Acenta Group: Quarterly update Q1'26

During the quarter, Acenta continued executing on previously signed agreements and took the first steps in its leasing model through installations under the Padel 100 agreement in Ireland, meaning that the model is gradually beginning to generate revenue. At the same time, the company strengthened its international presence through a five-year global distribution agreement with Padel Galis, as well as an exclusive distribution agreement with Court Culture covering Australia, New Zealand and Oceania. Following the end of the quarter, the NXPadel agreement was also expanded to include Sri Lanka. At the end of Q1’26, the confirmed leasing order backlog amounted to approximately 28 courts, while the company also held exclusive framework agreements corresponding to a total of 120 courts across direct sales and leasing, indicating continued strong demand for Acenta’s offering.

Net sales amounted to SEK 6.7 million (6.3), while EBITDA improved to SEK -4.7 million (-17.5). Earnings were impacted by inventory-related write-downs and revaluations, while cash and cash equivalents amounted to only SEK 0.1 million at the end of the period. In our view, Acenta’s primary challenge going forward is financing and working capital rather than demand. The extensive project pipeline, leasing transactions and exclusive framework agreements create significant growth opportunities, but the company’s limited balance sheet risks constraining its delivery capacity. The financing solutions established in the UK and the DACH region represent positive steps, but we believe that additional capital or more long-term financing solutions will be required for the company to realise the value of its order backlog and execute on its existing delivery ambitions.

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