Equity research Zinzino Q2 2026: First impression – ZZ tops estimates, maintains outlook

Zinzino published its Q2 2026 interim report today. Below is our initial analysis of the results, including deviations from our updated estimates.

Already at the beginning of July, Zinzino disclosed preliminary sales figures for Q2 of 2026. The reported sales growth of 18 per cent was in line with the preannouncement. The main regional drivers of absolute sales were Central Europe and North America. The company reiterates its forecast of at least 20 per cent growth for 2026. Organic growth for the quarter is not disclosed, but we deduce that it was somewhat above our expectations, while acquisitions contributed less than we had forecast.

An unexpectedly high margin well above company targets drove a significant 32 per cent EBITDA beat versus our estimates. It demonstrates improved operating leverage despite slower growth compared to recent quarters.  The report attributes the improved gross margin to three familiar principal factors: lower raw material costs linked to the depreciation of the USD, a favourable geographical mix, and normalised distributor remuneration during the quarter. The higher EBITDA margin was additionally supported by scale benefits and gradually realised synergies from ItWorks.

Our revenue estimates are unlikely to change materially following the report. However, we have arguably been conservative on profitability and will most likely raise our earnings estimates, especially for H2 2026. We expect a clear positive share reaction to the report, driven by very solid margins and a maintained outlook despite a slight slowdown in growth compared with previous quarters.

• Total revenues increased by 18% in Q2 2026 to SEK 937m, which aligns with the preliminary sales figures already disclosed in July.
• Gross profit grew by 42% to SEK 351m, compared to our forecast of SEK 330m. Year over year, the gross margin increased by 6.3 percentage points to 37.5%, topping our arguably somewhat conservative estimate.
• The EBITDA result improved to SEK 153m (80), corresponding to a close to a record margin of 16.3%. Our estimate was SEK 116m, corresponding to a 12.4% margin. The deviation was due to the significantly improved gross margin, and a more contained OPEX increase compared to our expectations

Reminder: Today Tuesday, August 25, at 12.30 p.m., Carlsquare will interview Zinzino’s CEO Dag Bergheim Pettersen about the company’s Q2, 2026 report and related topics. The interview will be held in English.

To follow the live broadcast at Investor Studios, see the link below.  Viewers will have the opportunity to ask their questions via the live chat during the broadcast.

https://youtube.com/live/8c07ivtdbAg?feature=share

We intend to provide a research update on Zinzino shortly. Read the latest research update here.

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