Boozt (BOOZT) Q4 2025 earnings summary

Executive summary

• 2025 was a transformational year with a leaner organization, improved inventory, and a strategic focus on premium in-season sales, supported by AI-driven initiatives and technology-driven efficiency.

• Record free cash flow and strong profitability were achieved, positioning for accelerated growth in 2026.

• The company moved its headquarters to Copenhagen to access better talent and reduce EBIT exposure to SEK.

Financial highlights

• Q4 2025 net revenue grew 4% in constant currency, driven by Boozt.com (+7%), while Booztlet declined 6%.

• Full-year net revenue increased 3% in constant currency to SEK 8,287 million.

• Record free cash flow of SEK 1,012 million in Q4 and SEK 871 million for FY 2025, supported by disciplined inventory management.

• Adjusted EBIT margin was 9.8% in Q4 and 5.7% for FY 2025.

• Gross margin declined to 36.1% in Q4, impacted by promotions and FX.

Outlook and guidance

• 2026 guidance: constant currency revenue growth of 3%-8% and adjusted EBIT margin of 5.3%-6.5%, including a -0.6pp FX headwind.

• Growth momentum expected to accelerate through the year, with strong second-half performance anticipated.

• CapEx for 2026 expected at SEK 165-185 million, including SEK 40 million for warehouse insurance compliance.

• Free cash flow in 2026 expected to be moderate due to timing factors and inventory buildup.

• Committed to reaching a 10% EBIT margin in the midterm.