Selvita S.A. (SLV) Q2 2026 earnings summary

Executive summary

• Revenues from sales in H1 2026 were PLN 158.1 million, down 14% year-over-year, mainly due to a sharp decline in biotech client demand and price competition from Asian providers.

• Net loss for H1 2026 was PLN 8.5 million, compared to a net loss of PLN 5.6 million in H1 2025, reflecting lower operating profitability.

• EBITDA (excluding incentive scheme) was PLN 23.9 million, down 23% year-over-year, mainly due to weaker Drug Discovery performance.

• The Group maintained liquidity and fulfilled obligations, with cash at PLN 16.6 million as of June 30, 2026.

Financial highlights

• Total assets at June 30, 2026: PLN 582.8 million, down from PLN 597.8 million at December 31, 2025.

• Equity decreased to PLN 315.5 million, mainly due to the net loss.

• Current ratio declined to 1.03 from 1.17 at year-end 2025; quick ratio at 0.96.

• Net cash flows from operating activities were PLN 2.2 million, a significant drop from PLN 22.3 million in H1 2025.

• No dividends declared or paid in the period.

Outlook and guidance

• Backlog as of September 15, 2026 was PLN 305.7 million, down 8.5% year-over-year, with Drug Discovery backlog down 23% and Drug Development backlog up 23%.

• Management expects continued pressure on Drug Discovery due to selective funding and competition, but cost optimization measures are expected to yield further savings.

• Key factors for future results include sales dynamics, biotech funding access, resource utilization, pricing pressure, and currency fluctuations.