USWE Sports (USWE) Q4 24/25 earnings summary

Executive summary

• Organic net sales grew 26% in Q4 to 36.9 MSEK, with operational EBIT improving to 1.8 MSEK from -0.1 MSEK year-over-year.

• Full-year organic net sales increased 9% to 124.1 MSEK, with operational EBIT at -2.4 MSEK and positive EBITDA of 1.4 MSEK.

• Strong demand in Europe, especially Germany, and successful product launches contributed to growth.

• U.S. tariffs present a challenge, but effects remain marginal; a 10% price increase in the U.S. has not impacted sales volume.

Financial highlights

• Q4 EBITDA rose to 2.7 MSEK (7.4% margin), up from 0.7 MSEK (2.5%) year-over-year.

• Q4 operational EBIT was 1.8 MSEK (4.8% margin), up from -0.1 MSEK (-0.4%).

• Full-year EBITDA was 1.4 MSEK (1.1% margin), nearly flat year-over-year.

• Full-year operational EBIT was -2.4 MSEK (-1.9% margin), unchanged from prior year.

• Net income for the year was -14.4 MSEK, down from -7.9 MSEK.

• Cash flow from operations improved to 2.3 MSEK for the year, from -3.0 MSEK.

Outlook and guidance

• Financial targets for 2026/2027 remain: 200 MSEK in sales and operational EBIT above 8%.

• Focus remains on profitable growth, inventory reduction, and cash flow improvement.