STENOCARE (STENO) Q2 2025 earnings summary

Executive summary

• Achieved break-even in Q2 2025 with positive EBITDA of 19 kDKK, reflecting the impact of the STENOCARE 3.0 strategy and cost reductions.

• Net sales increased by 131% year-over-year to 1,719 kDKK in Q2 2025, driven by strong demand and new product launches.

• Exited cultivation activities in January 2025, focusing on sales and distribution of medical cannabis products.

• Secured reimbursement approval for ASTRUM 10-10 in Germany, expanding access to approximately 14 million insured individuals.

• Danish Parliament passed legislation to make the medical cannabis program permanent, effective January 2026.

Financial highlights

• Q2 2025 net sales: 1,719 kDKK, up from 745 kDKK in Q2 2024 (131% increase).

• EBITDA for Q2 2025: 19 kDKK, compared to -2,749 kDKK in Q2 2024.

• Personnel expenses reduced by 67% to 558 kDKK; other external expenses down 37% to 1,142 kDKK.

• Cash position at end of Q2 2025: 4,870 kDKK, up from 154 kDKK a year earlier.

• Shareholders' equity at 2,287 kDKK, reflecting a share issue in January 2025.

Outlook and guidance

• Continued focus on cost discipline and market investments to drive sales growth in H2 2025.

• Positioned to benefit from regulatory stability in Denmark and expanded reimbursement in Germany.

• Anticipates further growth as new products gain traction and market access improves.