Polygiene (POLYG) Q1 2026 earnings summary

Executive summary

• Q1 sales were SEK 31 million, down 25% year-over-year, with 8.5% of the decline due to FX effects and elevated distributor inventories after a strong prior year.

• Gross margin improved to 69.5% from 67.4% year-over-year, aided by price adjustments, FX, and disciplined cost control despite higher silver and input costs.

• Operating costs decreased by nearly SEK 3 million, reflecting lower development, travel, management, legal, and IR costs, and a smaller workforce.

• EBITDA was SEK 1.2 million (vs. SEK 3.1 million last year); EBIT was -SEK 0.1 million (vs. SEK 1.6 million last year).

• Operational focus included the launch of OdorCrunch 2.0, new partnerships with Salomon and Chemco International, and expanded collaborations with HEAD and Le Coq Sportif.

Financial highlights

• Net cash position at SEK 43.5 million, down from SEK 61.9 million year-over-year.

• Addmaster segment now represents almost 60% of total sales, up from 46% last year.

• Polygiene segment sales dropped 42%, now below 50% of total sales.

• Americas and Global regions saw the largest sales declines; APAC was flat excluding FX.

• Earnings per share: SEK -0.03 (0.00); equity ratio: 91.0% (91.3%).

Outlook and guidance

• Disciplined execution and cost control remain priorities, with focus on managing silver price volatility, innovation, restoring Americas growth, and repositioning Addmaster.

• Strategy execution includes deepening partner relationships, expanding into new markets, and investing in sustainability and hygiene innovation.

• The external environment remains complex due to geopolitical tensions and volatile input costs, but the diversified model and global footprint provide resilience.