Enzymatica (ENZY) Q3 2025 earnings summary

Executive summary

• Net sales for January–September 2025 increased 25.2% year-over-year to SEK 35.6 million, with Q3 sales up 19.4% to SEK 15.0 million compared to Q3 2024.

• Operating loss for the nine-month period was SEK -41.1 million, compared to SEK -38.3 million last year; Q3 operating loss was SEK -8.2 million.

• ColdZyme sales in Sweden grew 25.9% in Q3 and 27.1% for the nine-month period, outpacing the overall market.

• New CEO Sana Alajmovic appointed, effective by January 2026; Claus Egstrand transitions to Board member.

Financial highlights

• Gross margin for January–September was 62%, down from 68% year-over-year, impacted by higher manufacturing costs.

• Earnings per share for January–September were SEK -0.17, an improvement from SEK -0.23 last year.

• Cash flow from operating activities for the period was SEK -41.4 million, similar to SEK -40.0 million last year.

• Net cash at period end was SEK 31.8 million, compared to net debt of SEK -1.7 million a year ago.

• Available funds at period end totaled SEK 34.8 million.

Outlook and guidance

• Financial targets remain: EBIT of at least SEK 170 million by end of 2027.

• Focus remains on strengthening position in Sweden and expanding internationally through partnerships.

• New net sales target to be communicated later.