Vetted Assets (VETT) Q2 2026 earnings summary

Executive summary

• Achieved 99% year-over-year net sales growth in Q2 2026 to 76.6 Mkr, driven by the Andy okay acquisition and 48% organic growth in existing portfolio companies.

• Adjusted EBITDA surged nearly 1000% to 3.0 Mkr in Q2 2026, reflecting operational improvements and excluding significant one-time costs.

• Andy okay, the largest holding, grew sales by 80% in Q2 and 181% in July 2026 compared to July 2025.

• The group completed its first acquisition and strengthened its capital structure, with a second acquisition agreed post-period.

Financial highlights

• Q2 2026 net sales: 76.6 Mkr (38.5 Mkr Q2 2025); H1 2026 net sales: 101.5 Mkr (72.2 Mkr H1 2025).

• Q2 2026 adjusted EBITDA: 3.0 Mkr (0.3 Mkr Q2 2025); Q2 EBITDA: 0.9 Mkr (0.1 Mkr Q2 2025).

• Q2 2026 EBITA: 0.8 Mkr (-0.1 Mkr Q2 2025); Q2 EBIT: -8.2 Mkr (-6.1 Mkr Q2 2025).

• Q2 2026 net result: -8.7 Mkr (-7.0 Mkr Q2 2025); H1 2026 net result: -20.4 Mkr (-5.3 Mkr H1 2025).

• Q2 2026 gross margin: 60.8% (47.4% Q2 2025); Q2 adjusted EBITDA margin: 4.0% (0.8% Q2 2025).

Outlook and guidance

• 2030 targets: net sales of 1.2–1.4 billion SEK, adjusted EBITDA margin of 7–10%, net debt/EBITDA ≤2.5x.

• Andy okay targets: net sales of 500–750 Mkr and EBITDA margin of 10–20% within 5–7 years.

• Continued focus on DTC acquisitions with proven profitability and international scalability.