BICO Group AB Class B (CLLKF) Q2 2026 Earnings Report

The call combined meaningful operational and financial improvements (strong product launches, a large long-term license/supply agreement, substantial gross margin expansion, improved adjusted EBITDA margin, reductions in operating expenses and a stronger balance sheet) with persistent operational and market headwinds (project execution issues in the U.S. project business, negative operating cash flow driven by working capital movements, soft North American/academic end markets and longer sales cycles for large automation projects). Progress on commercialization and profitability is clear, but execution risk in project-based automation and short-term cash-flow/working-capital pressure leave mixed near-term visibility.

The company did not provide formal forward-looking financial guidance, but offered directional expectations and several specific metrics: Q2 sales were SEK 336m (organic growth +7% in local currencies, total growth +4%), adjusted EBITDA SEK 20m (adjusted EBITDA margin 6%, a +21 percentage-point improvement), EBITDA SEK 60m, gross margin 59% (vs 44% a year ago), consumables +10%, and operating cash flow was negative SEK 53m (driven by a net working capital change of -SEK 54m: receivables +SEK 15m, inventories +SEK 6m, payables -SEK 33m). Balance-sheet and cash metrics included cash reserves SEK 628m (SEK 57m restricted) and net cash SEK 207m (improved from net debt of -SEK 877m previously). Management expects working capital to normalize toward an industry standard of ~20% of sales over time, anticipates annualized savings of NOK 30m from the Lyon→Berlin consolidation (effects starting H2), and disclosed a Scienion deal with ~EUR 50m contracted over 10 years plus a license of EUR 10.6m to be recognized as revenue in Q3 (cash invoiced annually).