* Sales -SEK 9m, EBITDA +SEK 0.3m vs. ABGSCe
* '26e-'28e EBITDA estimates likely up
* Share to focus on the margin improvements
Q1 details
Tempest delivered a Q1 report with both sales and EBITDA y-o-y growth. Sales came in at SEK 146m (-9% vs. ABGSCe at SEK 155m), +11% y-o-y, driven by Guarding, and partly offset by Risk Solutions. EBITDA grew by SEK 3m y-o-y to SEK 4.6m (+0.3m, vs. ABGSCe at SEK 4.3m), for a margin of 3.2% (ABGSCe 2.8%, 1.2% Q1'25) driven by both Guarding and Risk Solutions. Looking at y-o-y development, we see positive progress in both Guarding and Risk Solutions. Guarding, the largest segment, continued to show improvements as a result of the internal work done in 2025, with management noting good momentum in the SOC business.
Estimate changes and outlook
Looking ahead, management is not providing a formal outlook. However, they acknowledge that the focus remains on increasing internal efficiency and cost control following a period of organisational streamlining. We consider Tempest's positive internal development to be a sign that the company is taking important steps in the right direction. We expect estimates for '26e-'28e adj. EBITDA to come up.
Final thoughts
A report in the right direction with sales and profitability growth. The share has outperformed the broader market into numbers (+1% YTD vs. OMXSGI -2%). We believe that the market will recognise stabilisation of the business and the margin improvements resulting from Tempest's hard internal work.