Synsam Group (SYNSAM) Q4 2025 earnings summary

Executive summary

• Achieved record earnings for 2025, with strong Q4 performance and robust organic growth of 11.4% for both the quarter and full year, despite a cautious consumer market.

• Subscription and cash business models delivered solid growth, with the active subscription customer base reaching 901,000 by year-end and churn remaining stable.

• Store expansion ahead of schedule, with 70 new stores opened in 2024-2025 toward a goal of 90 by 2026, bringing the total to 603 stores.

• Key milestones included rollout of smart glasses, full implementation of Synsam EyeView in Sweden and Norway, and integration of second-hand frames in all stores.

• The "Best Store in Town" strategy, greenfield expansion, and ongoing store upgrades contributed to positive results.

Financial highlights

• Q4 net sales rose 9.4% year-over-year to SEK 1,784 million; full-year net sales up 9.8% to SEK 7,065 million.

• Q4 EBIT increased 15.6% to 215 MSEK; full-year EBIT up to 862 MSEK.

• Q4 profit after tax surged 61.9% to SEK 123 million; full-year profit after tax reached SEK 454 million.

• Q4 EBITDA increased 10.1% to SEK 426 million (margin 23.2%); full-year EBITDA up 5.9% to SEK 1,689 million (margin 23.5%).

• Earnings per share for Q4 increased 66.4% to SEK 0.85; full-year EPS up 26.9% to SEK 3.14.

Outlook and guidance

• Entering 2026 with strong momentum and confidence, focus remains on scaling subscriptions, expanding the store network, and accelerating smart glasses initiatives.

• Medium-term targets: annual organic growth of 8–12%, EBIT margin of 12–15%, investments/net sales ratio of 3%, and net debt/EBITDA of 2.5x.

• Board proposes a dividend of SEK 1.80 per share.

• Store upgrade plans in Denmark are expected to enhance customer offering and assortment over time.

• The 90-store expansion plan remains on track, with no intention to exceed it.