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Systembolaget (SB) investor relations material

Systembolaget 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 summary14 Jul, 2025

Executive summary

  • Net sales rose 1.7% to SEK 10,522 million in Q2 2025, mainly due to Easter timing; underlying sales volumes declined year-over-year.

  • Operating profit fell to SEK 54 million from SEK 97 million, impacted by lower volumes and higher wage and development costs.

  • Customer satisfaction index (NKI) increased to 81.6 from 80.6, exceeding the annual target.

  • For H1 2025, net sales decreased 1.5% to SEK 18,433 million, with operating loss of SEK -133 million and net loss of SEK -102 million.

  • Alcohol-free segment was the only category with increased sales volume in H1 2025.

Financial highlights

  • Q2 2025 net sales: SEK 10,522 million (+1.7% YoY); H1 2025: SEK 18,433 million (-1.5% YoY).

  • Q2 operating profit: SEK 54 million (-44.3% YoY); H1 operating loss: SEK -133 million (vs. SEK 48 million profit YoY).

  • Q2 net profit: SEK 46 million (-51.6% YoY); H1 net loss: SEK -102 million (vs. SEK 74 million profit YoY).

  • Cash flow from operations in Q2: SEK 1,410 million (vs. SEK 1,058 million YoY); H1: SEK -406 million (vs. SEK 36 million YoY).

  • Solid equity ratio at 13.0% (vs. 13.8% YoY); return on equity (R12) at 10.5% (vs. 21.4% YoY).

Outlook and guidance

  • Market remains unpredictable with delayed economic upturn; customers increasingly opt for lower-priced products.

  • Focus continues on digital customer experience and reducing climate impact.

  • Alcohol-free beverages and canned beer are growing trends, supporting sustainability goals.

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Frequently asked questions

Systembolaget is the government-owned chain of liquor stores in Sweden, operating as the country’s exclusive retailer of alcoholic beverages above 3.5% alcohol by volume, with a mandate to minimize alcohol-related problems by selling alcohol in a responsible manner, without profit motive. It offers a wide range of beer, wine, spirits, and other alcoholic beverages, sourced from both local and international producers. Through its retail outlets and an online store, Systembolaget provides consumer information on alcohol and health, aiming to promote responsible drinking. The organization also plays a significant role in supporting Swedish alcohol policy. Systembolaget's operations are regulated by Swedish law, which mandates its retail monopoly to prevent private sales of strong alcohol. The company is headquartered in Stockholm, Sweden, and as a state-owned entity, it is not listed on any stock exchange.

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