Auroora Group Plc - Half-Year Financial Report for January 1-June 30, 2026: Strong organic growth accelerated and EBITA doubled
Auroora Group Plc, Stock Exchange Release, August 20, 2026, at 9:00 a.m. EEST
STRONG ORGANIC GROWTH ACCELERATED AND EBITA DOUBLED
This release is a summary of Auroora Group Plc’s Half-Year Financial Report January–June 2026. The complete report is attached to this release as a PDF file and is also available on the company website at www.auroora.com.
April–June 2026 in short
- Net sales amounted EUR 75.0 million (53.0), an increase of 41.3%
- Adjusted EBITA amounted to EUR 6.5 million (2.7), corresponding to 8.7% (5.0) of net sales, an increase of 144.2%
- Adjusted operating profit amounted to EUR 4.6 million (1.3), corresponding to 6.2% (2.4) of net sales, an increase of 268.5%
- Cash flow from operating activities amounted to EUR 5.9 million (-0.5)
- Earnings per share amounted to EUR 0.11 (-0.10)
- The company signed an agreement to acquire the entire issued share capital of Suomen Teknohaus Oy
- The company was listed on the Nasdaq Helsinki stock exchange and raised gross proceeds of EUR 40.3 million in the offering
January–June 2026 in short
- Net sales amounted to EUR 126.3 million (89.2), an increase of 41.5%
- LTM (last twelve months)* net sales amounted to EUR 253.3 million (190.1), an increase of 33.2%
- Adjusted EBITA amounted to EUR 8.2 million (3.8), corresponding to 6.5% (4.2) of net sales, an increase of 118.2%
- LTM* Adjusted EBITA amounted to EUR 20.2 million (11.3), corresponding to 8.0% (5.9) of LTM* net sales, an increase of 79.1%
- Adjusted operating profit amounted to EUR 4.4 million (1.1), corresponding to 3.5% (1.2) of net sales, an increase of 300.8%
- Cash flow from operating activities amounted to EUR 7.6 million (1.9)
- Order backlog amounted to EUR 169.6 million
- Earnings per share amounted to EUR -0.02 (-0.24)
Key figures
| EUR million | 4–6/2026 | 4–6/2025 | Change % | 1–6/2026 | 1–6/2025 | Change % | 2025 | LTM* |
| Net sales | 75.0 | 53.0 | +41.3% | 126.3 | 89.2 | +41.5% | 205.2 | 253.3 |
| Adjusted EBITA | 6.5 | 2.7 | +144.2% | 8.2 | 3.8 | +118.2% | 13.5 | 20.2 |
| Adjusted EBITA, % | 8.7% | 5.0% | 6.5% | 4.2% | 6.6% | 8.0% | ||
| EBITA | 6.0 | 1.9 | +222.7% | 7.2 | 2.7 | +170.0% | 11.5 | 18.3 |
| EBITA, % | 8.0% | 3.5% | 5.7% | 3.0% | 5.6% | 7.2% | ||
| Operating profit | 4.2 | 0.5 | +806.6% | 3.5 | 0.0 | +9 661.2% | 5.7 | |
| Operating profit, % | 5.5% | 0.9% | 2.8% | 0.0% | 2.8% | |||
| Adjusted operating profit | 4.6 | 1.3 | +268.5% | 4.4 | 1.1 | +300.8% | 7.7 | |
| Adjusted operating profit, % | 6.2% | 2.4% | 3.5% | 1.2% | 3.7% | |||
| Net cash flow from operating activities | 5.9 | -0.5 | +1 222.9% | 7.6 | 1.9 | +295.4% | 12.6 | |
| Equity ratio, % | 52.1% | 38.0% | 52.1% | 38.0% | 37.2% | |||
| Interest-bearing net debt | 18.8 | 38.7 | -51.4% | 18.8 | 38.7 | -51.4% | 51.0 | |
| Interest-bearing net debt / Adjusted EBITDA (LTM*) | 0.7 | 2.4 | -71.0% | 0.7 | 2.4 | -71.0% | 2.1 | |
| Return on capital employed (ROCE), % | 17.5% | 11.1% | 17.5% | 11.1% | 15.0% | |||
| Cash conversion, % | 58.1% | -50.2% | 59.3% | 15.1% | 82.6% | |||
| Diluted earnings per share, EUR** | 0.11 | -0.10 | +209.9% | -0.02 | -0.24 | +93.4% | 0.14 | |
| Personnel at the end of the period (FTE)*** | 881 | 744 | 881 | 744 | 767 |
* LTM = Acquired businesses as if they had been owned for 12 months at the reporting date
** Earnings per share have been adjusted retrospectively as if the 1:19 share split carried out in connection with the share issue on March 9, 2026, had occurred on January 1, 2025
*** The number of employees is reported converted into full-time equivalents (FTE)
In this report, the reporting period refers to January 1–June 30, 2026. The corresponding figures for 2025 are shown in parentheses. All figures presented are in euros. Percentages have been calculated from amounts in thousands of euros.
BUSINESS MODEL AND LONG-TERM TARGETS (2025-2028)
Auroora is a Finnish compounder and growth company whose strategy is based on permanent ownership and a diversified business model. Growth is achieved through organic growth and continuous acquisitions, which are a key part of the company’s strategy.
Auroora’s entrepreneurially managed companies are given significant independence in operational management and local decision-making. Shareholder value is created over the long term through disciplined acquisitions that support Auroora’s strategy and diversify risks, combined with continuous development of leadership, governance, performance, and technology utilization across the companies. The companies in our segments promote environmental responsibility and socially sustainable development through their operations.
Our long-term targets for 2028 are:
- Adjusted LTM* EBITA margin at least 10%
- LTM* net sales at least EUR 400 million
- Return on capital employed at least 15%
- Interest-bearing net debt to adjusted LTM* EBITDA ratio 2.0x
Long-term target performance
| Target | Jun 30, 2026 | Jun 30,2025 | Dec 31, 2025 | |
| Adjusted LTM* EBITA margin of at least 10% | 10% | 8.0% | 5.9% | 7.4% |
| LTM* net sales of at least EUR 400 million | 400 | 253.3 | 190.1 | 230.2 |
| Return on capital employed (ROCE) of at least 15% | 15% | 17.5% | 11.1% | 15.0% |
| Interest-bearing Net Debt / Adjusted EBITDA (LTM*) | 2.0 | 0.7 | 2.4 | 2.1 |
* LTM = Acquired businesses as if they had been owned for 12 months at the reporting date
Auroora does not provide separate financial guidance for the financial year 2026.
CEO’S REVIEW
Strong organic growth and improved profitability continued
"April–June 2026, our first quarter as a listed company, was strong. Our net sales increased by 41.3% to EUR 75.0 million (53.0), of which organic growth accounted for 25.7%. Growth during the second quarter was driven by increased demand across all our segments as well as certain customer deliveries carried over from the first quarter. The timing of deliveries naturally creates variation from quarter to quarter. Net sales for January–June increased by 41.5% to EUR 126.3 million (89.2), with organic growth accounting for 21.0%. Our LTM net sales reached EUR 253.3 million.
Adjusted EBITA for April–June more than doubled to EUR 6.5 million (2.7), corresponding to 8.7% of net sales (5.0%). Adjusted EBITA for January–June amounted to EUR 8.2 million (3.8), or 6.5% of net sales (4.2%). Our LTM adjusted EBITA margin improved to 8.0%.
Operating cash flow amounted to EUR 5.9 million (-0.5) in April–June, EUR 7.6 million (1.9) in January–June, and EUR 18.2 million for the last twelve months. Return on capital employed increased to 17.5% (11.1), exceeding our long-term target of at least 15%. This performance demonstrates that growth, improving profitability and efficient capital allocation can progress simultaneously.
Broad-based growth – order backlog reached a new record
Growth was particularly supported by investments related to power grids, energy efficiency, data centers and industrial electrification. Demand driven by the defense sector and security of supply also supported the development of several of our companies. Orders received in the Electrification and Automation segment reached a record level during the quarter. In the Industrial Products and Services segment, acquisitions completed last year together with the positive development of the businesses increased both net sales and earnings, and the segment's adjusted EBITA margin improved to 14.6% in the second quarter. In the Clean Water and Environmental Technology segment, we continued measures aimed at improving profitability. The segment's adjusted EBITA margin increased to 9.6% in the second quarter.
The Group's order backlog increased from EUR 162.7 million at the end of the previous quarter to EUR 169.6 million, providing visibility already into 2027. Our three segments, more than 20 independently managed companies, broad customer base and diverse business models help balance the impact of geopolitical and economic uncertainty. Product and equipment deliveries are complemented by maintenance, servicing, spare parts, and rental services, as well as long-term operations agreements, all of which enhance the continuity and predictability of our business.
Acquisitions continued – strengthened balance sheet supports the strategy execution
The IPO completed in early April strengthened our financial position and increased our acquisition capacity. Interest-bearing net debt decreased to EUR 18.8 million during the quarter, and the ratio of interest-bearing net debt to adjusted LTM EBITDA was 0.7, clearly below our target level of 2.0. Our balance sheet provides significant flexibility for both acquisitions and investments supporting organic growth. Our capital allocation policy remains selective: we continue to prioritize profitability, cash flow, and return on capital.
Our acquisition program continued in June when we signed an agreement to acquire 100% of the shares in Suomen Teknohaus Oy, a company with annual net sales of approximately EUR 7 million. The transaction was completed after the review period, on August 13, 2026. Teknohaus complements our Industrial Products and Services segment through its deep technical expertise, long-standing customer relationships, and growing position in the semiconductor industry.
The companies acquired during 2025 contributed positively to both net sales and earnings during the review period. During January–June, approximately half of the increase in adjusted EBITA came from acquisitions and half from organic growth. The success of our acquisition strategy is measured not only by the number of acquisitions completed, but also by how the acquired companies grow, improve their profitability, and generate sustainable cash flow as part of Auroora.
Well positioned for the second half of the year – building capabilities for the next phase of growth
We are progressing according to plan towards our 2028 strategic targets, and our current structure and resources provide a solid foundation for achieving them. Our return on capital employed and leverage ratio have already exceeded our target levels, while our LTM net sales and LTM adjusted EBITA margin are rapidly approaching our targets of EUR 400 million and above 10%, respectively. At the same time, we are already building the capabilities for our next phase of growth by further developing our organization, leadership network, and scalable operating model.
The utilization of artificial intelligence continues to expand throughout the Group. We are using AI to improve commercial and operational processes and information retrieval, automate routine tasks, and further further develop our acquisition process. Our international growth is progressing step by step. In addition to Finland, our companies operate in Sweden and Poland, and a significant share of our products ultimately reaches export markets either directly or as part of our customers' products. We are building international growth by increasing exports and local presence of our existing companies while also pursuing selected acquisitions.
We enter the second half of the year supported by a record-high order backlog. Demand in several of our key end markets has remained strong despite continued geopolitical and economic uncertainty. This development reinforces our view that our strategic segment choices support both growth and the resilience of the Group.
The results achieved during the first half of the year are the result of the expertise and dedicated work of the CEOs, management teams, and employees of our companies. My sincere thanks to everyone at Auroora – you turn our ambitions into action."
Antti Rauhala
CEO
GROUP PERFORMANCE
Net sales by segment
| EUR million | 4-6/2026 | 4-6/2025 | Change % | 1-6/2026 | 1-6/2025 | Change % | 2025 |
| Electrification and Automation | 45.4 | 34.4 | +32.2% | 75.8 | 57.2 | +32.5% | 129.7 |
| Industrial Products and Services | 22.3 | 13.7 | +63.2% | 37.3 | 22.6 | +64.7% | 57.3 |
| Clean Water and Environmental Technology | 6.8 | 4.6 | +49.4% | 11.7 | 7.6 | +54.5% | 16.4 |
| Segments total | 74.5 | 52.6 | +41.8% | 124.8 | 87.4 | +42.7% | 203.4 |
| Other operations and eliminations | 0.4 | 0.5 | -10.5% | 1.5 | 1.8 | -17.6% | 1.9 |
| Group total | 75.0 | 53.0 | +41.3% | 126.3 | 89.2 | +41.5% | 205.2 |
In April-June, Aurora's Net sales grew by 41.3% from the comparison period. Organic growth was 25.7% and growth from acquisitions was 15.6%. In the Electrification and Automation segment net sales grew by 32.2%. Growth was driven both organically and with the acquisition of WestimQpower, which was acquired after the comparison period. Net sales in the Industrial Products and Services segment increased by 63.2%, mainly due to new companies, but the segment's Net sales also grew organically. Net sales in the Clean Water and Environmental Technology segment increased both organically and through acquired sales by a total of 49.4%.
In January-June, Net sales grew by 41.5% from the comparison period. The impact of purchased revenue was 20.5% and organic growth was 21.0%. Of the segments, Industrial Products and Services grew the most in relative terms, where the share of purchased revenue is significant. Growth in this segment was 64.7%. The Clean Water and Environmental Technology segment grew both organically and with the acquisition of Rasmix Oy in January, and Net sales grew by 54.5%. In the Electrification and Automation segment, strong market development continued and Net sales grew by 32.5% during the review period.
Adjusted EBITA by segment
| EUR million | 4-6/2026 | 4-6/2025 | Change % | 1-6/2026 | 1-6/2025 | Change % | 2025 |
| Electrification and Automation | 2.8 | 1.8 | +61.7% | 4.1 | 3.0 | +40.4% | 8.3 |
| Industrial Products and Services | 3.3 | 1.4 | +126.2% | 3.7 | 1.0 | +252.2% | 6.3 |
| Clean Water and Environmental Technology | 0.7 | 0.0 | +4593.4% | 0.2 | -0.6 | +130.5% | -0.2 |
| Segments total | 6.8 | 3.2 | +112.2% | 8.0 | 3.4 | +135.0% | 14.5 |
| Other operations and eliminations | -0.2 | -0.5 | +54.4% | 0.2 | 0.3 | -51.7% | -1.0 |
| Group Total | 6.5 | 2.7 | +144.2% | 8.2 | 3.8 | +118.2% | 13.5 |
In April-June, Aurora's profitability developed positively compared to the comparison period. The strong development was also impacted by the timing of a few customer deliveries from the first quarter to April. In the Electrification and Automation segment, profitability in euro terms grew by 61.7%, and this growth was particularly influenced by the improved profitability of BTB Transformers and the acquisition of WestimQpower after the comparison period. In the Industrial Products and Services segment, profitability improved from the comparison period, especially due to acquisitions, and grew by 126.2%. The profitability of the Clean Water and Environmental Technology segment improved from the comparison period. The Group's Adjusted EBITA in April-June was 6.5 (2.7) EUR million, or 8.7% (5.0) of net sales.
In January-June, Auroora's profitability increased by 118.2% to EUR 8.2 million (3.8). Since the comparison period, Alu-Releco, WestimQPower, Varustelu Look, Suomen Voiteluainekauppa, Rammy, Heatmasters and Rasmix have merged into the group, so acquisitions have had a significant share of the euro-denominated growth in profitability, but the group's profitability has also grown organically. 12-month Adjusted EBITA (LTM) was EUR 20.2 (11.3) million.
Group result
The Group's Adjusted operating profit increased by EUR 3.3 million from the previous year and was EUR 4.6 (1.3) million, or 6.2% (2.4) of net sales. Adjusted operating profit improved as a result of strong organic performance and the impact of newly acquired companies. Items resulting from the company's listing project and thus affecting comparability totaled EUR 0.5 (0.8) million.
The group's net financial expenses in the second quarter were -0.8 EUR million (-1.0).
The Group's Adjusted operating profit increased by EUR 3.3 million compared to the comparison period and was EUR 4.4 (1.1) million, or 3.5% (1.2) of net sales. Adjusted operating profit improved as a result of strong organic performance and the impact of newly acquired companies. Items resulting from the company's listing project and thus affecting comparability totaled EUR 1.0 (1.1) million.
The Group's net financial expenses for the period under review were -3.8 EUR million (-1.6). The increase in financial expenses was due to higher interest expenses than in the comparison period and reassessments of additional purchase prices based on improved forecasts. Additional purchase prices are based on performance targets for future financial periods defined at the time of the transaction and the probability of payment of additional purchase prices is assessed against forecasts. The impact of the reassessment was -1.7 EUR million and had no cash flow impact.
The loss for the period under review was -0.3 EUR million (-2.2).
CASH FLOW AND FINANCIAL POSITION
In April-June, cash flow from operating activities was EUR 5.9 (-0.5) million. Cash flow was positively affected by improved profitability, with working capital having a negative impact of EUR -0.4 million (-2.3), mainly due to increased trade receivables. Cash flow from investing activities was EUR -6.8 million, mainly consisting of additional purchase prices and payments of the remaining part of the Heatmasters purchase price. Capital expenditure was EUR -2.4 million, which includes the property acquired by Arnon, which was previously leased. Cash flow from financing activities was EUR 14.3 million (15.9), including net proceeds from the share issue of EUR 38.6 million. Loan repayments were EUR 23.4 million and lease payments were EUR 1.0 million (-0.9).
In January-June, cash flow from operating activities was 7.6 EUR million (1.9) with a change in working capital of 0.1 EUR million (-1.1). The significant reasons behind the growth in cash flow were the improved profitability and new companies, highlighting the scalability and effectiveness of the business model from a cash flow perspective. Cash flow from investing activities was -12.7 EUR million (-16.0), consisting mainly of company acquisitions. Cash flow from financing activities was 20.5 EUR million (14.0). The Group's cash and cash equivalents at the end of the review period were 18.5 (12.4) EUR million.
The Group's interest-bearing net debt at the end of the period was 18.8 (38.7) EUR million. Interest-bearing net debt excluding IFRS 16 lease liabilities was 10.1 (28.6) EUR million, and lease liabilities were 8.7 (10.1) EUR million. Interest-bearing net debt to Adjusted EBITDA (LTM) at the end of the period was 0.7 (2.4) including lease liabilities. The Group's equity ratio was 52.1% (38.0).
SEGMENTS
Electrification and Automation
The segment's Net sales increased by 32.2% in the second quarter compared to the comparison period. The segment achieved record order intake of 56.8 EUR million and the order backlog was 121.5 EUR million at the end of the review period. The growth was driven by the completion of significant projects by BTB Transformers, WestimQpower and Sähkölandia. EBITA improved by 61.7% and this growth was supported by the previously mentioned customer deliveries. The result was therefore 2.8 EUR million (1.8).
Industrial Products and Services
The segment's Net sales increased by 63.2% in the second quarter from the comparison period, mainly due to the turnover of acquired companies. Net sales of product companies were slightly less than half of the segment's turnover and of service companies slightly more than half. Profitability improved by 126.2% from the comparison period, increasing to EUR 3.3 million (1.4). Due to the nature of the business operations, the segment's order backlog is relatively lower than other segments and was EUR 14.8 million at the end of the review period.
Clean Water and Environmental Technology
The segment's Net sales grew by 49.4% in the second quarter compared to the comparison period. Net sales grew strongly organically and also due to the acquisition of Rasmix Oy in January. The segment's EBITA result increased from EUR 0.0 million in the comparison period to EUR 0.7 million and was 9.6% of net sales in the second quarter. Profitability was supported by good relative profitability levels of Rasmix and the Vestelli/Avalon group. The segment's order backlog was EUR 33.2 million at the end of the review period.
CHANGES IN GROUP STRUCTURE
Auroora Group Plc completed one acquisition during the review period. At the beginning of January, a 70 percent purchase of the shares of Rasmix Oy was completed for the Clean Water and Environmental Technology segment.
Results webcast on financial results
CEO Antti Rauhala and CFO Ville Peltonen will present the key highlights of the report to analysts, investors, and media representatives in a live webcast on August 20, 2026, at 12:00 p.m. EEST. The webcast will be held in Finnish and can be viewed live starting at 12:00 p.m. EEST at https://auroora.events.inderes.com/q2-2026.
A recording of the event and the presentation materials will be available on the company’s website at www.auroora.com.
Financial reporting
The Interim Report for Q3 2026 will be published on November 19, 2026.
For further information:
Antti Rauhala, CEO, Auroora Group Plc, +358 40 549 0080, antti.rauhala@auroora.com
Ville Peltonen, CFO, Auroora Group Plc, +358 40 759 9142, ville.peltonen@auroora.com
Auroora Group Plc
Auroora Group Plc is a Finnish serial acquirer and industrial owner that builds long-term, profitable growth through acquisitions and operational development. Auroora acts as a permanent owner and develops its Group companies as part of a decentralized and entrepreneurial group structure.
Auroora operates in three segments: Electrification and Automation, Industrial Products and Services, and Clean Water and Environmental Technology. The Group executes a repeatable acquisition strategy in selected markets and allocates capital to growth that supports sustainable value creation.
The Group comprises more than 20 SMEs employing over 850 people. In 2025, Auroora’s net sales amounted to EUR 205.2 million and adjusted EBITA to EUR 13.5 million. Auroora operates in Finland, and its companies conduct international business, with subsidiaries in Finland, Sweden, and Poland.
Auroora Group Plc’s shares are listed on Nasdaq Helsinki.