RugVista Group (RUG) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 rose 7.6% year-over-year to SEK 212 million, with organic growth at 12.5%.

• Orders increased 6.5% to 103,000, and new customers grew 8% to 75,000 compared to last year.

• Strong performance in customer KPIs, with all-time highs in top line and customer metrics.

• Outdoor product segment saw accelerated sales despite cool weather, contributing to growth.

• The company maintained a strong financial position, with net cash at SEK 235 million.

Financial highlights

• Gross margin reached 64.9%, up 0.9 percentage points year-over-year, despite higher freight costs.

• EBIT was SEK 23.9 million (11.3% margin), down from SEK 27.2 million (13.8%) last year, impacted by higher marketing spend and FX effects.

• Profit for the period was SEK 18.4 million, compared to SEK 22.2 million a year earlier.

• Marketing expenses rose to 32.3% of revenue from 29% last year, mainly due to increased performance marketing.

• Cash and cash equivalents at period end: SEK 235 million.

Outlook and guidance

• Marketing spend expected to trend slightly downward over time, with Q1 being an outlier.

• Targeting a long-term EBIT margin of 15%, with gradual improvements in marketing efficiency and conversion.

• Gross margin may face headwinds from rising freight and fuel costs, but price adjustments can be implemented quickly.

• Q2 marketing spend expected to be lower than Q1, with Q2 typically being a slower quarter.

• Management remains focused on balancing growth, profitability, and returns, with ongoing investments in marketing and digital capabilities.