Interim report January–June 2026

April 1–June 30, 2026

• Net sales increased 1 percent to SEK 4,562 M (4,508). Organic growth was 0 percent. Currency effects had a positive impact of 1 percent on net sales.
• EBIT increased to SEK 199 M (91) and the EBIT margin to 4.3 percent (2.0). EBIT was impacted by items affecting comparability of SEK -33 M (-84).
• Adjusted EBIT increased to SEK 232 M (175) and the adjusted EBIT margin to 5.0 percent (3.8).
• Earnings per share before and after dilution increased to SEK 1.42 (-0.12).
• Cash flow from operating activities amounted to SEK 73 M (498).
• MEKO’s Annual General Meeting was held on May 7, at which Camilla Monefeldt Kirstein and Louise Mortimer Undén were elected as new members of the Board. Eivor Andersson, Kenny Bräck and Helena Skåntorp did not stand for reelection. The other Board members were reelected.

January 1–June 30, 2026

• Net sales decreased 1 percent to SEK 9,002 M (9,070). Organic growth was 1 percent. Currency effects had a negative impact of 1 percent on net sales.
• EBIT increased to SEK 372 M (252) and the EBIT margin to 4.0 percent (2.7). EBIT was impacted by items affecting comparability of SEK -60 M (-154).
• Adjusted EBIT increased to SEK 432 M (406) and the adjusted EBIT margin to 4.7 percent (4.4).
• Earnings per share before and after dilution increased to SEK 2.42 (0.73).
• Cash flow from operating activities increased to SEK 514 M (376).
• Net debt in relation to EBITDA¹⁾ decreased to a multiple of 3.4 compared with 4.0 at the beginning of the year as a result of the positive earnings performance.

Significant events after the end of the period

• No significant events occurred.

CEO comments:
Improved profitability and continued effort for long-term growth

During the second quarter of the year, we saw the continued results from our initiatives to strengthen MEKO’s profitability. Adjusted EBIT increased, and we reported positive operating profit in Poland and Finland. At the same time, we reduced our net debt ratio. Work is now continuing to create even better conditions for driving growth in a changing aftermarket. 

We have been optimizing operations as part of the “Building a Stronger MEKO” profitability initiative for some time now. Part of our work has focused on in-depth price analyses and updating certain supplier agreements. Another important part of our efforts this spring was the targeted savings in Poland that were announced in May, aimed at reducing the workforce by 10 percent and achieving profitability in this market by the end of 2026. 

Our efforts had a clear impact during the second quarter with profitability in both Poland and Finland being achieved. The Group’s total costs continued to decline, while our gross margin increased. As a result, our adjusted EBIT rose by 32 percent to SEK 232 M, compared with SEK 175 M in the year-earlier quarter. We improved the adjusted EBIT margin to 5.0 percent (3.8). 
 
Stable sales in a varied market
Market conditions during the period were slightly more varied than in previous quarters. In certain markets, there were signs of increased activity, while demand among car owners in other countries was weaker. This in turn resulted in continued fierce competition between spare parts wholesalers.

We achieved organic growth in the Finland and Poland/The Baltics business areas while Denmark remained unchanged. In contrast, growth was negative in Sweden/Norway and Sørensen og Balchen, the latter impacted by the continued need to fine-tune certain systems and processes in conjunction with the move to the new Norwegian central warehouse. Overall, we reported unchanged sales for the Group during the second quarter – a performance we are determined to improve.
 
Stronger financial position
Another priority is to strengthen our financial position by reducing our net debt ratio. Our target for net debt related to EBITDA is to be between 2.0 and 3.0 and we are continuing to progress in the right direction in this respect thanks to our improved earnings, disciplined capital allocation and continued efficiency improvements. The net debt ratio fell to 3.4 at the end of the second quarter, compared with 3.6 at the end of the preceding quarter. We are continuing our focused efforts to achieve our target range. 

Higher growth ambitions as the aftermarket evolves
We are pursuing a range of initiatives to increase our growth. We are doing so to extend our leadership as the automotive aftermarket continues to evolve. For example, we are seeing a trend toward more electric cars, increased digitalization, growth in e-commerce and an aging car fleet. We are responding to these trends by developing our offering and capabilities to meet future demand.

We are investing broadly in training and new offerings to repair electric cars, drawing on our experiences from Norway, where electric vehicle adoption is widespread. We are expanding our flexible digital booking services for car owners and launching new AI solutions that improve workshop productivity and service. We are also expanding our range of spare parts, with both the right quality and lower prices under our own brands, with the aim of making it economically viable to repair more older cars. We are also accelerating our e-commerce initiatives to target private motorists on our Mekster platform. To date this year, we have grown our range of spare parts by more than 130 percent and launched Mekster in Finland and Denmark, which means the platform is now available across the Nordic region.

These are just a few examples of how we are putting our strategy into practice to strengthen our long-term growth. We do this while continuing to build on our modern logistics platform and our extensive network of robust workshop chains close to car owners.

Our ambition is clear: We want to build long-term, sustainable and profitable growth by leveraging the opportunities created by changes in the aftermarket.

MEKO is committed to strengthening its position as the leading partner for everyone who drives, maintains, and repairs vehicles in northern Europe, regardless of technology shifts and changes in the market.

Pehr Oscarson
President and CEO