Zinzino (ZZ) Q2 2026 earnings summary

Executive summary

• Achieved 18% sales growth (23% in local currencies) in Q2 2026 to SEK 936.8 million, with EBITDA nearly doubling and operating margin reaching almost 16%.

• Net profit for Q2 2026 was SEK 105.8 million, up from SEK 55.4 million in Q2 2025; H1 2026 net profit reached SEK 210.4 million.

• Growth has moderated from prior hyper-growth periods, with consolidation, internal improvements, and integration of acquisitions (ItWorks, Sanki) prioritized.

• Strong cash flow and margin improvements attributed to scale advantages, cost control, and lower raw material costs.

• Continued investment in digital platforms, AI-powered customer support, and product innovation.

Financial highlights

• Q2 2026 revenue: SEK 936.8 million (+18% YoY); H1 2026 revenue: SEK 1,858.9 million (+22% YoY), aligning with annual targets.

• Q2 2026 EBITDA: SEK 153.1 million (margin 16.3%); H1 2026 EBITDA: SEK 295.3 million (margin 15.9%).

• Q2 2026 gross profit: SEK 351.3 million (margin 37.5%); H1 2026 gross profit: SEK 692.8 million (margin 37.3%).

• SEK 800 million+ cash position reported; cash and cash equivalents at period end: SEK 842.0 million.

• Cash flow from operating activities in H1 2026: SEK 280.0 million.

Outlook and guidance

• Confident in achieving at least 20% annual growth for 2026, with high seasonality expected in the coming months.

• Average growth of 20% targeted over the next three years, with operating margin before depreciation above 11%.

• Margins expected to remain strong, with flexibility to adjust for growth investments.

• Strategic focus on organic growth, acquisitions, and digital transformation.

• Dividend policy: at least 50% of net earnings, subject to liquidity and equity ratio.