Söder Sportfiske (SODER) Q2 2026 earnings summary

Executive summary

• Revenue grew 6.1% year-over-year in Q2 2026 to 75.3 MSEK, reversing a previous negative trend.

• Adjusted EBIT increased 15.4% to 8.3 MSEK, with margin improving to 11.0% from 10.1% year-over-year.

• Cost reduction initiatives led to a 10% decrease in personnel expenses, supporting improved profitability.

• International sales surged 18.1%, notably in Norway, Denmark, and the Netherlands, while domestic growth was 1.1%.

• Own brands outperformed, growing 12.6%, with Söder Tackle and Eastfield Lures showing strong momentum.

Financial highlights

• Q2 2026 net sales: 75.3 MSEK (up 6.1% year-over-year); H1 2026 net sales: 120.6 MSEK (up 2.8%).

• Q2 gross margin: 40.0% (vs. 40.7% prior year); H1 gross margin: 39.9% (vs. 39.7%).

• Q2 adjusted EBIT: 8.3 MSEK (11.0% margin); Q2 EBITDA: 8.5 MSEK (11.3% margin).

• Q2 net income: 5.4 MSEK; EPS: 0.64 SEK (vs. 0.54 SEK prior year).

• Cash flow from operations in Q2: 5.1 MSEK; cash position at quarter-end: 28.3 MSEK.

Outlook and guidance

• Focus remains on profitable growth, operational efficiency, and expanding market share in prioritized markets.

• Continued investment in brand awareness and customer trust, especially in Europe.

• Organization expects to remain cost-efficient and strategically focused for the remainder of the year.