Thinc (THINC) Q1 2026 earnings summary

Executive summary

• Revenue grew by 2.2% year-over-year to 81,723 tkr, with agency income up 7.7% to 21,265 tkr, and gross margin rising to 26.0% from 24.9%.

• Adjusted EBITDA (excluding BANG Agency) was stable at 1,939 tkr (1,941 tkr), with a margin of 2.4%.

• Reported EBITDA declined to 1,643 tkr (2,381 tkr), and net result after tax was -281 tkr (607 tkr).

• Cash flow from operations improved significantly to 5,045 tkr (738 tkr).

• The group remains focused on profitability, operational efficiency, and scalable business models.

Financial highlights

• Gross profit increased by 7.7% year-over-year, with gross margin at 26.0%.

• EBITDA margin decreased to 2.0% from 3.0% year-over-year.

• Net result per share after tax was -0.02 kr (0.04 kr).

• Equity at period end was 51,358 tkr (49,180 tkr), with a solid equity ratio of 32.2%.

• Liquidity decreased to 4,970 tkr (10,344 tkr), while net debt increased to 19,021 tkr (13,428 tkr).

Outlook and guidance

• The company expects improved performance in the coming quarters, supported by a stronger structure and focus on efficiency.

• Long-term financial targets remain: >10% organic agency income growth, >7% EBITDA margin, max 2.5x net debt/EBITDA, and at least 30% of net profit distributed as dividends.