Boozt (BOOZT) Q1 2026 earnings summary

Executive summary

• Achieved 4% constant currency revenue growth in Q1 2026, with March as the strongest month and momentum from a broader spring/summer assortment.

• Adjusted EBIT margin increased by 0.2pp year-over-year, driven by operational discipline and reduced discounting despite FX headwinds.

• Inventory levels were healthy and materially lower year-over-year, with plans to ramp up for H2 2026 growth.

• Headquarters transition to Copenhagen completed in February, supporting operational goals and access to talent.

• New SEK 200 million share buyback program initiated, with over SEK 800 million returned to shareholders since 2023.

Financial highlights

• Net revenue grew 4% in constant currency (1% in SEK) to SEK 1,662 million, maintaining growth momentum.

• Boozt.com revenue up 6% in constant currency; Booztlet.com declined 3% as focus shifted to the main site.

• Adjusted EBIT margin improved to 2.5% (up 0.2pp), with gross margin at 36.8% (down 1.1pp) due to FX and timing of other revenue.

• Free cash flow was negative in Q1 due to seasonality and inventory build-up; LTM free cash flow at SEK 754 million.

• Net cash position at quarter-end was SEK 239 million, up from SEK 8 million a year earlier.

Outlook and guidance

• Revenue growth guidance for 2026 confirmed at 3%-8% constant currency, with the higher end now more likely.

• Adjusted EBIT margin guidance raised to 5.6%-6.8% (from 5.3%-6.5%) due to favorable FX.

• Growth acceleration targeted for H2 2026, with ambitious inventory buying and commercial initiatives planned.

• Capex for 2026 expected at the high end of SEK 165-185 million, including fulfilment and HQ relocation investments.

• Full-year FX impact expected to be around one percentage point negative on revenue growth and a small negative on EBIT margin; more than half of NOK exposure hedged.