Boozt (BOOZT) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a return to revenue growth, with net revenue up 3% in constant currency (1% in SEK) to SEK 1,673 million, driven by improved momentum, premium positioning, and reduced promotions on boozt.com.

• Inventory was right-sized through Booztlet clearance, reducing inventory as a share of revenue to 38.2% (down over 5pp), and supporting a significant improvement in free cash flow to SEK 292 million.

• The board expanded the share buyback program to SEK 415 million, achieving a three-year capital return target of SEK 800 million.

• The multi-category strategy progressed, with 53% of active customers buying from more than one category, supporting loyalty and diversification.

• Women's fashion stabilized, with October showing growth in female shoppers and a smaller decline in active customers compared to H1.

Financial highlights

• Net revenue for Q3 2025 was SEK 1,673 million (up 1% year-over-year), with both boozt.com and Booztlet.com achieving 3% constant currency growth.

• Adjusted EBIT margin improved to 4.0% (up 0.7pp), with adjusted EBIT up 23% to SEK 67 million, driven by operational efficiencies and lower OPEX ratios.

• Free cash flow reached SEK 292 million in Q3 and SEK 483 million over the last 12 months, with cash conversion close to 100%.

• Net cash position at quarter-end was SEK 199-200 million, maintaining a strong balance sheet.

• Gross margin declined by 1.2pp to 37.4% due to clearance sales and currency effects.

Outlook and guidance

• Revenue growth for 2025 guided at 0%-3% (2-5% constant currency), with Q4 requiring 2%-10% constant currency growth.

• Adjusted EBIT margin guidance raised to 5.0%-6.0% for 2025.

• Free cash flow for 2025 expected to exceed SEK 500 million; CapEx between SEK 150-170 million.

• Currency headwinds expected to reduce revenue growth by 2% and EBIT margin by 1pp.