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Pierce Group
Pierce Group (PIERCE) investor relations material
Pierce Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Net revenue for 2025 increased by 12% to SEK 1,816 million, with 14% growth in local currencies, reflecting market share gains despite challenging European market conditions and geopolitical uncertainty.
Adjusted EBIT improved 81% year-over-year to SEK 45 million, with transformation-related costs of SEK 29 million expensed during the year.
Achieved SEK 1.8 billion in sales with a 5% EBITDA margin, serving over 1 million customers across 20 European countries.
The company completed key IT system upgrades and continued its Pierce 2.0 efficiency program, reducing white-collar FTEs by 38% while growing the business by 15%.
Cash position at year-end was SEK 235 million, with balanced inventory and a renewed credit facility agreement post-period.
Financial highlights
Net revenue: SEK 1,816 million (up 12% year-over-year); Q4 revenue SEK 464 million (up 3%).
Adjusted EBIT: SEK 45 million (2.5% margin), up from SEK 25 million (1.5%) in 2024.
Gross margin increased to 43.5% in Q4, mainly due to reversal of obsolescence reserve and improved purchasing terms.
Overhead costs declined to SEK 75 million, even with SEK 7 million in transformation expenses.
Cash flow for the year: SEK -50 million (2024: SEK 68 million); Q4 cash flow SEK 79 million.
Outlook and guidance
Profitability expected to improve further in 2026 as transformation costs decline and depreciation decreases.
Full deployment of new IT systems in H1 2026 anticipated to improve EBIT by SEK 30–40 million annually.
Growth rate expected to moderate as comparables strengthen, but expansion into new markets and verticals is planned.
Medium to long-term targets: outgrow the European online motorcycle gear market, achieve 5–8% adjusted EBIT margin, and maintain net debt/EBITDA below 2.0x.
Transformation program (Pierce 2.0) to complete by H1 2026, expected to structurally improve profitability.
IT system rollout: quantify EBIT impact
Inventory strategy's cash flow implications
Pierce's role in market consolidation strategy
New localized markets: expected market share gain?
SaaS transformation: timeline for full EBIT impact?
Capital allocation for market consolidation strategy?
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Next Pierce Group earnings date
Q1 20268 May, 2026
Pierce Group
Next Pierce Group earnings date
Q1 20268 May, 2026
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Frequently asked questions
Pierce Group AB engages in the sale of gears, parts, accessories and streetwear to riders through online stores in Sweden, other Nordic regions and internationally. The company also owns retailers for motorcycles, scooters and snowmobiles. It operates under the following brands: MotoAction.se, Bikester SE, OutNorth SE, Skoterdelen SE and MCdelen SE. The company was founded by Daniel Workén in 2002 and is headquartered in Malmo, Sweden.
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