Guldbrev reported second-quarter 2026 net revenue of SEK 121 million, up from SEK 97 million in the same period last year, while EBITDA fell to SEK 22.4 million from SEK 25.4 million.
The Stockholm-listed company, which specializes in purchasing gold and jewelry from private individuals, saw top-line growth fail to translate into improved operating profit.
The divergence between revenue and earnings suggests increased competition or higher acquisition costs in the secondary gold market.
While the company successfully expanded its sales volume, the compression in EBITDA indicates that margins are under pressure, a trend that investors will scrutinize closely.
This result comes as global gold prices have recently closed higher, buoyed by a repricing of US monetary policy expectations following a disappointing jobs report.
The safe-haven asset has benefited from renewed investor confidence that the Federal Reserve may cut rates, potentially increasing the value of inventory for buyers like Guldbrev.