BHG Group (BHG) Q3 2025 earnings summary

Executive summary

• Achieved double-digit organic growth in all business units for the first time since Q2 2021, with 13.4% organic growth and significant market share gains, especially in Sweden, Germany, and Norway.

• Profitability improved for the eighth consecutive quarter, with adjusted EBIT up 76% year-over-year to SEK 92.3 million.

• Maintained cost discipline and leveraged fixed costs, resulting in higher profitability and improved customer satisfaction.

• Strategic focus shifted from cost-cutting to profitable growth and business development, leveraging a scalable platform for continued market leadership in online retail.

Financial highlights

• Net sales increased 10.3% year-over-year to SEK 2,597.4 million, with organic growth of 13.4%.

• Adjusted EBIT reached SEK 92.3 million (3.6% margin), up from SEK 52.5 million (2.2%) year-over-year.

• Net profit for Q3 was SEK 28.7 million, compared to a loss of SEK 55.2 million in Q3 2024.

• Cash flow from operating activities was SEK 51.9 million, up SEK 39.8 million from last year.

• All three segments improved earnings by over 50% and margins by more than 1.5 percentage points.

Outlook and guidance

• Market recovery is expected to continue, supported by rising real disposable income and expansive fiscal policy in Sweden and other key markets.

• Long-term trend of migration from physical to digital channels is expected to drive future growth.

• Targeting a 7% EBIT margin over time and a net debt/EBITDA target below 2.5x.