Rusta (RUSTA) Q2 25/26 earnings summary

Executive summary

• Achieved strong sales and profitability growth across all segments, with net sales up 9.3% year-over-year in Q2 and higher average ticket sizes and customer numbers.

• Store pipeline reached a record level, with 231 stores across Sweden, Norway, Finland, and Germany, and 48–50 new stores planned, leveraging favorable rental market conditions.

• Online sales now available in all Nordic countries after launching in Norway, expanding e-commerce presence.

• Completed rollout of new store concept across all stores, on time and within budget, receiving positive feedback and expected to boost LFL sales by 1.5–2.0% annually.

• New CEO, Cathrine Wigzell, appointed effective June 2026, ensuring a smooth leadership transition; board changes include new Chairman and two new members.

Financial highlights

• Net sales grew 9.3% year-over-year in Q2 (8.3% reported), with like-for-like sales up 5.6% excluding currency effects.

• Gross margin increased by 0.9 percentage points to 44.8%, and EBITA/EBITDA margin improved by 1.7 points to 6.7%, with EBITA up 45.6% year-over-year.

• Cash flow from operating activities rose to SEK 151 million for the quarter.

• Dividend payout at 47% of net profit, with MSEK 222 paid during the period.

• H1 net sales grew 7.5% year-over-year, with a gross margin of 43.6%.

Outlook and guidance

• Confident in reaching the upper end of 50–80 new store openings over three years, now guiding towards 65–80.

• Guidance and financial targets remain unchanged; on track to achieve midterm EBITDA/EBITA margin target above 8%.

• Expect positive currency effects to support gross margin in the second half and beyond.

• Record sales during Black Week and strong start to Christmas season support positive Q3 outlook.