Mentice (MNTC) Q1 2026 earnings summary

Executive summary

• Q1 net sales reached SEK 62.1 million, up 14.5% year-over-year, with 26.4% organic growth despite negative currency effects.

• Order intake surged to SEK 59 million, an organic increase of 50.2%, with a strong project funnel and 35.1% rise year-over-year after FX adjustment.

• Third consecutive strong quarter, with positive momentum across MedTech and healthcare systems segments.

• Rolling 12-month net sales at SEK 287 million, showing an upward trend.

• Cash flow from operating activities turned positive at SEK 26.4 million, compared to -3.3 million last year.

Financial highlights

• EBITA margin improved but remained negative, with significant year-over-year improvement due to higher sales and a lower cost base.

• EBITDA improved to -9.2 million from -19.2 million year-over-year, a 52% improvement.

• Gross margin declined to 86.7% from 92.4%, impacted by product mix, tariffs, higher freight costs, and currency effects, but expected to stabilize.

• SEK 4.8 million in one-time restructuring costs included in OpEx.

• Earnings per share improved to -0.59 SEK from -1.08 SEK year-over-year.

Outlook and guidance

• Robust project pipeline and broad customer base expected to sustain growth in coming quarters.

• Focus on cost discipline and limited incremental hiring, with investments mainly in engineering to support growth.

• 20% EBITDA margin target remains realistic, with growth as the primary driver and a 20–30% annual net sales growth target within three years.

• Healthcare systems segment expected to see greater impact in the second half of the year.