Analyst Group Comments on Nosa Plugs Q2 Report
Nosa Plugs AB (”Nosa Plugs” or ”the Company”) published its interim report for the second quarter of 2026 on August 21, 2026.
The following are some points we have chosen to highlight in connection with the report:
- Net sales growth of 81%, driven by the acquisition as well as organic growth
- Continued accelerating B2B growth, amounting to 26% during the quarter
- Continued high pace of Nozoil launches on new markets
- Gross margin strengthened to 64.5%, the second consecutive quarter of sequential improvement
- Cost base affected by one off costs, with strong underlying cost control
In summary, Analyst Group assesses that Nosa Plugs has delivered a quarter in which the underlying development remains good, even though sales came in below our estimates. The B2B segment continues to accelerate against a tough comparison quarter, the gross margin strengthened for the second consecutive quarter and the underlying cost base was lower than we anticipated, which taken together shows that the operating leverage in the business is gradually materializing as revenue grows. The deviation against our estimate is primarily attributable to weaker sales of Nozoil during the summer months, which we assess to be of a seasonal nature rather than an expression of weakened underlying demand, given the high pace of launches on new markets during the quarter. With easier comparison figures within B2B, a communicated strong order book as well as the launch with Kruidvat in Benelux during September, we expect growth to be able to accelerate during H2-26, which constitutes the single most important factor for reaching both the Company’s financial targets and a positive EBITDA for the full year. At the same time, uncertainty remains regarding the pace at which the new distribution agreements translate into actual sales to end customers, meaning that we view H2-26 as decisive in confirming the growth trajectory underlying our forecasts.
Read Analyst Group’s comment on the report here (ENG & SWE)
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This is a press release from Analyst Group regarding the publication of a comment on Nosa Plugs. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.