Profoto reports lower first-half sales as cautious market slows investment

Swedish lighting manufacturer Profoto reported weaker second-quarter and first-half 2026 results as customers delayed equipment purchases amid ongoing economic uncertainty.

Second-quarter sales fell 16.8% to SEK 142 million, with organic sales down 14.1%. EBITDA declined to SEK 21 million from SEK 36 million a year earlier, while EBIT broke even, down from SEK 18 million. The company posted a small net loss, compared with a SEK 14 million profit in the prior-year quarter.

For the first six months of 2026, sales declined 13.2% to SEK 291 million. Organic sales fell 6.9%, while currency movements reduced revenue by another 6.3%. EBITDA decreased to SEK 56 million from SEK 67 million, and EBIT dropped to SEK 17 million from SEK 35 million. Net profit totaled SEK 12 million, down from SEK 18 million.

CEO Anders Hedebark said prolonged economic uncertainty has slowed customer investment decisions, particularly in the studio market. He noted the second quarter also faced difficult year-over-year comparisons because 2025 results benefited from the phase-out of the Profoto B10 and the launch of the B20 and B30, which added roughly SEK 20 million in sales.

Sales declined across all regions. EMEA was the weakest, hurt by market uncertainty, internal organizational challenges, and an influx of used equipment following the bankruptcy of a distributor. The Americas also declined, largely because of last year’s B-series launch activity, while APAC remained relatively stable, with stronger performance in China offset by weaker demand in Japan.

Despite lower revenue, Profoto continued reducing costs and maintained positive operating cash flow of SEK 31 million for the first half. Net debt fell to SEK 169 million from SEK 219 million a year earlier, giving the company additional financial flexibility.

The company also highlighted the launch of its ProPanel LED lighting system, which Hedebark said has received a positive market response. While studio customers remain cautious about capital spending, Profoto expects sales to build gradually as more photographers gain hands-on experience with the product.

Looking ahead, Hedebark said Profoto will continue emphasizing cost control, cash flow, and targeted investments while navigating what he expects will remain a challenging market.

The link to the full report is here.