VBG Group AB

Latest Results (01.09.2026):

VBG Group AB — Q2 2026: Consolidated sales rose 8.7% year‑on‑year to SEK 1,480.4 M (organic growth 8.3%), but operating profit (EBIT) fell to SEK 135.5 M (167.1) giving an EBIT margin of 9.2% (12.3). The decline was materially affected by a SEK 19.3 M provision for consolidation of production into a new Dobřany (Czech) facility; profit after financial items was SEK 126.5 M and earnings per share were SEK 3.58. For the first half of 2026, sales were SEK 2,856.9 M, EBIT SEK 297.3 M (margin 10.4%), operating cash flow was SEK 99.8 M and net interest‑bearing debt rose to about SEK 1,343.5 M.

Top-line and growth

Consolidated Q2 sales: SEK 1,480.4 M (+8.7% vs Q2 2025). Organic growth (adjusted for currency and M&A) was 8.3% in Q2 and 6.8% for H1. Order bookings were up ~11% vs Q2 2025, with positive demand across divisions and regions.

Profit, margin and one‑off impact

Q2 EBIT declined to SEK 135.5 M (from SEK 167.1) and margin to 9.2% (12.3%). The company recorded a SEK 19.3 M provision tied to Ringfeder production consolidation into Dobřany, which materially reduced reported operating profit. H1 EBIT was SEK 297.3 M (margin 10.4%).

Earnings per share and taxes

Q2 EPS was SEK 3.58 (Q2 2025: 4.00). H1 EPS was SEK 8.11 (8.58). Profit after tax for H1 was SEK 202.8 M (214.5).

Divisional highlights

Truck & Trailer Equipment: Q2 sales SEK 412.3 M (+3.1%), EBIT SEK 80.7 M, EBIT margin 19.6% — one of the stronger quarters. Mobile Thermal Solutions: Q2 sales SEK 782.9 M (+7.0%), EBIT SEK 51.1 M, margin 6.5% — margin hit by tariffs, higher raw‑material costs and product/customer mix; Toronto production investment underway. Ringfeder Power Transmission: Q2 sales SEK 285.2 M (+23.5%), strong volume growth (rolling 12‑month sales > SEK 1 billion) but Q2 EBIT affected by the SEK 19.3 M consolidation provision.

Cash flow, capex and balance sheet

Operating cash flow in Q2 was weak at SEK 7.4 M (H1: SEK 99.8 M), impacted by higher inventory and receivables. Cash and cash equivalents were SEK 984.0 M at June 30. Capex rose materially — Q2 new investments SEK 127.4 M and H1 total SEK 189.4 M — driven by the Toronto facility and other capacity projects.

Leverage and capital ratios

Interest‑bearing net debt increased to about SEK 1,343.5 M (from SEK 1,020.2 at year‑end 2025); net debt/EBITDA (rolling) ~1.7. Equity/assets ratio declined to 53.5% (57.5). The Group paid dividends of SEK 181.3 M in May.

Strategic actions and outlook

Management cites tariff and raw‑material headwinds and is implementing price increases and efficiency measures; the new Toronto plant is expected to be commissioned in Q4 2026. The company makes no formal forecast for 2026.