Vetted Assets (VETT) investor relations material

Executive summary

• Q3 revenue reached SEK 71.0m, up ~155% YoY; organic growth, calculated as if Andy okay were included in both periods, was ~57%.

• Andy okay drove growth with Q3 revenue of SEK 44.1m, up ~155% YoY; growth continued after quarter-end, with preliminary October revenue of SEK 17.1m versus SEK 4.9m.

• Strategy centers on acquiring founder-led, high-margin DTC brands with international scalability and supporting them through hands-on operations and AI-driven execution.

Financial highlights

• Q3 revenue was SEK 71.0m (27.8m); gross margin 66.0% (41.7%). Nine-month revenue was SEK 172.5m (100.1m), with gross margin of 60.3% (44.1%).

• Q3 adjusted EBITDA was SEK -0.2m (-0.9m), EBITDA SEK -1.4m (-1.2m), EBITA SEK -1.5m (-1.3m), EBIT SEK -10.6m (-7.3m) and net loss SEK 11.2m (5.9m).

• 9M adjusted EBITDA was SEK 0.9m (-3.8m), EBITDA SEK -5.2m (-5.0m), EBITA SEK -5.5m (-5.6m), EBIT SEK -29.6m (-65.4m) and net loss SEK 31.6m (11.2m).

• Q3 EPS was SEK -0.17 (-0.32); 9M EPS was SEK -0.64 (-0.74).

• Q3 operating cash flow after working-capital changes was SEK -5.6m (-2.0m); 9M cash flow was SEK 35.1m (-0.9m), and quarter-end cash was SEK 42.0m.

Outlook and guidance

• FY2030 targets remain revenue of SEK 1.2–1.4bn, adjusted EBITDA margin of 7–10%, and net debt/EBITDA no higher than 2.5x; targets are ambitions, not forecasts.

• Andy okay targets revenue of SEK 500–750m and EBITDA margin of 10–20% within 5–7 years.

• Q4 is a key sales period with Black Friday and holiday shopping; preparations included increased marketing and customer-acquisition investment, with Criss Bellini joining from 1 October.

• Future target achievement depends on acquiring businesses on attractive terms, portfolio brand market development and access to capital; actual results may differ materially.