Earnings call transcript: Dellia cuts 2026 Nordic outlook in Q2 2026

Dellia Group ASA reported a rise in second-quarter revenue to NOK 167.1 million, marking a 5.4% increase from the prior year. Gross margin expanded significantly, reaching 41.1% from 35.1% a year earlier, benefiting from lower air freight costs and favorable currency effects. Consumer demand for the company's products in the Nordics hit a record, with 5.8 million units sold in grocery stores.

However, Dellia cut its 2026 outlook for the Nordic region to NOK 650 million from NOK 810 million, citing heavy retail inventories and increased competition.

Despite the revenue growth, EBIT margin narrowed to 5.3% from 13.1% a year earlier, primarily due to rising operating expenses and payroll costs. The company's European expansion is seen as a key growth engine, with revenue in H1 2026 reaching NOK 381.5 million, a 36.2% year-over-year increase. Dellia anticipates stronger growth in Europe, particularly in Germany and Benelux, as consumer familiarity with the brand improves.

The company's focus remains on the next growth phase in Europe, with most of the 2026 gains expected after the Kirirom integration improves operating leverage.