Weak sales, strongly negatively impacted by currency effects and global uncertainty. In the first quarter, sales decreased by 7.2 per cent in constant currency. Order intake developed well with growth of 13.3 per cent in local currency, which gives us a stronger starting point for the coming periods. Cash flow from operating activities improved by 12.7 per cent, driven by improved working capital.
January–March 2026
Net revenue was SEK 357.4 million (424.0), a decrease of 15.7%, of which 7.2% was organic and 8.5% currency effects
Orders received was SEK 412.8 million (402.5), an increase of 2.6%, of which 13.3% was organic and -10.7% currency effects
EBITA was SEK 45.5 million (75.3), a decrease of 39.6%
Operating profit (EBIT) was SEK 39.0 million (69.3)
Profit for the period was SEK 8.4 million (25.6) and adjusted profit for the period was SEK 14.1 million (25.7).
Basic earnings per share amounted to SEK 0.01 (0.10)
Operating cash flow was SEK 41.2 million (36.6), an increase of 12.7%
CEO’s comment
Change of ownership and strong order intake
In the first quarter of 2026, net revenue decreased by 15.7 per cent compared with the previous year, strongly negatively impacted by a stronger Swedish krona. In local currency, net revenue decreased by 7.2 per cent. The difference is due to the fact that more than 80 per cent of the Group’s sales are in currencies other than SEK. Adjusted for the exchange rate effect, we are not satisfied with sales for the quarter. We see a market situation with continued wait-and-see investment decisions, especially in parts of the laboratory market. Our operations in the Middle East have been significantly affected as a result of the situation in the region where the possibility of maritime transport has been closed. At the same time, it is positive that order intake developed well during the quarter, with organic growth of 13.3 per cent in local currency, which gives us a stronger starting point for the coming periods.
EBITA amounted to SEK 45.5 million (75.3), corresponding to an EBITA margin of 12.7 per cent (17.8). Earnings were impacted by lower volumes and a changed product mix, mainly in our diabetes business, investment-related laboratory equipment and the previously mentioned situation in the Middle East. In 2025, a larger order was delivered to SAAB. This has not been replaced by equivalent volumes during the quarter, although underlying demand is expected to remain stable in the coming periods. Cash flow from operating activities remained stable at SEK 41.2 million (36.6), reflecting solid cash conversion despite weaker earnings. ADDvise continues to strengthen our market positions and our offering in our companies, with a focus on profitability, customer benefit and long-term competitiveness.
During the quarter, a very significant change in ownership was also carried out as Amplex AB, following its public takeover offer, became the owner of more than 99% of the shares in ADDvise and has initiated a compulsory redemption procedure. In connection with the transaction, ADDvise was delisted from Nasdaq First North Premier Growth Market. With effect from 2026, ADDvise constitutes a business area within the Amplex Group. This marks a new phase in the company’s development, with a long-term industrial owner who shares our view of value creation through entrepreneurship, decentralisation and acquisitions.
Our financial position remains stable. The equity ratio at the end of the reporting period was 39.0 per cent (24.1) and the Group fulfilled all covenants in its financing agreements. Going forward, the focus is on gradually strengthening profitability, improving tied-up capital and ensuring a reduced level of debt, while continuing to evaluate selective acquisitions that can strengthen the Group’s market position and earnings development over time.
In summary, we are not satisfied with the quarter’s earnings, but we are confident in our strategy, our business model and our long-term direction. With committed employees, strong niche companies and a clear owner behind it, ADDvise is well positioned to improve, extend and save people’s lives.
Staffan Torstensson, CEO
For further information, please contact:
Staffan Torstensson, CEO
+46 (0) 70-433 20 19
staffan.torstensson@addvisegroup.se
Johan Irwe, CFO
+46 (0) 73-731 26 11
ADDvise’s financial reports are available on ADDvise’s website, https://www.addvisegroup.com/investor-relations/financial-and-annual-reports/
The interim report is published in Swedish and English. The Swedish version represents the original.
About ADDvise
ADDvise is an international life science group. Operating a decentralised ownership model, we develop and acquire high quality companies. The Group comprises more than 20 companies and generates annual revenues of close to SEK 1.6 billion. Since 2026, ADDvise is a business area within the privately owned Swedish group Amplex AB. More information is available at www.addvisegroup.com.