Thinc (THINC) Q2 2026 earnings summary

Executive summary

• Net sales increased by 19% year-over-year in Q2 2026 to 84,059 tkr, driven by strong growth in Context Media and increased ownership in Safir Communication.

• Adjusted EBITDA for Q2 was 3,551 tkr (4.2% margin), down from 6,590 tkr (9.3%) last year, mainly due to a non-cash revaluation effect from the Safir acquisition.

• Net result after tax for Q2 was -6,890 tkr (-0.40 kr per share), compared to 4,675 tkr (0.27 kr per share) last year.

• Cash flow from operations improved to 3,172 tkr from -2,205 tkr in Q2 2025.

Financial highlights

• H1 2026 net sales rose 10% to 165,782 tkr; agency income up 12% to 48,134 tkr.

• H1 adjusted EBITDA was 5,195 tkr (3.1% margin), down from 8,971 tkr (6.0%) last year.

• Equity at June 30, 2026 was 43,258 tkr (28.3% equity ratio), down from 53,557 tkr (37.8%) a year earlier.

• Net debt increased to 21,812 tkr (2.4x adjusted EBITDA), within the target of max 2.5x.

• Cash and equivalents at period end were 7,187 tkr.

Outlook and guidance

• Focus remains on profitable growth, operational efficiency, and leveraging AI and martech investments.

• Nowa Kommunikation faces potential revenue loss of ~65 mkr/year from March 2027 due to new government contract ranking, but has requested a review due to procedural errors.

• The group expects improved results in H2 2026, especially for Nowa Kommunikation after operational measures.