Midsona (MSON) Q2 2026 earnings summary

Executive summary

• Q2 net sales were SEK 870 million, up 0.5% year-over-year, with organic sales down 1.2% due to contract manufacturing declines and the prior year Spanish factory fire, while own consumer brands grew 2.3%.

• Gross margin improved by 1.2 percentage points, driven by a favorable sales mix and efficiency gains, despite ongoing negative impacts from the Spanish fire.

• EBIT increased to SEK 20 million (Q2 2025: SEK 4 million), with EBIT margin up to 2.3%.

• Cash flow from operations strengthened to SEK 22 million, supported by insurance settlements and despite inventory impacts from the Risenta acquisition.

• Cost-saving initiatives and higher marketing investments supported profitability, with the Risenta acquisition finalized and integration ongoing.

Financial highlights

• H1 EBIT improved to SEK 65 million (margin 3.7%), with rolling 12-month EBIT at SEK 157 million and margin up to 4.4%.

• Q2 gross margin was 29.3% (up from 28.1%), and H1 gross margin was 29.3% (up from 28.3%).

• Net result for Q2 was SEK 12 million, including SEK 4 million in fire-related costs.

• Cash flow from operating activities in Q2 was SEK 22 million, up from SEK 5 million.

• Available cash at quarter-end was SEK 745 million, representing 21% of last 12 months' sales.

Outlook and guidance

• Continued focus on accelerating profitable growth through investments in priority brands, innovation, and refining the Spanish business model.

• Marketing spend expected to remain at or slightly below Q2 levels for H2.

• Risenta integration expected to bring some one-off costs in H2 but contribute positively to EBIT and margins.

• Contract manufacturing declines expected to phase out after Q3 as fire impacts subside; further pruning largely complete.

• Long-term targets: organic growth in own consumer brands >5%, EBIT margin >8%, net debt/adj. EBITDA <2.5x; current outcomes below targets except for leverage.