Reports
Publicerat: 2026-07-22 09:00:00
Gothenburg 2026-07-22
INTERIM REPORT Q2 2026
Group financial overview
| All amounts in kSEK | |||||
| Financial Overview (Consolidated) | Q2 2026 |
Q2 2025 |
Jan–Jun 2026 |
Jan–Jun 2025 |
Full-year 2025 |
| Net Revenue | 53 013 | 39 975 | 97 663 | 125 914 | 222 483 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 3 519 | 105 | 6 476 | 4 776 | 5 249 |
| Profit after financial items | 736 | −1 907 | 812 | 779 | −4 132 |
| Total Assets | 75 895 | 73 009 | 75 895 | 73 009 | 99 282 |
| Equity Ratio (%) | 27,3 % | 33,1 % | 27,3 % | 33,1 % | 20,3 % |
| Earnings per Share (SEK) | 0,47 | −1,01 | 0,52 | 0,36 | −2,22 |
| Number of Shares | 1 576 000 | 1 576 000 | 1 576 000 | 1 576 000 | 1 576 000 |
Net sales for the second quarter amounted to SEK 53,013 thousand, compared with SEK 39,975 thousand in the same period lastyear – an increase of 33 percent. The increase is partly attributable to the full consolida-tion of Webland AB, which was acquired in 2025, into the Group.
For the January–June period, net sales amounted to SEK 97,663 thousand, compared with SEK 125,914 thousand in thecorresponding period last year. The decrease of 22 percent is entirely attributable to a single digital transaction of approximately SEK44 million included in the first quarter of 2025.
Adjusted for this one-off transaction, comparable net sales for January–June 2025 amounted to approximately SEK 81,900 thousand, meaning that underlying net sales increased by approximately 19 percent.
| Q2 2026 |
Q2 2025 |
Jan–Jun 2026 |
Jan–Jun 2025 |
|
| Gross profit (SEK thousand) | 19 925 | 17 201 | 39 425 | 36 827 |
| Gross margin | 37,6 % | 43,0 % | 40,4 % | 29,2 % |
The gross margin for the second quarter was 37.6 percent, compared with 43.0 percent in the corresponding quarter last year. Thedecrease was due to a shift in the revenue mix toward product and hardware sales, which carry lower margins than the services and platform business.
For the January–June period, the gross margin improved significantly, from 29.2 percent to 40.4 percent, as the comparative periodincluded the low-margin one-off transaction.
EBITDA and earnings
EBITDA for the second quarter amounted to SEK 3,519 thousand, compared with SEK 105 thousand in the correspondingperiod last year. Profit after financial items amounted to SEK 736 thousand (SEK −1,907 thousand).
The improvement was attributable to three factors:
The net effect of exchange-rate differences on operating receivables and liabilities amounted to SEK +88 thousand duringthe quarter, compared with SEK −2,200 thousand in the corresponding quarter last year.
Depreciation and amortization increased to SEK 2,411 thousand (1,631), primarily due to goodwill amortization related to the acquisitions completed in 2025.
In 2025, an efficiency and restructuring program was initiated in the operating company Aixia AB. As of 30 June 2026,the program had been substantially completed.
| Personnel costs, Group (SEK thousand) | Q2 2026 |
Q1 2025 |
Q2 2025 |
| −11 824 | −12 879 | −10 763 |
Personnel costs amounted to SEK 11,824 thousand in the second quarter, compared with SEK 10,763 thousand in thecorresponding period last year. The year-on-year increase is attributable to WhiteRed SW2 AB and Webland AB, which wereacquired in 2025 and were not part of the Group in the second quarter of 2025. Consequently, the year-on-year comparison isnot relevant for assessing the effect of the efficiency program.
The relevant comparison is sequential, as both the first and second quarters of 2026 include all acquired companies:
Personnel costs decreased by SEK 1,055 thousand, corresponding to 8.2 percent, between the first and second quarters of 2026.
In the operating company Aixia AB, where the program was implemented, personnel costs decreased by 12.3 percent compared with the second quarter of 2025 (adjusted for accrual effects relating to holiday pay). Base salariesdecreased by 15.6 percent. The use of external personnel has been fully discontinued.
The number of employees in the Group as of 30 June 2026 was 42 (52 as of 31 March 2026).
No severance payments were charged to the period. The measures under the program were implemented gradually during the firsthalf of 2026. Most of the organizational changes did not achieve their full cost effect until toward the end of the period. The cost basefor the second quarter therefore reflects only part of the program’s full impact.
The equity/assets ratio was 27.3 percent as of 30 June 2026, compared with 25.0 percent as of 31 March 2026 and 20.3 percent as of 31 December 2025. The equity/assets ratio has therefore strengthened for two consecutive quarters.
Compared with 30 June 2025 (33.1 percent), the equity/assets ratio was lower, as the balance sheet has since expanded to include acquired operations, including goodwill.
Total assets amounted to SEK 75,895 thousand (73,009).
Cash flow from operating activities for the January–June period amounted to SEK −7,277 thousand (SEK −697 thousand). The development was attributable to changes in working capital, not to underlying profitability.
Cash flow before changes in working capital was positive and amounted to SEK 4,104 thousand (SEK 3,247 thousand).
Operating liabilities decreased by SEK 20,486 thousand during the period, mainly reflecting a normalisation from the elevated levels as of 31 December 2025, which included acquisition-related items. At the same time, trade receivables increased to SEK 25,611 thousand (SEK 19,153 thousand as of 31 March 2026), tying up working capital during the quarter.
Cash flow from investing activities amounted to SEK −1,350 thousand and mainly related to the capitalization of internally generated development expenditure. Cash flow from financing activities amounted to SEK −2,291 thousand and related to repayments of existing loans. No new loans were raised during the period.
| Cash and credit facilities | SEK thousand |
| Cash and cash equivalents | 2 409 |
| Approved overdraft facility | 8 400 |
| of which utilized | −1 974 |
| Available liquidity | 8 835 |
The Company considers its liquidity sufficient to meet the needs of the business during the coming quarters, taking into account existing credit facilities and the positive underlying earnings trend.
The second quarter of 2026 marked the completion of the efficiency program that we initiated in 2025. As of 30 June, the program had been substantially completed, and its effects are now visible in the Group’s income statement.
Net sales for the quarter amounted to SEK 53.0 million (40.0), EBITDA to SEK 3.5 million (0.1) and profit after financial items to SEK 0.7 million (−1.9). The equity/assets ratio strengthened to 27.3 percent, from 25.0 percent at the end of the first quarter and 20.3 percent at year-end.
Earnings were also affected by exchange-rate differences, which arereported and discussed separately in the financial overview.
The cost base is structurally lower
When we launched the efficiency program in 2025, we communicated an estimated full-year effect of more than SEK 6 million, as well as an additional approximately SEK 1 million from internal AI-driven automation. The program has covered the operating company Aixia AB.
In Aixia AB, personnel costs decreased by 12.3 percent compared with the corresponding quarter last year, adjusted for accrual effects relating to holiday pay. Base salaries decreased by 15.6 percent. The use of external personnel has been fully discontinued.
At Group level, a comparison with the previous year is not meaningful, as WhiteRed SW2 AB and Webland AB were not part of the Group in the second quarter of 2025. The relevant comparison is sequential: personnel costs decreased by 8.2 percent between the first and second quarters of 2026 – both of which include all acquired companies.
The number of employees in the Group at the end of the quarter was 42, compared with 52 at the end of the first quarter. No severance payments were charged to the period.
This was not a quarter of cosmetic cost-cutting. Following the acquisitions, we removed a number of functions, discontinued external capacity and consolidated the organization.
I would particularly like to highlight one point. The measures under the program were implemented gradually during the first half of the year, and most of the organizational changes did not achieve their full cost effect until toward the end of the period. The cost base for the second quarter therefore reflects only part of the program’s full impact.
The market is postponing strategic investments while continuing with what is essential
The clearest market signal during the quarter can be seen in our revenue mix. The gross margin was 37.6 percent, compared with 43.0 percent in the corresponding quarter last year. The decrease was due to a shift in the mix toward product and hardware sales, which carry lower margins.
At the same time, product sales are significantly below our internal plan, while operations, hosting and contract-based business are developing in line with or above plan.
The picture is therefore not that customers have stopped investing. Rather, they are postponing strategic investments while continuing with what is essential.
Investments in new AI infrastructure – GPU capacity with lead times of 12 to 18 months and historically high component prices – are being postponed. Replacement of critical operating infrastructure, which must function regardless of the economic cycle, is continuing. During the quarter, Webland received an order of approximately SEK 2.9 million from an international company in the forest industry for precisely this type of infrastructure replacement. The order was delivered during the quarter and represents a one-off transaction, but it illustrates where demand is currently found.
This is the market in which AiQu serves its purpose. The platform enables customers to use existing infrastructure for AI applications without new hardware investments. With lead times of 12–18 months and prices at historically high levels, this is not merely a theoretical argument.
Agentic AI: commercial momentum, not yet reflected in the figures
We are currently working on approximately 40 customer cases within agentic AI. This is a marked increase compared with the previous quarter and the clearest indication I have of where the market is heading.
At the same time, I want to be clear: these cases have not yet had any measurable impact on our income statement. They remain at an early stage.
During the quarter, a Swedish university selected AiQu as the platform for its AI education and AI development. The agreement runs for five years. It is limited in financial scope, but confirms AiQu’s position in secure, hardware-independent AI infrastructure – and that Swedish-developed technology is in demand as issues of data sovereignty and jurisdiction have moved up the management agenda.
The Build Nordics AI initiative, which we launched together with evroc and Opper AI at NVIDIA GTC in March, continues to generate interest in the defense sector, the public sector and critical infrastructure.
Acquisitions
Webland AB contributes revenue, earnings and a contract-based customer base. The company accounts for part of the Group’s increase in net sales during the quarter.
The integration of WhiteRed SW2 AB is progressing. During the period, parts of the company’s business were transferred to Aixia AB, while certain costs remain in the acquired company. This affects the respective income statements of the companies but is neutral at Group level.
For the January–June period, net sales amounted to SEK 97.7 million, compared with SEK 125.9 million in the previous year. The comparative period included a single digital transaction of approximately SEK 44 million. Adjusted for this, comparable net sales in the previous year amounted to approximately SEK 81.9 million, meaning that underlying net sales increased by approximately 19 percent.
A word about the organization
A quarter in which ten employees leave an organization of 52 people is not an easy quarter for those who remain. Responsibilities must be redistributed, customers must be looked after, and everything must continue to function as usual while these changes are being made.
The fact that the business delivered higher net sales and improved earnings during the same quarter is to the credit of our employees. I would like to extend my sincere thanks to each and every one of them.
Public takeover offer
On 1 June 2026, White Pearl Technology Group AB (publ) announced a public takeover offer to the shareholders of Aixia Group AB (publ).
I have been deemed to have a conflict of interest under the Takeover Rules and do not participate in the Company’s handling of or decisions on matters relating to the Offer. These matters are handled by an independent bid committee.
Shareholders are referred to the statement by the independent bid committee and to the offer document issued by the offeror. I will not make any statements of my own regarding the Offer.
Mattias Bergkvist
CEO, Aixia Group AB (publ)
Background
This statement is made by the Independent Bid Committee (the "Committee") of Aixia Group AB (publ) ("Aixia" or the "Company") pursuant to Rule II.19 and Section IV of the Takeover Rules for certain trading platforms (the "Takeover Rules").
White Pearl Technology Group AB (publ) ("WPTG") announced a public takeover offer to the shareholders of Aixia on 1 June 2026 to transfer all their shares to WPTG (the "Offer"). The shareholders are offered 5.33 newly issued Class B shares in WPTG combined with SEK 10.00 in cash for each share in Aixia. This corresponds to an implied value of SEK 106.53 per share in Aixia, based on the volume-weighted average price (VWAP) of SEK 18.11 per WPTG share during the 15 trading days immediately preceding the announcement of the Offer.
The Offer price represents a premium of approximately 31.5 percent compared to the closing price of SEK 81.00 on 29 May 2026 (the last trading day prior to the announcement), and approximately 58.5 percent and 54.1 percent, respectively, compared to the volume-weighted average price during the last 30 and 90 trading days prior to the announcement.
The Independent Bid Committee
As previously communicated, the Board members Leif Nord, Mattias Bergkvist, and Christian Gustavsson have not participated in the Board’s handling of or decisions regarding the Offer due to conflicts of interest pursuant to Rule II.18 of the Takeover Rules. The Board has therefore assigned the independent members, Ellen Reinhardt and Johan Ljungqvist, to form an independent bid committee to handle and evaluate the Offer and to issue a final statement.
Impact on Aixia and its Employees
Pursuant to the Takeover Rules, the Committee is required to present its opinion on the impact that the implementation of the Offer may have on Aixia, specifically employment, as well as its opinion on WPTG’s strategic plans for the Company and the effects these can be expected to have on employment and the locations where Aixia conducts its business.
The Committee bases its opinion in this respect on the information and descriptions provided by WPTG in its published offer document. The Committee currently has no knowledge of any concrete plans by WPTG that would entail material changes or negative effects on Aixia’s organization, the employees’ terms of employment, the employment rate, or the locations where the Company currently conducts operational business.
Independent Valuation Opinion (Fairness Opinion)
Since conflicts of interest exist, the Committee has, in accordance with Section IV of the Takeover Rules, had the assignment to obtain and publish an independent valuation opinion regarding the fairness of the Offer from a financial perspective for the shareholders. The Committee has for this assignment appointed Forvis Mazars AB as the independent valuation institute.
Forvis Mazars AB has this day delivered its final valuation opinion to the Committee. The Committee has carefully reviewed and evaluated the opinion, which concludes, without qualification or restriction, that the Offer is fair from a financial perspective for the shareholders of Aixia.
The valuation opinion from Forvis Mazars AB is reproduced in its entirety as an appendix to this statement.
The Committee’s Evaluation and Final Recommendation
In connection with the announcement of the Offer on 1 June 2026, the Committee communicated a preliminary intention to take a positive stance toward the Offer. This intention was based on a combined assessment of the industrial logic of the transaction, the commercial synergies, and the fact that the Offer provides an attractive liquidity and realization opportunity for the Company's shareholders. The Committee emphasized at the same time that this stance was explicitly preliminary and entirely conditional upon the mandatory independent valuation opinion first being obtained and analyzed.
Having now received and evaluated Forvis Mazars AB's fairness opinion, the Committee has obtained the full and objective basis required to complete its legal evaluation. In light of the valuation institute's conclusion that the Offer is financially fair, the financial basis for the Committee’s previous evaluation has been verified.
Based on the foregoing, the Independent Bid Committee hereby unanimously resolves to recommend that the shareholders of Aixia accept the Offer.
Applicable Law and Disputes
Swedish law shall apply to this statement, and the statement shall be interpreted in accordance therewith. Any dispute arising in connection with this statement shall be exclusively settled by Swedish courts, with the Stockholm District Court as the court of first instance. This statement has been published in Swedish and English. In the event of any discrepancies between the language versions, the Swedish version shall take precedence.
Aixia Group AB (publ)
The Independent Bid Committee
For further information
Mattias Bergkvist, CEO, Aixia Group AB (publ)
Email: info@aixia.se
Phone: +46 31 762 02 40
Web: aixia.se
About Aixia
Aixia Group AB (publ) is a Swedish IT and AI company delivering advanced solutions within AI infrastructure, data centers, operations, security and software platforms for AI development. The company helps customers build, operate and develop modern IT and AI environments with high performance, security and scalability.
This information is information that Aixia Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation. The information was provided by the above contact, for publication 2026/07/22.
