Profoto reports first-quarter net sales down, hurt by currency effects
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Profoto announced its interim report for Jan. 1– March 31, 2026, recording net sales totaling SEK 149m (164), down 9.5 percent. Organic growth totaled 1.0 percent, and the currency effect was -10.5 percent. Profit for the period was SEK 12 million, compared to SEK (3 million).
According to the company, the first quarter was characterized by a continued challenging and volatile market, with a persistently tough competitive environment. Net sales totaled SEK 149 million, compared to (164 million) last year. Organic growth was slightly positive at 1 percent, partly as a result of good demand for Pro-11, but it should also be noted that the comparative figures from the previous year are weak, not least in the Americas.
Key ratios, Group
| Jan–Mar 2026 | Jan–Mar 2025 | Apr 2025– Mar 2026 | Full year 2025 | |
| Net sales, SEKm | 149 | 164 | 601 | 617 |
| Organic growth, % | 1.0 | -4.7 | -9.2 | -10.4 |
| EBITDA, SEKm | 36 | 32 | 108 | 104 |
| EBITDA margin, % | 24.1 | 19.2 | 18.0 | 16.8 |
| EBITA, SEKm | 31 | 26 | 86 | 81 |
| EBITA margin, % | 20.8 | 15.6 | 14.3 | 13.2 |
| EBIT, SEKm | 17 | 17 | -6 | -6 |
| EBIT margin, % | 11.3 | 10.4 | -1.1 | -1.0 |
| Adjusted EBIT, SEKm | 17 | 17 | 41 | 41 |
| Adjusted EBIT margin, % | 11.3 | 10.4 | 6.8 | 6.6 |
| Profit/loss for the period, SEKm | 12 | 3 | -14 | -23 |
| Cash flow from operating activities, SEKm | 23 | 58 | 116 | 151 |
| Net debt, SEKm | 167 | 211 | 167 | 181 |
| Net debt/EBITDA LTM | 1.54 | 1.02 | 1.54 | 1.74 |
| Adjusted return on operating capital, % | 7.3 | 25.3 | 7.3 | 7.2 |
| Earnings per share, SEK | 0.30 | 0.08 | -0.3 | -0.57 |
The Board of Directors shall have the right to decide on other terms for repurchases and transfers of own shares in accordance with its authorization. The Board of Directors also has the right to authorize the Chairman of the Board, the CEO, or the person designated by the Board of Directors to make such minor adjustments that may be necessary in connection with the execution of the Board of Directors’ decision to repurchase and transfer own shares.
Resolution on incentive program
The Annual General Meeting resolved, in accordance with the proposal of the Board of Directors, to adopt an incentive program for executive management and key employees in the group. The program entails that a maximum of 2,000,000 subscription warrants shall be issued to Profoto Holding’s wholly owned subsidiary Profoto Aktiebolag for further transfer to the participants. Transfer of subscription warrants to the participants can take place as soon as practically possible after the 2026 Annual General Meeting, and no later than October 30, 2026. Transfer shall be made at market value at the time of transfer, and allotment shall be made in accordance with the principles set out in the Board of Director’s proposal. Subscription of shares by exercise of subscription warrants shall take place from and including June 15, 2028 up to and including December 15, 2028.
The subscription price per share shall correspond to 252 percent of the volume-weighted average price according to Nasdaq Stockholm’s official price list for shares in the company during five trading days preceding the time when executive management and key employees in the Profoto group covered by the subscription warrant programs acquire subscription warrants from Profoto Aktiebolag.
As part of the program the participants receive a bonus in the form of a gross salary addition from the company that in total amounts to the amount paid by the participant for its subscription warrants.
The maximum dilution effect if all 2,000,000 subscription warrants are exercised is approximately 4.8 percent.
