Online Brands Nordic (OBAB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 with net sales up 27.4% year-over-year to 116.1 MSEK, driven by strong e-commerce growth and successful integration of acquisitions.

• Organic growth for the quarter was 24.3%, with adjusted EBITDA rising to 14.9 MSEK (up 75.3% year-over-year).

• Full-year net sales increased 21.2% to 365.6 MSEK, with adjusted EBITDA for the year at 35.1 MSEK (up 180.8%).

• Proforma including GetCamping, net sales would have reached 401 MSEK and adjusted EBITDA 36.2 MSEK.

• Net result for Q4 was -9.6 MSEK and for the year -8.0 MSEK, with EPS at -0.41 SEK for Q4 and -0.35 SEK for the year.

Financial highlights

• Q4 net sales: 116.1 MSEK (91.1), up 27.4% year-over-year; full-year: 365.6 MSEK (301.1), up 21.2%.

• Q4 gross margin: 63.0% (62.1%); full-year: 61.7% (62.0%).

• Q4 adjusted EBITDA: 14.9 MSEK (8.5), margin 12.8% (9.3%); full-year adjusted EBITDA: 35.1 MSEK (12.5), margin 9.5% (4.0%).

• Q4 EBITDA: 2.1 MSEK (8.5), margin 1.8% (9.3%); full-year EBITDA: 22.3 MSEK (12.5), margin 6.1% (4.2%).

• Q4 net result: -9.6 MSEK (0.4); full-year: -8.0 MSEK (-10.5).

Segment performance

• Trendcarpet contributed 57.6% of Q4 sales, growing 45% year-over-year and gaining market share.

• Kitchenlab delivered over 30% total growth and 42% growth in own e-commerce, moving from loss in 2023 to profit in 2024.

• Bread & Boxers and Hatshop grew over 20% in own e-commerce; Nordic Kidswear and other subsidiaries also outpaced market growth.

• GetCamping acquired in December, contributing marginally to Q4 sales.