Integrum (INTEG) Q2 25/26 earnings summary

Executive summary

• Transitioned from R&D-focused to commercial-driven strategy, shifting resources and leadership to support growth in key markets, especially the US.

• Net sales for Q2 2025/26 reached SEK 22.3 million, up 2.6% year-over-year, with the US market accounting for 80% of sales.

• Achieved 18% sales growth in the US (constant currency) and 8% increase in S1 operations year-over-year.

• Completed a fully guaranteed rights issue of over SEK 42 million to support the new strategy and commercial goals.

• Managed several non-recurring items, including costs related to a failed takeover bid and organizational restructuring.

Financial highlights

• Six-month net sales totaled SEK 46.1 million, up 14.7% year-over-year, with 81% from the US market.

• Gross margin declined to 67% from 80% last year, mainly due to US tariffs and less favorable product/customer mix.

• EBIT was negative SEK 11.1 million for the quarter and SEK 23.6 million for the half-year, in line with last year, impacted by one-time legal costs.

• Cash flow for the quarter was SEK -19.4 million; half-year cash flow was negative SEK 31.8 million, affected by one-offs and working capital timing.

• Equity per share was SEK 7.4, and the equity/asset ratio stood at 87.7%.

Outlook and guidance

• Cost-saving program expected to reach full effect in late Q4 and next fiscal year, targeting a SEK 20 million reduction.

• Aims to achieve positive results and cash flow within 12–15 months through cost reductions and planned growth.

• Proceeds from the rights issue will fund market development, US expansion, regulatory priorities, and operational efficiency.

• Focus remains on commercial expansion, especially in the US, and further development in Ukraine and Israel.