Envirologic (ENVI) Q2 2026 earnings summary

Executive summary

• Net sales grew 21.3% year-over-year in Q2 to 19,014 tkr, reversing a weaker start to the year.

• Operating margin in Q2 reached 15.3%, slightly above the long-term target.

• Growth driven by continued product introductions, though sales cycles for new products remain lengthy.

• Lower investment appetite among European pig producers, due to a 25% drop in pork prices, impacted orders for core products.

Financial highlights

• Q2 net sales: 19,014 tkr (up from 15,679 tkr in Q2 2025); H1 net sales: 35,714 tkr (up from 34,862 tkr in H1 2025).

• Q2 operating income: 2,906 tkr (down from 3,272 tkr); H1 operating income: 4,344 tkr (down from 6,810 tkr).

• Q2 pre-tax profit: 2,604 tkr (down from 4,020 tkr); H1 pre-tax profit: 4,340 tkr (down from 8,181 tkr).

• Cash flow from operations: -0.9 Mkr in Q2, -1.6 Mkr in H1, mainly due to higher inventory levels.

• Dividend of 0.30 kr/share (2,960 tkr total) paid in May.

Outlook and guidance

• Management remains positive on long-term growth, especially from new products like Go Cleaner and the egg production robot.

• Expectation to convert current inventory into cash flow in the second half of the year.

• Lower pork prices and increased competition may continue to affect short-term order intake.