New Bubbleroom Sweden (BBROOM) investor relations material

Executive summary

• Q4 2025 began with strong double-digit growth in Sweden and Norway, but November and December matched last year's levels; Zalando sales decreased due to a focus on profitability.

• Q4 adjusted EBITDA was SEK 0.4 million, up from -1.6 million last year.

• Full-year 2025 net sales declined 3.4% to SEK 424.6 million, with a focus on profitability over volume, especially on Zalando.

• Implemented restructuring and savings programs, resulting in annual improvements of 7-10 MSEK.

• Gross margin improved year-over-year as aggressive market pricing was avoided.

Financial highlights

• Q4 2025 net sales decreased by 4.9% year-over-year to SEK 107.8 million; full-year net sales down 3.4% to SEK 424.6 million.

• Q4 gross margin was 63.6%, up from 63.5% last year; full-year gross margin at 63.5%.

• Adjusted EBITDA for Q4 2025 was SEK 0.4 million, a SEK 2.0 million improvement year-over-year; full-year adjusted EBITDA at -6.8 MSEK.

• Q4 EBIT at -6.0 MSEK; full-year EBIT at -20.7 MSEK.

• Q4 net result -8.2 MSEK; full-year net result -23.5 MSEK.

Outlook and guidance

• Assortment changes are ongoing and expected to take time, with positive early signs in the new product mix; full effect expected in spring 2026.

• All markets will be on the Shopify platform by the end of Q1 2026, enabling further European expansion.

• Cost and profitability focus continues, with a cost reduction program targeting 4-6 MSEK and additional profitability improvements of 3-4 MSEK; expected annual savings of 7-10 MSEK.