WS WeSports Group (WSG) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of SEK 3,073 million in 2025, up 31.2% year-over-year, with Q4 net sales of SEK 901 million, up 34%, driven by strong organic growth and acquisitions.

• Adjusted EBITDA/EBITA reached SEK 187 million for the year (6.1% margin), with Q4 adjusted EBITDA/EBITA at SEK 45 million (4.8% margin), both showing significant improvement year-over-year.

• Profit for the year reached SEK 49.6 million, reversing a prior year loss.

• Strong cash flow and robust net cash position at year-end support continued growth and M&A activity.

• Listed on Nasdaq First North Growth Market in December 2025, strengthening the balance sheet and providing strategic flexibility.

Financial highlights

• Q4 net sales: SEK 901 million (+34% YoY); full year net sales: SEK 3,073 million (+31.2% YoY); organic growth: 22% for the year, 15% in Q4.

• Adjusted EBITDA/EBITA margin: 6.1% for the year (up from 4.7%); Q4 margin: 4.8% (up from 0.5%).

• Adjusted gross margin for Q4: 36.3% (from 33.4%); full-year margin: 36.0%.

• Cash flow from operating activities: SEK 100 million in Q4; SEK 200 million for the year; cash conversion above 79%.

• Net debt/EBITDA (adj. for leasing): -0.9x at year-end, indicating a net cash position.

Outlook and guidance

• Entering 2026 with a strong financial and operational position, aiming for continued high growth and margin expansion.

• Financial targets: SEK 10 billion net sales by 2031, adjusted EBITDA/EBITA margin of 7%-8% medium term, net debt/EBITDA (adj. for leasing) of 1x-2x.

• No dividend proposed for 2025 to support continued growth and acquisitions.

• Expecting continued benefit from sports and health megatrends and further market share gains.