WS WeSports Group (WSG) Q1 2026 earnings summary

Executive summary

• Achieved record-breaking Q1 with net sales up 52% year-over-year to SEK 960.5 million and organic growth of 15%, driven by strong winter sports demand and increased share of own brands.

• Profitability and cash flow improved significantly, with adjusted EBITA margin rising to 4.0% from 3.1% and profit for the period increasing to SEK 7.8 million.

• Increased ownership in several group companies and executed key acquisitions in golf, floorball, cycling, and racket sports.

• Maintained a net cash position and robust Nordic base, supporting future growth.

Financial highlights

• Q1 net sales reached SEK 960.5 million, up 51.8% year-over-year, with adjusted gross margin at 35.6% (up from 34.5%).

• Adjusted EBITA grew to SEK 38.4 million (margin 4.0%), and last 12 months' net sales were SEK 3.4 billion; including acquisitions, sales would be SEK 4.15 billion and EBITA SEK 265 million.

• Cash conversion ratio for LTM March 2026 was 86.2%, with cash flow from operating activities improving significantly.

• Net cash/EBITDAAL at -0.1x, with SEK 350 million in unused credit facilities.

• Earnings per share increased to SEK 0.28.

Outlook and guidance

• Confident outlook for the rest of 2026, supported by strong Q1 momentum, diversified business model, and robust Nordic base.

• Financial targets: SEK 10 billion net sales by 2031, adjusted EBITA margin of 7%-8% medium term, net debt 1x-2x EBITDA.

• No material impact from current geopolitical uncertainties; staycation and local activity trends seen as supportive.