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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.
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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