Sotkamo Silver (SOSI) Q1 2026 earnings summary

Executive summary

• Net sales reached a record 186 MSEK in Q1 2026, up 170% year-over-year, driven by higher silver and gold production and prices.

• EBITDA rose to 99 MSEK from -8 MSEK, with a margin of 53%, and EBIT improved to 89 MSEK from -24 MSEK.

• Cash and cash equivalents increased by 61 MSEK to 74 MSEK, reflecting strong operating cash flow.

• New mining contractor commenced in January 2026, supporting operational ramp-up and production growth.

• Financial position strengthened, enabling accelerated investments and mine development.

Financial highlights

• Net sales: 186 MSEK (Q1 2026) vs. 69 MSEK (Q1 2025), +170%.

• EBITDA: 99 MSEK vs. -8 MSEK; EBITDA margin: 53.2%.

• EBIT: 89 MSEK vs. -24 MSEK; EBIT margin: 47.8%.

• Net income: 26.6 MSEK vs. -39.7 MSEK.

• Cash flow from operations: 75.8 MSEK; CAPEX: 16 MSEK.

Outlook and guidance

• 2026 guidance: Silver production expected at 0.9–1.2 million ounces; annual EBITDA over 25 MEUR.

• Net debt-to-EBITDA expected below 1.0 at year-end.

• Medium-term targets (by 2028): 1.4 million ounces silver/year, EBITDA margin >30%, net debt-to-EBITDA <2.0.

• Profitability sensitive to metal prices, exchange rates, ore volumes, and grades.