Translation: Original published in Finnish on 08/12/2026 at 07:40 am EEST

KH Group will publish its Q2 report on Friday, August 14. We expect the company's revenue and adjusted EBIT to have grown significantly from the comparison period, driven by both subsidiaries. After a weak start to the year, our attention is particularly drawn to KH-Koneet's profitability turnaround and the recovery of gross margins, which should be supported by deliveries postponed from Q1. On the earnings day, we will closely monitor the company's outlook and the reliability of its guidance, as full-year earnings growth necessitates a strong performance during the remainder of the year. Further, our interest is focused on potential new emphases brought about by recently implemented management changes.

We expect revenue to have grown, driven by both subsidiaries

We forecast KH Group’s Q2 revenue to have grown by 9% year-on-year to 59 MEUR (Q2'25: 54 MEUR). We estimate that KH Group's adjusted EBIT will increase to 48 MEUR (Q2'25: 44 MEUR). We estimate that KH-Koneet's growth is supported by the delivery of machine orders to customers that were postponed from Q1 to Q2. We also expect revenue growth for NRG, whose sales we predict were 11.4 MEUR (Q2'25: 10.6 MEUR). NRG's revenue is supported by a larger delivery that was delayed from Q1 to April, as well as a very strong order book at the beginning of the quarter.

We expect a clear improvement in profitability

We estimate the Group's adjusted EBIT to have improved to 2.4 MEUR in Q2 (Q2'25: 0.8 MEUR), supported by sales carried over to the quarter. For KH-Koneet, we expect earnings to have improved to 2.0 MEUR (Q2'25: 0.8 MEUR). Earnings are supported by revenue growth and deferred deliveries, but from the Q2 report, we are particularly looking for confirmation that the gross margins, which were under pressure in the early part of the year, and the weakness of the Finnish business were temporary phenomena. We expect NRG to continue its strong performance with an EBIT of 0.9 MEUR (Q2'25: 0.8 MEUR). NRG's profitability is supported by the revenue recognition of a deferred delivery, which impacts the company's figures quite directly. On the other hand, a potential shift in sales mix towards lower-margin distribution trade and front-loaded costs may limit the scalability of profitability.

Guidance requires a strong year-end, and management changes add their own flavor to the current year

KH Group has guided for increasing revenue and improving comparable EBIT for 2026 (2025 revenue: 205 MEUR, adj. EBIT: 6.4 MEUR). Due to a weak start to the year, achieving the guidance relies heavily on the rest of the year. We expect the company to reiterate its guidance, as the shift in deliveries and particularly NRG's strong order book should support the second quarter. However, there is uncertainty regarding Q3 and full-year performance due to inflationary pressures and higher interest rates. For the investment case and guidance, it is critical that the weakness shown by KH-Koneet's Finnish business in the early part of the year does not prolong.

In connection with the report, we will also focus on the recently implemented management changes. Tuomas Myllynen has started as CEO of KH-Koneet, replacing Teppo Sakari, the company's founder and long-time CEO. In addition, KH Group's new CFO, Minni Lempinen, is expected to start her role soon after the Q2 earnings release We look forward to the new management's initial comments on the current state of the business and the implementation of the strategy. For value creation, it is essential that KH-Koneet is able to strengthen its profitability in Sweden.