Nelly Group (NELLY) Q3 2025 earnings summary

Executive summary

• Achieved strong growth and profitability in Q3 2025, with net revenue up 18.4% year-over-year and operating margin rising to 15.3% from 10.5%.

• Active customer base grew for the fourth consecutive quarter, driven by both new and returning customers, with online traffic up 9.9% and orders up 20.2%.

• Brand position strengthened, with own-brand sales rising to 62.2% of total sales and increased recognition among the target audience.

Financial highlights

• Net revenue grew by 18.4% year-over-year to SEK 283.7 million in Q3 2025.

• Operating profit increased to SEK 43.3 million from SEK 25.1 million, with operating margin at 15.3% versus 10.5% last year.

• Gross margin improved to 56.8% from 54.5% year-over-year; gross profit reached SEK 161.2 million.

• Year-to-date net revenue growth reached 15.1%, up from 2.2% in the prior year period; operating margin for the year to date improved to 13.3% from 7.3%.

• Cash and cash equivalents at period end: SEK 226.7 million.

Outlook and guidance

• Focus remains on profitable growth, with ongoing investments in assortment, IT infrastructure, and expansion into new markets, particularly Germany and Denmark.

• No specific forward projections provided, but management emphasizes a healthy and sustainable core for future growth.