Synsam Group (SYNSAM) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong growth, with organic growth reaching 9.8% and like-for-like growth at 8.0%, supported by innovation, partnerships, and market share gains in the Nordics.

• EBIT increased to SEK 290 million from SEK 267 million year-over-year, and profit after tax rose to SEK 192 million from SEK 114 million.

• Subscription business grew 16.6% to SEK 1,104 million, with the Lifestyle subscription base reaching 782,000 customers, up nearly 17% year-over-year.

• 82 new stores established since the start of 2024, progressing toward the goal of 90 new stores by 2026, with eight new stores opened in Q2.

• Collaboration with Erling Haaland and new product launches, including smart/AI glasses, enhanced brand reach and customer engagement.

Financial highlights

• Net sales rose 11.3% year-over-year to SEK 2,049 million in Q2, with gross margin improving to 73.6%.

• EBITDA increased to SEK 513 million from SEK 470 million, with an EBITDA margin of 24.6%.

• Earnings per share before and after dilution increased to SEK 1.35 from SEK 0.79.

• Cash flow from operating activities before changes in working capital increased to SEK 415 million (401), and cash flow from operating activities reached SEK 435 million in Q2.

• Inventory buildup in Q2 led to a SEK -28 million impact on the other cost line, mainly due to internal profit effects.

Outlook and guidance

• Management sees a positive outlook for the remainder of 2026, with ongoing initiatives to stabilize churn, optimize marketing spend, and continue store expansion.

• The company targets annual organic growth of 8–12% and an EBIT margin of 12–15% in the medium term.

• Ongoing innovation in product offerings, including smart glasses, is expected to support future growth.

• General improvement in consumer sentiment observed from Q2 and into early Q3.

• Sunglass sales benefited from a warm summer, supporting seasonal performance.