Söder Sportfiske (SODER) Q1 2025 earnings summary

Executive summary

• Net sales increased by 14.0% to SEK 46.3 million in Q1 2025 compared to SEK 40.6 million in Q1 2024, with organic growth also at 14.0%.

• EBITDA improved to SEK 0.0 million from SEK -1.2 million, and the EBITDA margin rose to 0.0% from -3.0% year-over-year.

• Result after tax was SEK -1.4 million, an improvement from SEK -2.4 million in Q1 2024; EPS was SEK -0.17 versus SEK -0.29.

• Growth was driven by strong performance in Sweden (+15.8%) and doubled sales of own brands, despite margin pressure from currency effects and one-off inventory write-downs.

• Daniel Hörnqvist was appointed CEO as of March 1, 2025, bringing e-commerce and industry experience.

Financial highlights

• Gross margin declined to 38.0% from 39.3% due to currency effects and inventory write-downs, partially offset by higher own-brand sales.

• EBIT improved to SEK -1.5 million from SEK -2.7 million; EBIT margin was -3.2% versus -6.6%.

• Cash flow from operations was SEK -5.7 million, impacted by a SEK 16.9 million inventory increase to secure product availability and pricing.

• Net cash position at quarter-end was SEK 28.7 million, up from SEK 17.6 million a year earlier.

• Equity at period end was SEK 88.4 million, up from SEK 85.3 million.

Outlook and guidance

• Focus remains on commercial execution, assortment mix, and profitability improvement.

• The company expects a busy high season ahead, with continued innovation and new product launches for the European market.