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Refine Group (REFINE) investor relations material

Refine Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Aug, 2025

Executive summary

  • Revenue and earnings declined year-over-year due to divestments and fewer operating units, with a strategic focus on profitability and financial stability.

  • Gross margin improved, driven by a shift toward proprietary brands and the exclusion of previously divested businesses.

  • Cash flow and capital structure strengthened through reduced debt and lower financing costs.

  • A new business segment, Digital Assets, was launched post-period, focusing on Bitcoin accumulation as a strategic reserve.

Financial highlights

  • Q2 net revenue: 38.5 MSEK (down from 79.1 MSEK year-over-year); H1 net revenue: 72.2 MSEK (down from 133.7 MSEK year-over-year).

  • Q2 EBITDA: 0.1 MSEK (2.1 MSEK prior year); H1 EBITDA: -3.9 MSEK (-0.4 MSEK prior year).

  • Q2 EBITA: -0.1 MSEK (1.8 MSEK prior year); H1 EBITA: -4.3 MSEK (-0.9 MSEK prior year).

  • Q2 net result: -7.0 MSEK (-12.2 MSEK prior year); H1 net result: -5.3 MSEK (-27.5 MSEK prior year).

  • Q2 EPS: -0.10 SEK (-0.21 SEK prior year); H1 EPS: -0.08 SEK (-0.49 SEK prior year).

Outlook and guidance

  • Ongoing focus on operational improvements, debt reduction, and profitable growth.

  • Digital Assets segment expected to provide long-term value and financial resilience.

  • Continued restructuring in subsidiaries, with Folkhemmet's process expected to conclude in H2.

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Frequently asked questions

Refine Group AB operates a diverse portfolio of digital-native lifestyle brands and digital commerce services. The company focuses on categories with low online penetration, creating opportunities for substantial growth as e-commerce continues to expand. Refine Group's ecosystem is designed to support digital transformation, offering robust technology solutions, digital marketing, and branding services. The company’s business model includes both online and omnichannel approaches, enhancing brand visibility and growth potential through a combination of digital and physical retail strategies. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.

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