Rusta (RUSTA) Q3 25/26 earnings summary

Executive summary

• Achieved strong Q3 results with 10.5% total sales growth and 6.5% like-for-like growth, excluding currency effects, with improved profitability and strong cash flow across all segments.

• Store network expanded to 232 locations, with one new store opened in Finland and a record pipeline of 50 signed stores; 13 new stores planned for the first half of 2026.

• Online sales launched in Norway and planned for Germany, with online profitability exceeding physical stores and continued channel growth.

• Club Rusta membership reached 6.9 million, up 10.9%, driving loyalty and higher average ticket values.

• Record Black Week and Christmas sales, with strong campaign execution and increasing Nordic market share.

Financial highlights

• Net sales grew 10.5% in Q3 year-over-year (9% reported), with like-for-like sales up 6.5% excluding currency effects.

• Gross margin increased by 0.6 percentage points to 44.1% in Q3; EBITA margin up 1.6 points to 12.5%.

• EBITA rose 24.4% to MSEK 476; EBITDA margin improved by 1.6 percentage points.

• Cash flow from operating activities surged to SEK 865 million, up SEK 618 million year-over-year.

• Net cash position of SEK 300 million, compared to net debt of SEK 54 million last year.

Outlook and guidance

• Upgraded store opening guidance to 65-80 new stores between May 2026 and April 2029.

• Confident in meeting midterm targets: annual organic net sales growth ~8%, like-for-like above 3%, EBITA margin around 8%.

• Continued positive FX effects and sales growth into February; April is the most important month in Q4.

• Monitoring geopolitical risks, but no current impact on supply, costs, or operations.

• New CEO, Cathrine Wigzell, to start by June 2026, with strategy continuity assured.