Obducat (OBDU) Q2 2026 earnings summary

Executive summary

• Achieved a marginally positive operating result in Q2 2026, with revenues up 84% year-over-year and a gross margin of 57%.

• Secured a major three-year Foundry Services contract worth at least 115 MSEK with a European photonics customer, primarily serving the defense sector.

• Completed a directed share issue raising 40 MSEK, strengthening liquidity and supporting delivery on a robust order backlog.

• Order intake for the first half of 2026 reached 137 MSEK, surpassing the communicated 12-month rolling target of 100 MSEK, supporting the growth agenda.

Financial highlights

• Q2 2026 revenues: 28.3 MSEK (up from 15.4 MSEK in Q2 2025); H1 2026 revenues: 41.3 MSEK (up from 22.1 MSEK).

• Gross margin in Q2: 57% (53% in Q2 2025); H1 gross margin: 61% (55% in H1 2025).

• Q2 operating result: 0.1 MSEK (improved from -4.4 MSEK); H1 operating result: -6.5 MSEK (improved from -13.8 MSEK).

• Q2 result before tax: 2.2 MSEK (from -6.9 MSEK); H1 result before tax: -8.3 MSEK (from -20.3 MSEK).

• Q2 cash flow: 24.8 MSEK (from -1.2 MSEK); H1 cash flow: 30.0 MSEK (from -1.4 MSEK).

Outlook and guidance

• Targeting annual revenue and order intake above 100 MSEK on a rolling 12-month basis.

• Aiming for a minimum annual revenue growth rate (CAGR) of 15% between 2026 and 2028.

• Focus remains on converting strong order intake into deliveries, revenues, and improved cash flow.