Strong operational performance drives margin guidance upgrade
Boozt AB's Q3 report, January 1 - September 30 2025
- In Q3 2025, moderate sales growth returned across the business supported by an improvement in Boozt.com.
- The proactive inventory clearance on Booztlet.com was concluded successfully during August. The stock levels are now right-sized at high quality, and the inventory-to-LTM-revenue ratio decreased by more than 5 percentage points compared to last year, contributing to a solid cash flow generation in the quarter.
- Following the clearance sales, Boozt.com was strategically reinforced as the premium department store channel, including a continued reduction in promotional levels compared with last year. Category diversification continues to pay off, with non-fashion categories performing well and offsetting a still muted, though gradually stabilizing, performance in Women’s fashion.
- Profitability improved in the quarter, supported by a continued disciplined focus on cost and efficiency across all opex ratios.
- The Board of Directors has today given the mandate to initiate the process to expand the current share buyback programme to a total of SEK 415 million (up from SEK 300 million), in accordance with the approved authorization at the 2025 AGM.
- 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.
Financial performance Q3 2025
- Net revenue in Q3 2025 increased 3% in constant currency (1% in SEK) to SEK 1,673 million (SEK 1,651 million in Q3 2024). Growth was driven equally by Boozt.com and Booztlet.com, which both grew 3% in constant currency.
- Adjusted EBIT increased to SEK 67 million (54), resulting in an adjusted EBIT margin of 4.0% (3.3%). The improvement compared with last year was driven by improvement in all opex ratios. This was partially offset by the clearance sales on Booztlet, which impacted the gross margin until finalization in August. Gross margin has subsequently improved.
- Free cash flow significantly improved to SEK 292 million (-17), supported by strict inventory management.
Outlook
- The outlook for 2025 has been updated to reflect the year-to-date performance. The revenue growth guidance is narrowed to 0-3% (from previously 0-6%), corresponding to 2-5% constant currency growth. The expected adjusted EBIT margin is increased to 5.0-6.0% (from previously 4.5-5.5%).
CEO comment
"We are not satisfied with the current growth performance but it is encouraging that we see a gradual improvement as we now turn to the most important trading period of the year. Our disciplined focus on operational strength is driving both cash flow and profitability, and we are able to upgrade our margin guidance. With a solid foundation in place, we are fully focused on turning that strength into strong results during the crucial Black Friday period and the holiday season." - Hermann Haraldsson, CEO & Co-founder
| SEK million unless otherwise indicated | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change | Rolling 12 months |
| Net revenue | 1,673 | 1,651 | 1% | 5,148 | 5,137 | 0% | 8,255 |
| Constant currency growth | 3% | 9% | -6pp | 2% | 9% | -7pp | 3% |
| Gross margin | 37.4% | 38.6% | -1.2pp | 38.2% | 39.9% | -1.7pp | 37.9% |
| Fulfilment cost ratio | -10.4% | -11.0% | +0.7pp | -10.5% | -11.3% | +0.8pp | -10.1% |
| Marketing cost ratio | -9.3% | -10.2% | +1.0pp | -10.3% | -10.4% | +0.1pp | -10.1% |
| Adjusted admin and other cost ratio | -9.2% | -9.9% | +0.7pp | -9.9% | -11.0% | +1.1pp | -8.5% |
| EBIT | 41 | 28 | 50% | 152 | 104 | 46% | 500 |
| EBIT margin (%) | 2.5% | 1.7% | +0.8pp | 2.9% | 2.0% | +0.9pp | 6.1% |
| Adjusted EBIT | 67 | 54 | 23% | 167 | 166 | 1% | 474 |
| Adjusted EBIT margin (%) | 4.0% | 3.3% | +0.7pp | 3.3% | 3.2% | +0.0pp | 5.7% |
| Profit for the period | 26 | 15 | 74% | 106 | 76 | 40% | 372 |
| Free cash flow | 292 | -17 | 1,772% | -142 | -612 | 77% | 483 |
Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Michael Bjergby, will present the Q3 report at a telephone conference / audiocast at 09.30 CET on Tuesday, November 4, 2025. The presentation will be held in English and will be followed by a Q&A session.
If you wish to participate via webcast please use this link. Via the webcast you are able to ask written questions.
If you wish to participate via teleconference please register on this link. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
For presentation material, please visit Boozt’s website.