Guldbrev (GULD) Q2 2025 earnings summary

Executive summary

• Achieved 159% year-over-year revenue growth in Q2 2025, reaching 97.0 MSEK, with EBITDA up 168% to 25.4 MSEK and a net result of 18.6 MSEK, reflecting strong operational execution and market demand.

• Growth in both gold volume and customer numbers outpaced gold price increases, driven by effective marketing and expansion across Sweden, Norway, and Finland.

• Maintained high customer satisfaction and leveraged a scalable, digital business model for continued expansion and profitability.

Financial highlights

• Q2 2025 revenue: 97.0 MSEK (up 159% YoY); H1 2025 revenue: 180.1 MSEK (up 147% YoY).

• Q2 2025 EBITDA: 25.4 MSEK (up 168% YoY); H1 2025 EBITDA: 47.9 MSEK (up 203% YoY).

• Q2 2025 net result: 18.6 MSEK (up 216% YoY); H1 2025 net result: 35.0 MSEK (up 280% YoY).

• Q2 2025 operating margin: 24.2% (vs. 20.3%); H1 2025: 24.6% (vs. 16.6%).

• Cash flow from operations in Q2 2025: 31.1 MSEK; H1 2025: 35.9 MSEK.

Outlook and guidance

• Anticipates continued strong demand and stable gold prices for the remainder of 2025.

• Focus remains on strengthening market position and delivering robust shareholder returns through digital marketing and process optimization.