Synsam Group (SYNSAM) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 earnings with strong growth and improved profitability across all four Nordic countries, supported by resilient demand and high customer satisfaction.

• Strengthened market position through subscription business growth, new store openings, and increasing loyal customer base.

• Subscription business added 22,000 new customers in Q2, with churn rate stable at 2.51%.

• Cost and restructuring programs contributed to improved profitability.

Financial highlights

• Q2 net sales rose 10% year-over-year to SEK 1,723 million; organic growth for the group was 9.5%.

• EBITDA increased 17% to SEK 469 million (margin 26.9%); EBITA up 21.6%; EBIT margin reached 15.8%.

• Earnings per share increased to SEK 1.14 from 0.94; profit after tax up 20.5% to SEK 168 million.

• Cash flow from operating activities increased to SEK 435 million in Q2.

• Net debt/EBITDA (LTM) improved to 1.78 from 2.30 a year earlier.

Outlook and guidance

• Targeting one million subscription customers by end of 2025 (currently ~799,000 in Q2 2024).

• Focus remains on profitable growth, customer-centricity, and continued store expansion.

• Expecting more favorable year-over-year comparisons in Denmark from Q3 as regulatory impacts annualize.