Source: Inderes

Translation: Original published in Finnish on 8/18/2026 at 7:40 am EEST.

Auroora will publish its Q2 report on the morning of August 20. We expect the company's revenue to have grown strongly, supported by both acquisitions and organic growth, similar to the beginning of the year. We also expect earnings to have improved significantly from the comparison period. Due to the completed acquisitions, the company's business portfolio is constantly changing, which introduces some uncertainty regarding the seasonality of the figures, for example. This is further emphasized by the limited availability of comparison figures. The company does not provide short-term guidance, so our attention in the earnings release will be particularly focused on order book development, organic growth, and the outlook for the M&A market.

Acquisitions and organic growth drive strong top-line growth

We expect Auroora's Q2 revenue to have increased by ~24% to 65.5 MEUR. The quarter's growth is supported by a total of seven acquisitions of varying sizes, which we expect to have contributed the majority of the growth. We expect revenue to have also grown organically, similar to Q1 (Q1'26: +13%), but we anticipate a slightly more moderate pace (Q2 estimate: ca. +8%). We estimate the Electrification and Automation segment's revenue to have grown primarily organically to 39 MEUR, supported by a strong demand environment and an increased order backlog earlier in the year. In the Industrial Products and Services segment, we expect revenue to have increased significantly to 20.0 MEUR, mainly supported by acquisitions. In the Clean Water and Environmental Technology segment, we estimate revenue to have grown to 6.2 MEUR, mainly due to the Rasmix acquisition.

We expect a clear step-up in earnings

We estimate Auroora's adjusted EBITA to have been 4.1 MEUR in Q2, which would represent a clear year-on-year jump (Q2'25: 2.8 MEUR), corresponding to a margin of 6.3% (Q2'25: 5,2 %). In our estimates, earnings improvement is supported by organic growth and completed acquisitions. These have mainly been more profitable than Auroora's historical level, structurally supporting the Group's relative profitability. However, there is uncertainty related to the seasonality of the new businesses. Q2 is typically a significantly stronger quarter for Auroora in terms of earnings than Q1.

We expect the Electrification and Automation segment to post earnings of 2.2 MEUR. We expect the Industrial Products and Services segment to continue as the most profitable part of the group, and we forecast its adjusted EBITA to have also been 2.2 MEUR. We expect the Clean Water and Environmental Technology segment's adjusted EBITA to have been barely positive at 0.2 MEUR. We expect the Other segment to have generated an EBITA of -0.5 MEUR.

Focus on the order book and M&A market

Auroora does not provide short-term guidance but manages market expectations through, among other things, its reported segment order books. The combined order book grew to 162.7 MEUR during Q1 (2025: 137.5 MEUR), mainly organically, which provides good support for the short-term outlook. However, it is worth noting that the significance of the order book varies significantly by segment, as, for example, in the Industrial Products and Services segment, the order backlog is very short.

In addition, we will monitor the company's comments on M&A market activity. Auroora raised gross proceeds of ~40 MEUR in its spring IPO. The successful allocation of these funds to qualifying SMEs is central to the company's compounder strategy and value creation. The acquisition of Suomen Teknohaus, completed at the end of June, was a consistent move in this regard, and we will factor the transaction into our forecasts in our Q2 update. We expect the company to comment on the availability of acquisition targets and market valuation levels for the rest of the year in connection with Q2.