Trainimal (TRML) Q2 25/26 earnings summary

Executive summary

• Achieved strong growth in Q2 2025/2026 with net sales up 27.3% year-over-year and 26.6% sequentially, driven by both subscriptions and supplements.

• EBITDA, cash flow, and net profit all positive and increasing, reflecting improved operational efficiency.

• Expanded medical weight loss offering through partnership with Wellgo AB, and broadened collaboration to include hormone health.

Financial highlights

• Q2 net sales: 3,379 TSEK (2,654 TSEK prior year); H1 net sales: 6,049 TSEK (5,283 TSEK prior year).

• Q2 operating income: 355 TSEK (-40 TSEK prior year); Q2 EBITDA: 1,006 TSEK (574 TSEK prior year).

• Q2 net profit before tax: 278 TSEK (-41 TSEK prior year); EPS: 0.12 SEK (-0.02 SEK prior year).

• Cash flow from operations in Q2: 849 TSEK (456 TSEK prior year); liquidity at period end: 1,766 TSEK (850 TSEK prior year).

• Gross margin on subscriptions: 74.3% (72.7% prior year); ARPU: 279 SEK (222 SEK prior year).

Outlook and guidance

• Management expects the positive trend in sales and profitability to continue, supported by new medical and hormone health offerings.

• Anticipates further growth as tablet-based weight loss medications become widely available.