Nimbus Group has reported lower sales for the second quarter and first half of 2026 as demand in the recreational boat market remained subdued, although quarterly earnings were broadly in line with the previous year after cost reductions and higher gross margins offset the impact of lower sales.
Net sales for the second quarter (April-June 2026) fell 16 per cent year on year to SEK 479m ($47.9m) from SEK 571m ($57.1m). Commercial sales declined to SEK 203m ($20.3m) from SEK 297m ($29.7m), while retail sales were broadly unchanged at SEK 276m ($27.6m) compared with SEK 274m ($27.4m) a year earlier. Organic growth was negative 16 per cent.
For the first six months of 2026, net sales fell 16 per cent to SEK 736m ($73.6m) from SEK 871m ($87.1m). Commercial sales totalled SEK 408m ($40.8m), down from SEK 541m ($54.1m) in the corresponding period of 2025, while retail sales were broadly stable at SEK 328m ($32.8m) compared with SEK 330m ($33m). EBITA was a loss of SEK 4m ($0.4m), compared with a profit of SEK 13m ($1.3m) a year earlier. Operating cash flow improved to SEK 110m ($11m) from an outflow of SEK 37m ($3.7m).
The company says retail operations remain stable despite difficult market conditions, while dealers across the Nordic region, Europe and North America continue to take a cautious approach to new orders. Dealer inventories remained relatively low, although order lead times remain short.
Sales in North America fell to SEK 90m ($9m) during the second quarter from SEK 125m ($12.5m) a year earlier. Nimbus says the regional market remained weak despite signs of stabilisation. Sales of the Nimbus brand increased through additional sales initiatives but remained below the previous year’s level, while the Edgewater business continued to report lower sales and negative results.
Gross profit was unchanged at SEK 68m ($6.8m) despite lower sales volumes. The company says this reflected improved production performance, a more favourable product mix and the effect of cost-saving measures.
Operating cash flow also benefited from lower working capital requirements, supported by inventory management, trade receivables and seasonal delivery patterns.
Defence order and other product developments
During the quarter, Nimbus secured its first order for the MSMB200 workboat from the Swedish Armed Forces. The contract is valued at approximately SEK 260m ($26m), with deliveries scheduled to begin in January 2027 over a 36-month period.
The company also announced changes to the naming of boats under the Nimbus brand. Models in the WTC series will again carry the Sport Cruiser designation, while coupé models will use the Coupé Cruiser name. Model names will also indicate boat length in feet.
Nimbus appointed Mikael Mårtensson as chief financial officer in May 2026. He is due to join the company later this year, and no later than 1 December, succeeding interim chief financial officer Christian Johansson.
Earlier this month (July 2026), the company also introduced the Sport Tender 35, the first model in a new Sport Cruiser 35 series. The boat is scheduled to make its public debut at the Cannes Yachting Festival in September.
Commenting on the results, Johan Inden, president and CEO, says: “Despite weaker sales, we delivered a result in line with the previous year. The Group’s EBITA for the quarter amounted to SEK 26m ($25m), while the EBITA margin improved slightly from 4.5 per cent to 5.3 per cent.
“Strengthened gross margins and the effects of cost-saving measures fully offset the impact of lower sales during the quarter, and we are seeing the benefits of the initiatives we have implemented to improve operational efficiency.”
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