Systembolaget (SB) investor relations material

Executive summary

• Net sales increased by 1.5% to SEK 8,025 million compared to the same quarter last year, mainly due to an earlier Easter, despite underlying volume decline.

• Operating result improved to SEK -156 million from SEK -187 million, supported by calendar effects and cost adjustments.

• Period result was SEK -136 million, an improvement from SEK -148 million year-over-year.

• Alcohol consumption in Sweden continued to decline, with preliminary 2025 figures at 8.2 liters per person, and the company’s market share remained stable at 72%.

• High public trust and strong sustainability rankings were maintained, with a focus on climate impact reduction and responsible sales.

Financial highlights

• Gross profit rose to SEK 971 million from SEK 954 million, driven by higher sales volume and price increases.

• Cash flow from operating activities improved to SEK -1,264 million from SEK -1,813 million, mainly due to lower operating liabilities.

• Total assets at quarter-end were SEK 10,056 million, with equity at SEK 1,559 million.

• Cost efficiency (R12) deteriorated to 19.1% from 18.7% year-over-year.

• Return on equity (R12) dropped to 2.2% from 11.1%, and equity ratio decreased to 15.5% from 18.2%.

Outlook and guidance

• Continued focus on cost efficiency and adapting to lower underlying sales volumes.

• Ongoing development of sustainability initiatives, including climate data integration and product-level carbon footprint reporting.

• The company is well-positioned to meet future customer needs and societal expectations.