Tourn International (TOURN) Q2 2026 earnings summary

Executive summary

• EBITDA improved by 33% year-over-year for Q2 2026 and by 60% for the first half, driven by cost reductions and stronger core business margins.

• Revenue for Q2 2026 was 11,590 TSEK, down 30.6% from Q2 2025, mainly due to the strategic exit from low-margin channels and deconsolidation of Tourn ASA.

• Cost base reduced by 27% year-over-year, supporting improved cash flow and profitability.

• AI agent integration continues to enhance operational efficiency and scalability across business segments.

Financial highlights

• Q2 2026 revenue: 11,590 TSEK (Q2 2025: 16,707 TSEK); H1 2026 revenue: 22,464 TSEK (H1 2025: 31,100 TSEK).

• Q2 2026 EBITDA: -693 TSEK (Q2 2025: -1,039 TSEK); Adjusted EBITDA: -406 TSEK.

• Q2 2026 net result: -2,168 TSEK; EPS: -0.22 SEK (Q2 2025: -0.25 SEK).

• Cash at period end: 2,734 TSEK; positive operating cash flow of 0.7 MSEK in Q2.

• Equity ratio: 29.4% (Q2 2025: 48.4%).

Outlook and guidance

• Management expects NAGATO to recover in H2 2026 after a temporary dip in Q2.

• AGENCY is preparing for expansion into more European markets, leveraging AI-driven scalability.

• Vertikal AI anticipates further growth with a strong pipeline and focus on enterprise clients.

• 2028 target: 500 MSEK in revenue and 10% profit margin.