Enzymatica (ENZY) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were SEK 7.1 million, down 13.7% year-over-year, mainly due to a large prior-year partner order; H1 2026 net sales were SEK 18.6 million, a 9.6% decrease year-over-year.

• Operating loss improved to SEK -12.6 million in Q2 and SEK -26.2 million in H1, reflecting lower operating expenses.

• Gross margin declined to 45% in Q2 and 52% in H1, impacted by lower production rates and higher cost of goods sold.

• Cash flow from operating activities improved to SEK -11.7 million in Q2 and SEK -18.4 million in H1, driven by reduced expenses and working capital needs.

• Strategic focus on international expansion, especially in Germany, Austria, Finland, and Iceland, with new partnerships and organizational strengthening.

Financial highlights

• Q2 net sales: SEK 7.1 million (Q2 2025: SEK 8.3 million); H1 net sales: SEK 18.6 million (H1 2025: SEK 20.6 million).

• Q2 operating loss: SEK -12.6 million (Q2 2025: SEK -14.9 million); H1 operating loss: SEK -26.2 million (H1 2025: SEK -32.9 million).

• Q2 EPS: SEK -0.05 (Q2 2025: SEK -0.06); H1 EPS: SEK -0.11 (H1 2025: SEK -0.13).

• Gross margin: 45% in Q2 (53% prior year); 52% in H1 (63% prior year).

• Cash and cash equivalents at period end: SEK 13.1 million (H1 2025: SEK 45.3 million).

Outlook and guidance

• Continued focus on expanding international partnerships, especially in priority markets.

• Nordic strategy refined, with growth opportunities identified in Finland and Iceland.

• Updated financial targets expected in late 2026; previous EBIT target under review.