Trainimal (TRML) Q3 25/26 earnings summary

Executive summary

• Net sales for Q3 increased 19.8% year-over-year to 2,823 TSEK, with a 16.1% rise for the nine-month period to 8,872 TSEK.

• EBITDA for Q3 was 481 TSEK, nearly flat year-over-year, but up 77.3% for the nine-month period to 2,213 TSEK.

• Operating expenses declined 6.2% in Q3 and 12.4% for the nine-month period.

• One-time costs of approximately 160 TSEK impacted Q3 results due to a rebranding of supplement packaging.

• Expanded partnership with Wellgo AB to include medical weight loss and hormonal health services.

Financial highlights

• Q3 net sales: 2,823 TSEK (up from 2,357 TSEK); nine-month net sales: 8,872 TSEK (up from 7,640 TSEK).

• Q3 operating result: -122 TSEK (vs. -83 TSEK); nine-month operating result: 307 TSEK (vs. -552 TSEK).

• Q3 EBITDA: 481 TSEK (vs. 515 TSEK); nine-month EBITDA: 2,213 TSEK (vs. 1,248 TSEK).

• Q3 result before tax: -131 TSEK (vs. -96 TSEK); nine-month result before tax: 196 TSEK (vs. -576 TSEK).

• Cash flow from operations in Q3: 456 TSEK (vs. 434 TSEK); nine-month cash flow: 2,554 TSEK (vs. 1,341 TSEK).

• EPS for Q3: -0.06 SEK (vs. -0.04 SEK); nine-month EPS: 0.08 SEK (vs. -0.25 SEK).

Outlook and guidance

• Focus on AI support for coaches and app enhancements, including image-based calorie estimation.

• Pause in English-language market expansion due to resource constraints; UK market remains ready for relaunch.