January – March 2026

• Net sales amounted to SEK 1,389 (1,223) million.
• Growth was 14 percent, of which organic growth amounted to 11 percent.
• Adjusted for items affecting comparability, EBITA amounted to SEK 27 (21) million, representing an increase of 29 percent compared with the previous year.
• Reported EBITA amounted to SEK 30 (40) million, a decrease of 25 percent, primarily due to the comparison period including a capital gain of SEK 19 million from the divestment of a property.
• The EBITA margin amounted to SEK 2.2 (3.2) percent.
• Cash flow from operating activities amounted to SEK 137 (139) million.
• Earnings per share, basic and diluted, were SEK -0.36 (-0.33).
• In January 2026, Finke Landschaft + Straße GmbH in Germany was acquired, with annual sales of approximately EUR 12 million (SEK 130 million).
• Divestiture of Svensk Jordelit AB in January 2026, with annual sales of SEK 117 million.

CEO comments

In the first quarter, organic growth was strong and EBITA increased, adjusted for the prior year’s capital gain, while cash flow from operating activities remained stable. The earnings improvement in Sweden is notable, driven by implemented initiatives. Segment Other Europe reported stable profitability in line with seasonal patterns. In Norway, however, performance remained weak amid persistently challenging market conditions. We are not satisfied with the results and have a strong focus on improving profitability in Norway. Net sales over the past 12 months increased by 3 percent to SEK 6,395 million, while EBITA totaled SEK 434 million, representing an EBITA margin of 6.8 percent.

Stable margins in Sweden and Other Europe, while Norway remains challenging

Sales for the first quarter amounted to SEK 1,389 (1,223) million, which is an increase of 14 percent compared to the prior year. Organic growth was 11 percent, acquisitions contributed with 4 percent and the impact from changed exchange rates was -2 percent. All segments reported organic growth in the quarter. Higher demand for winter services in Sweden and Norway drove the positive trend, while colder winter conditions negatively affected demand for landscaping services.

Adjusted for items affecting comparability, EBITA amounted to SEK 27 (21) million, representing an increase of 29 percent compared with the previous year. Reported EBITA amounted to SEK 30 (40) million, a decrease of 25 percent, primarily due to the comparison period including a capital gain of SEK 19 million from the divestment of a property. Sweden continued to deliver organic improvement during the quarter, supported by ongoing improvement initiatives. In Norway, performance was negatively affected by a persistently challenging market and weaker development in two Norwegian companies. We are taking decisive action to address the challenges in Norway. A new regional management team is focused on strengthening operational control, improving execution, and lower the cost base. Other Europe reported stable profitability, with several subsidiaries achieving improved margins. Profitability in Lithuania reflects a normal winter compared with the previous year.
Cash flow from operating activities amounted to SEK 137 (139) million. Net debt in relation to pro forma EBITDA (RTM) amounted to 3.1 (2.6) times. This exceeds our financial target, and we continue to maintain a strong focus on executing our initiatives in order to return to the target level.

A more stable seasonal pattern over time

The delivery of snow & ice removal services in Sweden and Norway during the quarter accounted for a large portion of the Group’s sales. We have taken steps over several years to reduce weather dependency in Sweden, which has contributed to a more stable earnings trend over time. Efforts are also ongoing in Norway to stabilize earnings in the low season, although the effects have not yet been reflected in the results. Our expansion in Other Europe has further stabilized and improved the predictability of first-quarter earnings, as subsidiaries there are equipped to handle a pronounced winter low season and are therefore less weather-dependent.

Continued successful expansion in continental Europe

One acquisition in Germany was made during the quarter: Finke Landschaft + Straße GmbH (Nordrhein-Westfalen, Germany) with annual sales of approximately EUR 12 million (SEK 130 million). Overall, over the rolling 12-month period, we have completed acquisitions at the higher end of our target range for acquired annual EBITA of SEK 80–100 million. We have established a strong platform in Central Europe, positioning us well for continued growth.

Our efforts to develop our local subsidiaries are ongoing, with a focus on higher profitability and improved cash flow. With the weakest quarter of the year now behind us, we look ahead to the summer season, with activity levels expected to steadily increase.

Presentation of the report:

Green Landscaping Group CEO Johan Nordström and CFO Marcus Holmström will present the report in a teleconference/audiocast on 29 April 2026 at 13:00 CEST. The presentation will be held in English.

If you would like to participate in the webcast, please visit the link below.
https://green-landscaping-group.events.inderes.com/q1-report-2026

If you would like to participate in the teleconference, you will need to register via the link below. Once you have registered, you will receive the phone number and a conference ID for logging in. There are opportunities for asking questions via the teleconference.
https://events.inderes.com/green-landscaping-group/q1-report-2026/dial-in