Pricer AB (publ)

Net sales increased 8.5% year over year, or 9.9% excluding currency effects. Order intake grew 13% to SEK 568 million. Gross margin was 28.1% versus 19% in Q2 last year. Adjusted EBIT was SEK 34.5 million, equal to a 7.1% margin, compared with -2.8% in Q2 last year. On cash, the company had SEK 336 million in cash, net cash of SEK 36 million, and an unused revolving credit facility of SEK 150 million. Management also said inventory increased by more than SEK 100 million in the first half and should come down during the rest of the year. Forward-looking commentary was qualitative rather than formal guidance: management expects the SEK 9 million one-off cost to save SEK 17 million per year starting July 1, expects gross margin to remain significantly above last year, expects inventory to decline through the rest of the year, does not expect Avenue volumes this year, and is carefully optimistic about Avenue in 2027.

Magnus Larsson framed Q2 as a quarter of both commercial and strategic progress, saying it was the first quarter since 2024 with growth in both net sales and order intake. He highlighted stronger traction in Canada, the U.S., Scandinavia, and the Pacifics, plus early success for Avenue and the company’s AI platform. His tone was upbeat and confident, but he also noted that new technology adoption takes time and that Avenue is unlikely to scale meaningfully this year.

Claes Wenthzel emphasized the financial drivers behind the quarter: sales up 8.5% year over year, gross margin expansion, and adjusted EBIT of SEK 34.5 million with a 7.1% margin. He said the margin improvement came from lower production cost, customer and product mix, Plaza sales, and better logistics planning, including shipping more by boat than by plane. He also pointed to SEK 336 million in cash, net cash of SEK 36 million, an unused SEK 150 million revolving credit line, and a SEK 9 million one-off cost tied to organizational changes that should yield SEK 17 million in annual savings starting July 1.

Analysts pressed on whether the gross margin improvement was broad-based or driven by certain geographies, and management said North America contributes more than Europe because competition and price pressure are lower there, while direct sales in the Nordics has also helped margins. Questions on Sobeys clarified that the order intake contribution had materialized and deployments began in May, with deliveries planned over six quarters but potentially accelerated. On Avenue and Plaza, management said Avenue should be margin-accretive and aimed at high-impact zones, while Plaza is subscription-based and still has room for upselling within an installed base of 7,000 stores.