Enzymatica (ENZY) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 11.4 million, a 6.8% decrease year-over-year, mainly due to a milder cold season in Sweden and no partner sales recorded during the quarter.

• Operating loss improved to SEK -13.6 million from SEK -18.0 million in Q1 2025, reflecting better cost discipline and reduced expenses.

• A major partnership with STADA was signed to launch ColdZyme in Germany and Austria, expected to impact sales from the 2026/2027 cold season.

• The company is prioritizing international expansion, partnerships, and brand development, with ongoing partner discussions in Europe, the Middle East, and Latin America.

Financial highlights

• Net sales: SEK 11.4 million (Q1 2025: SEK 12.3 million).

• Gross margin: 56% (Q1 2025: 69%), impacted by higher manufacturing partner costs.

• Operating loss: SEK -13.6 million (Q1 2025: SEK -18.0 million).

• Earnings per share: SEK -0.06 (Q1 2025: SEK -0.07).

• Net cash at period end: SEK 25.4 million (Q1 2025: SEK 64.7 million).

Outlook and guidance

• The STADA partnership is expected to drive growth in Germany and Austria, with commercial impact from the 2026/2027 season.

• The Board is reviewing financial targets, with updated guidance to be presented later in 2026.

• Focus remains on sustainable, profitable growth through partnerships and international expansion.