Metacon (META) Q2 2026 earnings summary

Executive summary

• Net revenue increased 15% year-over-year in Q2 2026 to SEK 65 million, and 30% for H1 to SEK 138 million, driven by major projects in Greece and Romania.

• Gross margin for Q2 was -5% due to one-off cost increases, but remained positive at 6% for H1.

• Rights issue and convertible loan strengthened liquidity, raising SEK 77 million and up to SEK 35 million, respectively.

• SEK 111 million in government support was granted for a 10 MW green hydrogen facility in Uppsala.

Financial highlights

• Q2 net revenue: SEK 65.0 million (Q2 2025: SEK 56.7 million); H1 net revenue: SEK 138.5 million (H1 2025: SEK 106.8 million).

• Q2 EBITDA: SEK -29.2 million (Q2 2025: SEK -8.0 million); H1 EBITDA: SEK -29.4 million (H1 2025: SEK -20.1 million).

• Q2 EBIT: SEK -32.2 million (Q2 2025: SEK -11.1 million); H1 EBIT: SEK -35.4 million (H1 2025: SEK -26.2 million).

• Q2 profit after financial items: SEK -36.9 million (Q2 2025: SEK -12.9 million); H1: SEK -43.3 million (H1 2025: SEK -27.9 million).

• Earnings per share: SEK -0.03 (Q2 2025: SEK -0.01).

Outlook and guidance

• Focus on leveraging lessons from major projects to stabilize profitability and reduce cost deviations.

• Market for hydrogen is maturing, with increased price competition and emphasis on projects with clear demand and financing.

• Anticipates continued high activity in H2 2026, with ongoing opportunities in the pipeline.