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Refine Group
Refine Group (REFINE) investor relations material
Refine Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net sales for Q3 2025 were 27.8 MSEK, down from 58.6 MSEK year-over-year, mainly due to divestments and fewer operating subsidiaries.
EBITDA for Q3 was -1.2 MSEK (0.6), and for the nine months -5.0 MSEK (0.1), reflecting restructuring and one-off costs.
Net result after tax for Q3 was -5.9 MSEK (-19.2), and for the nine months -11.2 MSEK (-46.7), showing improved loss reduction.
Strategic focus on cost savings, debt reduction, and capital structure improvement, including two directed share issues totaling 15 MSEK.
Launch of a new Digital Assets segment with initial Bitcoin acquisition.
Financial highlights
Gross margin improved to 41.7% in Q3 (40.1% last year), and 44.1% for the nine months (40.6%).
EBITA for Q3 was -1.3 MSEK (0.3), and for the nine months -5.6 MSEK (-0.6).
Cash flow for Q3 was 4.6 MSEK (-10.8), and for the nine months -0.9 MSEK (-23.9).
Equity at period end was 86.2 MSEK (195.0), with a balance sheet total of 156.8 MSEK (350.9).
Earnings per share for Q3 was -0.07 SEK (-0.29), and for the nine months -0.15 SEK (-0.78).
Outlook and guidance
Focus on returning to historical growth and profitability, leveraging a cost-efficient structure and strengthened customer offerings.
Expectation of further positive effects from cost reductions and restructuring, especially in Q4 2025.
Strategic emphasis on digital commerce and services for growth in 2026.
Folkhemmet accord payment schedule?
Digital Assets future capital allocation?
Which operating units drive LTM EBITDA?
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Next Refine Group earnings date
Q4 202513 Feb, 2026
Refine Group
Next Refine Group earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Refine Group AB operates a diverse portfolio of digital-native lifestyle brands and digital commerce services. The company focuses on categories with low online penetration, creating opportunities for substantial growth as e-commerce continues to expand. Refine Group's ecosystem is designed to support digital transformation, offering robust technology solutions, digital marketing, and branding services. The company’s business model includes both online and omnichannel approaches, enhancing brand visibility and growth potential through a combination of digital and physical retail strategies. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.
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