Boozt AB (publ)

Q2 revenue increased 13% year over year. EBIT margin was 6.5%, nearly double last year’s level, and gross margin reached 40.1%, up 1 percentage point year over year. Management said Q2 growth was broad-based and that growth from current existing customers improved for the first time in years. For the full year, management confirmed the upgraded outlook announced on 29 June and said it still targets double-digit growth, with Q4 the key season and the second-half range described as roughly 7% to 13% growth. CapEx expectations were nudged toward the high end of prior guidance due to one-off investments at the Copenhagen headquarters.

Hermann Haraldsson framed the quarter as proof that the 2025 transition work is paying off, saying Boozt is back to double-digit growth with a “high quality” model that is selling more, discounting less, and using marketing more intelligently. He emphasized three main drivers: a broader, more inspirational assortment, AI-enabled improvements to the customer journey, and a stronger local commercial organization built around the new Copenhagen headquarters. His tone was confident but still cautious on the second half, stressing that Q4 and consumer demand remain important variables.

Michael Bjergby highlighted the financial quality of the quarter, pointing to gross margin of 40.1%, lower marketing cost ratio, and improved earnings quality from stronger Boozt.com mix versus Booztlet. He said adjustments totaled SEK 39 million, including SEK 28 million for share-based payments and SEK 11 million tied to closing the B2B gift shop initiative, and added that no further non-routine adjustments are expected this year apart from normal share-based payments. He also said Boozt generated more than SEK 600 million of cash over the last 12 months, was just above cash breakeven in Q2, and is expanding the buyback program by another SEK 100 million, taking expected repurchases to around SEK 400 million this year and around SEK 850 million over the last two years.

Analysts pressed on whether Q2’s 13% growth was helped by better consumer sentiment, but management said the main driver was Boozt’s own structural changes, not a broader demand recovery, though they did see consumers become somewhat more optimistic over the summer. Questions also focused on AOV, with Michael Bjergby explaining that Boozt.com AOV dipped because new customers bought fewer items per basket, even though average price rose slightly, and Hermann Haraldsson said cohorts are now spending more again across prior vintages. Analysts asked about margin sustainability and competition; management said pricing discipline should hold in H2, but Black Friday and other tactical decisions will remain flexible. They also addressed capital allocation, with management saying excess cash will still be returned to shareholders while keeping inventory and long-term business needs funded.