Online Brands Nordic (OBAB) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 reached 149.9 MSEK, up 29.1% year-over-year, with organic growth at 9.3%.

• Own e-commerce sales grew 31.2% to 130.0 MSEK, strengthening direct customer relationships.

• Integration of recent acquisitions (GetCamping, Reforma, Tanrevel) contributed to growth and operational synergies.

• Adjusted EBITA for Q4 was 11.4 MSEK (7.6% margin), impacted by integration and restructuring costs.

• Cash flow from operations was strong at 40.2 MSEK.

Financial highlights

• Q4 2025 net revenue: 149.9 MSEK (116.1 MSEK in Q4 2024), +29.1% year-over-year.

• Gross profit: 90.5 MSEK (73.7 MSEK), gross margin 59.9% (63.0%).

• Adjusted EBITA: 11.4 MSEK (14.7 MSEK), margin 7.6% (12.7%).

• Net result: -0.2 MSEK (-9.6 MSEK), EPS: -0.01 SEK (-0.41 SEK).

• Cash flow from operations: 40.2 MSEK (33.4 MSEK).

• Net debt at period end: 19.5 MSEK (3.3 MSEK).

Segment performance

• Own e-commerce accounted for 130.0 MSEK in Q4, up 31.2% year-over-year.

• Brand segment strengthened by Tanrevel acquisition, boosting growth in beauty.

• Trendcarpet and Kitchenlab achieved record sales and EBITA in Q4.

• Segment mix shifted due to new acquisitions, with higher share of Swedish sales.