BICO Group AB

Latest Results (02.09.2026):

BICO Group AB – Q2 2026: The group reported net sales of SEK 336.1m in Q2 2026 (324.2), up 3.7% year‑on‑year and 7.3% organically, with a clear improvement in profitability: EBITDA turned positive at SEK 15.6m (−52.5) and adjusted EBITDA reached SEK 20.1m (−49.7) giving a 6.0% adjusted EBITDA margin. Operating loss narrowed to SEK −41.6m (−105.4). Cash and liquidity remained strong (cash SEK 627.6m; net cash SEK 207.1m) despite operating cash flow of SEK −53.0m for the quarter. The quarter included restructuring costs, impairments tied to cancelled projects and continued strategic actions including financing changes and product/AI launches.

Sales and growth

Net sales for Q2 2026 were SEK 336.1m (324.2), +3.7% YoY (7.3% in local currency, organic). Bench‑top instruments and consumables were the main growth drivers while larger integrated lab‑automation project sales declined.

Profitability

EBITDA improved to SEK 15.6m (−52.5) in Q2, adjusted EBITDA SEK 20.1m (−49.7) with an adjusted EBITDA margin of 6.0% (−15.3). Operating loss narrowed to SEK −41.6m (−105.4), helped by higher gross margin (59.3% vs 43.9%) and tighter cost control.

Impairments and restructuring

The quarter included impairments and restructuring: Q2 impairments of capitalized development (SEK −10.8m) and tangible assets (SEK −0.5m), plus restructuring costs of SEK −4.5m related to the US integrated lab automation business and wider cost‑efficiency measures launched in Q1.

Cash flow and liquidity

Operating cash flow was SEK −53.0m for Q2 (−28.2). H1 operating cash flow was SEK −8.7m (48.4). Cash and cash equivalents at June 30 were SEK 627.6m (including restricted funds SEK 56.6m), and reported net cash was SEK 207.1m versus net debt the prior year.

Financing and capital structure

During the period the group issued a senior secured EUR 40m bond (floating EURIBOR + 5.90%) and earlier in March settled the outstanding SEK 1,008m convertible bonds in full. Interest and FX effects affected financial items in the quarter and H1.

Product, technology and commercial developments

Key product moves in Q2 2026 included the launch of G.PURE (DNA purification automation) and Confluency AI (AI‑based confluency measurement integrated into Rebel/Revolve microscopes). After period end, BICO/Scienion signed long‑term supply & license agreements with ~EUR 50m contracted value over ten years.

Balance sheet and investments

H1 capex was modest: investments in intangible assets SEK −6.6m and tangible assets SEK −5.1m. Total assets were SEK 2.83bn at June 30, with equity SEK 1.57bn.

Outlook and leadership

No formal forecast was provided. Management highlights gradual market recovery, continued focus on commercial/operational excellence and AI opportunities. A CEO transition was announced: Anders Fogelberg to become President and CEO effective Sept 1, 2026 (current CEO Maria Forss to support handover through Nov 30, 2026).