Polygiene (POLYG) Q3 2026 earnings summary

Executive summary

• Difficult Q3: net sales fell 27.6% YoY to MSEK 26.3, with weak textile demand and higher silver costs weighing on profitability; no meaningful market improvement expected in Q4.

• Cost control, diversification, new market development and broader technology applications remain priorities for rebuilding profitable, sustainable growth.

Financial highlights

• Q3 net sales were MSEK 26.3 vs 36.4; gross profit was MSEK 16.8 vs 25.9, with currency contributing ~1%.

• EBITDA was MSEK -3.0 vs 2.9, EBIT MSEK -4.4 vs 1.5, and net loss MSEK 5.4 vs net income of MSEK 1.8.

• YTD net sales were MSEK 89.4 vs 109.8; EBITDA was MSEK 1.2 vs 4.8 and net loss was MSEK 6.1 vs MSEK 2.0.

• Q3 cash flow was MSEK -16.4 vs -1.2; quarter-end cash was MSEK 34.2 vs 45.3 a year earlier, with significant receipts after quarter-end supporting early Q4 cash development.

• Costs were significantly below last year, including lower administration and personnel costs.

Outlook and guidance

• No meaningful market improvement is expected in Q4; Addmaster sales are likely below last year as a major customer orders less after a large late-year purchase.

• The major customer relationship and application remain intact, with potential expansion into adjacent markets and geographies, but growth is slower than anticipated.

• Healthcare production has commenced, but volumes are slower than expected; annual sales are now expected below the ~MSEK 30 estimate shared in May 2025, particularly amid higher silver prices.

• Priorities include profitability, cash flow, cost control, resource use, technology breadth and development of new markets; workwear is progressing and StayCool is gaining applications in underwear and footwear.