RugVista Group (RUG) Q2 2025 earnings summary

Executive summary

• Net revenue reached SEK 150.5 million in Q2 2025, up 17.2% year-over-year, with organic growth at 22.3%.

• Orders increased 26% to 74,000, and new customers rose 26% to 52,000, both all-time highs for Q2.

• Operating profit rose to SEK 7.1 million, despite SEK 4.2 million in moving costs, and profit for the period reached SEK 5.5 million.

• The quarter was marked by a successful warehouse and office relocation, continued investment in marketing and personalization, and high customer satisfaction with stable Trustpilot scores.

• Website visits surged 48.9% to 8.8 million.

Financial highlights

• Gross margin was 62.5% in Q2 (down from 63.0% last year), mainly due to clearance sales ahead of the warehouse move.

• EBIT margin improved to 4.7%, with EBIT at SEK 7.1 million versus SEK 2.4 million last year, despite SEK 4.2 million in one-off moving costs.

• Marketing spend decreased by 0.6 percentage points to 29.2% of sales.

• Inventory as a percentage of LTM net revenue dropped to 17.3%, below the target range, due to the warehouse move.

• Cash position at period end was SEK 157.6 million (IFRS 16 adjusted).

Outlook and guidance

• Continued focus on automation, process improvements, and operational flexibility post-warehouse move.

• Expectation of some moving costs in Q3, but below Q2 levels.

• Building buffer stock for peak season and expanding fall assortment, with more handmade and higher-value rugs.

• Management confident entering H2 2025, citing new product launches and expanded collections.

• Ongoing investment in personalization and customer journey enhancements.