Verkkokauppa.com (VERK) Q3 2025 earnings summary

Executive summary

• Revenue grew 14.9% year-over-year in Q3 2025, reaching €131.2 million, with broad-based strength across segments and categories; revenue for the first nine months was €358.2 million, up 9.3%.

• Profitability improved for the fourth consecutive quarter, with operating result at €7.2 million (5.5% margin) and net result at €5.3 million in Q3; nine-month EBIT was €12.2 million and net income €8.3 million.

• Market share increased, supported by strong online momentum, successful campaigns, and expansion into new markets.

• Sale of the consumer financing business completed for €32.6 million, generating a non-recurring gain of €3.2 million and strengthening the balance sheet.

• Online sales grew 23.1% YoY in Q3, now representing 68.9% of total revenue.

Financial highlights

• Gross profit rose to €21.8 million (up €5.2 million YoY) in Q3, with gross margin improving to 16.6% from 14.5%; nine-month gross margin was 17.4%.

• Comparable operating result (EBIT) increased to €3.9 million from -€0.7 million YoY in Q3; nine-month comparable EBIT was €9.1 million.

• Cash flow from operations surged to €29.6 million in Q3, mainly due to the sale of the consumer financing business; nine-month operating cash flow was €14.6 million.

• Equity ratio improved to 21.1% (from 16.3%), and cash at hand rose to €43.9 million; net debt turned negative to -€1.1 million.

• Investments totaled €0.8 million in Q3 and €2.2 million for the nine months, focused on IT infrastructure and operational efficiency.

Outlook and guidance

• Market demand expected to remain cautious for the rest of the year, but private consumption is forecasted to recover as purchasing power strengthens.

• Guidance for 2025 unchanged: revenue and comparable operating result expected to increase, with seasonality and consumer behavior as key uncertainties; 2024 revenue baseline is €467.8 million and comparable EBIT €1.8 million.