Zinzino (ZZ) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of SEK 3,337.5 million for 2025, up 51% year-over-year, with Q4 revenue surpassing SEK 1 billion for the first time and 45% growth in Q4, driven by acquisitions and strong organic growth, especially in Germany, Austria, and Switzerland.

• Net profit for the year reached SEK 324.5 million, nearly doubling from the prior year.

• EBITDA margin improved to 13.3% for the year and 16.9% in Q4, reflecting strong operational leverage.

• Subscription-based revenue remains robust, with around 1 million frequent customers and 80% of revenue from customers active in the last 6–12 months.

• Significant expansion through multiple acquisitions and new market launches.

Financial highlights

• Q4 revenue: SEK 1,035.3 million (+45% YoY); full-year revenue: SEK 3,337.5 million (+51% YoY).

• Central Europe delivered 66% growth in the quarter, making it one of the best-performing regions.

• Q4 gross profit: SEK 370.3 million (margin 35.8%); full-year gross profit: SEK 1,119.1 million (margin 33.5%).

• Q4 EBITDA: SEK 175.2 million (margin 16.9%); full-year EBITDA: SEK 443.4 million (margin 13.3%).

• Gross margin improved due to a weaker U.S. dollar and lower input costs.

Outlook and guidance

• Targeting above 20% annual growth and EBITDA margin above 11% for the next three years, with expectations to exceed these targets due to recent acquisitions.

• January 2026 sales report showed 20% growth; management hopes for 25–30% growth for the year, though acknowledges uncertainties.

• Dividend policy remains at least 50% of net profit, subject to liquidity and solvency.

• Continued focus on profitable growth, acquisitions, IT investments, and efficiency improvements.