Sparc Group-Strong growth in Q1 but credit metrics remain pressured-05/26/2026

研报英文原文证据摘录

Sparc Group-Strong growth in Q1 but credit metrics remain pressured-05/26/2026

Sparc Group

CREDIT NEWSFLASH | 26 MAY 2026

Strong growth in Q1 but credit metrics remain pressured

Sparc delivered solid organic growth of ~10% in Q1’26, taking revenues to SEK 608m despite a still cautious installation

market, supported by improving activity levels and strong development in Infra and Security. The NOK ~1.2bn AI data centre

project in Norway drove a record order backlog of SEK ~2.6bn, improving revenue visibility into coming quarters. However,

profitability remained pressured by delayed project starts, lower utilisation and weaker material sales early in the quarter,

while cash generation stayed negative due to seasonal working capital build-up. Although operational momentum improved

towards quarter-end, leverage remains elevated and the balance sheet weak. With the bonds trading around ~70%, we still

remain cautious given the combination of negative cash generation and elevated leverage levels.

• Net sales increased 16% y/y to SEK 608m despite a still cautious market environment. Organic growth amounted to solid +9.9%, supported

by improving project activity and stronger development in three out of four business areas, particularly Infra and Security.

• The Infra segment continued to perform strongly, with revenues growing 94% y/y of which 30% organically. Growth was driven by

increased activity in critical infrastructure and a NOK ~1.2bn AI data centre project in Norway. This resulted in the order backlog more

than doubling y/y to SEK ~2.6bn, supporting revenue visibility into coming quarters.

• Adj. EBITDA amounted to SEK 45m (38m), corresponding to a margin of 7.4% (7.3%). Profitability remained pressured by a weak start to