Boozt (BOOZT) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was flat in local currency but declined 3% to SEK 1,823 million due to currency headwinds and weak Nordic demand; Booztlet.com grew 14% while Boozt.com declined 6%.

• Adjusted EBIT margin fell to 3.4%, down 1.5 percentage points year-over-year, mainly from lower gross margin and higher marketing costs.

• Free cash flow more than doubled to SEK 186 million, supported by disciplined inventory management and a customs repayment.

• Share buybacks totaled SEK 94 million in Q2, with the program likely to increase to SEK 300 million.

• Strategic initiatives include new hires in buying/merchandising and expanded use of AI for content and personalization.

Financial highlights

• Q2 2025 net revenue: SEK 1,823 million (-3% YoY); gross margin: 39.1% (-2.7pp YoY); gross profit: SEK 713 million (-9% YoY).

• Adjusted EBIT: SEK 62 million (down 32% YoY); adjusted EBIT margin: 3.4% (down from 4.9% YoY).

• Free cash flow reached SEK 186 million, up from SEK 90 million last year.

• Net cash position at quarter-end was SEK 75 million, down from SEK 297 million last year, impacted by share buybacks.

• Net working capital at SEK 1,277 million (15.5% of revenue), up from 12.2% last year due to lower accounts payables.

Outlook and guidance

• Full-year 2025 guidance unchanged: net revenue growth of 0%-6%, adjusted EBIT margin of 4.5%-5.5%.

• Free cash flow for 2025 expected to be at least SEK 500 million.

• CapEx guidance remains SEK 150-170 million for 2025; major capacity expansion investments deferred by 1-2 years.

• Currency headwinds expected to reduce net revenue by 2pp and adjusted EBIT margin by 1pp if rates remain unchanged.

• H2 requires 0%-11% growth to meet guidance, reflecting ongoing market uncertainties.