USWE Sports (USWE) Q2 24/25 earnings summary

Executive summary

• Net sales for Q2 2024/2025 decreased by 2% year-over-year to 28.3 MSEK, with currency-adjusted organic growth of 3%.

• EBITDA improved to 353 KSEK (1.2% margin), up from 88 KSEK (0.3%) in Q2 2023/2024.

• Order books are strong for the coming half-year, with broadening distribution in Europe, Asia, and South America.

• Partnership with KTM Group for co-branded hydration packs announced; new CFO appointed.

Financial highlights

• Q2 net sales: 28.3 MSEK (-2% YoY); H1 net sales: 54.3 MSEK (-2% YoY).

• Q2 EBITDA: 353 KSEK (1.2% margin); H1 EBITDA: -1.6 MSEK (-3.0% margin).

• Q2 operational EBIT: -0.6 MSEK (-1.9% margin); H1 operational EBIT: -3.5 MSEK (-6.0% margin).

• Q2 net result: -3.4 MSEK; H1 net result: -8.2 MSEK.

• Cash flow from operations in Q2: 4.3 MSEK; H1: -1.1 MSEK.

Outlook and guidance

• Full order books and recovering market expected to support a strong second half.

• Broader global distribution and improved sell-through in existing channels anticipated.

• Direct-to-consumer sales rising; Amazon sales for Giant Loop remain below plan but improving.