Record-high profits and strong growth in a market that remains challenging
“Strengthening profitability, growing organically, and completing six acquisitions in seven months in a market that remains uncertain demonstrates the strength of Inwido’s business model and strategy.”
Second quarter
- Net sales rose to SEK 2,721 million (2,339). Organic growth amounted to 4 percent.
- Organic order intake increased by 23 percent, largely driven by a record-breaking project order in Scotland. Order backlog as of June 30 rose to SEK 3,290 million (2,829).
- Operating EBITA increased to SEK 314 million (264), the highest to date for the second quarter of a year, and the operating EBITA margin amounted to 11.5 percent (11.3).
- EBIT increased to SEK 289 million (237) and the EBIT margin increased to 10.6 percent (10.2).
- Earnings per share before and after dilution increased to SEK 3.40 (2.69) and SEK 3.40 (2.68) respectively.
- Net debt amounted to a multiple of 2.1x in relation to operating EBITDA excluding IFRS 16. Adjusted for the full-year results of the acquired companies, net debt was 1.8x EBITDA, excluding IFRS 16.
January–June 2026
- Net sales increased by 11 percent to SEK 4,804 million (4,338). Organic growth amounted to 1 percent.
- Operating EBITA rose to SEK 404 million (375) and the operating EBITA margin amounted to 8.4 percent (8.6).
- EBIT increased to SEK 360 million (330) and the EBIT margin amounted to 7.5 percent (7.6).
- Return on operating capital amounted to 11.8 percent (13.4).
- Earnings per share before and after dilution increased to SEK 3.58 (3.34) and SEK 3.58 (3.33) respectively.
CEO comments
Inwido delivered stronger second-quarter results compared to the same period last year, in a market environment that continues to be characterized by geopolitical unrest, uncertain demand, and rising material costs. Under these circumstances, our decentralized business model – with local decision-making in an entrepreneurial and cost-conscious spirit – is well-suited, and it once again demonstrated its strength during the quarter. Inwido continues to implement its strategic plan in stages, as exemplified by two new acquisitions, leveraging previously completed investments, and sales and cost synergies across its business units.
The Group’s organic growth in both invoicing and order intake is a sign of strength that underscores the importance of our broad market exposure and our leading positions. The ongoing conflict in the Middle East has led to higher prices for input materials such as aluminum, PVC, and glass, as well as for energy and transportation. Through significant and early efforts in both purchasing and pricing, we partially countered this margin pressure in the quarter. Additional cost inflation is expected, leading to further price increases. Most of our factories have seen higher volumes, contributing to improved efficiency.
During the quarter, net sales increased by 16 percent, of which 4 percent was organic growth, to SEK 2,721 million (2,339). Operating EBITA amounted to SEK 314 million (264), the highest to date for Inwido in a second quarter, and the operating EBITA margin increased to 11.5 percent (11.3).
The market
The significant variation across Inwido’s geographic markets remains. In Denmark, a new government and less concern over Greenland helped the market recover from the challenges of the winter. In Sweden, good weather, sound public finances, and increased activity in the housing market have led to greater optimism in both the project and consumer segments. Norway also showed positive development during the quarter, albeit from lower levels.
The markets in England and Scotland remain challenging. Also here, performance varies across segments, with the Project segment showing more positive results than the Consumer segment. Ireland continued to perform consistently and positively. The market situation in Finland remains challenging, with significant price pressure. At the same time, Poland, Slovenia, and Croatia showed steady growth. The latter two are new markets for Inwido. E-commerce is seeing generally higher activity, although demand for construction-related products is lower than average.
May 29 was the EU’s deadline for implementation of the Energy Performance of Buildings Directive (EPBD) in national law. Although several member states have taken advantage of the option to postpone implementation for a few months, this is an area that should boost the industry, as the pent-up demand for renovations of older homes is substantial. Awareness of the value of replacing windows and doors has increased following the harsh winter and high household energy costs.
Our Operations
The gradual improvements that were already evident at the end of the first quarter continued throughout the spring and early summer, with a step-by-step improvement in earnings from April through May and into June. Inwido’s financial results for the second quarter confirm that our long-term approach and strategy of prioritizing profitability are both successful and sound. At the same time, we note that several of our competitors have instead chosen to lower their prices in an effort to increase sales volume. The fact that several of our business units are now showing improved margins bodes well, particularly in our e-Commerce segment, which increased profitability for the fourth consecutive quarter – a result of value-based pricing, further efficiency improvements, and effective cost control. It is encouraging to see that order intake in the Consumer segment has increased by 3 percent. Another highlight in the quarter is the record-breaking project order worth GBP 50 million secured by Sidey Solutions in Scotland, which provides the business unit with a solid and stable production base for several years to come.
Acquisitions
Two strategic acquisitions were made during the quarter: Sovereign Group in England and Marlex in Croatia. These were Inwido’s fifth and sixth acquisitions in seven months. Sovereign Group has been successfully integrated and made a positive contribution in the quarter. The acquisition of Marlex was completed at the end of June, and its income statementwill be consolidated starting in July. The acquisition market continues to show strong activity. We continue to be selective in our approach while focusing on integrating the newly acquired companies in the best possible way. With positive cash flows and a satisfactory debt level, we continue to see good opportunities for further value-creating acquisitions.
Outlook
Although market uncertainty persists, the gradual improvements across all of Inwido’s business areas give cause for cautious optimism heading into the second half of the year. The Group is well-equipped to handle various scenarios thanks to our market-leading positions, our effective business model, clear strategy, and strong financial position. The strategy is set – and is being executed well.
MALMÖ, JULY 15, 2026
Fredrik Meuller, President and CEO
Contacts:
Fredrik Meuller, President & CEO Tel: +46 (0)73 422 70 11, E-mail: Fredrik Meuller
Peter Welin, CFO & Deputy CEO Tel: +46 (0)70 324 31 90, E-mail: peter.welin@inwido.com
About Us
Inwido improves people's well-being indoors with windows and doors. As Europe's leading window group, Inwido's business concept is to develop and sell the market's best customized window and door solutions through a decentralized structure and with a focus on the consumer-driven market in order to create long-term sustainable growth, organically and through acquisitions. Inwido consists of 38 business units with approximately 5,200 employees in 19 countries. In 2025 group sales amounted to SEK 9 billion with an operational EBITA margin of 10.5 percent. Inwido has been listed on Nasdaq Stockholm since 2014.
Inwido AB | Engelbrektsgatan 15 | 211 33 Malmö | www.inwido.com | Corp. reg. No.: 556633-3828
This information is information that Inwido is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-15 07:45 CEST.
