Triathlon Group’s Industrial Report – Spring 2026

Swedish industrial sentiment remains positive for 2026, though expectations have softened slightly since autumn as geopolitical uncertainty and trade disruption weigh on confidence. The outlook strengthens for 2027: companies expect broad growth in order intake and revenue, more stable margins, cautious but improving hiring plans, and continued selective investments focused on efficiency, productivity, and product development, as reflected in Triathlon’s Industrial Index.

2026: Positive outlook, but more cautious than autumn
Swedish manufacturing companies still expect growth in 2026, supported by a strong start to the year. Roughly six in ten expect higher order intake and about two thirds expect higher revenue, while close to half expect improved operating margins. Hiring plans are more cautious, with efficiency programs, automation, and organizational adjustments limiting broad headcount growth.

“After a few tough years, we now see a recovery, with increased global demand, a stronger economy, and continued growth.”

2027: Clearer recovery and stronger growth expectations
The outlook for 2027 points to a broader recovery. Nearly three quarters of companies expect higher order intake and four in five expect higher revenue, while none of the surveyed companies expect lower order intake or weaker margins. Growth is expected to be supported mainly by higher productivity, better pricing, and stronger capacity utilization.

Regionalization is reshaping value chains, but execution remains gradual
A clear majority of companies report direct impact from geographical regionalization of supply chains, mainly driven by risk reduction, customer requirements, and cost dynamics. However, implementation remains controlled: many companies are still evaluating changes, while short-term actions are often limited to flow adjustments or inventory buffers.

About Triathlon Group’s Industrial Report
Triathlon’s Industrial Report surveys the 100 largest Swedish manufacturing companies, providing a forecast for the sector. It highlights expectations for order intake, revenue, operating margins, workforce, and investments. The results are compiled into Triathlon’s Industrial Index, which places industry sentiment in a historical context.