Qben Infra - Increasing focus on Power

• Focus now on the Power segment
• Strategically important acquisition in Norway
• Divestment of Inspekt expected to close in Q2

Q1 highlights

Qben Infra reported Q1 sales of SEK 169m and EBITA of SEK -44m. The Construction segment had a slow quarter, with SEK 12m in sales and EBITA of SEK -14m, due to lower activity and fewer handovers during the quarter, this is expected by the company to improve from Q3. The most interesting segment, Power, also had a slow start to the year, with sales of SEK 156m (-7% y-o-y) and EBITA of SEK -17m (vs. SEK 1m in Q1'25), driven by smaller projects pressuring margins, seasonality, and cold weather delaying some work. The Inspekt segment grew sales by 32% y-o-y, to SEK 47m, but EBITA declined to SEK -6m (vs. SEK -4m in Q1'25). However, this segment is slated for divestment, with the company expecting the transaction to close in Q2'26.

Outlook and estimate changes

The remaining segments of Qben Infra, Power and Construction (Team Bygg), continue to see good demand. During the quarter, Qben announced the acquisition of B45 Anlegg (B45), a Norwegian contractor specialising in concrete works for critical infrastructure, including power plants, dams, transmission lines, and other structures requiring solid concrete foundations. Demand in the energy sector is strong across the Nordic countries, and Qben is increasingly focused on becoming a power-focused company. Q1 is a seasonally small quarter, and there will be catch-up effects. EBITA '26e is down mechanically due to the SEK 15m one-off charge taken in the quarter, while we leave adj. EBITA untouched.

Looking ahead

Qben should be viewed as a Power-focused company. Management states that the divestments of Rail, Kvalitetsbygg, and the upcoming Inspekt divestment will free up resources for redeployment into faster-growing infrastructure segments (Power), which benefit from strong market conditions and a solid order backlog.