Midsummer (MIDS) Q2 2026 earnings summary

Executive summary

• Revenue nearly doubled year-over-year for H1 2026, reaching 135.9 MSEK, with Q2 revenue at 81.1 MSEK, driven by strong demand for production equipment and solar panels.

• EBITDA for H1 2026 was 29.4 MSEK, a significant turnaround from negative EBITDA in H1 2025.

• The company secured its largest-ever order (236 MSEK) for DUO production lines and expanded international partnerships, notably in Colombia, Thailand, and Bangladesh.

• A fully guaranteed rights issue of 175 MSEK was completed to support working capital and production expansion.

Financial highlights

• H1 2026 revenue: 135.9 MSEK (68.1 MSEK in H1 2025); Q2 2026 revenue: 81.1 MSEK (62.7 MSEK in Q2 2025).

• H1 2026 EBITDA: 29.4 MSEK (–18.6 MSEK in H1 2025); Q2 2026 EBITDA: 10.0 MSEK (0.9 MSEK in Q2 2025).

• H1 2026 operating income: 11.0 MSEK (–40.5 MSEK in H1 2025); Q2 2026 operating income: 1.7 MSEK (–9.2 MSEK in Q2 2025).

• Net result for H1 2026: –2.2 MSEK (–64.5 MSEK in H1 2025); Q2 2026: 0.4 MSEK (–23.8 MSEK in Q2 2025).

• Cash flow for H1 2026: 96.6 MSEK (44.6 MSEK in H1 2025); Q2 2026: –23.6 MSEK (38.8 MSEK in Q2 2025).

• Equity ratio at period end: 59.1% (26.4% in H1 2025).

Outlook and guidance

• Continued strong demand for production equipment and solar panels, with focus on scaling up production in Italy and expanding in Colombia and North America.

• Strategic focus on lightweight, flexible solar panels for commercial and industrial roofs, targeting markets where conventional panels are unsuitable.

• Anticipated growth in distributed solar energy due to global electrification trends and regulatory support.