Byggmax Group (BMAX) Q1 2025 earnings summary

Executive summary

• Net sales increased by 7.2% year-over-year to SEK 929M in Q1 2025, with like-for-like sales up 7.6% and profitability improving for the fourth consecutive quarter.

• Gross margin strengthened to 35.0% from 33.9% in Q1 2024, driven by higher-margin products, efficient purchasing, and improved logistics.

• EBITA loss narrowed to SEK -109M from SEK -148M, with EBITA margin improving to -11.7% from -17.1% year-over-year.

• Growth was organic, with the store count stable at 211 and both Sweden and other Nordic markets contributing.

• Customer demand shifted toward larger indoor renovation projects, and operational improvements supported readiness for the high season.

Financial highlights

• Net sales rose to SEK 929M in Q1 2025 from SEK 866M in Q1 2024.

• EBITDA improved by SEK 39M compared to Q1 last year, reaching minus SEK 109M, with a margin improvement of 5.4 percentage points to -11.7%.

• Net profit for the quarter was SEK -112M, an improvement from SEK -147M year-over-year.

• Cash flow from operating activities over the last 12 months was SEK 751M, though Q1 saw a negative SEK -25M due to inventory build-up.

• Net debt reduced to SEK 764M (excl. IFRS 16), with net debt/EBITDA at 1.8x, down from 3.2x a year ago.

Outlook and guidance

• The company is well prepared for the high season, with strong inventory levels, operational flexibility, and improved stores.

• Focus remains on driving profitable growth, leveraging commercial investments, and logistics efficiencies.

• No specific guidance on future basket size or exact sales forecasts, but adaptability to market conditions is emphasized.