BAR DJUS (BARDJU) H1 2026 earnings summary

Executive summary

• Achieved a 10% year-over-year revenue growth in H1 2026, reaching DKK 11.0 million.

• Børsnotering (IPO) completed in June 2026, significantly strengthening the capital base.

• Major investments made in production capacity, including a new freeze tunnel, and expansion of the sales organization.

• Swedish market revenue grew 24.44% year-over-year; groundwork laid for German market entry.

• H1 results impacted by one-time IPO costs and ongoing investments in growth initiatives.

Financial highlights

• Net revenue: DKK 11.0 million in H1 2026 vs. DKK 10.0 million in H1 2025 (10% growth).

• EBITDA: DKK -3.4 million (H1 2025: DKK -0.4 million), mainly due to DKK 2.5 million IPO costs.

• Adjusted EBITDA (ex-IPO): DKK -0.9 million (H1 2025: DKK -0.3 million), reflecting investments in capacity and sales.

• Net result after tax: DKK -3.0 million (H1 2025: DKK -0.5 million); EPS: DKK -0.54.

• Equity ratio: 82.0% at H1 2026 vs. 16.5% at H1 2025, indicating a much stronger balance sheet.

Outlook and guidance

• Full-year 2026 revenue guidance revised to DKK 21–24 million (previously DKK 24–31 million).

• Adjusted EBITDA guidance for 2026 now DKK -1.0 to 0.5 million (previously DKK 0.5–3.8 million).

• Delays in sales organization ramp-up, especially in Germany, push expected impact to 2027.

• Management expects gradual positive effects from investments starting in 2027.