Björn Borg (BORG) Q3 2026 earnings summary

Executive summary

• Record Q3 net sales of SEK 308.2m, up 2.8% reported and 2.5% currency-neutral; operating profit rose 17.8% to SEK 53.2m.

• Gross margin reached 54.6%, up 2.1 pp YoY; profit after tax increased 14.6% to SEK 42.3m.

• Own e-commerce, sports apparel and Germany led quarterly growth; sales growth remained below the 10% annual target.

Financial highlights

• Q3 operating margin increased to 17.2% from 15.1%; operating expenses were SEK 121m, down 5% YoY.

• 9M net sales were SEK 807.3m, down 0.2% reported but up 1.1% currency-neutral; operating profit rose 24.3% to SEK 111.8m.

• 9M gross margin was 54.8% versus 51.1%; profit after tax rose 14.4% to SEK 87.8m.

• Q3 EPS was SEK 1.68 basic and diluted; 9M EPS was SEK 3.48 basic and SEK 3.49 diluted.

Outlook and guidance

• Long-term targets: annual sales growth of at least 10%, operating margin of at least 10%, dividend of at least 50% of net profit after tax and equity ratio of at least 35%.

• Growth priorities include sports apparel, footwear, own e-commerce and Germany, alongside geographic expansion focused on Europe.

• Long-term gross-margin ambition is 50%-55%; a stronger US dollar could make it harder to sustain margins near 55%.