Analyst Group Comments on Nosa Plugs’ Q3 Report

The following are some of the points we have chosen to highlight in connection with the report:

• Revenue growth of 180%, above our expectations
• B2B sales grew by 46%, driven by the Nordics
• EBITDA amounted to SEK 1.8m, above our estimate of SEK 0.9m
• The gross margin amounted to 63%, impacted by product mix
• Nosa Plugs abandons its financial targets for 2026

In summary, Analyst Group assesses that Nosa Plugs delivered a Q3-26 report that exceeded our expectations, with revenue growth of 180% and EBITDA of SEK 1.8m, driven by strong development within B2B in the Nordics, the start of the winter season for Nozoil and continued tight cost control. The gross margin of 63% was slightly lower than expected due to product mix but is expected to strengthen gradually as the technical file for Nozoil is completed. At the same time, the Company abandons its financial targets for 2026, primarily due to the delay of the technical file, delayed deliveries to the Middle East and weaker development for Smell Training, where the first two are assessed to be mainly a matter of timing. Our full year estimate of SEK 42.7m in revenue and a 10% EBITDA margin was already below the Company’s previous target, and given the outcome in the quarter, we continue to assess it as achievable.

Read Analyst Group’s comment here (ENG & SV)

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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.