USWE Sports (USWE) Q3 24/25 earnings summary

Executive summary

• Net sales for Q3 increased by 13% year-over-year to SEK 32.9m, with organic growth of 6%.

• EBITDA improved to SEK 0.3m from SEK -1.4m, and operational EBIT to SEK -0.7m from SEK -3.5m.

• Result before tax for Q3 was SEK 1.0m, up from SEK -6.3m last year.

• Cash flow from operations in Q3 was SEK 3.0m, and liquidity at period end was SEK 4.0m.

• Solid equity ratio of 66% at year-end, strengthened by a rights issue.

Financial highlights

• Q3 net sales: SEK 32.9m (up 13% year-over-year); 9M net sales: SEK 87.2m (up 3%).

• Q3 EBITDA: SEK 0.3m (margin 0.8%); 9M EBITDA: SEK -1.4m (margin -2.0%).

• Q3 operational EBIT: SEK -0.7m (margin -2.0%); 9M operational EBIT: SEK -4.2m (margin -4.6%).

• Q3 EPS: SEK 0.15; 9M EPS: SEK -1.06.

• Q3 gross margin: 55% (down from 56%); 9M gross margin: 56% (down from 60%).

Outlook and guidance

• Order books remain strong for spring and summer, with new product launches planned.

• Delivery cycle adjusted from Q4, expected to reduce sensitivity to supply chain disruptions.

• Management targets SEK 200m in net sales and >10% EBITDA margin by 2026/2027.