38 | |
| Total fixed assets | 5,402 | 2,769 | 2,951 | |
| Current assets | ||||
| Inventories | 1,997 | 1,211 | 1,304 | |
| Accounts receivable | 689 | 467 | 399 | |
| Other receivables | 237 | 162 | 163 | |
| Cash and cash equivalents | 831 | 281 | 490 | |
| Total current assets | 3,754 | 2,121 | 2,356 | |
| TOTAL ASSETS | 9,156 | 4,890 | 5,307 | |
| EQUITY | ||||
| Equity attributable to equity holders of the parent | 4,141 | 1,657 | 1,814 | |
| DEBTS | ||||
| Long-term liabilities | ||||
| Post-employment benefits | 85 | 94 | 88 | |
| Deferred tax liabilities | 313 | 109 | 113 | |
| Liabilities to credit institutions | 3 | 1,878 | 923 | 1,384 |
| Other interest-bearing liabilities | 35 | - | 37 | |
| Other non-interest-bearing liabilities | 18 | - | - | |
| Leasing liabilities | 636 | 540 | 475 | |
| Total long-term liabilities | 2,965 | 1,666 | 2,097 | |
| Current liabilities | ||||
| Liabilities to credit institutions | 3 | 62 | 264 | 60 |
| Leasing liabilities | 148 | 104 | 98 | |
| Other interest-bearing liabilities | 3 | 48 | 57 | 47 |
| Trade payables | 1,054 | 653 | 726 | |
| Other liabilities | 738 | 489 | 465 | |
| Total current liabilities | 2,050 | 1,567 | 1,396 | |
| TOTAL EQUITY AND LIABILITIES | 9,156 | 4,890 | 5,307 |
HANZA AB Interim report January 1 – March 31 2026
Consolidated statement of changes in equity in summary
| SEK million | Note | Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 |
|---|---|---|---|---|
| Opening balance | 1,814 | 1,480 | 1,480 | |
| Profit for the period | 128 | 40 | 246 | |
| Other comprehensive income | 71 | -59 | -75 | |
| Total comprehensive income | 199 | -19 | 171 | |
| Transactions with owners | ||||
| New issue | 2,152 | 195 | 196 | |
| Share savings program 2025 | 2 | 1 | 4 | |
| Issue expenses | -1 | - | - | |
| Repurchase of own shares | -25 | - | - | |
| Dividends | - | - | -37 | |
| Total contributions from and value transfers to shareholders, recognized directly in equity | 2,128 | 196 | 163 | |
| Closing balance | 4,141 | 1,657 | 1,814 |
Consolidated statement of cash flows in summary
| SEK million | Note | Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Profit after financial items | 147 | 47 | 283 | |
| Depreciation and amortization | 117 | 59 | 277 | |
| Other non-cash items | 24 | -5 | -57 | |
| Income tax paid | -40 | -19 | -36 | |
| Cash flow from operating activities before changes in working capital | 248 | 82 | 467 | |
| Total change in working capital | 176 | -14 | 50 | |
| Cash flow from operating activities | 424 | 68 | 517 | |
| Cash flow from investing activities | ||||
| Acquisitions | 97 | -186 | -370 | |
| Investments in fixed assets | -36 | -30 | -202 | |
| Disposal of fixed assets | 2 | 2 | 5 | |
| Cash flow from investing activities | 63 | -214 | -567 | |
| Cash flow from financing activities | ||||
| New issue | -2 | - | - | |
| Repurchase of own shares | -25 | - | - | |
| Loans raised | 557 | 316 | 1,811 | |
| Repayment of loans | -668 | -156 | -1,496 | |
| Other | 2 | - | -6 | |
| Dividends | - | - | -37 | |
| Cash flow from financing activities | -156 | 160 | 272 | |
| Increase/decrease in cash and cash equivalents | 331 | 14 | 222 | |
| Cash and cash equivalents at the beginning of the period | 490 | 276 | 276 | |
| Exchange rate differences in cash and cash equivalents | 10 | -9 | -8 | |
| Cash and cash equivalents at the end of the period | 831 | 281 | 490 |
HANZA AB Interim report January 1 - March 31 2026
Condensed parent company income statement
| SEK million | Note | Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 |
|---|---|---|---|---|
| Operating revenue | 13 | 11 | 53 | |
| Operating expenses | -14 | -12 | -58 | |
| Operating result | -1 | -1 | -5 | |
| Financial items – net | -7 | -5 | 28 | |
| Profit/loss after financial items | -7 | -6 | 23 | |
| Appropriations for the financial year | - | - | 60 | |
| Profit/loss before tax | -8 | -6 | 83 | |
| Tax on profit for the period | - | - | -9 | |
| Profit/loss for the period | -8 | -6 | 74 |
Condensed balance sheet of the parent company
| SEK million | Note | 2026-03-31 | 2025-03-31 | 2025-12-31 |
|---|---|---|---|---|
| ASSETS | ||||
| Financial fixed assets | 4,407 | 1,876 | 1,924 | |
| Short-term receivables | 437 | 103 | 455 | |
| Cash and cash equivalents | 309 | 23 | 161 | |
| TOTAL ASSETS | 5,153 | 2,002 | 2,540 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 3,048 | 889 | 931 | |
| Untaxed reserves | 2 | 2 | 2 | |
| Long-term liabilities | 1,731 | 728 | 1,296 | |
| Current liabilities | 372 | 383 | 311 | |
| Total liabilities | 2,105 | 1,113 | 1,609 | |
| TOTAL EQUITY AND LIABILITIES | 5,153 | 2,002 | 2,540 |
HANZA AB Interim report January 1 – March 31 2026
Notes
Note 1 | General information
HANZA AB (publ), corporate identity number 556748-8399, has its registered office in Stockholm municipality. Unless otherwise stated, all amounts are reported in millions of SEK (MSEK) and refer to the Group.
Figures in brackets refer to the corresponding period last year. The interim information on pages 7 to 10 forms an integral part of this financial report.
Note 2 | Basis of preparation of the reports and accounting policies
HANZA AB applies IFRS (International Financial Reporting Standards) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The interim report for the parent company has been prepared in accordance with Chapter 9 of the
Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities.
The accounting principles are in accordance with the principles applied in the previous financial year. For more information on these, please refer to Note 2 in HANZA AB's annual report for 2025.
Note 3 | Financial instruments – Fair value of financial liabilities measured at amortized cost
The majority of the Group's loans have a term of 3 years, with the option to extend for an additional 1 + 1 year, and carry a variable interest rate. The Group's other borrowings consist of a small number of contracts entered into at various times and with varying terms, which for all practical purposes carry a variable interest rate.
Based on this, the carrying amounts can be considered a good approximation of fair value. The fair value of short-term borrowings corresponds to their carrying amount, as the discounting effect is not material. Estimated additional purchase considerations upon acquisition have been measured at fair value.
Note 4 | Revenue and segment information
Description of revenue from contracts with customers
HANZA's revenue comes primarily from the production of components, subsystems and complete assembled products according to customer specifications, but where HANZA has been involved in customizing the manufacturing process. HANZA's performance obligation is deemed to be fulfilled when the component or assembled product is delivered to the customer. Exceptions to this are in cases where there is an agreement with the customer on buffer stocks of finished components or products. In these cases, the performance obligation is considered fulfilled already when the component or
product is placed in the buffer stock and is thus available to the customer.
The breakdown of external revenue by segment, which follows the Group's clustered organization, is shown in the segment information on pages 9-10. In addition, external revenues are presented by manufacturing technology, Mechanics and Electronics, at the end of this note.
Starting in Q1 2026, HANZA has introduced a classification system comprising five different customer segments, in which customers are categorized based on the products they manufacture and the industries in which those products are typically used.
HANZA AB Interim report January 1 – March 31 2026
Note 4 | Revenue and segment information, cont.
Profit by segment
Segment results are reconciled to profit before tax as follows
| SEK million | Jan-Mar 2026 | Jan-Mar 2025 | Full year 202 |
|---|---|---|---|
| Operating profit (EBITA) | |||
| Main markets | 145 | 65 | 243 |
| Other markets | 83 | 26 | 200 |
| Business development and services | -8 | -5 | 5 |
| Total EBITA | 220 | 86 | 448 |
| Amortization of intangible assets | -26 | -7 | -35 |
| Operating profit (EBIT) | 194 | 79 | 413 |
| Financial items - net | -47 | -32 | -130 |
| Profit before tax | 147 | 47 | 283 |
| Items affecting comparability | |||
| Revaluation of acquisition purchase price | - | - | 53 |
| Transaction costs | 0 | -2 | -30 |
| Costs for integration and factory relocation | -7 | -5 | -11 |
| Provision for potential write-downs related to customers with elevated credit risk | - | - | -13 |
| Provision for warranty claims | - | -4 | -6 |
| Revaluation of assets upon changing ERP system | - | -4 | -4 |
| Total | -7 | -11 | -11 |
| EBITA by segment excluding items affecting comparability | |||
| Main markets | 147 | 74 | 267 |
| Other markets | 83 | 26 | 206 |
| Total | 230 | 100 | 473 |
| Business development and services | -3 | -3 | -14 |
| Total | 227 | 97 | 459 |
| Items affecting comparability | -7 | -11 | -11 |
| EBITA | 86 | 86 | 448 |
| Revenue from external customers by manufacturing technology | |||
| Mechanics | 1,126 | 678 | 3,502 |
| Electronics | 1,518 | 644 | 2,512 |
| Business development and services | 2 | 4 | 11 |
| Total | 2,646 | 1,326 | 6,025 |
Note 5 | Financial items – net
| SEK million | Jan-Mar 2026 | Jan-Mar 2026 | Full year 2026 |
|---|---|---|---|
| Financial income and expenses | |||
| Interest income | 0 | 1 | 6 |
| Interest costs | -27 | -26 | -81 |
| Other financial expenses | -13 | -5 | -51 |
| Items affecting comparability | - | - | -6 |
| Total financial income and expenses | -40 | -30 | -132 |
| Net exchange rate gains and losses | -7 | -2 | 2 |
| Total financial items | -47 | -32 | -130 |
HANZA AB Interim report January 1 – March 31 2026
Note 6 | Asset and business combinations
Acquisitions during the year
HANZA AB acquired the shares in the German company BMK Group GmbH ("BMK") on January 7, 2026. BMK has net sales of approximately SEK 3,300 million and approximately 1,500 employees. The company is a leading player in Europe in electronics manufacturing and complex assembly, with its main operations in Augsburg, Germany, a manufacturing subsidiary in the Czech Republic, a unit for strategic sourcing in China, and a manufacturing company in Israel.
Transaction costs amounted to approximately SEK 17 million, which were charged to Q4 2025. The costs were reported as other external expenses.
The purchase price for 100 percent of the shares in BMK consists of 16,999,998 newly issued shares in HANZA AB, allocated one-third each to the three sellers. The new shares were issued at a subscription price of SEK 126.60 per new share, based on the closing price of the HANZA share on Nasdaq Stockholm on January 5, 2026. Payment was made through a contribution in kind in the form of the sellers' shares in BMK, which corresponded to a total value of SEK 2,152,199,746.80. The contribution-in-kind issue resulted in an increase in the number of shares in HANZA by 16,999,998 shares, from 45,959,340 to 62,959,338, representing a dilution of approximately 27 percent.
In the acquisition, the preliminary acquisition analysis identified an intangible asset in the form of customer relationships valued at SEK 625 million. The amortization period for these customer relationships is estimated at 10 years. Deferred tax liability related to this item amounts to SEK 196 million. In addition, the acquisition includes goodwill of SEK 1,361 million. This goodwill consists primarily of market position and personnel, as well as synergies with HANZA's other operations in Germany. It is not tax-deductible.
The table below summarizes the purchase price for BMK, the fair value of acquired assets and assumed liabilities recognized on the acquisition date, and cash flow from the acquisition. Work to determine the fair value of the intangible and tangible fixed assets is ongoing, as is the audit of BMK's financial statements as of December 31, 2025.
Revenue in the acquired company amounted to SEK 808 million during the quarter and is included in the Group's revenue. Operating profit (EBITA) amounted to SEK 59 million during the quarter and is included in its entirety in the Group's profit.
| PRELIMINARY ACQUISITION ANALYSIS, BMK, MSEK | |
|---|---|
| Newly issued shares and options | 2,153 |
| Total estimated purchase price | 2,153 |
| Reported amounts of identifiable assets acquired and liabilities assumed | |
| Cash and cash equivalents | 142 |
| Intangible fixed assets | 625 |
| Tangible fixed assets | 160 |
| Right-of-use assets | 253 |
| Inventories | 752 |
| Trade and other receivables | 389 |
| Deferred tax liability | -196 |
| Liabilities to credit institutions | -642 |
| Leasing liabilities | -248 |
| Trade payables | -302 |
| Other payables | -141 |
| Total net assets identified | 791 |
| Goodwill | 1,361 |
| Total net assets contributed | 2,153 |
| Cash flow effect of the acquisition | |
| Cash and cash equivalents in the company | 142 |
| Cash flow from the acquisition | 142 |
HANZA AB Interim report January 1 – March 31 2026
Key ratios and definitions
| Jan-Mar 2026 | Jan-Mar 2025 | Full year 2025 | |
|---|---|---|---|
| Alternative performance measures | |||
| EBITDA, SEK million | 311 | 138 | 690 |
| EBITDA margin, % | 11.8 | 10.4 | 11.5 |
| Operating segments EBITA, SEK million | 228 | 91 | 443 |
| Business development and services segment EBITA, SEK million | -8 | -5 | 5 |
| Operating EBITA margin, % | 8.6 | 6.9 | 7.3 |
| Operating profit (EBITA), SEK million | 220 | 86 | 448 |
| EBITA margin, % | 8.3 | 6.5 | 7.4 |
| Adjusted operating profit, SEK million | 227 | 97 | 459 |
| Adjusted operating margin, % | 8.6 | 7.3 | 7.6 |
| Operating capital, SEK million | 6,220 | 3,358 | 3,513 |
| Return on operating capital, % | 4.5 | 3.0 | 16.9 |
| Capital turnover on operating capital, times | 0.5 | 0.5 | 2.3 |
| Return on capital employed, % | 3.5 | 2.5 | 13.5 |
| Net interest-bearing debt, SEK million | 1,405 | 1,196 | 1,239 |
| Net debt/equity ratio, times | 0.3 | 0.7 | 0.7 |
| Net debt / adjusted EBITDA, times | 1.8 | 2.8 | 1.9 |
| Equity ratio, % | 45.2 | 33.9 | 34.2 |
| Equity per share at the end of the period, SEK | 65.95 | 36.06 | 39.48 |
| Repurchase of own shares | 161,275 | - | - |
| Weighted average number of shares before dilution | 61,603,069 | 44,374,896 | 45,568,655 |
| Adjustment for the calculation of diluted earnings per share: | 161,275 | 249,466 | 156,250 |
| Weighted average number of shares after dilution | 61,764,344 | 44,624,362 | 45,724,905 |
| Number of shares at the end of the period | 62,798,063 | 45,959,340 | 45,959,340 |
As of March 31, 2026, HANZA held 161,275 (-) own shares. These shares are not included in the above figures.
HANZA AB Interim report January 1 - March 31 2026
HANZA AB Interim report January 1 – March 31 2026 | 19
Key figures according to IFRS
EBIT
Earnings before interest and taxes. Operating profit before net financial items, appropriations and taxes.
Alternative performance measures
The following alternative performance measures are used in this report. Reconciliation tables for alternative performance measures and the reasons for using each individual measure are published on the company's website www.hanza.com.
Return on capital employed
Operating profit after adding back financial items divided by average capital employed.
Gross margin
Net sales less the cost of raw materials and consumables and changes in work in progress, finished goods and work in progress divided by net sales.
EBITDA
Earnings before interest, taxes, depreciation, and amortization. Earnings before interest, taxes, depreciation, amortization and impairment of tangible and intangible assets.
EBITDA margin
EBITDA divided by net sales.
EBITA
Earnings before interest, taxes, and amortization. Earnings before amortization and impairment of intangible assets, net financial items, appropriations and taxes.
EBITA margin
EBITA divided by net sales.
Equity per share
Equity at the balance sheet date adjusted for unregistered share capital divided by the registered number of shares at the balance sheet date.
Adjusted operating profit
Operating profit before amortization and impairment of intangible assets, adjusted for items affecting comparability.
Adjusted EBITDA
EBITDA adjusted for depreciation of additional right-of-use assets for leased properties according to IFRS 16.
Items affecting comparability
Items of income and expense in operating profit that arise only exceptionally in the course of business. Items affecting comparability include income and expenses such as acquisition costs, the translation of contingent considerations, gains and losses on the sale of land and buildings, debt forgiveness, costs of major restructuring such as the relocation of entire plants and major impairment losses.
Capital turnover on average operating capital
Net sales divided by average operating capital.
Net debt/equity ratio
Net interest-bearing debt divided by equity.
Net debt to adjusted EBITDA ratio
Net debt at the end of the period divided by adjusted EBITDA rolling 12 months.
Operating segments EBITA
Operational EBITA. EBITA for the segments Main markets and Other markets.
Operational EBITA margin
Operating segments' EBITA divided by operating segments' net sales.
Operational capital
Balance sheet total less cash and cash equivalents, financial assets and non-interest-bearing liabilities.
Return on operating capital
EBITA divided by average operating capital.
Net interest-bearing debt
Interest-bearing liabilities including provisions for post-employment benefits excluding estimated financial liabilities right-of-use assets for leased properties and premises under IFRS 16 less cash and similar assets and short-term investments.
Equity ratio
Equity divided by total assets.
Capital employed
Balance sheet total minus non-interest-bearing provisions and liabilities.
When performance metrics are reported on a rolling 12-month basis, this refers to the total for the most recent 12 months up to the specified period.
About HANZA
HANZA is a global knowledge and manufacturing company that modernizes and streamlines the manufacturing industry. Through supply chain advisory services and with our own factories grouped into regional manufacturing clusters, HANZA creates more stable deliveries, increased profitability and an environmentally friendly manufacturing process for our customers.
HANZA was founded in 2008, and with completed acquisitions, the group now has approximately 5,000 employees and annual sales of approximately SEK 10 billion.
HANZA's clients include leading product companies such as 3M, ABB, EATON, Epiroc, GE, Getinge, John Deere, Mitsubishi, Patria, SAAB, Sandvik, Siemens, and Tomra.
HANZA is listed on the Nasdaq Stockholm main list.
On www.hanza.com you can find further information about the HANZA Group, as well as financial reports, presentations and press releases.
For more information, please contact:
Erik Stenfors, CEO
Tel: +46 709 50 80 70
E-mail: [email protected]
Lars Åkerblom, CFO
Tel: +46 707 94 98 78
E-mail: [email protected]
This report has been prepared in both Swedish and English versions and in case of discrepancies between the two, the Swedish version shall prevail.
HANZA