Synsam Group (SYNSAM) CMD 2025 summary

Strategic Direction, Growth Initiatives, and Market Trends

• Focus on disrupting optical retail through subscriptions, in-house production, and new technology, with subscriptions now over half of net sales and House Brands at ~50% of frames sold.

• Launch of smart glasses and hearing aid glasses, leveraging AI and new form factors, with ambitions to capture a 10% Nordic market share by 2030.

• The need for vision correction is rising across all age groups, driven by demographic shifts and increased screen time.

• Synsam is positioned as a leader in innovation, leveraging its large customer base, omni-channel reach, and early adoption of new technologies.

Financial Performance and Updated Targets

• Net sales have grown from MSEK 3,380 in 2018 to MSEK 6,740 LTM Q2 2025, with consistent double-digit growth rates.

• Medium-term annual organic growth targeted at 8-12%, with EBIT margin target set at 12-15% and investments at 3% of net sales.

• Net debt/EBITDA ratio targeted at 2.5x, with dividend payout policy at 40-60% of net profit.

Subscription and Customer Base Development

• Lifestyle subscription base reached ~871,000 by June 2025, with a target of 1.21 million by 2029 and annual net growth of ~7.5%.

• Subscriptions now account for 53% of sales, driving higher customer satisfaction, longer relationships, and higher ARPU.

• Churn remains low and is largely due to natural factors; many customers who cancel return for future purchases.