ZINZINO AB (PUBL.): PRELIMINARY SALES REPORT JANUARY 2026

Zinzino reported preliminary January revenues up 20% year‑on‑year to SEK 281.2m, comprising SEK 274.1m for Zinzino sales markets (up 20%) and SEK 7.1m for Faun Pharma external sales (up 51%). Regional drivers included North America (SEK 41.3m, +94%) and South America (SEK 4.0m, +344%), with Central Europe also strong (SEK 90.1m, +30%) while East Europe declined 14% to SEK 29.4m. The release indicates broad top‑line momentum across key markets and a notable acceleration in the Americas, supporting near‑term revenue prospects for the health‑tech group. This is a monthly preliminary sales update rather than full-period guidance, so it should be treated as short‑term momentum information for investors.

Analysis

Market-structure: Zinzino’s +20% group revenue and outsized North America (+94%) and Central Europe (+30%) gains imply the company is successfully migrating from Nordic/EM reliance to higher‑ARPU developed markets; that should improve pricing power and CLV if retention holds, but puts it in direct competition with established DTC supplement players. Supply-demand appears demand‑led (distributor activation, pull-through), not inventory destocking — a positive for near-term gross margin recovery, but margins will be sensitive to customer acquisition cost moves in North America.

Risk assessment: Key tail risks are regulatory scrutiny of direct‑sales/MLM claims, a product safety event, or sudden distributor churn — any of which could drop sales >30% within quarters. Immediate risks (days) are sentiment swings; short term (weeks–months) hinge on follow‑through monthly sales and retention metrics; long term (quarters–years) depends on unit economics in NA and Central Europe and FX (USD/SEK) volatility.

Trade implications: Direct play is a small, event-driven long in Zinzino with systematic hedges against regulatory headlines and FX; consider off‑setting with a short in a large MLM peer to isolate growth upside. Options/liquidity are likely poor on a First North small cap, so prefer size discipline, stop rules and FX hedges rather than naked leverage; rotate away from East Europe‑exposed nutraceutical names into scalable DTC health‑tech names if growth is validating.

Contrarian angles: Consensus may underweight sustainability of NA growth — if retention and ARPU prove durable (repeat purchases >40% within 90 days) the stock rerating could be >50% over 6–12 months. Conversely the market might be underpricing regulatory risk: historical peers (Nu Skin/Herbalife) show sharp re‑ratings after investigations, so size positions assuming binary outcomes and prepare to exit on adverse regulatory signals.

Key Decisions for Investors

• Establish a 1–2% long position in Zinzino shares on Nasdaq First North (Zinzino AB) within 5 trading days; add up to +1% if two consecutive months show ≥20% YoY sales growth and 3‑month retention >40%; use a hard stop‑loss at −20% and trim half if monthly growth falls <10%.
• Execute a market‑neutral pair: long Zinzino 1.5% vs short Herbalife (NYSE: HLF) 0.75% to hedge MLM/regulatory execution risk; rebalance monthly and close the pair if spread moves in favor by >10% or if Zinzino reports regulatory action.
• Hedge FX: if net long Zinzino, hedge 50% of projected USD revenue exposure for the next 3 months by buying USD exposure (e.g., Invesco DB US Dollar Index Bullish Fund, ticker UUP) or via a USD/SEK forward within 30 days; unwind after Q2 sales release or if USD/SEK moves adverse by >5%.
• Rotate 2–3% of portfolio from East‑Europe concentrated consumer/nutraceutical names into scalable health‑tech or personalized nutrition leaders (e.g., iShares U.S. Healthcare ETF IYH or iShares Nasdaq Biotechnology ETF IBB) within 30–60 days to capture secular personalized‑health demand while reducing geopolitical/regional risk.