Grangex (GRANGEX) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was 11,394 KSEK, down from 13,564 KSEK year-over-year; Q2 revenue was 6,757 KSEK, up slightly from 6,548 KSEK in Q2 2025.

• Operating loss (EBIT) for H1 2026 widened to -53,852 KSEK from -21,608 KSEK year-over-year; Q2 EBIT was -25,631 KSEK versus -5,552 KSEK in Q2 2025.

• Net result per share for H1 2026 was -10.98 SEK (1.69), and for Q2 -7.24 SEK (0.84).

• Strategic focus remained on securing project financing and preparing for a final investment decision (FID) for the Sydvaranger mine.

• Several key operational and supply agreements were secured, including mining, processing, and port services.

Financial highlights

• Cash and cash equivalents at period end were 53,068 KSEK, up from 44,298 KSEK year-over-year.

• Total assets increased to 1,105,503 KSEK from 995,933 KSEK year-over-year.

• Equity at period end was -237,686 KSEK, reflecting continued losses and negative equity.

• Significant unrealized currency loss of 5,721 KSEK due to SEK/USD and SEK/NOK fluctuations.

• Investments in H1 2026 totaled 45,182 KSEK, mainly for ESIA study and mine restart preparations.

Outlook and guidance

• FID for Sydvaranger targeted for Q3 2026, but timing depends on ongoing financing and investor decisions.

• Current working capital is insufficient for all planned activities over the next 12 months, creating material uncertainty about going concern.

• Management believes project financing for Sydvaranger can be secured in 2026, combining equity and debt.