Desenio Group (DSNO) Q2 2025 earnings summary

Executive summary

• Net sales declined by 11.2% year-over-year in Q2 2025 to SEK 147.3 million, with a gross margin stable at 83.6%.

• Adjusted EBITA margin fell to 2.1% from 3.8% in Q2 2024; operating profit (EBIT) was SEK -253.2 million due to a SEK 250 million goodwill impairment.

• Cash flow from operating activities improved to SEK -7.2 million from SEK -48.0 million in Q2 2024.

• Major board and management changes occurred, including the appointment of an interim CEO and a new board following a bond restructuring and capital structure overhaul.

• The company is implementing a new organizational model and strategy to return to growth amid changing digital marketing dynamics.

Financial highlights

• Q2 net sales: SEK 147.3 million (down 11.2% year-over-year); H1 net sales: SEK 353.4 million (down 10.5%).

• Q2 adjusted EBITA: SEK 3.1 million (down 51.1%); H1 adjusted EBITA: SEK 24.6 million (down 15.9%).

• Q2 EBIT: SEK -253.2 million (including SEK 250 million goodwill impairment); H1 EBIT: SEK -260.2 million.

• Q2 cash flow from operating activities: SEK -7.2 million; H1: SEK -40.0 million.

• Earnings per share improved to SEK -0.09 in Q2 from SEK -0.16 year-over-year.

Outlook and guidance

• Management is focused on returning to growth through a new organizational model and capabilities, with high expectations for improvement.

• The company is adapting its marketing approach in response to shifts in digital channels and influencer effectiveness.

• Restructured financial position and new strategy are expected to support future growth.