WS WeSports Group (WSG) Q1 2026 earnings summary

Executive summary

• Achieved record-breaking Q1 with net sales up 51.8% to SEK 960.5 million and organic growth of 14.7%-15%, marking another record quarter.

• Profitability and cash flow improved significantly, with adjusted EBITA margin rising to 4.0% from 3.1% and profit for the period increasing to SEK 7.8 million.

• Increased ownership in key companies, including Bikelease (to 100%), SkiCom (to 80%), and Birk Sport, and executed strategic acquisitions in golf, floorball, and cycling retail.

• Maintained a net cash position and robust Nordic base, supporting future growth and resilience.

• Growth driven by strong winter sports demand, successful inventory management, and increased share of own brands.

Financial highlights

• Q1 net sales reached SEK 960.5 million, up 51.8%-52% year-over-year; organic growth at 14.7%-15%.

• Adjusted EBITA rose to SEK 38.4 million (margin 4.0%), with adjusted gross margin improving to 35.6% from 34.2%-34.5%.

• Last 12 months reported net sales at SEK 3.4 billion and adjusted EBITA at SEK 206 million; including full-year effect of acquisitions, sales would be SEK 4.15 billion and adjusted EBITA SEK 265 million.

• Cash conversion (LTM) at 86.2%; net cash/EBITDAAL at -0.1x, with SEK 350 million in unused credit facilities.

• Cash flow from operating activities improved to SEK -11.9 million from SEK -65.3 million; net cash position of SEK 11.9 million at period end.

Outlook and guidance

• Well-positioned for upcoming quarters due to diversification, strong Nordic base, and no material impact from geopolitical uncertainty.

• Targeting SEK 10 billion in net sales and 7-8% adjusted EBITA margin by 2031.

• Continued focus on efficiency, growth, and capital allocation to profitable companies with long-term potential.