Söder Sportfiske (SODER) Q1 2026 earnings summary

Executive summary

• Net sales decreased by 2.4% to 45.2 MSEK compared to the same quarter last year, with organic growth also at -2.4%.

• Strong winter fishing season drove record sales in ice fishing, but lower average order value and product mix reduced overall revenue.

• Bruttomarginal improved to 39.7% (from 38.0%), mainly due to product mix and increased freight income.

• Adjusted EBIT was -1.2 MSEK (-0.3), and EBITDA was -1.0 MSEK (0.0), reflecting higher personnel costs and organizational investments.

• Result per share was -0.25 SEK (-0.17 SEK).

Financial highlights

• Net sales: 45.2 MSEK (-2.4% year-over-year).

• Gross margin: 39.7% (up from 38.0%).

• Adjusted EBIT: -1.2 MSEK (-0.3), margin -2.7% (-0.5%).

• EBITDA: -1.0 MSEK (0.0), margin -2.1% (0.0%).

• Result after tax: -2.2 MSEK (-1.4).

• Cash flow from operations: -9.0 MSEK (-5.7).

• Cash and equivalents: 30.1 MSEK (28.7).

Outlook and guidance

• Management expects a strong start to the main sport fishing season, with a curated product assortment and optimized personnel.

• Ongoing focus on margin improvement and cost control, especially in compliance and IT.