Nobia (OM:NOBI) has put a cleaner set of numbers on the table for Q2 2026, with revenue of SEK 1,498 million and basic EPS of SEK 0.03, while earnings from discontinued operations came in at a loss of SEK 15 million and net income excluding extra items was SEK 19 million. The company has seen quarterly revenue move from SEK 2,695 million in Q2 2025 to SEK 1,498 million in Q2 2026, with basic EPS shifting from a loss of SEK 1.53 to a modest profit of SEK 0.03. This sets up a quarter where margins are a key focal point for investors weighing the earnings release as a potential inflection in profitability.
See our full analysis for Nobia.With the headline figures on the table, the next step is to see how these results line up against the prevailing narratives around Nobia's growth prospects, profitability path and risk profile.
See what the community is saying about Nobia
Losses on trailing basis despite Q2 profit
- Across the last 12 months, Nobia reports total revenue of SEK 4,402 million and a net loss excluding extra items of SEK 537 million, even though Q2 2026 on its own shows a modest profit of SEK 19 million.
- What stands out for the bearish narrative is that losses over the past five years have grown at about 59.9% per year.
- Even with Q2 basic EPS at SEK 0.03, trailing 12 month EPS is a loss of SEK 10.02, which aligns with bears focusing on profitability that is not yet repaired at the full year level.
- Bears also point to Nobia remaining unprofitable over the trailing 12 months while still carrying interest payments that are not well covered by earnings, so one quarter of positive EPS does not yet contradict their concern about earnings quality.
Revenue growing while restructuring weighs on earnings
- Revenue over the trailing 12 months is described as growing at 11.3% per year, with quarterly sales moving between SEK 1,400 million and SEK 2,695 million in the last six reported quarters, while earnings from discontinued operations show a loss of SEK 2,653 million over the same trailing period.
- Consensus narrative highlights that Nobia is reshaping its Nordic and U.K. footprint through Nobia Park and factory closures.
- Cost programs and working capital actions are said to have produced SEK 650 million of savings and an 11% inventory reduction, which sits alongside Q2 2026 net income excluding extra items of SEK 19 million as early signs that restructuring is feeding into the income statement.
- At the same time, consensus also flags that net debt excluding leases and pensions sits at SEK 2,645 million and has risen by SEK 325 million year on year, so the positive revenue trend is weighed against the need for ongoing investment and debt service while restructuring runs through the numbers.
Valuation gap versus DCF fair value
- With Nobia’s share price at SEK 16.00 and a DCF fair value of SEK 99.06, the stock is presented as trading well below that estimate, while its P/S of 0.6x is lower than both peer levels at 0.9x and the European Consumer Durables industry at 0.7x.
- Bullish investors argue that expected earnings growth of 111.65% per year and forecasts for Nobia to turn profitable within three years make this valuation gap interesting.
- They point to analysts’ revenue growth expectations of 4.1% per year and margin expansion from a current level described as around a loss of 11.8% to 9.7% in three years, arguing that if this plays out, the current discount to DCF fair value and to peers on P/S could narrow.
- Against that, the trailing 12 month net loss excluding extra items of SEK 537 million and the history of losses growing at about 59.9% per year give readers a concrete check on how much improvement needs to occur before the bullish narrative is fully reflected in reported earnings.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Nobia on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
If you are unsure whether the overall tone around Nobia is more cautious or optimistic right now, take a moment to weigh the evidence yourself, then dig into the 3 key rewards and 2 important warning signs
See What Else Is Out There
Nobia still carries trailing 12 month losses of SEK 537 million, rising debt and uncovered interest costs, so profitability and balance sheet strength remain key concerns.
If those pressure points make you want sturdier foundations in your portfolio, you may prefer to focus on companies with healthier finances by checking out the solid balance sheet and fundamentals stocks screener (416 results).
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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