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Troax Group Interim / Quarterly Report 2026
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Interim / Quarterly Report
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INTERIM REPORT 2026 JANUARY – MARCH TROAX GROUP AB (PUBL.) Hillerstorp, Sweden, 21 April, 2026
SHAPING THE FUTURE OF SAFETY
TROAX
WE’RE SHAPING THE FUTURE OF SAFETY
A SAFER EVERYDAY FOR OUR CUSTOMERS
Troax Group is a world-leading provider of safety solutions for industrial manufacturing, warehouse management and storage. The Group offers a wide range of products and services that contribute to safe and efficient production and warehouse flows for customers globally. With operations in over 40 countries, approximately 1,400 employees and an international sales and distribution network, Troax meets the industry's need for both advanced and standardised safety solutions. The head office is located in Hillerstorp, Sweden, and the Troax share is listed on Nasdaq Stockholm. In 2025, net sales amounted to approximately 262 MEUR.
+18% Order intake
10.1% Adjusted EBITA margin
2.7 Net debt / EBITDA
TROAX GROUP AB (PUBL) DELÅRSRAPPORT, JANUARI - MARS 2026
2006-2015
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
RECORD ORDER INTAKE DRIVEN BY ACQUISITIONS BUT LOW VOLUMES AND RESTRUCTURING WORK REDUCE PROFIT
JANUARY – MARCH
- Order intake in the quarter increased by 18 percent compared with the same period last year and amounted to 82.0 (69.5) MEUR. Adjusted for currency and acquisitions the order intake decreased by 5 percent.
- Sales in the quarter increased by 6 percent compared with the same period last year and amounted to 71.8 (68.3) MEUR. Adjusted for currency and acquisitions sales decreased by 13 percent.
- Operating profit before amortisations (EBITA) decreased to 7.2 (9.5) MEUR.
- Operating margin before amortisations (EBITA margin) decreased to 10.1 (14.0) percent.
- Financial net was -1.6 (-1.6) MEUR.
- Profit after tax decreased to 1.8 (5.3) MEUR.
- Adjusted earnings per share after dilution amounted to 0.07 (0.10) EUR.
- Earnings per share after dilution amounted to 0.03 (0.09) EUR.
- During the first quarter, one-off costs related to the North American production relocation impacted the reported operating profit by 1.3 MEUR.
- Net debt/EBITDA, excluding IFRS, including pro forma from acquisitions, rose to 2.7 (1.9)
TROAX GROUP FIGURES
| MEUR | 3 Month Jan-Mar 2026 | 3 Month Jan-Mar 2025 | 12 Month Jan-Dec 2025 | 12 Month Jan-Dec 2024 | 12 Month Apr-Mar 2025/2026 |
|---|---|---|---|---|---|
| Order intake | 82.0 | 69.5 | 261.4 | 276.9 | 273.9 |
| Sales | 71.8 | 68.3 | 262.4 | 278.5 | 265.9 |
| Gross profit | 26.7 | 25.6 | 98.2 | 106.0 | 99.3 |
| Gross margin, % | 37.2 | 37.5 | 37.4 | 38.1 | 37.3 |
| Adjusted operating result EBITA | 7.2 | 9.5 | 36.3 | 48.2 | 34.0 |
| EBITA margin, % | 10.1 | 14.0 | 13.8 | 17.3 | 12.8 |
| Operating result EBIT | 4.0 | 8.6 | 22.8 | 45.1 | 18.2 |
| EBIT margin, % | 5.6 | 12.6 | 8.7 | 16.2 | 6.8 |
| Profit after tax | 1.8 | 5.3 | 13.5 | 31.3 | 10.0 |
| EBITDA | 10.7 | 12.5 | 49.1 | 60.1 | 47.1 |
| EBITDA margin, % | 14.9 | 18.4 | 18.7 | 21.6 | 17.7 |
| EBITDA excl IFRS 16 | 9.2 | 11.4 | 44.9 | 55.5 | 41.9 |
| EBITDA Margin excl IFRS 16 | 12.8 | 16.7 | 17.1 | 19.9 | 15.8 |
| Net debt / EBITDA (12 months rolling) | 2.7 | 0.9 | 1.9 | 0.8 | 2.7 |
| Adjusted earnings per share after dilution in EUR | 0.07 | 0.10 | 0.40 | 0.57 | 0.37 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
2000
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
COMMENTS FROM OUR PRESIDENT AND CEO
Market demand remains difficult to assess and relatively weak, consistent with the situation at the end of 2025. However, it is encouraging that demand showed signs of improvement toward the end of the quarter, and that our three most recent acquisitions contributed significantly to both order intake and invoicing.
Across our customer segments, the warehouse segment appears to be improving after several challenging years. At the same time, the difficulties within the automotive industry are clearly evident in both Europe and Asia, negatively impacting organic order intake. In North America, demand improved, particularly within the warehouse segment, after two cautious years.
RECORD ORDER INTAKE AND MAINTAINED GROSS MARGIN
Order intake and invoicing increased overall during the quarter, driven by our acquisitions, and order intake significantly exceeded invoicing. Total invoicing increased by 5 percent, despite a 13 percent decline in organic invoicing. Compared to the fourth quarter of 2025, this represents a 2 percent increase in organic order intake, while organic invoicing declined by 4 percent. The weaker invoicing compared to the fourth quarter of 2025 is mainly due to the ramp-up of our new warehouse in Nashville.
The impact of the price increases implemented in North America during the fourth quarter of 2025 has begun to be reflected in invoicing. Despite lower organic volumes, we have maintained a gross margin in line with the previous year and improved it compared to the fourth quarter of 2025.
Selling and administrative expenses increased during the quarter as a result of our recent acquisitions. Organically, these costs remained stable, although we did not complete our digitalisation projects as planned. As the acquisitions are integrated, we expect to identify and realise cost synergies. Overall, our profitability came in slightly above 10 percent. Given the low organic volumes, our transformation efforts in North America, and the first full quarter contribution from our newly acquired companies, I consider this an acceptable outcome. As we complete the factory relocation in North America, finalise the ramp-up of shelf production in Sweden, and integrate our acquisitions, we expect to see an improvement in profitability during the second half of the year.
HIGH PACE OF TRANSFORMATION TO ACHIEVE OUR 2030 TARGETS
We continue to execute our strategy with full force. The relocation of our U.S. production from Chicago to Nashville is in its most intensive phase, and we have faced significant challenges in initiating deliveries from the new warehouse. Delivery performance improved gradually during the quarter and was nearly back to full capacity by the end of the period.
In Europe, we have initiated the ramp-up of production transferred from Poland to Sweden, and customer deliveries have commenced. While we have made good progress, some work remains before production volumes and efficiency are fully optimised.
Finally, we have conducted a strategic review of our commercial partitioning portfolio and, as a result, discontinued the associated manufacturing operations in the UK. Sales ceased during the first quarter, and all employees have been informed of the closure. The financial effects of this review were recognised in the fourth quarter of 2025.
WELL POSITIONED FOR PROFITABLE GROWTH
Our strategy for profitable growth remains unchanged, and we continue to make steady progress in our strategic focus areas. All priorities are aimed at building a stronger Troax, positioning us as the customer's natural first choice.
The external environment remains unpredictable in the short term, and we are actively working with various scenarios to ensure we can quickly adapt our operations as conditions change. Through our acquisitions, we now have a broader portfolio and are experiencing strong demand for both flexible barriers and safety solutions for data centres. Given our relatively low market share in these segments, this represents a significant growth opportunity.
Our decentralised organisation, driven by committed employees and efficient processes, enables continuous improvement and ensures that we remain well positioned for profitable growth as the market recovers.
Martin Nyström
President and CEO
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
2006-2010
SUMMARY
GEN-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
THE GROUP SUMMARY
JANUARY – MARCH
The total order intake amounted to 82.0 (69.5) MEUR, an increase by 18 percent compared with the corresponding period last year. Adjusted for currency and acquisitions the order intake decreased by 5 percent. Americas and EMEA South increased their order intake during the period compared with the corresponding period last year whereas the other markets decreased their order intake.
Sales amounted to 71.8 (68.3) MEUR, an increase by 6 percent compared with the corresponding period last year. Adjusted for currency and acquisitions. sales decreased by 13 percent. All regions decreased their sales compared to the previous year.
Operating profit before amortizations (EBITA) amounted to 7.2 (9.5) MEUR, corresponding to an EBITA margin of 10.1 (14.0) percent.
On January 7, Troax completed the acquisition of Vichnet, including its subsidiaries. The company, headquartered in Ningbo, China, reported revenues of 26 MEUR and approximately 300 employees (2024). Since its establishment in 2006, Vichnet has achieved profitable growth and today offers a comprehensive range of safety solutions for both the Chinese market and export markets.
During the quarter, the wind-down of our subsidiary Troax Lee, which manufactures commercial partitioning products, was initiated. The process is expected to be completed during the second quarter of 2026. In 2025, Troax Lee reported revenues of 8.3 MEUR and had 40 employees. The costs related to the wind-down of the company were recognised in 2025.
During the first quarter, one-off costs related to the North American production relocation impacted the reported operating profit by 1.3 MEUR. During the quarter, Jose Nuriez, Regional President Americas, left the Group. Mikael Carlsson, previously Vice President Sales and Marketing Americas, has taken on the interim role as Regional President Americas.
FINANCIAL NET
During the first quarter, financial net amounted to -1.6 (-1.6) MEUR.
TAXES
The tax expense in the first quarter was -0.6 (-1.7) MEUR.
NET RESULT
Net result for the first quarter amounted to 1.8 (5.3) MEUR.
CASH FLOW, WORKING CAPITAL AND NET DEBT
Cash flow from operating activities was 4.5 (3.6) MEUR in the first quarter. Net debt by the end of the period was 127.4 (50.7) MEUR. Net debt in relation to the 12-month rolling EBITDA was 2.7 (0.9) to be compared with the company's financial target of less than 2.5.
INVESTMENTS
During the first quarter, investments were 37.6 (3.3) MEUR. The investments mainly relate to shares in subsidiaries and machinery in USA.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
APPENDIX
SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
REGIONAL DEVELOPMENT
Troax's operations are reported as one segment. As secondary information
Order intake and Sales are reported based on geographical regions.
| EMEA NORTH | The Nordics, UK and Central Europe |
|---|---|
| EMEA SOUTH | South Europe, Middle East and Africa |
| AMERICAS | North and South America |
| APAC | Asia excluding the Middle East |
| Order intake | 3 Month Jan-Mar |
| --- | --- |
| MEUR | 2026 |
| EMEA North | 29,6 |
| EMEA South | 16,7 |
| Americas | 15,2 |
| APAC | 4,3 |
| Total organic order intake | 65,8 |
| Currency effect | -1,2 |
| Order intake discontinued businesses | 0,0 |
| Order intake acquisitions | 17,4 |
| Total Order intake | 82,0 |
| Total Sales | 3 Month Jan-Mar |
| MEUR | 2026 |
| EMEA North | 31,4 |
| EMEA South | 14,3 |
| Americas | 8,9 |
| APAC | 4,3 |
| Total organic sales | 58,9 |
| Currency effect | -1,1 |
| Sales discontinued businesses | 0,0 |
| Sales acquisitions | 14,0 |
| Total Sales | 71,8 |
- Note that organic growth is reported excluding currency effect.
TRCAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
ZPP2026
SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
THE GROUP – SUMMARY
INCOME STATEMENT
| MEUR | 3 Months Jan-Mar 2026 | 3 Months Jan-Mar 2025 | 12 Months Jan-Dec 2025 | 12 Months Jan-Dec 2024 | 12 Months Apr-Mar 2025/2026 |
|---|---|---|---|---|---|
| Sales | 71,8 | 68,3 | 262,4 | 278,5 | 265,9 |
| Cost of goods sold | -45,1 | -42,7 | -164,2 | -172,5 | -166,6 |
| Gross profit | 26,7 | 25,6 | 98,2 | 106,0 | 99,3 |
| Sales expenses | -12,4 | -10,5 | -40,9 | -39,8 | -42,8 |
| Administrative expenses | -7,0 | -5,6 | -20,8 | -18,9 | -22,2 |
| Other operating income and expenses | -0,1 | 0,0 | -0,2 | 0,9 | -0,3 |
| Adjusted operating result (EBITA) | 7,2 | 9,5 | 36,3 | 48,2 | 34,0 |
| Amortizations and items affecting comparability | -3,2 | -0,9 | -13,5 | -3,1 | -15,8 |
| Operating result (EBIT) | 4,0 | 8,6 | 22,8 | 45,1 | 18,2 |
| Financial income and expenses | -1,6 | -1,6 | -4,9 | -4,3 | -4,9 |
| Result after financial expenses | 2,4 | 7,0 | 17,9 | 40,8 | 13,3 |
| Taxes | -0,6 | -1,7 | -4,4 | -9,5 | -3,3 |
| Net result for the period | 1,8 | 5,3 | 13,5 | 31,3 | 10,0 |
| Earnings per share before / after dilution | 0,03 € | 0,09 € | 0,23 € | 0,52 € | 0,17 € |
| Adjusted earnings per share before / after dilution | 0,07 € | 0,10 € | 0,40 € | 0,57 € | 0,37 € |
| Number of shares before / after dilution (1000's) | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 |
STATEMENT OF COMPREHENSIVE INCOME
| 3 Month | 3 Month | 12 Month | 12 Month | 12 Month | |
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2026 | 2025 | 2025 | 2024 | 2025/2026 | |
| Net result for the period | 1,8 | 5,3 | 13,5 | 31,3 | 10,0 |
| Other comprehensive income: | |||||
| Items that may be reclassified to the income statement | |||||
| Translation differences | -0,2 | 6,8 | 3,9 | -1,4 | -3,1 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| -0,2 | 6,8 | 3,9 | -1,4 | -3,1 | |
| Items that will not be reclassified to the income statement | |||||
| Actuarial gains and losses on defined-benefit pension commitment | 0,0 | 0,0 | 0,1 | 0,1 | 0,1 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| 0,0 | 0,0 | 0,1 | 0,1 | 0,1 | |
| Other comprehensive income, net of tax | -0,2 | 6,8 | 4,0 | -1,3 | -3,0 |
| Total comprehensive income for the period | 1,6 | 12,1 | 17,5 | 30,0 | 7,0 |
| EBITDA | 3 Month | 3 Month | 12 Month | 12 Month | 12 Month |
| --- | --- | --- | --- | --- | --- |
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2026 | 2025 | 2025 | 2024 | 2025/2026 | |
| Operating result (EBIT) | 4,0 | 8,6 | 22,8 | 45,1 | 18,2 |
| Amortizations and items affecting comparability | 3,2 | 0,9 | 13,5 | 3,1 | 15,8 |
| Adjusted operating result (EBITA) | 7,2 | 9,5 | 36,3 | 48,2 | 34,0 |
| Depreciations | 3,5 | 3,0 | 11,9 | 11,9 | 13,1 |
| EBITDA | 10,7 | 12,5 | 49,1 | 60,1 | 47,1 |
TRCKX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
2026-03-01
SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
THE GROUP – SUMMARY
STATEMENT OF FINANCIAL POSITION
| MEUR | 2026 | 2025 | 2025 | 2024 |
|---|---|---|---|---|
| 31-mar | 31-mar | 31-dec | 31-dec | |
| Assets | ||||
| Intangible assets | 177,2 | 124,6 | 140,6 | 120,5 |
| Tangible assets | 108,8 | 84,0 | 106,8 | 79,8 |
| Financial fixed assets | 10,0 | 10,8 | 11,5 | 10,9 |
| Total fixed assets | 296,0 | 219,4 | 258,9 | 211,2 |
| Inventories | 33,3 | 30,3 | 27,3 | 29,4 |
| Current receivables | 75,0 | 60,9 | 73,2 | 58,6 |
| Cash and cash equivalents | 25,1 | 28,7 | 39,7 | 29,5 |
| Total current assets | 133,4 | 119,9 | 140,2 | 117,5 |
| TOTAL ASSETS | 429,4 | 339,3 | 399,1 | 328,7 |
| Equity and liabilities | ||||
| Equity | 178,9 | 192,2 | 177,4 | 180,1 |
| Long-term liabilities and provisions | 184,6 | 99,8 | 166,8 | 98,0 |
| Current liabilities | 65,9 | 47,3 | 54,9 | 50,6 |
| TOTAL EQUITY AND LIABILITIES | 429,4 | 339,3 | 399,1 | 328,7 |
| Net debt | 127,4 | 50,7 | 75,3 | 56,8 |
STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO THE PARENT COMPANY'S SHAREHOLDERS
| 2026 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|
| Opening balance | 177,4 | 180,1 | 180,1 | 172,3 |
| Dividends | 0,0 | 0,0 | -20,3 | -20,4 |
| Received option premiums | 0,0 | 0,0 | 0,1 | 0,2 |
| Re-purchase of shares | 0,0 | 0,0 | 0,0 | -2,0 |
| Total comprehensive income for the period | 1,6 | 12,1 | 17,5 | 30,0 |
| Closing balance | 179,0 | 192,2 | 177,4 | 180,1 |
TRONX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
CASH FLOW STATEMENT
| MEUR | 3 Month 2026 | 3 Month 2025 | 12 Month 2025 | 12 Month 2024 |
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | |
| Adjusted operating result (EBITA) | 7,2 | 9,5 | 36,3 | 48,2 |
| Depreciations, interest received and paid, tax paid and adjustments | 0,2 | 0,7 | 0,2 | -2,5 |
| Changes in working capital | -2,9 | -6,6 | -6,6 | -3,3 |
| Cash flow from operating activities | 4,5 | 3,6 | 29,9 | 42,4 |
| Investments | -37,6 | -3,3 | -35,9 | -15,9 |
| Cash flow after investing activities | -33,1 | 0,3 | -6,0 | 26,5 |
| Financing activities | 25,0 | -1,1 | 16,6 | -30,2 |
| Cash flow for the period | -8,1 | -0,8 | 10,6 | -3,7 |
| Cash and cash equivalents at the start of the period | 33,2 | 29,5 | 29,5 | 33,2 |
| Translation difference in cash and cash equivalents | 0,0 | 0,0 | -0,4 | 0,0 |
| Cash and cash equivalents at the end of the period | 25,1 | 28,7 | 39,7 | 29,5 |
WPRO
SUMMARY CEO-COMMENTS FINANCIAL DEVELOPMENT FINANCIAL REPORTS OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
PARENT COMPANY – SUMMARY
INCOME STATEMENT
| 3 Months Jan-Mar | 3 Months Jan-Mar | 12 Months Jan-Dec | 12 Months Jan-Dec | |
|---|---|---|---|---|
| MEUR | 2026 | 2025 | 2025 | 2024 |
| Sales | 0,0 | 0,0 | 4,4 | 1,0 |
| Cost of goods sold | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross profit | 0,0 | 0,0 | 4,4 | 1,0 |
| Administrative expenses | -3,4 | -1,8 | -8,1 | -4,0 |
| Other operating income and expenses | 0,1 | -0,1 | -0,1 | -0,1 |
| Operating result (EBIT) | -3,3 | -1,9 | -3,8 | -3,1 |
| Financial income and expenses | -1,9 | -1,2 | 4,9 | 11,2 |
| Result after financial expenses | -5,2 | -3,1 | 1,1 | 8,1 |
| Year-end appropriations | 0,0 | 0,0 | 14,2 | 2,4 |
| Profit before tax | -5,2 | -3,1 | 15,3 | 10,5 |
| Taxes | -0,2 | 0,6 | -1,2 | -2,2 |
| Net result for the period | -5,4 | -2,5 | 14,1 | 8,3 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||
| Net result for the period | -5,4 | -2,5 | 14,1 | 8,3 |
| Other comprehensive income, net of tax | 0,0 | 0,0 | 0,0 | 0,0 |
| Total comprehensive income for the period | -5,4 | -2,5 | 14,1 | 8,3 |
STATEMENT OF FINANCIAL POSITION
| MEUR | 31-mar 2026 | 31-mar 2025 | 31-dec 2025 | 31-dec 2024 |
|---|---|---|---|---|
| Assets | ||||
| Shares in subsidiaries | 137,7 | 87,7 | 112,7 | 87,7 |
| Receivables to subsidiaries | 22,8 | 24,1 | 22,1 | 24,9 |
| Other long-term receivables | 1,1 | 1,0 | 1,1 | 0,9 |
| Total fixed assets | 161,6 | 112,8 | 135,9 | 113,5 |
| Receivables to subsidiaries | 14,8 | 0,0 | 18,1 | 12,2 |
| Current receivables | 0,6 | 0,0 | 0,1 | 0,0 |
| Cash and cash equivalents | 0,5 | 3,8 | 1,3 | 6,0 |
| Total current assets | 15,9 | 3,8 | 19,5 | 18,2 |
| TOTAL ASSETS | 177,5 | 116,6 | 155,4 | 131,7 |
| Equity and liabilities | ||||
| Equity | 28,1 | 37,1 | 33,5 | 39,6 |
| Untaxed reserves | 0,4 | 2,6 | 0,4 | 2,6 |
| Long-term liabilities and provisions | 138,1 | 70,9 | 113,1 | 70,9 |
| Current liabilities | 10,9 | 6,0 | 8,4 | 18,6 |
| TOTAL EQUITY AND LIABILITIES | 177,5 | 116,6 | 155,4 | 131,7 |
TRCAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
ZPP2020
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
PARENT COMPANY – SUMMARY
CASH FLOW STATEMENT
| MEUR | 3 Months 2026 Jan-Mar | 3 Months 2025 Jan-Mar | 12 Months 2025 Jan-Dec | 12 Months 2024 Jan-Dec | | --- | --- | --- | --- | --- | | Operating result (EBIT) | -3,3 | -1,9 | -3,8 | -3,1 | | Interest paid and received, taxes, adjustments | -2,7 | -0,8 | -11,4 | -0,8 | | Change in working capital | 5,2 | 0,5 | -11,2 | 21,0 | | Cash flow from continuing operations | -0,8 | -2,2 | -26,4 | 17,1 | | Investments | -25,0 | 0,0 | 0,0 | 0,0 | | Cash flow from investment activities | -25,8 | -2,2 | -26,4 | 17,1 | | Cash flow from financing activities | 25,0 | 0,0 | 21,7 | -22,3 | | Cash flow for the period | -0,8 | -2,2 | -4,7 | -5,2 | | Cash and cash equivalents at the beginning of the period | 1,3 | 6,0 | 6,0 | 11,2 | | Translation difference | 0,0 | 0,0 | 0,0 | 0,0 | | Cash and cash equivalents at the end of the period | 0,5 | 3,8 | 1,3 | 6,0 |
TRCAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
ZPP2000
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
FINANCIAL TARGETS 2030
Troax Group's financial targets, connected to the company's strategic initiatives, are presented below.
| GROWTH | Troax's objective is to grow in its current markets, both organically and by selective acquisitions |
|---|---|
| PROFITABILITY | Troax target is to have an operating margin (EBITA) in excess of 20 percent. |
| FINANCIAL STRUCTURE | Net debt in relation to the 12-month rolling EBITDA, excluding temporary deviations, shall not exceed 2,5 times. |
| DIVIDEND POLICY | Troax's target is to pay approximately 50 per cent of its net profit in dividends. The dividend proposal shall consider Troax's long-term development potential, its financial position and its investment needs. |
The financial targets represent future oriented information. Future oriented information shall not be considered as guarantees for future result or development. The actual result may and can materially vary from what is expressed in the future oriented information.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
APPENDIX
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
OTHER INFORMATION
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The Accounting principles that have been applied coincide with those accounting principles used for preparing the latest Annual Report. The Annual Report for 2025 is available on www.troax.com.
ALTERNATIVE KEY RATIOS
In this interim report, Troax presents certain financial measures that are not defined by IFRS, so-called alternative key ratios. The Group believes that these measures provide valuable supplementary information to investors as they enable an evaluation of the company's results and position. Since not all companies calculate financial measurements in the same way, these are not always comparable to those used by other companies. Investors should consider these financial measures as a complement rather than an IFRS financial statement. Troax uses the following alternative key figures:
ORGANIC GROWTH
As a large proportion of the Group's sales take place in currencies other than the reporting currency (Euro), the Group's sales are evaluated based on its organic sales growth, which enables separate evaluations of the effect of acquisitions / divestments and currency effects.
| Total Sales MEUR | 3 Months Jan-Mar 2026 | 3 Months Jan-Mar 2025 | Diff | 12 Months Jan-Dec 2025 | 12 Months Jan-Dec 2024 | Diff | | --- | --- | --- | --- | --- | --- | --- | | Organic sales / growth | 50,0 | 68,3 | -14% | 262,0 | 276,0 | -6% | | Currency effect | 0,0 | 0,0 | -2% | -3,6 | 0,0 | -1% | | Sales from acquisitions | 10,0 | 0,0 | 20% | 2,2 | 0,0 | 1% | | Total Sales | 77,8 | 68,3 | 5% | 262,4 | 276,5 | -6% |
OPERATING PROFIT BEFORE AMORTISATIONS (EBITA)
Earnings before interest, tax, depreciation on acquisition-related intangible fixed assets, acquisition-related costs and income and items affecting comparability.
| Income and expenses from acquisitions and items affecting comparability MEUR | 3 Months Jan-Mar 2026 | 3 Months Jan-Mar 2025 | 12 Months Jan-Dec 2025 | 12 Months Jan-Dec 2024 | | --- | --- | --- | --- | --- | | EBITA | 7,2 | 9,5 | 36,3 | 48,2 | | Amortization from acquisition-related assets | -0,8 | -0,9 | -3,6 | -3,1 | | Acquisition costs | -1,1 | 0,0 | -0,7 | 0,0 | | Effect from changes in earn-out estimations | 0,0 | 0,0 | 0,8 | 0,0 | | Result from sale of shares in subsidiaries | 0,0 | 0,0 | 0,2 | 0,0 | | Other items affecting comparability | -1,3 | 0,0 | -10,2 | 0,0 | | Income and expenses from acquisitions and items affecting comparability | -3,2 | -0,9 | -13,5 | -3,1 | | EBIT | 4,0 | 6,6 | 22,8 | 45,1 |
ADJUSTED EARNINGS PER SHARE AFTER DILUTION
Profit after tax excluding amortisations of fixed assets related to surplus values from acquisitions, acquisition-related costs and income and items affecting comparability in relation to the weighted average number of outstanding shares. None of the group's outstanding call option programs are deemed to result in significant future dilution.
| | Jan-Mar 2026 | Jan-Mar 2025 | 31-dec 2025 | | --- | --- | --- | --- | | Earnings per share | | | | | Net income after tax (MEUR) | 1,8 | 5,3 | 13,5 | | Adjusted earnings per share | 0,03 | 0,09 | 0,23 | | Adjusted earnings per share | | | | | Net income after tax (MEUR) | 1,8 | 5,3 | 13,5 | | Adjustments | | | | | Items affecting comparability after tax | 1,0 | - | 7,0 | | Aquisition costs after tax | 0,8 | - | 0,5 | | Amortization costs after tax | 0,6 | 0,9 | 2,7 | | Adjusted result after tax (MEUR) | 4,2 | 6,2 | 23,7 | | Adjusted earnings per share | 0,07 | 0,10 | 0,40 | | Number of shares | 60 000 000 | 60 000 000 | 60 000 000 |
NET DEBT / EBITDA
Troax' definition of net debt is the sum of interest-bearing liabilities (including leasing liabilities according to IFRS 16 but excluding pension liabilities) less cash and cash equivalents. Net debt is used by Group management to monitor and analyze the debt development in the Group and evaluate the Group's refinancing needs. Net debt compared with EBITDA provides a key figure for net debt in relation to cash-generating operating results, which gives an indication of the business' ability to pay its debts.
| | 31-mar 2026 | 31-mar 2025 | 31-dec 2025 | 31-dec 2024 | | --- | --- | --- | --- | --- | | MEUR | | | | | | Short term loans | 0,0 | 0,0 | 0,0 | 0,0 | | Long term loans | 152,4 | 76,1 | 124,7 | 75,9 | | Liabilities for leases (IFRS 16) | 28,6 | 9,4 | 29,6 | 9,3 | | Total debt | 180,8 | 80,5 | 154,3 | 85,2 | | Land | 29,3 | 28,7 | 38,7 | 29,5 | | Net debt excl IFRS 16 | 152,0 | 56,8 | 114,6 | 55,7 | | 12 month rolling EBITDA incl IFRS 16 | 47,0 | 58,7 | 49,1 | 60,1 | | Net debt / EBITDA incl IFRS 16 | 3,2 | 1,6 | 2,3 | 0,8 | | NET DEBT | | | | | | Net debt excl IFRS 16 | 127,4 | 47,4 | 80,0 | 46,4 | | 12 month rolling EBITDA excl IFRS 16 | 42,6 | 54,2 | 44,7 | 55,5 | | Net debt / EBITDA excl IFRS 16 | 3,0 | 0,9 | 1,8 | 0,6 | | Net DEBT | | | | | | Net debt excl. IFRS 16 | 127,4 | 47,4 | 80,0 | 46,4 | | 12 month rolling EBITDA excl. IFRS 16 incl proforma EBITDA operations | 47,7 | 54,2 | 44,7 | 55,5 | | Net debt / EBITDA excl. IFRS 16 incl. Proforma | 3,7 | 0,9 | 1,9 | 0,6 |
RISKS AND RISK MANAGEMENT
Exposure to risks is a natural part of business operations and this reflects Troax' approach to risk management. This aims to identify and prevent the occurrence of risks and to limit any damage from these risks. The most significant risks to which the Group is exposed are related to the cyclical impact on demand. For further information, see the Management Report and Note 29 in the Annual Report 2025.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
2006-2010
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
OTHER INFORMATION (CONT.)
SEASONAL VARIATIONS
Seasonal variations have some impact on Troax business. Sales are normally in general stable between the quarters but can fluctuate between the months in the quarter. Sales can be somewhat lower in the summer months (July-August) and from December to January. In periods of high production, the company normally ties up more money in working capital. Cash is then released from working capital after a high season when manufactured goods are installed and the customer's receivables paid.
TRANSACTIONS WITH RELATED PARTIES
No significant transactions with related parties have taken place during the period.
RE-PURCHASE OF SHARES
As of the 31st of March 2026, Troax Group AB (publ) owned 154,668 own shares.
BUSINESS ACQUISITION
On 7 January, Troax completed the acquisition of Vichnet, including its subsidiaries. The company, headquartered in Ningbo, China, reported revenues of EUR 26 million and approximately 300 employees (2024). Since its establishment in 2006, Vichnet has achieved profitable growth and today offers a comprehensive range of safety solutions for both the Chinese market and export markets. The fair value of the acquired company's net assets at the acquisition date was as follows:
| MEUR | FAIR VALUE RECOGNIZED IN THE GROUP |
|---|---|
| Acquired net assets | 11,8 |
| Purchase consideration, including expected earn-out | 48,0 |
| Goodwill | 36,2 |
EMPLOYEES
At the end of the period the Group had 1 400 (1 221) employees.
OTHER EVENTS AFTER THE QUARTER
On April 13 Robert Burning was appointed new CFO of Troax Group. He will assume the role by October at the latest. Robert Burning most recently held a corresponding role at SSC Space and prior to that he held leading roles within Elekta.
DEVELOPMENT IN THE PARENT COMPANY
There is no significant information to report after the quarter.
AUDIT
This report has not been comprehensively reviewed by the auditors.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
2000
SUMMARY
CER-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
TROAX AS AN INVESTMENT
LEADER IN OUR NICHE AND THE ONLY GLOBAL PLAYER
STRONG OFFERING AND CUSTOMER VALUE
Troax continues to hold the leading position in our niche, and we remain the only truly global supplier in the safety industry. This gives us a uniquely strong offering and enables us to deliver superior customer value across all major markets.
LONG-TERM COMMITMENT TO SUSTAINABILITY
WE ARE AT THE FOREFRONT OF OUR INDUSTRY AND STRIVE TO REMAIN THE LEADER IN THE FUTURE
Sustainability is an integral part of our strategy, and we remain at the forefront of our industry. We will continue to invest in safer, more resource-efficient solutions and maintain our commitment to leading the sector with responsible practices.
STRONG FINANCIAL POSITION
STRONG BALANCE SHEET
Troax maintains a solid financial foundation and a strong balance sheet. This provides stability and creates room to act more actively on the acquisitive side as the right opportunities arise.
ATTRACTIVE OPPORTUNITIES FOR M&A
WE AIM TO LEAD THE MARKET SOPHISTICATION
We see a healthy and growing pipeline of acquisition opportunities. With clear strategic rationale and strong industrial fit, our aim is to lead market sophistication – both within our core niches and by driving the development of safer solutions across the industry.
PROFITABILITY TARGET OF 20% EBITA OVER THE CYCLE
IMPROVEMENTS FROM SUPPLY FOOTPRINT CONSOLIDATION AND DEVELOPMENT ARE UNDERWAY
Our long-term target of achieving at least 20% EBITA remains firm. Several initiatives are underway to strengthen profitability, including footprint consolidation, efficiency improvements and continued optimisation in North America.
WELL POSITIONED FOR ORGANIC GROWTH
THE MARKET TRENDS ARE IN OUR FAVOUR
The underlying macro trends are favourable, and market conditions are gradually improving. With our global footprint, strong brands and competitive portfolio, we are well positioned to capture organic growth as demand normalises.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
ZPP2026
SUMMARY
CEO-COMMENTS
FINANCIAL DEVELOPMENT
FINANCIAL REPORTS
OTHER INFORMATION
INTERIM REPORT JANUARY - MARCH 2026
OTHER INFORMATION
FINANCIAL CALENDAR 2026
Interim report Q2 2026 15 July 2026
Interim report Q3 2026 29 October 2026
Year-end report Q4 2026 3 February 2027
FOR MORE INFORMATION
Martin Nyström President and CEO +46 (0)370-828 31 [email protected]
TEAMS WEBINAR
The interim results will be presented at a Teams webinar by Martin Nyström, President & CEO, on 21 April 2026 at 13:00 CEST. The conference will be held in English. To participate, please register via the link below:
CONTACT
Troax Group AB (publ) Box 89 SE 335 04 Hillerstorp Phone: 0370-828 00
Follow the Troax Group's journey on LinkedIn.
This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 21 April 2026.
Troax Group AB (publ) Hillerstorp, Sweden, 21 April 2026
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2026
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