USWE Sports (USWE) Q2 25/26 earnings summary

Executive summary

• Organic growth reached 12% in Q2 and 24% for the first half, despite a challenging market.

• Q2 net sales were SEK 29.5m, with operational EBIT at SEK -1.1m, in line with expectations.

• Strong order backlog for Q3, with increased demand from distributors and retailers, especially in Europe.

• US market remains mixed due to import tariffs, but brand presence and retailer count are growing.

Financial highlights

• Q2 net sales increased by 4% year-over-year to SEK 29.5m; currency-adjusted organic growth was 12%.

• Q2 EBITDA fell to SEK -0.2m (margin -0.5%), and operational EBIT to SEK -1.1m (margin -3.9%).

• H1 net sales rose 23% to SEK 70.6m; EBITDA improved to SEK 0.8m (margin 1.2%).

• H1 operational EBIT improved to SEK -1.1m (margin -1.6%).

• Cash flow from operations was SEK -0.4m in Q2 and SEK 9.0m in H1.

• Cash and cash equivalents at period end were SEK 4.6m.

• Earnings per share for Q2 was SEK -0.33; for H1, SEK -0.72.

Outlook and guidance

• Strong order backlog for Q3, with positive sales momentum in Europe and new distributor agreements.

• Anticipated inventory increase in Q3 due to new product deliveries.

• Participation in major trade shows expected to support further growth.