Hasko Invest AB (publ) has published its interim report for January–June 2026. The company is growing strongly both organically and through acquisitions – and unlike many acquisition-driven groups, the growth is coming with rising, not squeezed, margins. All three segments improved their profitability during the quarter.
Net sales
380.4 MSEK (240.3)
of which organic 13%
Adjusted EBITA
93.2 MSEK (44.4)
of which organic 45%
Adjusted EBITA margin
(18.5%)
Profit for the period
60.1 MSEK (19.8)
Comparative figures in brackets refer to Q2 2025 (April–June).
For the half-year, net sales amounted to 698.5 MSEK (457.5), +53%, and adjusted EBITA to 147.7 MSEK (81.5), +81%, with a margin of 21.1% (17.8%). On a rolling twelve-month basis this corresponds to 1,557.7 MSEK in revenue and 335.4 MSEK in adjusted EBITA – a margin of 21.5%.
Three segments, all with improved margins
From this quarter, the business is reported in three operating segments. Regional Products stands out with both the highest margin and the strongest organic growth, while Value-Added Distribution is the most acquisition-driven – there, revenue doubled.
| Revenue | Adj. EBITA | Margin (prior year) | |
|---|---|---|---|
| International Products | 193.4 +37% | 47.2 +61% | 24.4% (20.7%) |
| Regional Products | 101.2 +80% | 33.9 +169% | 33.5% (22.4%) |
| Value-Added Distribution | 85.8 +100% | 20.5 +182% | 23.9% (17.0%) |
| Group | 380.4 +58% | 93.2 +110% | 24.5% (18.5%) |
High pace of acquisitions and new financing
During the quarter, the group acquired Dtales ApS (private label in oral and dental hygiene, Denmark), Uvedes AB (UV disinfection for drinking and process water) and Mekanika Bilreservdelar AB (e-commerce in car spare parts). The group also acquired around 20% of the shares in the subsidiary do88 AB from the minority owners. In total, six companies were acquired during the half-year, with combined annual revenue of around 306 MSEK.
In June, the group was refinanced through an updated credit agreement with Swedbank totalling 800 MSEK, with improved loan terms and greater financial flexibility.
The pace of acquisitions shows in the balance sheet. Interest-bearing net debt has been built up from a level close to zero at the turn of the year, while total net debt – which also includes call and put options and earn-outs – has risen from an already significant level.
| Outcome | Comparison | |
|---|---|---|
| Cash flow from operating activities, Apr–Jun | 73.9 | 23.6 (Apr–Jun 2025) |
| Interest-bearing net debt, 30 June | 388.7 | close to zero (31 Dec 2025) |
| Total net debt excl. leasing, 30 June | 927.8 | 570.4 (31 Dec 2025) |
| Cash and cash equivalents, 30 June | 220.8 | 458.3 (31 Dec 2025) |
| Number of employees, 30 June | 317 | 203 (30 June 2025) |
Measured against adjusted EBITDA (RTM) after leasing, this corresponds to 1.1x for interest-bearing net debt, compared with 0.0x at the turn of the year, and 2.7x for total net debt excluding leasing, compared with 2.4x.
CEO Joakim Tengzelius describes the foundation of the business model as a strong and stable cash flow that can be reinvested in new quality companies at a high return over a long period. Competition in the acquisition market remains high, but the focus on bilateral processes continues to provide a good inflow of opportunities. No significant events have occurred after the end of the period.
Source: Hasko Invest AB (publ), interim report January–June 2026.
