WS WeSports Group (WSG) Q2 2026 earnings summary

Executive summary

• Net sales grew 55% year-over-year in Q2 2026 to SEK 1,178M, with organic growth of 22%, outpacing the market and prior-year comparables.

• Adjusted EBITDA/EBITA increased by 56% to SEK 88M, with margin improvement to 7.5%, driven by a higher share of owned and controlled brands and strong performance in bike and running segments.

• Strategic acquisitions, including Elite Fitness, and increased stakes in Bikelease and SkiCom, expanded the portfolio, diversified the business, and balanced seasonality.

• Operational initiatives, AI adaptation, and group synergies supported long-term profitability and improved inventory turnover.

• Strong financial position with low leverage and robust cash generation supports ongoing growth and acquisition plans.

Financial highlights

• Q2 2026 net sales reached SEK 1,178M, up 54.7% year-over-year; LTM net sales at SEK 3.8 billion, with pro forma group sales including acquisitions estimated at SEK 4.25 billion.

• Adjusted EBITDA/EBITA margin for Q2 at 7.5%, up from last year; LTM adjusted EBITDA/EBITA margin at 6.2%.

• Adjusted gross margin improved to 37.1% in Q2, up 0.7% year-over-year, supported by a higher share of own and controlled brands.

• Cash flow from operating activities in Q2: SEK 47.4M; cash conversion LTM above 70%.

• Maintenance CapEx at SEK 29M for LTM, representing 0.8% of sales.

Outlook and guidance

• Well-positioned for continued growth in H2, supported by a strong market position, diversified seasonal exposure, and robust M&A pipeline.

• On track to achieve medium-term targets: SEK 10 billion net sales by 2031 and 7%-8% adjusted EBITDA/EBITA margin.

• Clear levers for further margin improvement include increasing own brand share and leveraging purchasing scale.