Online Brands Nordic (OBAB) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 reached 96.8 MSEK, up 19.1% year-over-year, with strong growth in core e-commerce channels.

• Organic growth was 11.8% compared to Q1 2024, with pro forma revenue including Reforma at 103.7 MSEK.

• Largest growth contributions came from Trendcarpet (+23.5%) and Kitchenlab (+30%), while some brands saw declines due to lower B2B orders.

• Strategic acquisition of Reforma post-period strengthens position in online home decor.

Financial highlights

• Gross margin improved to 61.3% (60.7% in Q1 2024); gross profit was 59.3 MSEK (49.3 MSEK).

• Adjusted EBITDA was 4.9 MSEK (4.8 MSEK), with an adjusted EBITDA margin of 5.1% (5.9%).

• EBITDA excluding earn-out adjustments was 1.4 MSEK (4.8 MSEK).

• Operating income (EBIT) was -0.6 MSEK (-0.1 MSEK); net result was -2.7 MSEK (-1.6 MSEK).

• Earnings per share for the quarter was -0.12 SEK (-0.07 SEK).

Segment performance

• Trendcarpet contributed 62.2% of Q1 revenue; Kitchenlab 16.4%; Bread & Boxers 9.4%; Nordic Kidswear 3.7%; GetCamping 6.1%.

• E-commerce sales grew 29% to 85.0 MSEK, now 87.7% of total revenue.

• Sweden remains the largest market (37.1%), followed by the Nordics (33.1%) and Europe ex-Nordics (26%).