BICO Group AB (publ)

Q2 sales were SEK 336 million, up 7% organically in local currencies and up 4% total, with consumables growing 10%. Gross profit margin improved to 59% from 44% in Q2 last year, and adjusted EBITDA was SEK 20 million versus an adjusted EBITDA margin of 6%; EBITDA was SEK 60 million. Cash flow from operating activities was negative SEK 53 million, and cash reserves at period end were SEK 628 million, including SEK 57 million restricted. Management also cited a restructuring provision of SEK 4.5 million related to the U.S.-based project business, operating expenses down 7% year over year, and net working capital at 10% of last 12-month sales. For guidance, the company said the SEK 30 million annualized savings from the Lyon-to-Berlin restructuring remain fully achievable, with effects starting in the second half, but it did not provide formal full-year or next-quarter revenue/EPS guidance.

Maria Forss framed the quarter as part of a broader transformation, saying the company has made progress on commercialization, consolidation and professionalization and is now entering a new phase with more emphasis on customer engagement and profitable growth. She described her transition to senior adviser as a smooth handover and expressed confidence that Anders Fogelberg knows the business, customers and strategy well. Her tone was constructive and confident, with emphasis on continuity rather than disruption.

Ewa Linsater focused on the financial improvement in the quarter, highlighting the move in gross margin to 59% from 44% last year and the 21 percentage-point improvement in adjusted EBITDA margin to 6%. She said operating expenses fell 7% year over year and cash flow from operations was negative SEK 53 million, driven by a SEK 54 million negative working-capital change from lower payables, higher receivables and inventory. She also noted cash of SEK 628 million at quarter-end, with SEK 57 million restricted, and said net working capital was 10% of sales, versus a long-term expectation closer to 20%.

Analysts pressed management on the Scienion license/supply deal, including the revenue timing and cash flow profile; management said EUR 10.6 million of the license will be recognized in Q3 at a point in time under IFRS, while cash will be invoiced annually over time. They also asked whether the U.S. legacy project headwinds and academic softness would persist; management said some projects have been completed and more will be completed in 2026, but the business remains lumpy and they are reassessing how to position it for sustainable profitable growth. On the CEO transition, management emphasized there was “no drama” and that Anders’ priorities are commercial execution, operational efficiency and profitable growth.