WS WeSports Group (WSG) Q1 2025 earnings summary

Executive summary

• Net sales rose 48.8% year-over-year to 632.9 Mkr, with organic growth at 28.2%.

• Adjusted EBITA increased 94% to 15.2 Mkr, and adjusted EBIT rose 117% to 11.8 Mkr.

• Net result for the period was 4.3 Mkr, reversing a loss of -9.6 Mkr in Q1 2024.

• Strong growth in training equipment, cycling, and running segments; winter sports saw weaker demand due to mild weather.

• Three acquisitions completed to strengthen verticals; new CEO appointed effective June 1.

Financial highlights

• Net sales: 632.9 Mkr (Q1 2025) vs. 425.2 Mkr (Q1 2024), up 48.8%.

• Adjusted gross profit: 216.4 Mkr (34.2% margin), down from 38.4% margin last year.

• Adjusted EBITA: 15.2 Mkr (2.4% margin), up from 7.9 Mkr (1.8%).

• Adjusted EBIT: 11.8 Mkr (1.9% margin), up from 5.4 Mkr (1.3%).

• Earnings per share: 2.64 SEK, up from -6.08 SEK.

Outlook and guidance

• Continued strong organic growth and further acquisition opportunities expected.

• Market fragmentation and increasing participation in target categories support ongoing market share gains.