Analyst Group

Analyst Group comments on Nosa Plugs’ Q1 report

Källa: MFN
Positiv

Sammanfattning

Analyst Group bedömer att Nosa Plugs levererade en rapport för Q1 2026 med fortsatt stark kommersiell tillväxt. Omsättningen ökade 94% (varav 27% organiskt) och bruttomarginalen stärktes till 63%. EBITDA-resultatet var dock något under förväntan.

Analys

Bolaget visar stark omsättningstillväxt, drivet av Odor Control och en snabb utrullning av Nozoil. Bruttomarginalen förbättrades och förväntas fortsätta stärkas. EBITDA-resultatet påverkades negativt av lägre försäljning än väntat, men kostnadskontrollen uppges vara god. Framtida mål om 15% EBITDA-marginal för helåret bedöms bero på fortsatt stark tillväxt. Ett nytt avtal i Frankrike ses som en viktig kommersiell milstolpe.

Nyckeltal

Omsättningstillväxt
+94%
Organisk tillväxt
+27%
Bruttomarginal
63%
EBITDA
-0.3 MSEK

Insikter

  • • Fokus på fortsatt stark tillväxt som nyckel för att nå helårets marginalmål.
  • • Avtalet med Phoenix OCP lyfts fram som en betydande värdedrivare.
  • • Produktionseffektiviseringar inom Nozoil förväntas stärka marginalerna framöver.

Nosa Plugs AB (”Nosa Plugs” or ”the Company”) published its interim report for the first quarter of 2026 on May 15, 2026.

Nosa Plugs AB (”Nosa Plugs” or ”the Company”) published its interim report for the first quarter of 2026 on May 15, 2026.

In summary, Analyst Group assesses that Nosa Plugs delivered a Q1-26 report demonstrating continued strong commercial momentum, with revenue growth of 94%, of which 27% was organic, supported by a recovery within Odor Control and a high pace of Nozoil rollout on new geographies. The gross margin strengthened to 63% compared to the preceding quarter and is expected to gradually strengthen further as production efficiencies within Nozoil are realized. The EBITDA result of -0.3 MSEK fell short of our estimate, with the deviation entirely attributable to the lower sales, while the cost base remained well-controlled and supports the path toward the Company’s target of a 15% EBITDA margin for the full year 2026 — an objective whose achievement is assessed to be primarily contingent on continued strong revenue growth during the remainder of the year. Looking ahead, Analyst Group views the agreement with Phoenix OCP, announced after the end of the quarter, as a particularly important commercial milestone, providing Nosa Plugs with broad pharmacy coverage across the French market and representing one of the most significant revenue synergies from the acquisition of Nozoil, which, in combination with the continued Nozoil rollout and new procurements within Odor Control in Norway and France, is assessed to constitute important value drivers during the remainder of 2026.

Read Analyst Group’s comment here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.Read more about Analyst Group 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.