Strong focus in securing majority in Substrate AI and the approval from Spanish authority to the Link Securities acquisition
Revenue growth of 6,1% in the first half of 2026 will be accelerated with the investment of the 39 million secured by Substrate AI
“Going forward, the growth of Substrate AI, together with the acquisition and further development of Link Securities, will be the two main strategic priorities for the Group and the key pillars of value creation for Subgen AI shareholders.”
Lorenzo Serratosa
CEO Subgen AI
April – June 2026
- Net Sales in constant EUR/SEK exchange rate amounted to SEK 62 (66) million or EUR 5.7 (6) million, a decrease of 5,6% compared to the corresponding period of the previous year due to the extremely good Q2 in 2025.
- EBITDA amounted to SEK -4,9 (40,4) million or EUR -0,4 (3,7) million. This negative EBITDA was due to non recurrent expenses related with the acquisition of the majority of Substrate AI executed in the period.
- EBITDA excluding non recurring costs amounted to SEK 1,4 (40) million EUR 0,1 (3,7) million showing the increase of expenses due to the listing in the first north and the investments in new people to grow.
- Other incomes related with the activation of new developments amounted to SEK 5,5 (24,6) million or EUR 0,4 (2,2) million. A reduction due to less investment needed tin the AI products in the period.
- Operating loss amounted to SEK -11,9 (35,9) million or EUR -1,1 (3,2) million.
- Financial expenses in the period amounted to SEK 29.6 (3.5) million, or EUR 2.7 (0.3) million, due to the payment related to simplifying the governance structure in some subsidiaries.
January – June 2026
- Net Sales in constant EUR/SEK exchange rate amounted to SEK 113 (106) million or EUR 10 (9,4) million, an increase of 6,1% compared to the corresponding period the previous year.
- Net Sales amounted to SEK 109 (106) million or EUR 10 (9.4) million.
- EBITDA amounted to SEK -11 (33) million or EUR -1.0 (3) million. This negative EBITDA was due to non recurrent expenses related with the acquisition of the majority of Substrate AI executed in the period.
- Other incomes related with the activation of new developments amounted to SEK 14,5 (39,6) million or EUR 1,3 (3,5) million showing a decrease due to less investment needed in the AI products in the period.
- Operating loss amounted to SEK -26 (24) million or EUR -2,4 (2,1) million.
- Financial expenses in the period amounted to SEK 30,8 (5,7) million or EUR -2,8 (-0,5) due to the payment related to simplifying the governance structure in some subsidiaries.
NOTE. The functional currency of the company is EUR while the group is reporting in SEK. We have use exchange rate EUR/SEK 10,7895 for 2026 and EUR/SEK 11,2414 for 2025 numbers, following IAS 21.
The full report is attached as PDF and is available on the company’s website: https://subgen.ai/financial-reports/
For further information, please contact:
Lorenzo Serratosa, CEO Subgen AI AB
Email: ir@subgen.ai
About Subgen AI
Subgen AI (Nasdaq First North: SUBGEN) is a Stockholm-headquartered enterprise AI company serving clients in healthcare, financial services, energy, and the public sector across Europe, the United States, and Latin America. Its flagship platform, Serenity Star, enables organisations to deploy, govern, and scale generative AI with full EU AI Act compliance and data sovereignty. For more information, visit https://subgen.ai.
The Company’s Certified Adviser is Eminova Fondkommission AB | adviser@eminova.se
This information is information that Subgen AI is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-20 08:00 CEST.