Acenta Group: Quarterly update Q2'26

Acenta reported net sales of SEK 5.5 million (1.5) in Q2’26, while gross profit improved to SEK 0.2 million (-0.9), corresponding to a gross margin of 3.6% (-60.0). EBITDA amounted to SEK -3.8 million (-2.8) and EBIT to SEK -4.0 million (-2.8). Operating cash flow improved to SEK -1.6 million (-5.3), partly supported by lower inventory levels, while cash and cash equivalents amounted to SEK 1.4 million at the end of the quarter. Commercially, Q2 was characterized by continued execution of existing partnerships, with deliveries under Padel 100 progressing, the NXPadel agreement expanded to Sri Lanka and the first Court Culture order of approximately SEK 2.6 million received. Meanwhile, the international commercial pipeline continued to develop and demand for service and aftermarket activities increased. Despite the improved cash flow, Acenta’s financial position remains strained, and the company is evaluating financing alternatives to support continued growth and a higher pace of deliveries. We consider an equity raise in the near term likely, implying potential dilution for existing shareholders. Given the strained financial position and uncertainty regarding the future financing structure, we have chosen not to include financial estimates in our analysis.