Continued Organic Revenue Growth
Reported organic net sales growth of 4.4% in Q2 (CFO commentary noted ~4% organic growth after adjustments), driven by strong public sector demand and some pull-forward ordering related to expected price/availability concerns.
Strong LCP Segment Performance
LCP sales of SEK 4.1 billion, up 5% year-over-year and 10% organic growth; segment result improved to SEK 105 million from SEK 99 million last year and segment margin of 2.5% in line with prior year. Growth supported by public sector upgrades (Windows 11) and new lifecycle service wins.
Improved Cash Flow
Operating cash flow of SEK 258 million versus SEK 180 million last year (increase of SEK 78 million, ~+43%), driven primarily by improved net working capital and active receivables management. Net cash flow for the period also improved (plus SEK 172 million vs SEK 89 million prior year).
Material Deleveraging — Leverage Back in Target Range
Net debt to EBITDA improved to 2.7x (Q2) from 5.7x a year earlier and 3.1x in Q1, now within target range of 2.0–3.0x (includes a 0.2x positive effect from an updated net debt definition).
Completed Strategic Exit of Consumer (B2C) Business
Discontinuation of the consumer offering completed across all markets, enabling full focus on B2B customers; exit accounted for roughly a 2% decline in total sales and explains a significant part of the SMB sales decline.
Cost and Organizational Actions to Improve Efficiency
Announced headcount-driven cost savings of SEK 80 million annually (100% headcount reductions) with full effect from Q4; Q2 reductions included 226 FTEs (≈10% vs prior year) and >300 FTEs trimmed over two years (~14%). Additional indirect spend review initiated.
Operational and Sustainability Milestones
Implemented new sales organization splitting Nordics and Benelux relation sales, appointed Benelux sales lead and a CTO to drive transformation; reawarded EcoVadis Platinum rating, reinforcing sustainability credentials with corporate customers.
Net Working Capital Improvement and CapEx Discipline
Net working capital improved to -SEK 46 million (vs SEK +60 million prior year and improved vs Q1), supported by lower accounts receivable; total investments SEK 92 million (SEK 39 million cash effect), mainly IT development and slightly lower than prior year.