Guldbrev (GULD) Q2 2026 earnings summary

Executive summary

• Revenue grew 25% year-over-year in Q2 2026 to 121.1 MSEK, driven by customer growth across all core markets, though offset by lower gold volume per customer.

• EBITDA decreased 12% to 22.4 MSEK in Q2, with operating margin at 17.0% due to higher marketing investments and a tougher macro environment.

• For H1 2026, revenue rose 53% to 275.5 MSEK, EBITDA increased 42% to 65.5 MSEK, and net income per share was 2.36 SEK.

• Germany became the third largest market, doubling revenue quarter-over-quarter despite a declining gold price.

Financial highlights

• Q2 2026 revenue: 121.1 MSEK (up 25% YoY); H1 2026 revenue: 275.5 MSEK (up 53% YoY).

• Q2 EBITDA: 22.4 MSEK (down 12% YoY); H1 EBITDA: 65.5 MSEK (up 42% YoY).

• Q2 operating income: 20.6 MSEK (down from 23.5 MSEK YoY); H1 operating income: 61.8 MSEK (up from 44.2 MSEK YoY).

• Q2 net income: 16.5 MSEK; H1 net income: 49.6 MSEK.

• Cash flow from operations in Q2: 28.3 MSEK; H1: 43.3 MSEK.

Outlook and guidance

• Strong position in core markets and significant growth potential in new markets, with expectations for continued profitable growth in H2 2026.

• Marketing investments are expected to continue, with a focus on market position and customer volume over short-term margin expansion.