STENOCARE (STENO) Q2 2026 earnings summary

Executive summary

• Net sales in Q2 2026 reached 3,997 kDKK, up 133% year-over-year and 33% sequentially from Q1 2026, driven by strong Danish market performance.

• EBITDA was positive at 56 kDKK, marking the fifth consecutive quarter of positive EBITDA.

• The legal merger with CannGros ApS was completed, with full operational integration and no additional costs.

• Cash flow from operating activities was positive at 1,559 kDKK, with a cash position of 1,735 kDKK at quarter-end.

• Progress continued in France toward a permanent national medical cannabis program, positioning the company for future market entry.

Financial highlights

• Net sales for Q2 2026: 3,997 kDKK (Q2 2025: 1,719 kDKK); H1 2026: 7,000 kDKK (H1 2025: 2,500 kDKK).

• EBITDA for Q2 2026: 56 kDKK (Q2 2025: 19 kDKK); H1 2026: 117 kDKK.

• Net result for Q2 2026: -423 kDKK (Q2 2025: -146 kDKK); H1 2026: -882 kDKK.

• Shareholders’ equity at June 30, 2026: 8,591 kDKK (June 30, 2025: 2,287 kDKK).

• Cash at bank at quarter-end: 1,735 kDKK (Q2 2025: 4,870 kDKK).

Outlook and guidance

• Continued focus on growth in established markets and readiness for new regulated medical cannabis markets, especially France.

• Regulatory developments in France are expected to open significant opportunities for future sales.