Photocat (PCAT) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased by 37.8% year-over-year to DKK 8.72 million, with Q2 revenue stable at DKK 3.15 million compared to Q2 2025.

• Gross profit for H1 2026 rose to DKK 4.78 million, up from DKK 3.15 million in H1 2025, with a gross margin of 48.7%.

• EBITDA for H1 2026 reached DKK 2.05 million, a significant increase from DKK 526 thousand in H1 2025.

• Net profit for H1 2026 was DKK 858 thousand, reversing a loss of DKK 598 thousand in H1 2025.

• Strategic wins included a public tender in Madrid, expansion of dust control distribution, and the first dual de-icing order for the aviation sector.

Financial highlights

• Q2 2026 revenue: DKK 3.15 million (flat year-over-year); H1 2026 revenue: DKK 8.72 million (+37.8% YoY).

• H1 2026 gross profit: DKK 4.78 million; gross margin: 48.7%.

• H1 2026 EBITDA: DKK 2.05 million; Q2 2026 EBITDA: DKK 141 thousand.

• H1 2026 net profit: DKK 858 thousand; Q2 2026 net loss: DKK 515 thousand (reflecting seasonality and depreciation).

• Cash at hand at end of H1 2026: DKK 102 thousand.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at DKK 13.0–15.0 million; EBITDA guidance at DKK 0.5–1.5 million.

• Tender pipeline includes airport de-icing proposals in Poland with potential contract value exceeding EUR 4.0 million for late 2026–2028.

• Market for photocatalyst products forecasted to grow at a CAGR of approximately 12.5% over the next five years.