Synexo Group (SYNEXO) Q2 2026 earnings summary

Executive summary

• Live ARR reached SEK 10.13m in Q2 2026, up 158% year-over-year, with 86% organic growth and SEK 2.83m contributed by Deploi, which was acquired on 26 June.

• Signed ARR reached SEK 14.3m, representing a 41% year-over-year increase, with backlog expected to go live in the next twelve months.

• The Deploi acquisition expands the platform from BaaS to broader managed infrastructure, enabling cross-sell and further consolidation in the Nordic market.

• The Group achieved its first EBITDA-positive month in June, with subsidiary EBITDA at SEK 442k and adjusted Group EBITDA at SEK -188k after one-time costs.

• The rights issue was oversubscribed, raising SEK 6.49m before costs, and the Group ended the quarter with SEK 4.5m in cash and no interest-bearing debt.

Financial highlights

• Gross margin improved to 74% in Q2 2026, with June exiting at 78%, exceeding the BaaS target of >70%.

• Quarterly revenue growth closely tracks ARR growth; Q2 2026 ARR is 102% above LTM revenue.

• Statutory net sales were SEK 1.7m for Q2 and SEK 3.0m for H1 2026, compared to SEK 0.1m and SEK 0.2m in the prior year.

• Cash-EBITDA turned positive in June, with further expansion expected as ARR backlog converts.

• Stable cost base with minor quarterly fluctuations, reflecting listing costs and migration activities.

Outlook and guidance

• 2026 targets lifted post-Deploi: live ARR >SEK 15.5m and signed ARR >SEK 21.5m by Q4 2026.

• Gross margin expected to remain above 70%; Deploi currently at ~60%.

• Cash-EBITDA positive on a quarterly basis from Q3 2026 onward.

• SEK 4.1m in signed contracts not yet live secures 41% ARR growth before new sales.

• Profits to be reinvested in acquisitions or distributed to shareholders, maintaining a solid balance sheet.