Gyldendal (GYLD) H1 2026 earnings summary

Executive summary

• EBIT before special items rose to 34.4m DKK in H1 2026 from 6.4m DKK in H1 2025, driven by higher publishing revenue, acquisitions, and cost control.

• Revenue increased to 413.2m DKK in H1 2026 from 355.7m DKK in H1 2025, with strong growth in physical book sales and positive contributions from acquired companies.

• Acquisition of Swedish publishing group Tukan completed in May 2026, strengthening market position and expected to contribute positively to future earnings.

• Net profit for H1 2026 was 19.9m DKK, up from 4.0m DKK in H1 2025.

Financial highlights

• EBITDA before special items reached 58.1m DKK in H1 2026, up from 41.8m DKK in H1 2025.

• EBIT margin before special items improved to 8.3% from 1.8% year-over-year.

• Net financial expenses increased to 3.6m DKK in H1 2026 due to new bank debt for acquisitions.

• Investments in intangible and tangible assets totaled 35.3m DKK in H1 2026.

• Cash flow from operations was -18.7m DKK, impacted by working capital changes and acquisition activity.

Outlook and guidance

• Full-year 2026 revenue expected at 890–950m DKK (799m DKK in 2025).

• EBIT margin guidance for 2026 is 8–9% (7.7% in 2025).

• Leverage ratio expected to improve by year-end as Tukan's earnings contribute.