Ellos Group (ELLOS) Q2 2025 earnings summary

Executive summary

• Net sales reached SEK 800.9 million in Q2 and SEK 1,602.5 million for H1 2025, with organic growth of 4% year-over-year in Q2 and 3% for H1.

• Adjusted EBITA was SEK 41.7 million in Q2 (margin 5.2%) and SEK 73.9 million for H1 (margin 4.6%).

• Cash flow from operating activities improved significantly, totaling SEK 62.1 million in Q2 and SEK -1.5 million for H1, a marked improvement from SEK -83 million in H1 2024.

• Profit for the period was SEK -1.0 million in Q2 and SEK -15.0 million for H1, a substantial improvement from SEK -149 million in H1 2024.

• All e-commerce sites contributed to growth, with private labels accounting for two-thirds of sales.

Financial highlights

• Gross profit was SEK 354.7 million in Q2 (gross margin 44.3%) and SEK 685.2 million for H1 (gross margin 42.8%).

• Operating profit was SEK 24.1 million in Q2 (margin 3.0%) and SEK 38.5 million for H1 (margin 2.4%).

• Financial expenses for H1 were SEK 60.0 million, mainly from bond loan interest.

• Cash and cash equivalents at period end were SEK 118.3 million.

• Inventories increased to SEK 732.8 million at period end.

Outlook and guidance

• Management remains optimistic for the remainder of 2025, expecting continued growth and improved profitability despite macroeconomic and geopolitical uncertainties.

• E-commerce market penetration is expected to grow structurally, with focus on core customers and efficiency.