WS WeSports Group (WSG) investor relations material

Executive summary

• Q3 net sales rose 65.3% to SEK 1,285.2M, including 22.4% organic growth; adjusted EBITA increased 92.1% to SEK 128.3M, with a record 10.0% margin.

• Broad-based, volume-led growth reflected market-share gains, higher own-brand sales and operating leverage across priority categories.

• Nine-month sales increased 57.6% to SEK 3,423.3M; adjusted EBITA margin was 7.4%, and net debt / adjusted EBITDAaL was 0.3x.

Financial highlights

• Q3 adjusted gross profit was SEK 488.4M; adjusted gross margin rose 1.5 percentage points to 38.0%, supported by own and controlled brands, assortment and margin management, and acquisition mix.

• Nine-month organic growth was 22.8%; adjusted EBITA rose to SEK 254.7M from SEK 142.9M, and adjusted gross margin improved to 37.0% from 35.8%.

• Q3 operating cash flow was SEK 114.5M versus SEK 67.8M; nine-month operating cash flow was SEK 250M.

• Q3 profit for the period was SEK 59.8M versus SEK 11.6M; EPS was SEK 1.97 versus SEK 0.56.

• No items affecting comparability were recorded in Q3; nine-month adjusted results included SEK 11.4M of items.

Outlook and guidance

• Targets remain SEK 10B net sales by 2031, 7–8% medium-term adjusted EBITA margin, and net debt of 1–2x adjusted LTM EBITDAaL; sales growth target includes ~10% average annual organic growth, with the remainder from acquisitions.

• Q4 inventory was in place for campaigns and seasonal peaks; cash conversion is expected to strengthen toward year-end as cash flow shifts into Q4.

• Management aims to grow faster than the market, focusing on Nordic specialist businesses and selective acquisitions at disciplined valuations.

• Scale and increased AI use were cited as sources of continued margin potential.