Enzymatica (ENZY) Q2 2025 earnings summary

Executive summary

• Net sales increased 28.9% in Q2 2025 to SEK 8.3 million and 29.7% in H1 2025 to SEK 20.6 million year-over-year, driven by strong growth in Sweden and new international orders.

• ColdZyme outpaced the Swedish cold remedy market, growing 23.8% in H1 2025 versus 7.1% for the market overall.

• CEO and CFO announced departures; CEO to be proposed as a board member.

• Strategic partnerships established with UK sports organizations, expanding ColdZyme's reach among elite athletes.

Financial highlights

• Q2 2025 net sales: SEK 8.3 million (Q2 2024: SEK 6.4 million); H1 2025 net sales: SEK 20.6 million (H1 2024: SEK 15.8 million).

• Q2 2025 operating loss: SEK -14.9 million (Q2 2024: SEK -13.5 million); H1 2025 operating loss: SEK -32.9 million (H1 2024: SEK -31.9 million).

• Q2 2025 EPS: SEK -0.06 (Q2 2024: SEK -0.08); H1 2025 EPS: SEK -0.13 (H1 2024: SEK -0.19).

• Gross margin declined to 53% in Q2 2025 (Q2 2024: 60%) and 63% in H1 2025 (H1 2024: 65%).

• Cash flow from operating activities: SEK -21.3 million in Q2 2025 and SEK -29.9 million in H1 2025.

Outlook and guidance

• Growth in Sweden expected to remain sustainable mid- to long-term, supported by strong clinical evidence and marketing.

• Board extended EBIT target of at least SEK 170 million to end of 2027; new net sales target to be announced.

• Ongoing efforts to secure commercial partners in the EU, China, Japan, and North America.