Boozt (BOOZT) Q2 2026 earnings summary

Executive summary

• Achieved 13% revenue growth in Q2 2026, with adjusted EBIT margin nearly doubling to 6.5%, driven by broad-based performance across all categories and markets, especially a rebound in women's fashion and increased customer activity.

• Growth supported by a broader assortment strategy (+55% SS26 styles), AI-driven customer experience improvements, and a strengthened commercial organization following HQ relocation to Copenhagen.

• Strategic focus sharpened by closing the B2B gift shop initiative, incurring one-off costs, and ramping up inventory for autumn/winter.

• Share buyback program expanded, with up to SEK 400 million for 2026 and 6% of share capital now held as treasury shares.

Financial highlights

• Net revenue reached SEK 2,061 million in Q2 2026 (up 13% year-over-year); gross margin improved to 40.1% (from 39.1%).

• Adjusted EBIT margin rose to 6.5% (from 3.4%), with SEK 39 million in adjustments mainly from share-based payments and B2B closure.

• LTM free cash flow was SEK 607 million; Q2 cash flow just above breakeven, impacted by exit tax and inventory build-up.

• Net cash position stood at SEK 62 million at the end of Q2 2026.

• Inventory increased to SEK 2,573 million (30.2% of LTM revenue) to support H2 growth.

Outlook and guidance

• Full-year revenue growth guidance raised to 7–11% in constant currency (from 3–8%), with adjusted EBIT margin guidance narrowed to 6.0–6.8%.

• CapEx expectations increased to SEK 180–195 million, mainly due to HQ relocation and fulfilment centre upgrades.

• Free cash flow for 2026 expected to be moderate due to non-recurring relocation and tax costs, and inventory build-up.

• Currency expected to have a ~0.5pp negative impact on revenue growth.