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Pierce Group
Pierce Group (PIERCE) investor relations material
Pierce Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved 17% year-on-year revenue growth in Q3 2025 (20% in local currency), with net revenue reaching SEK 427 million, driven by improved stock availability and strong demand.
Maintained a leading pan-European presence in motorcycle gear e-commerce, expanding from 20 to 28 markets, and increased sales per FTE by over 80% since Q2 2023.
Transformation program (Pierce 2.0) and major IT upgrades are underway, focusing on operational efficiency, customer experience, and scalability, with completion expected by end of Q1 2026.
LTM revenue growth reached 16%, with profitability and scalability momentum following post-Covid challenges.
Strategic investments in IT and inventory expansion supported growth but temporarily impacted gross margin and cash flow.
Financial highlights
Q3 2025 net revenue: SEK 427 million (+17% YoY); adjusted EBIT improved to SEK 11 million from SEK 0 million, despite SEK 13 million in obsolescence and SEK 6 million in transformation costs.
Gross margin declined to 40.1%, down 5.5 percentage points year-over-year, mainly due to obsolescence provisions and targeted price reductions.
Ended Q3 with SEK 161 million in cash, down from previous year but still solid; cash flow was negative due to VAT payment and prepayments to suppliers.
Overhead costs reduced by SEK 5 million year-over-year to SEK 61 million, despite SEK 6 million in transformation expenses.
Net working capital increased to SEK 234 million, reflecting inventory build-up for peak season.
Outlook and guidance
No specific guidance provided, but management remains positive about Black Friday, citing strong inventory and readiness.
Transformation costs and trademark amortization expected to decline from Q2 2026, unlocking SEK 30–40 million in annual EBIT improvement.
Growth from transformation phase expected to moderate; new growth to come from market and vertical expansion (MTB, moped/scooter).
Medium to long-term targets: outgrow the European online motorcycle gear market, achieve 5–8% adjusted EBIT margin, and maintain net debt/EBITDA below 2.0x.
Positioned to benefit from market consolidation as the only pan-European, listed player.
Detail IT transformation's EBIT impact
Obsolescence cost stabilization outlook
European market consolidation strategy
Expected growth from new localized markets?
When will full EBIT impact from IT transformation be visible?
How to resolve supplier credit limit prepayments?
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Frequently asked questions
Pierce Group AB engages in the sale of gears, parts, accessories and streetwear to riders through online stores in Sweden, other Nordic regions and internationally. The company also owns retailers for motorcycles, scooters and snowmobiles. It operates under the following brands: MotoAction.se, Bikester SE, OutNorth SE, Skoterdelen SE and MCdelen SE. The company was founded by Daniel Workén in 2002 and is headquartered in Malmo, Sweden.
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