ITAB Shop Concept (ITAB) Q2 2025 earnings summary

Executive summary

• Interim and half-year reports for 2025 reflect the integration of HMY, completed February 1, 2025, making the group a European leader with global reach and diversified sector exposure.

• Net sales for H1 2025 reached MSEK 6,550, up 7% year-over-year currency-adjusted, with Q2 sales up 92% due to the HMY acquisition.

• Adjusted EBIT for H1 2025 was MSEK 388, down 20% year-over-year, and Q2 adjusted EBIT was MSEK 179, down 40% pro forma.

• Focus remains on people, customers, and business continuity amid macroeconomic uncertainty and ongoing integration.

• Integration of HMY is progressing well, with synergy realization underway and management optimistic about future performance.

Financial highlights

• Q2 2025 pro forma net sales were MSEK 3,242, down 6% year-over-year; organic growth was -3%.

• Adjusted EBITDA for Q2 was MSEK 291 (margin 9.0%), and adjusted EBIT was MSEK 179 (margin 5.5%).

• Operating cash flow for Q2 was -MSEK 53, with rolling 12-month cash conversion at 59%, below the 80% target.

• Net debt (excluding lease liabilities) stood at MSEK 2,977 at period end.

• Profit after tax for Q2 was MSEK 21, and EPS was SEK 0.06.

Outlook and guidance

• Synergies from the HMY acquisition are confirmed at EUR 30 million, with realization expected over 2.5–3 years and full effects targeted by 2027.

• No change to previously communicated synergy or integration cost guidance; non-recurring integration costs of MEUR 21 expected over three years.

• Management remains optimistic, with ongoing reporting on synergy realization and no forecasts provided due to market uncertainty.