RugVista Group (RUG) Q2 2026 earnings summary

Executive summary

• Achieved double-digit organic growth of 15.8% year-over-year, with net revenue reaching SEK 173.9 million, up from SEK 150.5 million.

• Orders grew 4.1% to 77,000, and new customers increased by 11.2% to nearly 57,700, representing 75% of orders.

• Average order value (AOV) rose 9.9% to SEK 3,115, driven by larger rugs, higher handmade sales, and lower discounts.

• All product lines—machine made, handmade, and unique—showed growth, with new designs performing well.

• AI-driven development now accounts for over 90% of product and content improvements.

Financial highlights

• Gross margin improved to 67.1% from 62.5% year-over-year, aided by price increases and lower discounts.

• EBIT increased to SEK 20.5 million (margin 11.8%) from SEK 7.1 million (margin ~5%) last year.

• Cash position at SEK 131 million as of June 30, 2026, after a SEK 104 million dividend payout.

• Inventory as a share of LTM net revenue was 17.0%, slightly below the target range.

• Marketing spend was 29% of revenue, normalized from Q1.

Outlook and guidance

• Management expects continued tough comparables and fluctuating growth quarter-to-quarter.

• Long-term goal remains double-digit growth, but not guaranteed every quarter.

• AOV expected to stabilize at a higher level, growing with inflation rather than quarter-over-quarter spikes.

• Marketing spend to be managed opportunistically, with a long-term aim to gradually reduce the ratio.

• Continued focus on balancing growth, profitability, and returns, with investments in marketing and digital adaptation.