Boozt AB

Latest Results (01.09.2026):

Boozt AB — Q2 2026 summary: Boozt AB reported strong Q2 2026 trading with net revenue SEK 2,061m (+13% year‑on‑year, constant currency), returning to double‑digit growth and delivering adjusted EBIT SEK 133m (adjusted EBIT margin 6.5% vs 3.4% a year ago). Reported EBIT was SEK 94m (4.6% margin). Gross margin expanded to 40.1%. Free cash flow was SEK 39m (down from SEK 186m) as the company increased inbound deliveries to build inventory for H2. Management confirmed an upgraded full‑year outlook and expanded the share buyback mandate.

Top line

Net revenue Q2 2026: SEK 2,061m (+13% vs Q2 2025, +13% in SEK and in constant currency). Growth was broad‑based across major categories and markets; Boozt.com grew ~15% (constant currency) and Booztlet.com +3% (constant currency).

Profitability & margins

Gross margin rose to 40.1% (39.1%). Adjusted EBIT improved to SEK 133m (6.5% margin) vs SEK 62m (3.4%) in Q2 2025 — driven by higher gross margin and marketing efficiency. Reported EBIT was SEK 94m (4.6%).

Cash flow & working capital

Free cash flow for Q2 2026 was SEK 39m (Q2 2025: SEK 186m) due to higher inbound inventory deliveries to support H2. Net working capital fell to SEK 1,002m (11.7% of LTM revenue vs 15.6% a year ago). Net cash position SEK 62m at quarter end.

Inventory & season prep

Inventory increased to SEK 2,573m (29.2% of LTM revenue vs 28.2% previous year), part of a planned build‑up ahead of the autumn/winter season. Further ramp‑up planned in Q3 to support peak trading.

Segments — Boozt.com vs Booztlet.com

Boozt.com: revenue SEK 1,650m (+16% y/y), adjusted EBIT SEK 109m (6.6% margin). Booztlet.com: revenue SEK 411m (+4% y/y), adjusted EBIT SEK 24m (5.9% margin) as elevated clearance in prior year normalised.

Capital allocation & buybacks

Boozt repurchased SEK 171m of shares in Q2 (1,331,308 shares). After SEK 268m repurchased in H1, the Board expanded the buyback programme limit to SEK 300m (from SEK 200m) under the 2026 AGM authorisation.

Outlook & guidance

On 29 June 2026 Boozt upgraded FY 2026 guidance: revenue growth 7–11% (constant currency) and adjusted EBIT margin 6.0–6.8% (narrowed range). Management confirmed the upgrade based on Q2 performance.

Other material items

One‑off and relocation effects: Q2 included non‑recurring costs (SEK 39m adjusted items, mostly share‑based payments and some reorganisation/one‑offs). The Copenhagen HQ relocation triggered an estimated exit tax of SEK ~180m (net cash impact ~SEK 140m in 2026, deductible against Danish taxes over 5 years). AI initiatives (model images, virtual shopping assistant) cited as improving conversion and AOV for users of the assistant.