Envar Holding (ENVAR) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked the strongest quarter in company history, with net sales of SEK 53,672 thousand, up 120.26% year-over-year, and EBIT of SEK 19,344 thousand, up 220% year-over-year.

• Major revenue driver was the successful Early Access launch of Witchspire, contributing SEK 16,760 thousand in game sales and SEK 6,370 thousand to EBIT in just 20 days.

• Consulting (Entertainment) and outsourcing segments also saw deepened customer relationships and increased demand.

• New business areas Envar Publishing and Envar Blue were launched to diversify and expand the game portfolio.

Financial highlights

• Q2 2026 net sales: SEK 53,672 thousand (Q2 2025: SEK 24,368 thousand), EBITDA: SEK 20,993 thousand (Q2 2025: SEK 6,222 thousand), EBITDA margin: 39.11% (25.53%).

• EBIT: SEK 19,344 thousand (Q2 2025: SEK 6,045 thousand), EBIT margin: 36.04% (24.81%).

• Earnings per share, basic: SEK 1.19 (Q2 2025: SEK 0.38).

• Cash and cash equivalents at period end: SEK 39,528 thousand (Q2 2025: SEK 54,324 thousand).

• No interest-bearing liabilities; net cash position maintained.

Outlook and guidance

• Focus remains on completing Witchspire to version 1.0 and developing the next AA title.

• Envar Blue will launch a smaller indie title in 2027, aiming for a broader audience and cost-efficient development.

• Envar Publishing has received over 100 game pitches, indicating strong interest in collaboration.