Synsam Group (SYNSAM) Q3 2025 earnings summary

Executive summary

• Achieved strong sales and EBIT growth in Q3 2025, with organic growth of 12.4% and like-for-like growth of 9.1% in a cautious consumer market; Sweden and Denmark showed notable resilience, and Finland gained significant market share.

• Net sales rose 11.0% year-over-year to SEK 1,731 million in Q3; profit after tax nearly doubled to SEK 130 million, and earnings per share before and after dilution rose to 0.90 SEK from 0.44 SEK.

• Both Synsam Lifestyle and net sales cash businesses posted double-digit growth, with continued expansion including three new stores in Q3 and 19 new stores in the first nine months.

• Denmark delivered a healthy beat on both revenue and profit, compensating for regulatory headwinds with growth in cash business and maintaining a 14.8% EBIT margin.

• Continued focus on the 'best in town' strategy, improving store network, assortment, and customer offering across all markets.

Financial highlights

• Q3 net sales: SEK 1,731 million (up 11.0%); organic growth 12.4%; gross margin 73.1% (down from 73.9%).

• Q3 EBIT: SEK 207 million (up 10.6%), EBIT margin 11.8%; EBITDA: SEK 418 million (up 9.8%), EBITDA margin 23.9%.

• Sweden posted organic growth of 15.1% in Q3, maintaining high growth rates year-over-year.

• Denmark's EBIT margin reached 14.8% in Q3, reflecting operational improvements despite regulatory impacts.

• Cash flow from operating activities before changes in working capital rose to 329 MSEK (298 MSEK last year).

Outlook and guidance

• Group maintains an 8-12% organic growth target medium term, with Sweden expected to remain close to this range; medium-term EBIT margin target is 12-15%.

• Denmark is expected to recover and potentially return to positive growth in 2026, contingent on market conditions.

• Management expects continued market uncertainty and increased competition in Q4, but long-term demand for optical retail and eye health in the Nordics remains strong.

• No significant changes anticipated in credit legislation across the Nordics for 2026.