Inwido delivers stronger earnings and organic growth in the second quarter.
Inwido reported a strong second quarter for 2026, combining higher revenue, improved profitability and growing order intake despite continued uncertainty across several of its core European markets. The Group benefited from modest organic growth, contributions from recent acquisitions and continued operational efficiencies, resulting in record second-quarter operating earnings.
Financial highlights
Net sales increased 16.3 percent year-on-year to SEK 2,721 million, compared with SEK 2,339 million in the corresponding quarter of 2025. Organic growth accounted for 4 percent of the increase, while acquisitions continued to contribute meaningfully to total revenue growth.
Operating EBITA rose to SEK 314 million from SEK 264 million a year earlier, representing the highest second-quarter operating EBITA in the company’s history. The operating EBITA margin improved slightly to 11.5 percent from 11.3 percent, indicating that profitability was maintained despite inflationary pressure on raw materials and logistics.
EBIT increased to SEK 289 million, up from SEK 237 million, while the EBIT margin strengthened to 10.6 percent from 10.2 percent. Earnings per share also improved, rising to SEK 3.40 from SEK 2.69 in the previous year.
Organic order intake increased by 23 percent during the quarter, supported primarily by a major project contract in Scotland worth GBP 50 million. This contributed to an order backlog of SEK 3,290 million at the end of June, an increase of approximately 16 percent compared with the previous year.
Operational performance
The second quarter demonstrated improving operational momentum across much of Inwido’s portfolio. Factory utilisation increased in several markets, supporting manufacturing efficiency and helping offset higher input costs for aluminium, glass, PVC, energy and transportation.
The company maintained pricing discipline rather than competing aggressively on price, allowing margins to improve while preserving profitability. This strategy appears to have been supported by ongoing efficiency measures and cost controls, particularly within the e-Commerce business area, where profitability continued to improve.
Consumer demand also showed early signs of recovery. Organic order intake in the consumer segment increased by 3 percent, suggesting gradually improving activity in renovation markets after a prolonged period of weaker demand.
Regional performance remained mixed
Market conditions continued to vary considerably across Inwido’s geographic footprint.
Scandinavia showed signs of recovery, particularly in Sweden and Denmark, supported by improving housing market activity and stronger consumer sentiment. Norway also recorded positive development, although from relatively low levels.
The UK market remained challenging overall, but project activity strengthened significantly following the large Scottish public housing contract. Ireland continued to perform steadily, while Finland remained one of the weaker markets due to ongoing pricing pressure.
Several Central and Eastern European markets, including Poland, Slovenia, and Croatia, also delivered positive growth, providing additional geographic diversification to the Group’s performance.
Acquisitions continue to support growth
Acquisitions remained an important component of Inwido’s growth strategy during the quarter.
The Group completed two acquisitions: Sovereign Group in England and Marlex in Croatia, bringing the total number of acquisitions completed over the previous seven months to six.
Sovereign contributed to second-quarter earnings following its integration, while Marlex will begin contributing to financial results from the third quarter onward. Although acquisitions increased leverage, the company’s debt levels remain within its targeted capital structure, with net debt corresponding to 2.1 times operating EBITDA excluding IFRS 16.
First-half performance
For the first six months of 2026, net sales increased 11 percent to SEK 4,804 million, while operating EBITA reached SEK 404 million compared with SEK 375 million during the same period in 2025.
Operating EBITA margin declined slightly to 8.4 percent from 8.6 percent, reflecting seasonal effects and acquisition-related impacts despite improved absolute earnings.
EBIT increased to SEK 360 million, while earnings per share rose to SEK 3.58 from SEK 3.34.
Return on operating capital declined to 11.8 percent from 13.4 percent, largely reflecting the increased capital employed following the company’s active acquisition programme.
Analysis
Inwido’s second-quarter performance demonstrates a business that continues to execute effectively despite a market that remains uneven across Europe.
The combination of organic revenue growth, improving order intake, and expanding margins suggests that operational improvements are beginning to translate into stronger financial performance. Notably, profitability improved even as material costs remained elevated, indicating successful pricing strategies and effective cost management.
The sharp increase in order intake and the larger order backlog provide improved revenue visibility for the coming quarters, although a significant portion of this growth was driven by one exceptionally large project contract. Continued improvement in consumer demand will therefore be important if momentum is to become more broadly based.
Acquisitions continue to be a key driver of overall growth and market expansion. While higher debt has accompanied this strategy, leverage remains at levels that appear manageable given the company’s earnings generation and cash flow.
Overall, the quarter reflects a company strengthening its market position through disciplined pricing, operational efficiency and strategic acquisitions, while remaining exposed to macroeconomic uncertainty, inflationary pressures and uneven construction markets across Europe. The improving order book and gradual recovery in several regional markets nevertheless provide a more favourable outlook than was evident earlier in the year.
Read the full report here: https://storage.mfn.se/5b74e8a2-b90e-49c1-80ba-f2bde062bcca/q2-2026-en-report.pdf
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