Synsam Group (SYNSAM) Q4 2025 earnings summary

Executive summary

• Achieved record results for 2025 with strong Q4 performance, double-digit organic growth, and improved profitability despite a cautious consumer market and inflationary pressures.

• Both subscription (Synsam Lifestyle) and cash sales segments showed robust growth, with continued expansion in store footprint ahead of plan.

• Organic growth reached 11.4% for both Q4 and the full year, supported by innovation, customer focus, and store network expansion.

• The active subscription base for eyewear grew by 7.5% to 756,000 in Q4, with total subscription customers reaching 901,000.

• Continued leadership in the Nordic optical market, with advances in technology (EyeView), product innovation (smart glasses), and sustainability (second-hand integration).

Financial highlights

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

• Q4 EBIT increased 15.4% to 215 MSEK; full-year EBIT up to 862 MSEK.

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

• Q4 net income after tax up 61.9% to 123 MSEK; full-year net income 454 MSEK.

• Q4 EPS rose to 0.85 SEK (from 0.51); full-year EPS 3.14 SEK (from 2.48).

Outlook and guidance

• Entering 2026 with high confidence, supported by strong growth, profitability, and market position.

• Focus for 2026 is on scaling subscriptions, expanding EyeView capacity, accelerating smart glasses, and further store expansion, while maintaining profitability discipline.

• Targeting 90 new stores between 2024-2026, with 70 already established by end of 2025.

• Board proposes a dividend of SEK 1.80 per share, unchanged from last year.

• Financial targets reaffirmed: 8–12% organic growth, 12–15% EBIT margin, investments at 3% of revenue, and net debt/EBITDA at 2.5x.