Strong organic growth and continued focus on increased long-term profitability
1 April-30 June 2025
1 January-30 June 2025
Events after the end of the period
President and CEO Håkan Lundstedt comments:
"Synsam is continuing to take important steps forward in combining customer focus, innovation and eye health to ensure sustainable growth and high profitability. During the second quarter of 2025, we completed several strategic initiatives that further strengthened our customer offering and our position in the Nordic market. It is gratifying to note that three of four countries strengthened their EBITDA margin in the quarter. The EBITDA margin for the Group amounted to 25.0 percent, which is lower compared with the year-earlier period, mainly due to a lower EBITDA margin in Denmark where we continue to take action. Organic growth for the Group during the quarter was 9.1 percent, in a market in which consumers generally continued to refrain from spending.
Continued good development in subscriptions and the cash business
Net sales from the Synsam Lifestyle spectacles subscription increased 8.2 percent during the quarter. The number of Lifestyle customers amounted to approximately 730,000 (approximately 667,000) at the end of the quarter and the churn rate for the second quarter was 2.91 percent. We have overall high levels of customer satisfaction and loyalty among our subscription customers. As of 30 June 2025, the total number of subscription customers (those who have either a Lifestyle subscription or a contact lens subscription) amounted to approximately 871,000 (approximately 799,000). Net sales from the cash business also grew during the quarter, up 5.4 percent.
Continued fluctuations in market conditions
In Sweden, Synsam further increased its market share, with organic growth of 10.9 percent in the second quarter, and reported a stronger gross margin and EBITDA margin. The implementation of Synsam EyeView, which is now complete, made a positive contribution to organic growth.
Organic growth also improved in Norway during the quarter and amounted to 11.7 percent in parallel with a stronger EBITDA margin. The implementation of EyeView, which was completed at year-end, also contributed to this result.
Finland had a strong quarter, with organic growth of 16.6 percent in a highly competitive market. In parallel, Finland successfully delivered an improved gross margin and EBITDA margin for the quarter.
Organic growth in Denmark was negative in the second quarter. The change in credit legislation impacts new sales of Lifestyle subscriptions and since the first quarter of this year also extensions. We continue to take action in Denmark by upgrading our stores and expanding our product range and by customising our customer offering.
Innovative focus areas
Our focus is on creating profitable growth through innovative solutions and by meeting our customers' needs while ensuring cost-effectiveness in our operations. By making it easier for people to access eye care and high-quality products, in a market largely driven by medical needs, we are ensuring profitable growth for many years to come. Synsam's journey continues."
Live Q&A in Swedish, with possibility to ask questions
Live Q&A in English, with possibility to ask questions
The presentation material will be available on the website at 07:30 a.m. CEST today. www.synsamgroup.com/en/investors/financial-reports/
For further information, please contact:
Per Hedblom, CFO Synsam Group
E-mail: per.hedblom@synsam.com
Tel: +46 (0)8 619 28 60
Website: www.synsamgroup.com
This information is such that Synsam AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 a.m. CEST on 22 August 2025.
Synsam Group is a leading optician group in the Nordic region, with a differentiated and affordable subscription offering. Synsam Group offers a wide range of products and services for eye health and eye fashion, catering to the customer's different lifestyles and needs. The group has approximately 4,000 employees, net sales of approximately SEK 6.7 billion (rolling twelve months until June 2025) and almost 600 stores in the Nordics, operating under the brands Synsam, Synsam Outlet and Profil Optik in Denmark. Through digitalization, subscription services and other innovative concepts, Synsam Group is at the forefront of innovation in the Nordic optical retail market across multiple dimensions including customer journey, product offering and ESG. Synsam Group's share is traded on Nasdaq Stockholm (SYNSAM). www.synsamgroup.com