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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
XXL (XXL) investor relations material
XXL has been delisted
XXL Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary29 Apr, 2025
Executive summary
Achieved 7.2% year-over-year revenue growth in Q1 2025, marking the first quarter of growth since Q1 2023, driven by the Reset and Rethink strategy despite challenging market conditions.
All three core markets—Norway, Sweden, and Finland—returned to growth, with Sweden leading and e-commerce as the primary growth driver.
Private label sales share and customer club membership increased significantly, with nearly 4.5 million members.
The "Reset & Rethink" turnaround plan focused on non-seasonal categories, improved product availability, and new private label launches.
Rights issue of NOK 600 million completed, with NOK 300 million used to repay bridge loan, strengthening liquidity.
Financial highlights
Operating revenue reached NOK 1,670 million, up 7.2% year-over-year; like-for-like growth was 7.8%.
Gross margin was 38.2%, down 0.6 percentage points year-over-year due to end-of-season sales campaigns.
EBITDA improved to NOK 12.4 million (3.7% margin), with Sweden showing the strongest EBITDA improvement.
Inventory value increased by 4% to NOK 1,953 million, with inventory volume up 25%.
Liquidity at quarter-end was NOK 344 million, down NOK 247 million year-over-year due to reduced use of revolving credit facilities.
Operational cash flow was negative NOK 124 million, mainly due to unrealized FX losses, tax costs, and inventory build-up.
Net debt reduced to NOK 968 million, with NOK 300 million bridge loan repaid.
Outlook and guidance
Focus for 2025 is on continued growth, profitability, and disciplined capital and inventory management, with emphasis on "Rethink" initiatives.
Four main Rethink initiatives: store restructuring, modernizing media mix, delivering value for money, and expanding the customer club.
Committed to a second phase of cost-out activities targeting an additional NOK 300 million in cost and capital reductions by 2026.
Turnaround plan targets EBITDA run-rate uplift of NOK 500–750 million, conditional on product availability and positive market trends.
CAPEX for 2025 expected to remain around NOK 100 million.
What's the status of the CHF 4.9M refund?
Explain the NOK 300M cost reduction target.
Assess the impact of Frasers' mandatory offer.
Digital dual campaign tactics impact?
What specific actions for Phase 2 cost-out?
How to address high rent levels in store strategy?
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Frequently asked questions
Your One-Stop Shop for Sports Gear and Equipment
XXL is a leading sports retailer that caters to athletes, fitness enthusiasts, and sports lovers alike. The company offers a wide range of sporting goods and equipment, including apparel, footwear, accessories, and gear for various sports and outdoor activities. XXL is known for its extensive selection of top-quality products from renowned brands, providing customers with everything they need to excel in their chosen sports or lead an active lifestyle.
To generate revenue, XXL primarily relies on the sales of sporting goods and equipment through its retail stores and e-commerce platform. The company's success is driven by its commitment to offering customers a wide range of options, ensuring that they can find the right products for their specific needs. XXL's emphasis on quality, durability, and performance has earned it a reputation as a trusted destination for sports enthusiasts.
Omni Experience
XXL operates through two primary business segments: Retail Stores and E-commerce. The Retail Stores segment comprises the company's brick-and-mortar stores located in multiple countries. These stores provide customers with a hands-on shopping experience and personalized assistance from knowledgeable staff. The E-commerce segment focuses on online sales through the company's website, offering customers the convenience of shopping from anywhere at any time.
The largest sports retailer in the Nordics
XXL has established a strong presence in the sports retail industry, with a vast network of stores across several countries. The company is in fact the largest sports retailer in the Nordic region. Founded in 2000 in Norway, XXL has expanded its operations to include stores in Norway, Sweden, Finland, and Austria.
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