Desenio Group (DSNO) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 decreased by 7.1% year-over-year to SEK 136.9 million, with a gross margin of 83.2% and an adjusted EBITA margin of -2.4%.

• For the first half of 2026, net sales declined 9.9% to SEK 318.3 million, while adjusted EBITA dropped to SEK 11.3 million, reflecting a margin of 3.6%.

• Operational turnaround initiatives are progressing, with improvements in gross margin and operational cash flow month-over-month.

• North American operations showed profitable growth after strategic restructuring, while the Poster Store brand improved its baseline profitability.

Financial highlights

• Q2 adjusted EBITA was SEK -3.3 million, down from SEK 3.1 million in Q2 2025.

• Operating profit (EBIT) for Q2 was SEK -3.5 million, a significant improvement from SEK -253.2 million in Q2 2025.

• Cash flow from operating activities in Q2 was SEK -3.8 million, compared to SEK 6.8 million last year.

• Net debt as of June 30, 2026, stood at SEK 306.2 million.

• Earnings per share for Q2 was SEK -0.00, compared to SEK -0.09 in Q2 2025.

Outlook and guidance

• Guidance for 2026 is reiterated: organic net sales growth at constant exchange rates and an EBITDA margin in the low double digits.

• Management expects continued improvement in gross margin and operational cash flow as cost controls and operational efficiencies take effect.