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BHG Group (BHG) investor relations material
BHG Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Achieved double-digit organic growth in all business units for the first time since Q2 2021, with 13.4% organic growth and significant market share gains, especially in Sweden, Germany, and Norway.
Profitability improved for the eighth consecutive quarter, with adjusted EBIT up 76% year-over-year to SEK 92.3 million.
Maintained cost discipline and leveraged fixed costs, resulting in higher profitability and improved customer satisfaction.
Strategic focus shifted from cost-cutting to profitable growth and business development, leveraging a scalable platform for continued market leadership in online retail.
Financial highlights
Net sales increased 10.3% year-over-year to SEK 2,597.4 million, with organic growth of 13.4%.
Adjusted EBIT reached SEK 92.3 million (3.6% margin), up from SEK 52.5 million (2.2%) year-over-year.
Net profit for Q3 was SEK 28.7 million, compared to a loss of SEK 55.2 million in Q3 2024.
Cash flow from operating activities was SEK 51.9 million, up SEK 39.8 million from last year.
All three segments improved earnings by over 50% and margins by more than 1.5 percentage points.
Outlook and guidance
Market recovery is expected to continue, supported by rising real disposable income and expansive fiscal policy in Sweden and other key markets.
Long-term trend of migration from physical to digital channels is expected to drive future growth.
Targeting a 7% EBIT margin over time and a net debt/EBITDA target below 2.5x.
Plan to meet <2.5x net debt/EBITDA target?
Q4 cash flow outlook given working capital?
Nordic Nest international store expansion plans?
How do strategic initiatives drive 7% EBIT target?
Clarify M&A 'white spots' and target categories.
What drives Finland's 7% growth despite challenges?
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Frequently asked questions
BHG Group AB engages in the e-commerce business. It operates through the following segments: Travel, Home & Garden, and Accommodation. The Travel segment involves in sales of flight tickets and hotel nights online. The Home & Garden segment supplies household goods, textile, DIY products, furniture and garden products online. The Accommodation segment refers to holiday homes and apartments rentals through the Booking.com platform.
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