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Synsam Group (SYNSAM) investor relations material

Synsam Group CMD 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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CMD 2025 summary24 Sep, 2025

Strategic Direction and Growth Initiatives

  • Focus on expanding the subscription-based model (Lifestyle) to 1,210,000 customers by 2029, targeting 7.5% annual net growth.

  • Continued rollout and optimization of Synsam EyeView technology to increase capacity, efficiency, and accessibility for eye exams, supporting store expansion in smaller markets.

  • Ongoing expansion of physical stores, with 90 new stores planned for 2024–2026 and 80 more for 2027–2029, plus upgrades of existing locations to the Mega format.

  • Emphasis on like-for-like growth in existing stores, with new store openings increasingly focused on smaller towns to capture untapped market potential.

  • House brands and in-house production are central to differentiation, with plans to increase production to 250,000 frames annually and launch new brands.

Financial Guidance and Targets

  • Updated medium-term financial targets: 8–12% organic growth, EBIT margin of 12–15%, investments at 3% of net sales, net debt/EBITDA at 2.5x, and dividend payout of 40–60% of net profit.

  • Shift from EBITDA to EBIT margin as the primary profitability metric, reflecting recent investments and a maturing business model.

  • Lower investment needs going forward due to completed major projects, with focus on efficiency and shorter payback periods for new stores (reduced to 2.5 years from 2026).

  • Factory in Sweden now profitable, with significant unused capacity and potential for export and B2B sales.

  • Smarta glasögon (smart glasses) and hearing aid integration represent new revenue streams, with potential to add up to 900 million SEK in annual sales by 2030 if high adoption scenarios are realized.

Market Trends and Business Model Evolution

  • Demographic shifts (aging population) and increased screen time are driving long-term demand for vision correction and eye health services.

  • Subscription model (Lifestyle) is transforming customer behavior, increasing loyalty and frequency of visits, with churn rates stable and over 50% of churned customers returning.

  • EyeView technology enables more flexible and scalable service delivery, tripling optometrist capacity and supporting expansion into underserved areas.

  • House brands now account for 50% of frame sales, supporting higher margins and rapid response to trends.

  • Smarta glasögon and hearing aid glasses are positioned as perfect add-ons for the subscription model, leveraging retail and medical expertise.

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Frequently asked questions

Synsam Group is a Nordic optical retail company offering prescription eyewear, contact lenses, sunglasses, and eye health services. The company operates physical stores and an online platform, providing optician services and subscription models for eyewear. Synsam serves customers primarily in Sweden, Norway, Denmark, and Finland. The company is headquartered in Stockholm, Sweden, and its shares are listed on the OMXSTO.

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