Söder Sportfiske (SODER) Q2 2025 earnings summary

Executive summary

• Net sales decreased by 2.5% to SEK 71.0m in Q2 2025 compared to Q2 2024, with organic growth at -2.5%.

• EBITDA margin declined to 10.4% from 12.3% year-over-year, mainly due to lower sales and higher fixed and marketing costs.

• Bruttomarginal remained stable at 40.7% year-over-year, supported by a favorable product mix and strong own brands.

• Export markets faced challenges from a strong SEK/EUR, while domestic growth was positive at 3.7%.

• E-commerce set a new monthly sales record in June, but this did not offset earlier quarter weakness.

Financial highlights

• Q2 2025 net sales: SEK 71.0m (down 2.5% year-over-year); H1 2025 net sales: SEK 117.3m (up 3.4%).

• Q2 2025 EBITDA: SEK 7.4m (margin 10.4%); EBIT: SEK 6.0m (margin 8.4%).

• Q2 2025 net income: SEK 4.5m; EPS: SEK 0.54 (vs. SEK 0.68 in Q2 2024).

• Cash flow from operations in Q2: SEK 8.8m (vs. SEK 16.0m in Q2 2024).

• Net cash position at quarter-end: SEK 30.7m.

Outlook and guidance

• Continued focus on export market recovery and product mix optimization for margin improvement.

• Own brand Söder Tackle continues to gain share, becoming the second-largest by sales in the period.

• Ongoing investments in logistics, customer experience, and digital platforms to support future growth.