Systembolaget (SB) Q1 2025 earnings summary

Executive summary

• Net sales decreased by 5.5% to SEK 7,910 million compared to the same quarter last year, mainly due to lower volumes as Easter fell in April this year versus March last year.

• Operating profit was -SEK 187 million, down from -SEK 49 million, impacted by lower sales, inflation-driven costs, and strategic investments.

• Alcohol consumption in Sweden declined by 2.3% in 2024, while Systembolaget's market share rose to 72%.

• Systembolaget maintained high public trust, topping the 2025 Förtroendebarometern with 72% of respondents expressing strong or fairly strong confidence.

Financial highlights

• Net income for the period was -SEK 148 million, compared to -SEK 21 million in the same quarter last year.

• Cash flow from operating activities was -SEK 1,813 million, mainly due to timing differences in supplier payments.

• Liquidity at period end was SEK 733 million, with an unused credit facility of SEK 150 million.

• Total assets amounted to SEK 9,859 million, and equity was SEK 1,796 million at quarter end.

Outlook and guidance

• Strategic investments in sustainability, digitalization, and public health will continue, with ongoing monitoring of costs relative to sales.

• The company aims to halve its climate footprint by 2030 and increase the use of renewable fuels in distribution to 90% by end of 2026.