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ITAB Shop Concept (ITAB) investor relations material
ITAB Shop Concept Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed major acquisition of HMY, creating a European market leader with 24 production facilities in 17 countries and significantly increasing scale and market presence.
Integration of HMY is progressing well, with focus on people, customers, business continuity, and synergy realization in sales, procurement, and operational efficiency.
Net sales for H1 2025 reached MSEK 6,550, up 7% year-over-year, with Q2 sales growth driven by fashion and strong project wins in the UK and Southern Europe.
Adjusted EBIT for H1 2025 was MSEK 388, down 20% year-over-year, with Q2 adjusted EBIT at MSEK 179, down 40% pro forma due to integration costs and margin pressure.
The group maintained focus on daily operations and customers despite macroeconomic uncertainty and integration activities.
Financial highlights
Pro forma revenue for 2024 above SEK 13B, with adjusted EBIT SEK 918M (6.9% margin); Q2 2025 pro forma net sales were MSEK 3,242, down 6% year-over-year.
Q2 adjusted EBIT SEK 179M (5.5% margin), down 40% pro forma year-over-year; Q2 EBITDA (excl. non-recurring items) was MSEK 291 (9.0% margin).
Rolling 12-month operating cash flow declined to MSEK 456, with cash conversion at 59%, below the 80% target, mainly due to higher net working capital.
Net debt (excluding leasing) stood at MSEK 2,977, with equity/assets ratio at 33%.
Financial expenses elevated due to acquisition, currency, and hyperinflation impacts; expected to normalize as one-offs settle.
Outlook and guidance
No change to previously communicated synergy and integration cost guidance; full synergy realization expected in 2.5–3 years, with total non-recurring integration costs of MEUR 21.
Synergy realization and margin improvement remain key priorities, with optimism for future performance as synergies materialize.
Market hesitation and macroeconomic uncertainty continue to impact project timing and customer investment decisions.
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