Systembolaget (SB) Q2 2025 earnings summary

Executive summary

• Net sales rose 1.7% to SEK 10,522 million in Q2 2025, mainly due to Easter timing; underlying sales volumes declined year-over-year.

• Operating profit fell to SEK 54 million from SEK 97 million, impacted by lower volumes and higher wage and development costs.

• Customer satisfaction index (NKI) increased to 81.6 from 80.6, exceeding the annual target.

• For H1 2025, net sales decreased 1.5% to SEK 18,433 million, with operating loss of SEK -133 million and net loss of SEK -102 million.

• Alcohol-free segment was the only category with increased sales volume in H1 2025.

Financial highlights

• Q2 2025 net sales: SEK 10,522 million (+1.7% YoY); H1 2025: SEK 18,433 million (-1.5% YoY).

• Q2 operating profit: SEK 54 million (-44.3% YoY); H1 operating loss: SEK -133 million (vs. SEK 48 million profit YoY).

• Q2 net profit: SEK 46 million (-51.6% YoY); H1 net loss: SEK -102 million (vs. SEK 74 million profit YoY).

• Cash flow from operations in Q2: SEK 1,410 million (vs. SEK 1,058 million YoY); H1: SEK -406 million (vs. SEK 36 million YoY).

• Solid equity ratio at 13.0% (vs. 13.8% YoY); return on equity (R12) at 10.5% (vs. 21.4% YoY).

Outlook and guidance

• Market remains unpredictable with delayed economic upturn; customers increasingly opt for lower-priced products.

• Focus continues on digital customer experience and reducing climate impact.

• Alcohol-free beverages and canned beer are growing trends, supporting sustainability goals.