Synsam Group (SYNSAM) Q1 2026 earnings summary

Executive summary

• Profitability increased in Q1 2026, with net income growing by over 50% year-over-year and improvements across all margin measures.

• Net sales rose 3.8% year-over-year to SEK 1,773 million, with organic growth of 5.6% and like-for-like growth of 3.8%, despite a cautious consumer environment.

• The Lifestyle subscription customer base expanded by 7.2% year-over-year, nearing the medium-term goal of 7.5%.

• Both subscription and cash businesses grew, with subscription sales up 6.1% and cash business net sales up 1.0%, both impacted by currency effects.

• An exclusive partnership with Erling Haaland was established, supporting digital expansion in Europe.

Financial highlights

• EBIT margin reached 12% for the quarter, with a medium-term ambition of 12%-15%.

• EBITDA increased to SEK 400 million (up 6.7%), with an EBITDA margin of 22.2%.

• Net debt/Adjusted EBITDA improved to 1.67 from 1.83 year-over-year.

• Cash flow from operating activities rose to SEK 374 million (up 20.5% year-over-year).

• Profit after tax surged 51% to SEK 131 million, and EPS rose to SEK 0.92 (from SEK 0.60).

Outlook and guidance

• Management maintains a focus on organic growth, profitability, and digital expansion, with financial targets of 8–12% annual organic growth and 12–15% EBIT margin medium-term.

• Store rollout plan remains unchanged, targeting 90 new stores from 2024 to 2026, with flexibility for market opportunities.

• Dividend of SEK 1.80 per share approved after the period.