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Synsam Group (SYNSAM) investor relations material
Synsam Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record earnings for 2025, with strong Q4 performance and robust organic growth of 11.4% for both the quarter and full year, despite a cautious consumer market.
Subscription and cash business models delivered solid growth, with the active subscription customer base reaching 901,000 by year-end and churn remaining stable.
Store expansion ahead of schedule, with 70 new stores opened in 2024-2025 toward a goal of 90 by 2026, bringing the total to 603 stores.
Key milestones included rollout of smart glasses, full implementation of Synsam EyeView in Sweden and Norway, and integration of second-hand frames in all stores.
The "Best Store in Town" strategy, greenfield expansion, and ongoing store upgrades contributed to positive results.
Financial highlights
Q4 net sales rose 9.4% year-over-year to SEK 1,784 million; full-year net sales up 9.8% to SEK 7,065 million.
Q4 EBIT increased 15.6% to 215 MSEK; full-year EBIT up to 862 MSEK.
Q4 profit after tax surged 61.9% to SEK 123 million; full-year profit after tax reached SEK 454 million.
Q4 EBITDA increased 10.1% to SEK 426 million (margin 23.2%); full-year EBITDA up 5.9% to SEK 1,689 million (margin 23.5%).
Earnings per share for Q4 increased 66.4% to SEK 0.85; full-year EPS up 26.9% to SEK 3.14.
Outlook and guidance
Entering 2026 with strong momentum and confidence, focus remains on scaling subscriptions, expanding the store network, and accelerating smart glasses initiatives.
Medium-term targets: annual organic growth of 8–12%, EBIT margin of 12–15%, investments/net sales ratio of 3%, and net debt/EBITDA of 2.5x.
Board proposes a dividend of SEK 1.80 per share.
Store upgrade plans in Denmark are expected to enhance customer offering and assortment over time.
The 90-store expansion plan remains on track, with no intention to exceed it.
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