Synsam Group (SYNSAM) Q2 2025 earnings summary

Executive summary

• Organic growth reached 9.1% in Q2 and 10.8% for H1, with strong results in Sweden, Norway, and Finland, but negative growth in Denmark due to regulatory changes.

• Net sales increased by 6.9% year-over-year in Q2 to 1,841 MSEK and by 9.4% for H1 to 3,549 MSEK.

• EBITDA margin was 25.0% in Q2 (down from 26.9%) and 23.4% for H1 (down from 25.2%), mainly due to Denmark and increased store openings.

• Net income after tax fell to 114 MSEK in Q2 (from 168 MSEK) and to 201 MSEK for H1 (from 224 MSEK).

• Synsam EyeView was fully implemented in Sweden and Norway, with 14% and 20% of eye exams using the technology, respectively.

Financial highlights

• Q2 net sales: 1,841 MSEK (+6.9% YoY); H1 net sales: 3,549 MSEK (+9.4% YoY).

• Q2 EBITDA: 470 MSEK (+0.1% YoY); H1 EBITDA: 844 MSEK (+2.0% YoY).

• Q2 gross margin: 73.1% (down from 74.3%); H1 gross margin: 73.6% (down from 74.9%).

• Q2 EPS: 0.79 SEK (vs. 1.14); H1 EPS: 1.39 SEK (vs. 1.52).

• Cash flow from operations in Q2: 413 MSEK (down from 435 MSEK); cash flow from investing activities was -95 MSEK.

Outlook and guidance

• Organic growth and EBITDA margin remain aligned with financial targets, with continued focus on innovation, cost efficiency, and market share expansion.

• New product launches, including AI-powered smart glasses and expansion of second-hand offerings, are expected to support future growth.

• Board has authorized further share buybacks to optimize capital structure.