ORTELIUS International AB (publ) today published its interim report for January–June 2026. The period was characterised by lower sales as a result of terminated and delayed customer projects. At the same time, the company implemented substantial cost reductions and strengthened its balance sheet through debt restructurings and debt-to-equity conversions. ORTELIUS believes that additional external financing will be required to support the business and the company's continued development.
Financial summary January–June 2026
• Net sales amounted to MSEK 26.4 (28.1)
• EBITDA amounted to MSEK -12.2 (-0.7)
• Operating profit (EBIT) amounted to MSEK -19.9 (-4.8)
• Profit after tax amounted to MSEK -24.5 (-5.5)
• Earnings per share amounted to SEK -0.3 (-14.5)
Financial summary April–June 2026
• Net sales amounted to MSEK 10.7 (13.0)
• EBITDA amounted to MSEK -6.8 (-1.5)
• Operating profit (EBIT) amounted to MSEK -10.7 (-3.5)
• Profit after tax amounted to MSEK -14.0 (-3.6)
• Earnings per share amounted to SEK -0.2 (-9.3)
Significant events during and after the period
• Several projects ended earlier than expected, while a number of planned project starts were delayed, negatively affecting revenue and utilisation during the quarter.
• The organisation was adapted to current market conditions and the number of employees was reduced from 48 to 34 during the second quarter of 2026.
• Several cost-efficiency initiatives were implemented, including the outsourcing of HR and finance functions. Marketing and investor relations activities were integrated into the broader organisation as part of efforts to reduce overhead costs and create a more efficient operation.
• Approximately MSEK 52 of the company's debt was converted into equity, while several debt restructuring initiatives were completed to reduce indebtedness, extend maturities and improve financial flexibility.
• During the third quarter, a financing arrangement of up to MSEK 20.8 was established with Loft Capital. The first tranche has been utilised and provided net proceeds of approximately MSEK 2.8 after fees and transaction costs.
• At the Annual General Meeting on July 31, 2026, Peter Thörn was elected Chairman of the Board and Danne Persson was elected as a new board member. Magnus Pårup continues as a board member.
Comment from the CFO and Interim CEO
"The second quarter was a challenging quarter for ORTELIUS. The result is not acceptable and was impacted by several unforeseen events, including projects that ended earlier than expected, delayed project starts and weaker sales development than planned. At the same time, we have taken several necessary decisions during the period to adapt the business to current market conditions and create the conditions for long-term profitability," said Herman Weberg, CFO and Interim CEO.
"During the second quarter, we implemented significant cost reductions, reduced debt through debt-to-equity conversions and strengthened our financial flexibility. Today we have a more focused organisation and a stronger balance sheet than at the beginning of the year. At the same time, it is important to be clear that the company continues to have a significant need for additional external financing. The financing arrangement with Loft Capital is an important tool, but not a complete solution to our financing needs. The Board and management are actively evaluating several financing alternatives to secure funding for the business."
"What gives me strong confidence in the future is that ORTELIUS operates in exactly the right market at the right time, with a highly attractive long-term business opportunity. Demand for Data Readiness, information governance and Enterprise AI continues to grow as organisations increase investments in AI and digital transformation. The challenge ahead is not the market itself, but converting that market potential into increased sales and profitable growth."
Outlook
ORTELIUS believes that the extensive cost adjustments implemented during the first half of the year will gradually contribute to improved profitability and cash flow during the coming quarters. The focus is now on securing external financing, increasing sales, improving profitability and returning to growth.
The company operates in a market supported by strong structural growth drivers, where investments in AI, information management and digital transformation continue to increase. Management sees significant opportunities to strengthen the company's commercial position and increase sales in the coming years.
Interim Report
The full interim report for January–June 2026 is available at:
investors.ortelius.com/financial-reports