Zinzino (ZZ) Q3 2025 earnings summary

Executive summary

• Achieved 47% revenue growth in Q3 2025 year-over-year, with total revenue of SEK 784.1 million and net earnings of SEK 89.4 million, performing at or above internal expectations.

• EBITDA margin improved to 14.0% in Q3, driven by strengthened gross margins, lower costs, favorable currency effects, and acquisition synergies.

• Year-to-date (Q1–Q3), revenue grew 54% to SEK 2,302.2 million, with net earnings of SEK 200.9 million and strong cash flow from operations.

• Multiple strategic acquisitions in 2025, including Bodē Pro, Truvy, Valentus Global, Ecosystem SAS, and assets from Zurvita, expanding distribution in North America, Latin America, and Asia, with a focus on integration.

• Launched new Gut Health Test in October, selling over 60,000 units in under a month, enhancing brand awareness and data-driven product development.

Financial highlights

• Q3 2025 revenue: SEK 784.1 million (+47% YoY); gross profit: SEK 277.2 million (margin 35.4%).

• Q3 EBITDA: SEK 109.7 million (margin 14.0%); net earnings: SEK 89.4 million; EPS before dilution: SEK 2.47.

• Q1–Q3 2025 revenue: SEK 2,302.2 million (+54% YoY); gross profit: SEK 748.7 million (margin 32.5%).

• Outperformed stated financial goals, with growth exceeding the promised 20% annual target.

• Cash flow from operating activities Q3: SEK 136.6 million; Q1–Q3: SEK 270.4 million; cash and equivalents: SEK 529.2 million.

Outlook and guidance

• Forecasts continued strong growth in the U.S. and Asia, with the U.S. expected to become a leading region in the next 2–3 years.

• Targeting average sales growth of at least 20% and operating margin before depreciation above 10% for 2025–2027.

• Plans to potentially adjust financial targets upward for 2026 due to consistent overperformance.

• Predictable revenue streams due to high subscription rates and stable customer/partner intake.

• Dividend policy: at least 50% of net earnings, subject to liquidity and equity ratio.