Interim Financial Report Q4 2025
January 1 - December 31, 2025
Table of content
Highlights
Q4/FY 2025 summary.............................................................................. |
CEO's comment......................................................................................... |
Key figures and ratios............................................................................... |
Investment case........................................................................................ |
3
4
5
6
Business review
Financials..................................................................................................... |
Outlook 13 |
Other information 14 |
8
Financial statements
Consolidated financial statements..................................................... |
Accounting notes 20 |
Parent company financial statements 23 |
16
Additional information
Definitions of financial performance measures 26
Financial calendar 27
BOOZT GROUP Q 4 2025 PAGE _ 2
BOOZT GROUP
SEK million unless otherwise indicated | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
Net revenue | 3,138 | 3,107 | 1% | 8,287 | 8,244 | 1% |
Constant currency growth | 4% | 4% | - | 3% | 7% | -4pp |
Gross margin | 36.1% | 37.5% | -1.4pp | 37.4% | 39.0% | -1.6pp |
Adjusted fulfilment cost ratio | -9.0% | -9.5% | +0.5pp | -9.9% | -10.6% | +0.7pp |
Adjusted marketing cost ratio | -9.3% | -9.8% | +0.5pp | -9.9% | -10.1% | +0.2pp |
Adjusted admin and other cost ratio | -5.7% | -6.1% | +0.4pp | -8.3% | -9.2% | +0.9pp |
Adjusted EBIT | 306 | 307 | -0% | 474 | 473 | 0% |
Adjusted EBIT margin (%) | 9.8% | 9.9% | -0.1pp | 5.7% | 5.7% | -0.0pp |
EBIT | 252 | 348 | -28% | 404 | 452 | -11% |
EBIT margin (%) | 8.0% | 11.2% | -3.2pp | 4.9% | 5.5% | -0.6pp |
Profit for the period | 195 | 267 | -27% | 301 | 342 | -12% |
Free cash flow | 1,012 | 625 | 62% | 871 | 13 | 6,551% |
Q4/FY 2025 summary
Strong profitability, record-high free cash flow and new share buyback program
Net revenue in Q4 2025 increased 4% in constant currency (1% in SEK) to SEK 3,138 million (SEK 3,107 million in Q4 2024). Growth was driven by Boozt.com, which increased 7% in constant currency. Booztlet.com declined by 6% in constant currency.
Adjusted EBIT was SEK 306 million (307) with a margin of 9.8% (9.9%) representing a material underlying improvement. The trading in the quarter was competitive and characterized by promotional intensity, impacting pricing and gross margin. The decline in the gross margin was offset by operational efficiencies.
Free cash flow improved to SEK 1,012 million (625), supported by successful inventory reduction.
Based on the strong cash generation in 2025, the Board intends to propose a new share buyback authority at the 2026 AGM and launch a new buyback programme of up to SEK 200 million following the AGM. The programme comes on top of the already planned around SEK 100 million to be purchased before the AGM.
Positioned for growth acceleration
2025 served as a year of transition with important business progress across the value chain, positioning Boozt strongly for accelerated growth. Boozt has established a leaner organizational structure with AI-driven efficiencies, improved inventory health, and advanced towards becoming a preferred employer in the Nordics by transitioning into new Headquarters.
The inventory management significantly improved both quantity and quality and drove record free cash flow of SEK 871 million for FY 2025.
The focus in 2026 shifts to market share expansion with increased buying budgets, planned investments in several new commercial initiatives and targeting a gradual return towards double-digit growth levels.
Driving progress through technology
Boozt has continued to expand the use of AI across the organisation, embedding AI in core business functions to support better decision-making, more efficient workflows, and improved operational outcomes.
AI is a key enabler of Boozt's technology-driven efficiency agenda, driving automation across internal processes such as product categorisation, invoice handling, fraud detection and developer productivity.
AI is also enhancing the consumer journey across the Boozt platforms, including more relevant product recommendations, more efficient customer service solutions, and soon AI-generated product images, making technology an increasingly important driver of growth.
Boozt is also engaging with Google and OpenAI on emerging agentic commerce standards to ensure future readiness for AI-driven discovery and execution, while carefully governing how these capabilities are applied within Boozt's business model.
PAGE _ 3
Looking ahead, Boozt aims to be at the forefront of AI adoption in online retail, leveraging AI to scale operations, strengthen efficiency and deliver an increasingly personalised and differentiated customer experience.
Q 4 2025
Financial performance FY 2025
Net revenue in 2025 increased 3% in constant currency (1% in SEK) to SEK 8,287 million (SEK 8,244 million in FY 2024). Growth was driven by revenue from both Boozt.com and Booztlet.com, which increased 2% and 5%, respectively, in constant currency.
Adjusted EBIT for 2025 was SEK 474 million and in line with last year (473). This resulted in an adjusted EBIT margin of 5.7% (5.7%). While all opex ratios showed year-on-year improvement, the overall margin was affected by a lower gross margin, primarily due to strategic clearance activities on Booztlet.
Outlook 2026
For 2026, Boozt expects net revenue growth (in constant currency) to be in the range of 3-8%.
Assuming unchanged FX rates, revenue growth will be negatively impacted by around 2 percentage points in 2026.
The adjusted EBIT margin for 2026 is expected to be in the range of 5.3-6.5%. This includes an estimated 0.6 percentage point negative impact from foreign exchange development (at current FX rates).
Underlying improvement is driven by gross margin and operational leverage on fulfilment and marketing costs, partly offset by higher recurring costs from the Copenhagen relocation.
BOOZT GROUP
CEO's comment
Strengthening the foundation
2025 has been a defining year for Boozt, and I am proud of our achievements in a challenging year, where we have faced muted consumer confidence and persistent currency headwinds. This was also evident in the final quarter, where we despite continued high promotional intensity across the market, saw an improvement in our underlying profitability.
This development follow several decisive steps taken in 2025. We successfully completed a proactive inventory clearance, right-sizing our stock to a healthy, high-quality base. Additionally, we repositioned our two stores to increase focus on premium
sales - a strategic shift that, while impacting growth in Booztlet, improves our overall quality of sales. Early in the year, we
Q 4 2025
also took the tough decision to execute an organizational realignment and reduce staff. As a tech-driven company, we are now leveraging AI to drive commercial activities and operate more effectively with a leaner organization, a shift already reflected in our strengthened performance.
Lastly, we finalize our move to Copenhagen in February 2026. This move provides access to a deeper and more specialized talent pool, which will be critical as we continue to build Boozt for the future.
Despite a challenging environment, our disciplined focus on operational strength allowed us to continue to deliver solid results. We grew 3% excl. FX effects, improved our underlying adjusted EBIT margin and delivered record-high free cash flow in 2025. That is a testament to our strong and robust business model and we close the year with a solid foundation well-prepared for future growth.
Back to growth
Looking ahead, we expect growth to accelerate throughout 2026. We start the year in a stronger position than we have had in a very long time and after a more defensive and consolidating 2025, we are again ready to play offence. We are investing in a broader and more inspirational product assortment to win in the market and we are investing in important commercial initiatives.
We are also stepping up our investments in our people with our new base in Copenhagen. While these investments will impact costs in the short term, we expect margins to continue to improve from our focus on premium sales and through ongoing efficiency gains across the value chain, from logistics to AI-driven cost reductions.
Our long-term outlook remains ambitious. As market conditions seem to improve in 2026, we are firmly targeting a gradual return to double-digit growth. We enter the year with a lean organization, a strong foundation, and a clear focus on capturing market share.
PAGE _ 4
Hermann Haraldsson, CEO and Co-founder
HIGHLIGHTS BUSINESS REVIEW
BOOZT GROUP Q 4 2025 PAGE _ 5
Key figures and ratios
SEK million unless otherwise indicated | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
Net revenue | 3,138 | 3,107 | 1% | 8,287 | 8,244 | 1% |
Net revenue growth (%) | 1% | 4% | -3pp | 1% | 6% | -6pp |
Gross profit | 1,133 | 1,164 | -3% | 3,100 | 3,213 | -4% |
Gross margin (%) | 36.1% | 37.5% | -1.4pp | 37.4% | 39.0% | -1.6pp |
Fulfilment cost ratio (%) | -9.3% | -9.5% | +0.2pp | -10.1% | -10.6% | +0.6pp |
Marketing cost ratio (%) | -9.3% | -9.8% | +0.5pp | -9.9% | -10.1% | +0.2pp |
Admin & other cost ratio (%) | -5.9% | -4.8% | -1.2pp | -8.6% | -9.4% | +0.8pp |
Depreciation cost ratio (%) | -3.6% | -2.3% | -1.3pp | -4.0% | -3.3% | -0.7pp |
EBIT | 252 | 348 | -28% | 404 | 452 | -11% |
EBIT margin (%) | 8.0% | 11.2% | -3.2pp | 4.9% | 5.5% | -0.6pp |
Adjusted EBIT | 306 | 307 | -0% | 474 | 473 | 0% |
Adjusted EBIT margin (%) | 9.8% | 9.9% | -0.1pp | 5.7% | 5.7% | -0.0pp |
Profit for the period | 195 | 267 | -27% | 301 | 342 | -12% |
Earnings per share (SEK) | 3.21 | 4.10 | -22% | 4.80 | 5.25 | -8% |
Earnings per share after dilution (SEK) | 2.93 | 3.88 | -24% | 4.47 | 4.99 | -10% |
Adjusted earnings per share (SEK) | 3.92 | 3.59 | 9% | 5.69 | 5.50 | 3% |
Adjusted earnings per share after dilution (SEK) | 3.58 | 3.39 | 5% | 5.30 | 5.22 | 1% |
Net working capital | 347 | 752 | -54% | 347 | 752 | -54% |
Net working capital as share of net revenue (%) | 4.2% | 9.1% | -4.9pp | 4.2% | 9.1% | -4.9pp |
Free cash flow | 1,012 | 625 | 62% | 871 | 13 | 6551% |
Net debt / -net cash | -1,098 | -795 | -38% | -1,098 | -795 | -38% |
Number of employees end of period | 1,054 | 1,157 | -9% | 1,054 | 1,157 | -9% |
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION
Investment case
Boozt stands out as a leading online retailer within fashion and lifestyle in the Nordic region, leveraging a scalable, technology-driven business model and a customer-centric approach. With diversified product categories, operational efficiency, and a focus on sustainability, Boozt is well-positioned for continued growth and profitability in a competitive e-commerce market.
Scalable model
In-house tech platform and automated fulfilment centre ensure scalability, flexibility and cost efficiency
Solid margin potential
Very competitive unit economics driven by industry leading average order value
Scale and ongoing optimisation supporting profitability
Long-term market share target
BOOZT GROUP
10%
share of the Nordic fashion and lifestyle market
10%
Medium-term profitability target
Q 4 2025
adjusted EBIT margin
Nordic online leader
Leading online retailer within fashion and lifestyle in the Nordics
Booztlet.com (outlet) enhancing inventory efficiency and attracting price-conscious consumers
Attractive assortment of 1,600 Nordic and international brands
Growth opportunities
Increasing revenue by moving customers to multi-category shopping
Capitalizing on a strong product offering and superior service levels
Increasing online penetration across categories Market consolidation to support leading retailers
Resilience through diversification
Department store approach supports average order value and customer loyalty
Reduction of risk through category diversification
Return excess cash to shareholders
PAGE _ 6
Boozt prioritizes reinvestment of cash for organic growth and market share gains. Excess cash is returned to shareholders
Business review
Financials..................................................................................................... |
Outlook 13 |
Other information 14 |
8
BOOZT GROUP Q 4 2025 PAGE _ 8
Financials
Net revenue
Solid performance on Boozt.com drove growth during the fourth quarter, with the premium platform increasing 7% in constant currency. This performance benefited from a strategic shift in focus toward the broader assortment and a reduction in site-wide discounting following the completion of clearance activities on Booztlet.com earlier in 2025. Conversely, Booztlet.com revenue decreased 6% in constant currency, reflecting the change of strategy and a challenging comparison against the high clearance volumes recorded in the prior year. Total net revenue for the quarter increased 4% in constant currency (1% in SEK) to SEK 3,138 million, compared to SEK 3,107 million in
Q4 2024.
Active customers over the last 12 months increased by 2% on Boozt.com, while Booztlet.com saw a 4% decline. Traffic
development across both sites was influenced by the strategic shift toward premium sales and higher quality of growth.
Nevertheless, customer acquisition remained strong; during the fourth quarter, approximately 550,000 new customers shopped across the two sites, with around 350,000 joining Boozt.com and around 200,000 joining Booztlet. In total, the active customer base remained stable compared to the previous year, with
3.8 million customers shopping across the platforms over the last 12 months.
Boozt continues to successfully encourage cross-category shopping, with multi-category buyers now representing 54% of active customers, up from 52% last year. This shift drove an increase in the revenue share from non-fashion categories to 44% on Boozt.com for the full year 2025, compared to 42%
in 2024. This diversification reduces fashion-related inventory risk while supporting customer loyalty and a higher average order value.
The Average Order Value (AOV) on Boozt.com declined 1% compared with last year at SEK 998 (1011), while the AOV on Booztlet.com increased 6% to SEK 1019 (964).
Other revenue
Other revenue (included in revenue from Boozt.com and Booztlet.com) in the quarter was SEK 113 million (113), and was unchanged compared with the same quarter last year. Other revenue includes revenue not directly related to product sales, such as income from Boozt Media Partnership, Boozt Data Intelligence, BooztPay and breakage from gift cards.
Net revenue geographical split
In Q4 2025, revenue in the Nordics was SEK 2,823 million (2,790), corresponding to a 1% increase compared with Q4 2024 (or 4% in constant currency). Revenue growth was stable
in Sweden (+2%) while Denmark increased 1% in constant currency (corresponding to a 4% decline in SEK). Revenue from the Nordics was supported by a solid increase in revenue from Norway, which was up around 20% in constant currency in
the quarter.
Revenue in the Rest of Europe declined by 1% to SEK 315 million (317), corresponding to an increase of 4% in constant currency.
SEK million | Q4 2025 | Q4 2024 | Change | Change (CER*) | FY 2025 | FY 2024 | Change | Change (CER) |
Nordics | 2,823 | 2,790 | 1% | 4% | 7,444 | 7,392 | 1% | 3% |
- of which Denmark | 988 | 1,029 | -4% | 1% | 2,615 | 2,731 | -4% | -1% |
- of which Sweden | 1,008 | 993 | 2% | 2% | 2,708 | 2,611 | 4% | 4% |
Rest of Europe | 315 | 317 | -1% | 4% | 843 | 852 | -1% | 2% |
Total net revenue | 3,138 | 3,107 | 1% | 4% | 8,287 | 8,244 | 1% | 3% |
* Constant exchange rates | ||||||||
Gross profit
Promotional intensity and a competitive Black Friday month contributed to a challenging retail environment in the quarter, putting some pressure on margins. These market conditions as well as currency headwinds from a stronger SEK, resulted in a gross margin of 36.1% (37.5%), a decrease of 1.4 percentage points compared to the prior year. Consequently, gross profit declined 3% to SEK 1,133 million (1,164).
Operational costs (adjusted)
The adjusted fulfilment cost ratio for Q4 2025 improved to 9.0% (9.5%), a 0.5 percentage point decrease year-over-year.
The efficiency gains were driven by continued operational improvements at the Ängelholm fulfilment centre and optimized agreements with Nordic distribution partners. For the full year 2025, the adjusted fulfilment ratio improved to 9.9% (10.6%), down 0.7 percentage points compared to 2024.
The adjusted marketing cost ratio improved to 9.3% in the quarter, a decrease of 0.5 percentage points compared to 9.8% last year. This improvement was primarily driven by a reduction in offline marketing in favour of more effective digital channels. Furthermore, an increased focus on AI-driven automation and new technical capabilities in the digital space allowed for more
precise targeting and enhanced efficiency. For the full year 2025, the adjusted marketing ratio was 9.9% (10.1%).
The adjusted admin and other cost ratio improved to 5.7% (6.1%) in the quarter, a decrease of 0.4 percentage points compared
to Q4 2024. The ratio was supported by the restructuring in February 2025, which reduced Boozt's full-time FTEs by approximately 10%, as well as lower accruals for variable
compensation. The ratio improved 1.3 percentage points, when excluding the non-recurring effect from customs repayments in Q4 2024 relating to 9M 2024. For the full year 2025, the adjusted admin and other cost ratio improved 0.9 percentage points to 8.3% (9.2%).
The adjusted depreciation cost ratio was roughly unchanged at 2.4% (2.3%).
Adjusted EBIT
Adjusted EBIT was SEK 306 million (307) with a margin of 9.8% (9.9%). However, on a like-for-like basis, the underlying margin increased 0.9 percentage points as the Q4 2024 comparison was elevated by the non-recurring recognition of Norwegian customs repayments related to 9M 2024. The underlying performance was driven by improvements across all opex ratios, which more than offset a lower gross margin and a net negative impact of approximately 1 percentage point from unfavourable currency fluctuations.
Share of net revenue | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
GROUP | ||||||
Gross margin | 36.1% | 37.5% | -1.4pp | 37.4% | 39.0% | -1.6pp |
Adjusted fulfilment cost ratio | -9.0% | -9.5% | +0.5pp | -9.9% | -10.6% | +0.7pp |
Adjusted marketing cost ratio | -9.3% | -9.8% | +0.5pp | -9.9% | -10.1% | +0.2pp |
Adjusted admin and other cost ratio | -5.7% | -6.1% | +0.4pp | -8.3% | -9.2% | +0.9pp |
Adjusted depreciation cost ratio | -2.4% | -2.3% | -0.1pp | -3.5% | -3.3% | -0.2pp |
Adjusted EBIT margin | 9.8% | 9.9% | -0.1pp | 5.7% | 5.7% | -0.0pp |
Adjustments for the quarter amounted to SEK -54 million, compared to SEK 41 million in the prior year. Adjustments for
the current quarter related to the relocation of the headquarters to Copenhagen (around SEK 40 million) as well as the closure of a local warehouse in Helsingborg. In contrast, adjustments
in Q4 2024 were positively impacted by a SEK 60 million repayment of Norwegian customs duties relating to 2022-2023.
Share-based payments had a neutral impact on adjustments in Q4 2025 (SEK 0 million), compared with SEK -19 million in the same period last year. These costs fluctuate between periods as the estimated vesting probability of performance shares is dynamic; additionally, the provision for social charges is subject to fluctuations in Boozt's share price.
For a reconciliation of adjusted EBIT, please visit the Group's website https://www.booztgroup.com/reports-and-presentations, "Q4 Report 2025" - "Financial data".
EBIT
EBIT was SEK 252 million (348) in Q4 2025 corresponding to an EBIT margin of 8.0% (11.2%). The margin development reflects non-recurring relocation costs expensed during Q4 2025.
Furthermore, the prior-year comparison was impacted by the repayment of Norwegian customs duties (SEK 60 million)
relating to 2022-2023, which was recognized in full in Q4 2024.
Financial items
Net financial items for the quarter totalled SEK -7 million (-4). Financial income amounted to SEK 3 million (6) and was mainly related to positive interests on the company's cash position.
Financial expenses were SEK -10 million (-10) of which SEK
-6 million were related to interest on loans and SEK -4 million were related to interest on leasing contracts according to IFRS 16.
Tax
Tax for Q4 2025 was SEK -50 million (-78) corresponding to an effective tax rate for the period of 20.4% (22.5% ).
Profit for the period
BOOZT GROUP
Profit for Q4 2025 totalled SEK 195 million (267) resulting in earnings per share before dilution of SEK 3.21 (4.10). Earnings per share after dilution amounted to SEK 2.93 (3.88).
Net Working capital
Net working capital at the end of 2025 was SEK 347 million (752) equivalent to 4.2% (9.1%) of net revenue for the last 12 months. The decline was mainly due to a decline in inventory.
Q 4 2025
Inventory as a percentage of revenue for the last 12 months declined 3 percentage points compared with the same period last year to 29.2% (32.4%). In absolute terms, inventory at the end of the year was SEK 2,421 million (2,674). The decline was driven by the clearance sales on Booztlet finalized in Q3 2025, which has right-sized the inventory to a more attractive level in comparison to sales. The risk related to inventory is significantly reduced thanks to Booztlet.com acting as an effective clearing channel, where prices can be lowered without compromising the brand value of Boozt.com or its brand partners.
The current inventory is healthy and high-quality and considered a strong foundation for a larger and more opportunitistic increase to support Boozt's growth ambitions. Consequently, Boozt expects to increase inventory levels throughout 2026.
Accounts payables increased to SEK 1,384 million (1,235) at the end of 2025 corresponding to 16.7% (15.0%) of net revenue for the last 12 months.
PAGE _ 9
Accounts receivable was SEK 48 million (38) at the end of 2025 corresponding to 0.6% (0.5%) of net revenue for the last 12 months.
HIGHLIGHTS BUSINESS REVIEW
Cash flow
Free cash flow for the quarter was SEK 1,012 million (625) driven by the underlying profit generation and working capital improvements. For the full year 2025, free cash flow amounted to SEK 871 million (13).
Cash flow from operations
Cash flow from operating activities amounted to SEK
1,058 million in the quarter (680). The increase was primarily driven by changes in net working capital. This was a result of
the now finalised stock clearance on Booztlet.com and stringent purchasing given the current market situation. Cash flow from operating activities before changes to net working capital was SEK 342 million (413).
Cash flow from investments
Cash flow from investing activities amounted to SEK -45 million (-55). The lower level was due to lower investments in intangible assets, primarily related to IT infrastructure, which amounted to SEK -23 million (-30). Additionally cash flow from investments in tangible assets declined to SEK -12 million in the quarter (-30) as last year included investments related to the installation of transfer cells at the fulfilment centre.
Cash flow from financing
BOOZT GROUP Q 4 2025 PAGE _ 10
Cash flow from financing activities amounted to SEK -311 million compared with SEK -89 million in Q4 2024. The increase was due to the share buyback activity in the period which amounted to SEK -83 million (-46). Furthermore, Boozt reduced its gross debt by around SEK 200 million during the quarter.
Cash position
At the end of 2025, the Group reported a net cash position of SEK 1,098 million compared with SEK 795 million at the end of 2024. The cash position was supported by a strong free cash flow of SEK 871 million generated over the last twelve months. This was offset by cash utilized for the repayment of loans and the share repurchase programme, for which SEK 452 million was used over the last 12 months (including SEK 83 million in Q4 2025).
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION
Segments
Boozt.com
Net revenueIn Q4 2025, revenue from Boozt.com was SEK 2,550 million (2,461), corresponding to an increase of 4% (or 7% in constant currency). The platform continues to benefit from a strategic focus on assortment breadth and disciplined pricing, following the conclusion of clearance activities on Booztlet.com earlier in the year. By prioritizing premium pricing and brand equity in a highly promotional market, Boozt.com maintains its high-end
positioning, even as this disciplined approach moderates short-term growth in the current environment.
The number of active customers on Boozt.com in the last 12 months was up 2% compared with last year at 2.8 million. This was supported by around 350,000 new customers shopping on Boozt.com in Q4 2025. The average order value was SEK 998 (1011) and down 1% compared with last year. This was mainly driven by a negative impact from the strengthening on the SEK.
Revenue in the Nordics increased 5% in the quarter (or 8% in constant currency). The increase was supported by continued good momentum in Denmark, where sales increased 2% in the quarter (or 8% in constant currency). Revenue from Sweden also improved and increased 6% in the quarter. Revenue from the Rest of Europe amounted to SEK 198 million (212) in the quarter, a decline of 7% (or 2% in constant currency).
True frequency was 5.6 (5.7) with cohorts continuing to display encouraging buying patterns despite the remaining pressure on consumers' disposable income. Customer satisfaction continues to be at a high and very competitive level, illustrated by a Trustpilot score of 4.3 (4.4) and a Net Promoter Score (NPS) of 79 (72). The increase in NPS in the quarter was supported by increased focus on quality checks and internal training to ensure high-quality customer interactions.
BOOZT GROUP
SEK million unless otherwise indicated | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
Boozt.com | ||||||
Net revenue | 2,550 | 2,461 | 4% | 6,659 | 6,658 | 0% |
EBIT | 219 | 312 | -30% | 361 | 393 | -8% |
EBIT margin (%) | 8.6% | 12.7% | -4.1pp | 5.4% | 5.9% | -0.5pp |
Adjusted EBIT | 264 | 277 | -5% | 420 | 407 | 3% |
Adjusted EBIT margin (%) | 10.4% | 11.3% | -0.9pp | 6.3% | 6.1% | 0.2pp |
No. of orders (000) | 2,419 | 2,288 | 6% | 6,407 | 6,384 | 0% |
True frequency | 5.6 | 5.7 | -2% | 5.6 | 5.7 | -2% |
Average order value (SEK) | 998 | 1011 | -1% | 964 | 964 | 0% |
Active customers (000) | 2,808 | 2,748 | 2% | 2,808 | 2,748 | 2% |
No. of orders per active customer | 2.3 | 2.3 | -2% | 2.3 | 2.3 | -2% |
Adjusted EBIT was SEK 264 million (277), with the adjusted EBIT margin declining 0.9 percentage points to 10.4% (11.3%).
Q 4 2025
SEK million | Q4 2025 | Q4 2024 | Change | Change (CER) | FY 2025 | FY 2024 | Change | Change (CER) |
Boozt.com | ||||||||
Nordics | 2,352 | 2,249 | 5% | 8% | 6,111 | 6,070 | 1% | 3% |
- of which Denmark | 879 | 858 | 2% | 8% | 2,268 | 2,300 | -1% | 2% |
- of which Sweden | 769 | 725 | 6% | 6% | 2,023 | 1,990 | 2% | 2% |
Rest of Europe | 198 | 212 | -7% | -2% | 548 | 588 | -7% | -4% |
Total net revenue | 2,550 | 2,461 | 4% | 7% | 6,659 | 6,658 | 0% | 2% |
However, on a like-for-like basis the margin increased 0.1 percentage points as the 2024 comparison was elevated by the non-recurring recognition of Norwegian customs repayments for 9M 2024. This underlying improvement was supported by efficiency gains across all operational cost ratios, which compensated for a lower gross margin negatively impacted by the stronger SEK.
The adjustments for the quarter amounted to SEK -45 million
(37). The adjustments in the quarter were related to
the relocation of the headquarters to Copenhagen as well as the closure of a local warehouse in Helsingborg.
The adjustments for Q4 2024 was positively impacted by the repayment of Norwegian customs.
PAGE _ 1 1
EBIT for the quarter was SEK 219 million (312) corresponding to an EBIT margin of 8.6% (12.7%). The margin decline was explained by the one-off repayment of Norwegian customs in Q4 2024 related to the period 2022 to Q3 2024, as well as the one-off costs related to relocation of headquarters.
Booztlet.com
Net revenueIn Q4 2025, net revenue from Booztlet.com was SEK 588 million (646) corresponding to a decline of 9% (or 6% in local
currency) compared with the same quarter last year. Revenue in the quarter reflects a tough comparison against the elevated clearance volumes seen in Q4 2024, as well as a shift in
focus towards Boozt.com and its broader assortment and reduced discounting.
The number of active customers on Booztlet.com over the last twelve months was 1.0 million, representing a 4% decline
compared to the same period last year. This reflects the planned conclusion of the clearance sales during Q3 2025 and a subsequent normalization of the customer base. The Average Order Value (AOV) for the quarter rose by 6% to SEK 1019
(964). The increase was driven by the transition away from the significant discounting and clearance activity that characterized the fourth quarter of last year.
Revenue from the Nordics was SEK 471 million (541), corresponding to a decrease of 13% compared with Q4 2024 (or -11% in constant currency). Revenue from Sweden declined 11% in the quarter, while revenue from Denmark declined 33% in constant currency. The decline reflects the end of the clearance sales on booztlet and the subsequent increased focus on
Boozt.com. Revenue from the Rest of Europe was SEK 117 million
PAGE _ 12
(105) and grew 12%.
Adjusted EBIT and EBITBOOZT GROUP
SEK million unless otherwise indicated | Q4 2025 | Q4 2024 | Change | FY 2025 | FY 2024 | Change |
Booztlet.com | ||||||
Net revenue | 588 | 646 | -9% | 1,628 | 1,586 | 3% |
EBIT | 33 | 36 | -8% | 43 | 60 | -29% |
EBIT margin (%) | 5.7% | 5.6% | 0.1pp | 2.6% | 3.8% | -1.1pp |
Adjusted EBIT | 42 | 30 | 42% | 54 | 66 | -18% |
Adjusted EBIT margin (%) | 7.2% | 4.6% | 2.6pp | 3.3% | 4.1% | -0.8pp |
No. of orders (000) | 563 | 656 | -14% | 1,609 | 1,609 | 0% |
Average order value (SEK) | 1019 | 964 | 6% | 982 | 957 | 3% |
Active customers (000) | 978 | 1018 | -4% | 978 | 1018 | -4% |
No. of orders per active customer | 1.6 | 1.6 | 4% | 1.6 | 1.6 | 4% |
Adjusted EBIT amounted to SEK 42 million (30) in the quarter corresponding to an adjusted EBIT margin of 7.2% (4.6%).
The increase was driven by efficiency gains across all operational cost ratios. The gross margin remained suppressed, impacted by a highly promotional market environment as well as the strengthening of the SEK.
The adjustments for the quarter amounted to SEK -9 million, compared with SEK 6 million last year. The adjustments in the quarter were entirely related to the relocation of
the headquarters to Copenhagen as well as the closure of the local warehouse in Helsingborg. The adjustments for Q4 2024 was positively impacted by the repayment of Norwegian customs.
Q 4 2025
SEK million | Q4 2025 | Q4 2024 | Change | Change (CER) | FY 2025 | FY 2024 | Change | Change (CER) |
Booztlet.com | ||||||||
Nordics | 471 | 541 | -13% | -11% | 1,333 | 1,322 | 1% | 3% |
- of which Denmark | 109 | 171 | -36% | -33% | 347 | 431 | -19% | -17% |
- of which Sweden | 239 | 268 | -11% | -11% | 685 | 621 | 10% | 10% |
Rest of Europe | 117 | 105 | 12% | 17% | 295 | 265 | 11% | 15% |
Total net revenue | 588 | 646 | -9% | -6% | 1,628 | 1,586 | 3% | 5% |
EBIT for the fourth quarter was SEK 33 million (36) corresponding to an EBIT margin of 5.7% (5.6%).
Outlook
Outlook 2026
Boozt expects net revenue growth for 2026 in constant currency in the range of 3-8% and an adjusted EBIT margin of 5.3-6.5%. Growth momentum is expected to accelerate throughout the year as commercial initiatives, notably the strategic inventory ramp-up, take effect.
Outlook 2026 | Reported FY 2025 | |
Revenue growth (constant currency) | 3-8% | 3% |
Adjusted EBIT margin | 5.3-6.5% | 5.7% |
The EBIT margin guidance reflects solid underlying margin improvement offset by negative impact from the Swedish krona appreciation against DKK, EUR and NOK. Assuming exchange rates remain at current levels for the remainder of 2026, currency is expected to have a negative impact of approximately 2 percentage points on net revenue and 0.6 percentage points on the adjusted EBIT margin.
The profitability is expected to benefit from gross margin improvement based on the strategic change to focus on premium sales as well as a higher share of revenue from margin-accretive Other revenue, driven by a material increase in the buying plan.
Additionally, continued efficiency gains across the business is expected, primarily through further integration of AI-driven automation and optimized operational workflows.
These improvements are expected to be partially offset by an increase in recurring costs related to the relocation to the Copenhagen headquarters, scaling of the talent base, and the launch of key commercial initiatives to drive market share.
Collectively, these investments are anticipated to have a margin
impact of approximately 0.5 percentage points on EBIT margin for the full year.
The 2026 outlook is based on continued operational stability in the Nordic market. However, the retail landscape is increasingly unpredictable due to heightened geopolitical tensions. Recent escalations in trade policy and new regional uncertainties have introduced significant risks to supply chains and could rapidly impact Nordic consumer confidence. Consequently, the 2026 guidance reflects the current visibility but is inherently subject to external factors.
CapexCAPEX for 2026 is expected to be in the range of SEK
165-185 million. This includes an investment in sprinkler roof on Autostores required by the insurance partner in the fulfilment centre in Ängelholm of around SEK 40 million.
Free cash flowWhile the underlying cash generation is strong, the free cash flow in 2026 is expected to be moderate due to the timing
of non-recurring cash items. Key drivers include exit tax of SEK 140 million related to the relocation to Copenhagen,
approximately SEK 50 million in non-recurring moving costs as well as inventory build-up for the planned growth momentum in late 2026.
PAGE _ 13
The two-year cash conversion from 2025 - 2026 is expected to be roughly around 100%, and reflects Boozt's strong ability to generate cash over the cycle but with annual fluctuations.
Financial implications related to relocation of headquarters
Relocation costsThe relocation of the headquarters from Hyllie, Sweden, to Copenhagen, Denmark, is scheduled for 16 February 2026. As previously communicated, the move will result in total non-
recurring costs of approximately SEK 50 million, of which around SEK 40 million was expensed in Q4 2025. The costs in Q4 2025 include a SEK 34 million write-down of right-of-use asset related to Hyllie premises. Remaining costs are mainly comprised of restoration of the Hyllie premises prior to lease termination as well as other moving costs related to the new headquarters. The cash flow impact will be distributed across 2026.
Exit tax implicationsAs previously communicated, the relocation of business operations from Sweden triggers an exit tax payment of an estimated SEK 180 million with a net cash impact in 2026 of SEK 140 million. The full amount of the exit tax payment will be available as a deduction against corporate taxes in
Denmark. While the tax credit is generally available long-term, it is expected to be fully utilized over a five-year period (starting from 2026). Consequently, the net cash flow effect from the transfer over the five-year period (2026-2030) is expected to be neutral. This amount is an estimation based on current valuations and tax rules. The final tax payment is subject to inherent uncertainty.
Growth and profitability ambitions
BOOZT GROUP
Boozt's long-term financial ambitions remain unchanged. Despite the challenging macroeconomic environment, including adverse foreign exchange development, over the past two years, Boozt continues to be committed to grow and increase the EBIT-margin every year, reaching 10% EBIT-margin in the mid-term.
Q 4 2025
Boozt also plans to host a Capital Markets Day in early 2027.
BOOZT GROUP
Other information
Significant events during Q4 2025
Expansion of share buyback programmeIn November, Boozt's ongoing share repurchase programme was expanded to a total of SEK 415 million (up from SEK
300 million). The programme runs until the AGM 2026 and approximately SEK 100 million is outstanding to be purchased under the programme.
With this, Boozt will achieve its capital return target communicated at the 2023 CMD by purchasing own shares for a total of SEK 800 million in the three-year period following the CMD. Shares for an amount of SEK 703 million have been purchased to date.
Significant events after the reporting date
Intention to launch share repurchase programme Today, the board of Boozt AB has announced that it intends to propose to the annual general meeting that the board is granted renewed authority to resolve on repurchase of own ordinary shares of a maximum amount so that the company'sshareholding does not exceed 10 per cent of the total number of shares in the company at any given time. Following the expiry of the current programme in connection with the 2026 AGM, the board intends to utilize this authority to launch a new share buyback programme of up to SEK 200 million.
The purpose of the repurchase would be partly to enable Boozt to adapt its capital structure to its capital needs over time as well as to secure the company's obligations in relation to long-term incentive programmes.
Dividends
The Board of Directors proposes to the annual general meeting 2026 that no dividends are paid to the shareholders for the financial year 2025.
Annual general Meeting
Boozt's Annual General Meeting will be held on Wednesday April 23, 2026, at 08:00 CET at Setterwalls Advokatbyrå, Stortorget 23, 211 34 Malmö, Sweden. Notice to attend the AGM along with proposals from the Nomination Committee will be published on the company's website no later than March 23, 2026.
Treasury shares
During Q4 2025, Boozt repurchased 772,000 own shares (or 1.2% of the share capital), corresponding to SEK 83 million. In total, during 2025, Boozt repurchased 4,498,040 shares in total (or 6.9% of the share capital), corresponding to SEK 452 million. This includes shares repurchased as part of the
former share buyback programme, which was launched in 2024 and concluded on 24 April 2025.
As of the date of this report, Boozt holds 7.9% of the share capital in Boozt Fashion AB, equivalent to a total of 5,210,212 treasury shares, of which 1,744,867 are classified as C-shares.
Parent company
Net revenue of the parent company in Q4 2025 amounted to SEK 20 million (48). The parent company has invoiced
fees for management services in accordance with the Group's intercompany agreements to other Group companies during the period. Costs for the period are mainly attributable to costs
related to personnel costs for the Group Management and remuneration to the Board of Directors. Net profit for the fourth quarter totalled SEK 0 million (5).
Seasonal variances
Seasonal variances affect the Group since purchases are cyclical and inventories are built up before each season. However, each quarter is comparable between years.
Q 4 2025
Traditionally the fourth quarter has the highest net revenue, whereas the first quarter has the lowest. Inventory levels in the industry can be affected by an early or late start to the season impacting the promotional activities needed to clear inventory. To illustrate the long-term development trend the Group reports rolling twelve months' figures, where applicable.
Risks and uncertainties
Boozt has developed a risk management framework with the purpose to strengthen the structure of how risk management is carried out throughout the Group. Identified risks are reviewed by the Board of Directors continuously. All identified risks as well as the risk management process is described in the Group's Annual Report 2024 on pages 28-30.
Related party transactions
PAGE _ 14
Boozt's related parties and the extent of transactions with its related parties are described in Note 26 in the Annual Report 2024. There have not been any significant transactions with members of Group Management or other related parties during the quarter.
Financial statements
Consolidated financial statements..................................................... |
Accounting notes 20 |
Parent company financial statements 23 |
16
BOOZT GROUP
Consolidated financial statements
SEK million | Note | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Net revenue | 2 | 3,138 | 3,107 | 8,287 | 8,244 |
Total operating income | 3,138 | 3,107 | 8,287 | 8,244 | |
Goods for resale | -2,005 | -1,943 | -5,187 | -5,031 | |
Other external costs | -592 | -512 | -1,671 | -1,655 | |
Cost of personnel | -173 | -232 | -688 | -825 | |
Depreciation and amortisation of tangible and intangible assets | -112 | -71 | -331 | -273 | |
Other operating costs | -3 | -1 | -7 | -8 | |
Total operating costs | -2,886 | -2,758 | -7,883 | -7,792 | |
OPERATING PROFIT (EBIT) | 2 | 252 | 348 | 404 | 452 |
Financial income | 3 | 6 | 19 | 18 | |
Financial expenses | 3 | -10 | -10 | -42 | -43 |
Net financial items | -7 | -4 | -22 | -25 | |
PROFIT BEFORE TAX | 2 | 245 | 344 | 382 | 428 |
Income tax | -50 | -78 | -81 | -85 | |
PROFIT FOR THE PERIOD | 195 | 267 | 301 | 342 | |
Consolidated income statement
Note | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Average number of shares (000) | 60,888 | 65,097 | 62,686 | 65,247 |
Average number of shares after dilution (000) | 66,609 | 68,842 | 67,297 | 68,677 |
Earnings per share (SEK) | 3.21 | 4.10 | 4.80 | 5.25 |
Earnings per share after dilution (SEK) | 2.93 | 3.88 | 4.47 | 4.99 |
PAGE _ 16
Q 4 2025
Consolidated statement of comprehensive income
SEK million | Note | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
PROFIT FOR THE PERIOD | 195 | 267 | 301 | 342 | |
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT: | |||||
Translation differences | -13 | 10 | -35 | 16 | |
TOTAL COMPREHENSIVE PROFIT FOR THE PERIOD | 182 | 277 | 266 | 359 | |
ATTRIBUTABLE TO | |||||
Parent company's shareholders | 182 | 277 | 266 | 359 | |
PAGE _ 17
BOOZT GROUP
Q 4 2025
Consolidated statement of financial position
SEK million | Note | Dec 31, 2025 | Dec 31, 2024 |
ASSETS | |||
Trademarks | 4 | 91 | 96 |
Goodwill | 4 | 290 | 309 |
Web platform | 4 | 249 | 241 |
Total intangible assets | 630 | 646 | |
Right of use asset | 381 | 475 | |
Machinery and equipment | 4 | 765 | 817 |
Total tangible assets | 1,145 | 1,292 | |
Deposits | 28 | 11 | |
Shares in associated companies | 14 | 14 | |
Deferred tax asset | 10 | 14 | |
Total other assets | 52 | 38 | |
Total non-current assets | 1,827 | 1,976 | |
Inventory | 2,421 | 2,674 | |
Accounts receivable | 3 | 48 | 38 |
Other receivables | 3 | 96 | 173 |
Current tax receivables | 69 | 57 | |
Prepaid expenses and accrued income | 145 | 201 | |
Cash and cash equivalents | 3 | 1,098 | 1,174 |
Total current assets | 3,878 | 4,317 | |
TOTAL ASSETS | 5,704 | 6,293 | |
SEK million | Note | Dec 31, 2025 | Dec 31, 2024 |
EQUITY AND LIABILITIES | |||
Share capital | 6 | 6 | |
Other capital contributions | 2,367 | 2,372 | |
Reserves | 18 | 53 | |
Retained earnings including profit for the period | 401 | 553 | |
Total equity | 2,793 | 2,983 | |
Non-current interest bearing liabilities | 3 | - | 380 |
Non-current lease liabilities | 3 | 337 | 401 |
Other non-current provisions | 21 | 21 | |
Deferred tax liabilities | 18 | 20 | |
Total non-current liabilities | 376 | 821 | |
Current lease liabilities | 3 | 104 | 97 |
Accounts payable | 3 | 1,384 | 1,235 |
Current tax liabilities | 84 | 85 | |
Other liabilities | 3 | 533 | 531 |
Accrued expenses and prepaid income | 430 | 540 | |
Total current liabilities | 2,535 | 2,488 | |
Total liabilities | 2,911 | 3,310 | |
TOTAL EQUITY AND LIABILITIES | 5,704 | 6,293 | |
PAGE _ 18
BOOZT GROUP
Q 4 2025
Consolidated statement of changes in equity
SEK million | Share capital | Other capital contributions | Reserves | Profit brought forward incl. period's profit/loss for the year | Total equity attributable to parent company shareholders |
Equity as per Jan 1, 2024 | 6 | 2,307 | 37 | 372 | 2,721 |
Profit for the period | - | - | - | 342 | 342 |
Other comprehensive income | - | - | 16 | - | 16 |
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | 0 | 0 | 16 | 342 | 359 |
Sharebased compensation | - | 65 | - | - | 65 |
Share buyback | - | - | - | -162 | -162 |
Total transaction with owners | 0 | 65 | 0 | -162 | -97 |
Equity as per Dec 31, 2024 | 6 | 2,372 | 53 | 553 | 2,983 |
SEK million | Share capital | Other capital contributions | Reserves | Profit brought forward incl. period's profit/loss for the year | Total equity attributable to parent company shareholders |
Equity as per Jan 1, 2025 | 6 | 2,372 | 53 | 553 | 2,983 |
Profit for the period | - | - | - | 301 | 301 |
Other comprehensive income | - | - | -35 | - | -35 |
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD | 0 | 0 | -35 | 301 | 266 |
Sharebased compensation | - | -4 | - | - | -4 |
Share buyback | - | - | - | -452 | -452 |
Total transaction with owners | 0 | -4 | 0 | -452 | -457 |
Equity as per Dec 31, 2025 | 6 | 2,367 | 18 | 401 | 2,793 |
PAGE _ 19
BOOZT GROUP
Q 4 2025
Consolidated statement of cash flow
SEK million | Note | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Operating profit | 252 | 348 | 404 | 452 | |
Adjustments for non-cash items: | |||||
Non-cash remuneration from share based payments (social charges) | 2 | 5 | -4 | 15 | |
Non-cash remuneration from share based payments | -1 | 14 | -7 | 65 | |
Depreciation | 112 | 71 | 331 | 273 | |
Other items not included in cash flow | 9 | 0 | 9 | 2 | |
Redemption of share based payments (social charges) | -0 | 0 | -1 | -16 | |
Interest received | 3 | 6 | 19 | 18 | |
Interest paid | 3 | -10 | -10 | -42 | -43 |
Paid income tax | -24 | -21 | -94 | -97 | |
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL | 342 | 413 | 614 | 669 | |
Changes in inventory | 730 | 839 | 253 | -393 | |
Changes in current assets | 20 | -94 | 124 | -153 | |
Changes in current liabilities | -34 | -478 | 42 | 129 | |
Cash flow from changes working capital | 715 | 267 | 418 | -417 | |
CASH FLOW FROM OPERATING ACTIVITIES | 1,058 | 680 | 1,032 | 252 | |
SEK million | Note | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Acquisition of operations, net liquidity effect | 4 | - | 5 | - | 0 |
Investments in fixed assets | 4 | -12 | -30 | -47 | -124 |
Change in financial assets | 4 | -11 | -0 | -18 | -2 |
Investments in intangible assets | 4 | -23 | -30 | -97 | -113 |
CASH FLOW FROM INVESTING ACTIVITIES | 4 | -45 | -55 | -161 | -239 |
Share buyback | -83 | -46 | -452 | -162 | |
New loans | 100 | 335 | 621 | 388 | |
Repayments of loans | -300 | -359 | -1,001 | -432 | |
Repayments of lease liability | -27 | -19 | -109 | -94 | |
CASH FLOW FROM FINANCING ACTIVITIES | -311 | -89 | -942 | -299 | |
Cash flow for the period | 702 | 536 | -71 | -287 | |
Currency exchange gains/losses in cash and cash equivalents | -2 | -2 | -5 | -2 | |
Cash and cash equivalents beginning of period | 399 | 641 | 1,174 | 1,463 | |
CASH AND CASH EQUIVALENTS END OF PERIOD | 1,098 | 1,174 | 1,098 | 1,174 | |
BOOZT GROUP
Accounting notes
Note 1 - Accounting principles
The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Information required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations method have remained unchanged from those applied in the 2024 Annual Report. Amended or new standards taking effect from January 1, 2025 have not had any material impact on the Group's financial reports for the period.
Important estimates and assessments
Preparation of the financial reports in accordance with IFRS requires management to make assessments and estimates and assumptions that affect application of the accounting policies and the recognised amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.
Q 4 2025
Estimates and assumptions are continually evaluated. Changes in estimates are recognised in the period the change is made if the change only affected that period or in the period the change is made and in future periods if the change affects both current and future periods.
Important estimates and assessments are disclosed in the 2024 Annual Report on page 105.
The Group has carried out a reassessment of the useful lives of selected parts of the Group's fixed assets that mainly relate to the AutoStore installations and specifically the Conveyors as well as IT, Sensors & PLC. The reassessment is carried out to better
reflect the actual useful life on a component level based on the experience obtained after operating our AutoStore setup for the past eight years. For the previously acquired assets, the change will be made from January 2025. For the most recently acquired assets activated in Q4 2024 the new depreciation times will be used from the start.
By extending the useful lives, the Group assesses a higher degree of comparability of EBIT towards industry peers. In conclusion, the impact on yearly depreciation compared to the previous depreciation times is a decrease in costs of around SEK 2.5 million for 2025.
Parent company
PAGE _ 20
For the Parent Company Boozt AB (publ), the financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. The reporting currency is SEK and all figures in the interim report are rounded to the nearest million with one decimal point.
Note 2 - Segment reporting
SEK million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
NET REVENUE | ||||
Boozt.com | 2,550 | 2,461 | 6,659 | 6,658 |
Booztlet.com | 588 | 646 | 1,628 | 1,586 |
TOTAL NET REVENUE | 3,138 | 3,107 | 8,287 | 8,244 |
EBIT | ||||
Boozt.com | 219 | 312 | 361 | 393 |
Booztlet.com | 33 | 36 | 43 | 60 |
TOTAL EBIT | 252 | 348 | 404 | 452 |
EARNINGS BEFORE TAX | ||||
Boozt.com | 213 | 308 | 343 | 371 |
Booztlet.com | 32 | 35 | 39 | 57 |
EARNINGS BEFORE TAX | 245 | 343 | 382 | 428 |
PAGE _ 21
BOOZT GROUP
Q 4 2025
Note 3 - Financial instruments
31 Dec, 2024 (SEK million) | Financial assets valued at amortised cost | Financial liabilities valued at amortised cost | Financial instruments measured at fair value via income statement | Total carrying amount | Fair value |
Financial assets | |||||
Deposits | 11 | - | - | 11 | 11 |
Accounts receivables | 38 | - | - | 38 | 38 |
Other receivables | 173 | - | 1 | 173 | 173 |
Cash and cash equivalents | 1,174 | - | - | 1,174 | 1,174 |
Total financial assets | 1,396 | 0 | 1 | 1,396 | 1,396 |
Financial liabilities | |||||
Liabilities to credit institutions | - | 380 | - | 380 | 380 |
Accounts payables | - | 1,235 | - | 1,235 | 1,235 |
Other liabilities | - | 531 | - | 531 | 531 |
Lease liabilities | - | 499 | - | 499 | 499 |
Total financial liabilities | 0 | 2,645 | 0 | 2,645 | 2,645 |
31 Dec, 2025 (SEK million) | Financial assets valued at amortised cost | Financial liabilities valued at amortised cost | Financial instruments measured at fair value via income statement | Total carrying amount | Fair value |
Financial assets | |||||
Deposits | 28 | - | - | 28 | 28 |
Accounts receivables | 48 | - | - | 48 | 48 |
Other receivables | 96 | - | - | 96 | 96 |
Cash and cash equivalents | 1,098 | - | - | 1,098 | 1,098 |
Total financial assets | 1,270 | 0 | 0 | 1,270 | 1,270 |
Financial liabilities | |||||
Accounts payables | - | 1,384 | - | 1,384 | 1,384 |
Other liabilities | - | 533 | 0 | 533 | 533 |
Lease liabilities | - | 441 | - | 441 | 441 |
Total financial liabilities | 0 | 2,357 | 0 | 2,358 | 2,358 |
Calculation of fair value
PAGE _ 22
BOOZT GROUP
Q 4 2025
SEK million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Acquisition of fixed assets (other capex) | -1 | -28 | -3 | -30 |
Acquisition of fixed assets (warehouse capex) | -11 | -2 | -44 | -94 |
Total | -12 | -30 | -47 | -124 |
Acquisition of operations | 0 | 5 | 0 | 0 |
Change in financial assets | -11 | 0 | -18 | -2 |
Total | -11 | 5 | -18 | -2 |
Acquisition of intangible assets (capitalised development costs) | -24 | -30 | -96 | -111 |
Acquisition of intangible assets (other) | 0 | 0 | -1 | -2 |
Total | -24 | -30 | -97 | -113 |
Cash flow from investments | -46 | -55 | -161 | -239 |
The Group has derivative instruments that comprise foreign exchange forward used for economic hedging purposes, which are measured at fair value according to Level 2 of the valuation hierarchy. Derivative receivables amount to SEK 0 million (1). Other financial liabilities measured at fair value through profit or loss comprise currency hedges amounting to SEK 0 million (0). Other financial liabilities measured at fair value can be found at Level 3 of the valuation hierarchy. The Group's other financial assets and liabilities are considered to be close to the carrying amount, after which the carrying amount is estimated to be the same as the fair value. For a more detailed description of the Group's classification and valuation of financial instruments please see Note 1 on page 104 and Note 28 on page 122 in the Annual Report 2024.
Note 4 - Investments
SEK million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Interest income | 3 | 6 | 19 | 18 |
Interest expenses | -6 | -5 | -25 | -25 |
Interest expense leases | -4 | -4 | -16 | -19 |
Net change in value of receivables measured at fair value via income statement | 0 | 0 | 0 | 0 |
Total net financial items | -7 | -4 | -22 | -25 |
BOOZT GROUP
Parent company financial statements
PAGE _ 23
Q 4 2025
Parent company income statement
SEK million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Net revenue | 20 | 48 | 80 | 151 |
Total operating income | 20 | 48 | 80 | 151 |
Other external costs | -3 | -2 | -11 | -10 |
Cost of personnel | -16 | -44 | -65 | -137 |
Total operating costs | -20 | -46 | -77 | -147 |
OPERATING PROFIT (EBIT) | 1 | 2 | 4 | 4 |
Financial income | 0 | 3 | 0 | 3 |
Financial expenses | -0 | -0 | -0 | -14 |
Net financial items | 0 | 3 | 0 | -11 |
PROFIT AFTER FINANCIAL ITEMS | 1 | 5 | 4 | -7 |
Group contributions | 0 | 0 | 0 | 0 |
RESULT BEFORE TAX | 1 | 5 | 4 | -7 |
Income tax | -1 | -0 | -1 | -1 |
PROFIT FOR THE PERIOD | 0 | 5 | 2 | -8 |
PAGE _ 24
BOOZT GROUP
Q 4 2025
Parent company financial position
SEK million | Dec 31, 2025 | Dec 31, 2024 |
Shares in Group companies | 831 | 831 |
Shares in associated companies | 14 | 14 |
Total non-current assets | 845 | 845 |
Other receivables | 0 | 0 |
Receivables from Group companies | 483 | 962 |
Current tax assets | - | 0 |
Prepaid expenses and accrued income | 0 | 1 |
Cash and cash equivalents | 12 | 14 |
Total current assets | 496 | 977 |
TOTAL ASSETS | 1,341 | 1,822 |
SEK million | Dec 31, 2025 | Dec 31, 2024 |
Share capital | 6 | 6 |
Total restricted equity | 6 | 6 |
Share premium reserve | 2,210 | 2,218 |
Retained earnings | -950 | -490 |
Earnings for the period | 2 | -8 |
Total unrestricted equity | 1,262 | 1,720 |
TOTAL EQUITY | 1,268 | 1,726 |
Other provisions | 7 | 13 |
Total non-current liabilities | 7 | 13 |
Accounts payable | 0 | 0 |
Current tax liabilities | 2 | 1 |
Liabilities to Group companies | 38 | 38 |
Other liabilities | 4 | 10 |
Accrued expenses and prepaid income | 21 | 34 |
Total current liabilities | 66 | 83 |
TOTAL LIABILITIES | 73 | 96 |
TOTAL EQUITY AND LIABILITIES | 1,341 | 1,822 |
Audit
This report has been subject to a limited review by the Group's auditors.
Signatures
The undersigned certify that this interim report gives a true and fair overview of the Parent Company's and the Group's operations, financial position, and performance and describes the material risks and uncertainties facing the Parent Company and the companies in the Group.
6 February 2026
Henrik Theilbjørn Chairman of the Board | Jón Björnsson Board member | Cecilia Lannebo Board member |
Fiona Mullen Board member | Julie Wiese Board member | |
Hermann Haraldsson Group CEO |
Review Report
BOOZT GROUP
BOOZT AB (PUBL), CORP. ID: 556793-5183
Introduction
We have reviewed the interim report for Boozt AB (publ) for the period January 1 - December 31, 2025. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of Review
Q 4 2025
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Malmö, 6 February 2026 Deloitte AB
Johan Telander
PAGE _ 25
Authorized Public Accountant
HIGHLIGHTS BUSINESS REVIEW
BOOZT GROUP Q 4 2025 PAGE _ 26
Definitions of financial performance measures
The quarterly report contains certain performance measures that are not defined in accordance with IFRS (alternative performance measures). The performance measures included are used by investors, securities analysts, and other stakeholders as additional measures of performance and financial position. The Group's alternative performance measures are not necessarily comparable to similar measurements presented by other companies and have certain limitations as analytical tools. They should therefore not be considered separately from, or as a substitute for, the Group's financial information prepared in accordance with IFRS.
Definitions, calculations, and rationale behind the use of included alternative performance measures are available on the Group's website https://www.booztgroup.com/reports-and-presentations, "Interim Report Q4 2025" - "Financial data".
FINANCIAL STATEMENTS
ADDITIONAL INFORMATION
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION
BOOZT GROUP
Financial calendar
23 March 2026
Annual report 2025
23 April 2026
Annual General Meeting 2026
24 April 2026
Interim Financial Report for Q1 2026
14 August 2026
Interim Financial Report for Q2 2026
3 November 2026
Interim Financial Report for Q3 2026
Consolidated financial statements are available at https://www.booztgroup.com. In case of enquiries or questions, please contact:
Magnus Thorstholm Jensen, Head of Investor Relations matj@boozt.com / +45 30 50 44 02
This report is such information that Boozt AB (publ) is obliged to make public according to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:00 CET on February 6, 2026.
Q 4 2025
This report may contain forward-looking information that is based on the present expectations of Boozt's management. No assurance may be given that these expectations will prove to be correct. Actual outcomes may deviate significantly from what
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is reflected in the forward-looking information due to changed conditions relating to the economy, market or competition, changes in legal requirements and other political measures, fluctuations in exchange rates, and other factors outside of Boozt's control.
Contact details
Address: Hyllie Boulevard 35, 215 37 Malmö, Sweden
Phone: +46 40 12 80 05
E-mail: info@boozt.com https://www.booztgroup.com
Org. nr: 556793-5183 VAT nr: SE556793518301
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Disclaimer
Boozt AB published this content on February 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 06, 2026 at 07:03 UTC.
