Financial performance Q4 2025

• Net revenue in Q4 2025 increased 4% in constant currency (1% in SEK) to SEK 3,138 million (SEK 3,107 million in Q4 2024). Growth was driven by Boozt.com, which increased 7% in constant currency. Booztlet.com declined by 6% in constant currency.
• Adjusted EBIT was SEK 306 million (307) with a margin of 9.8% (9.9%) representing a material underlying improvement. The trading in the quarter was competitive and characterized by promotional intensity, impacting pricing and gross margin. The decline in the gross margin was offset by operational efficiencies.
• Free cash flow improved to SEK 1,012 million (625), supported by successful inventory reduction.
• Based on the strong cash generation in 2025, the Board intends to propose a new share buyback authority at the 2026 AGM and launch a new buyback programme of up to SEK 200 million following the AGM. The programme comes on top of the already planned around SEK 100 million to be purchased before the AGM.

Positioned for growth acceleration

• 2025 served as a year of transition with important business progress across the value chain, positioning Boozt strongly for accelerated growth. Boozt has established a leaner organizational structure with AI-driven efficiencies, improved inventory health, and advanced towards becoming a preferred employer in the Nordics by transitioning into new Headquarters.
• The inventory management significantly improved both quantity and quality and drove record free cash flow of SEK 871 million for FY 2025.
• The focus in 2026 shifts to market share expansion with increased buying budgets, planned investments in several new commercial initiatives and targeting a gradual return towards double-digit growth levels.

Driving progress through technology

• Boozt has continued to expand the use of AI across the organisation, embedding AI in core business functions to support better decision-making, more efficient workflows, and improved operational outcomes.
• AI is a key enabler of Boozt’s technology-driven efficiency agenda, driving automation across internal processes such as product categorisation, invoice handling, fraud detection and developer productivity.
• AI is also enhancing the consumer journey across the Boozt platforms, including more relevant product recommendations, more efficient customer service solutions, and soon AI-generated product images, making technology an increasingly important driver of growth.
• Boozt is also engaging with Google and OpenAI on emerging agentic commerce standards to ensure future readiness for AI-driven discovery and execution, while carefully governing how these capabilities are applied within Boozt’s business model.
• Looking ahead, Boozt aims to be at the forefront of AI adoption in online retail, leveraging AI to scale operations, strengthen efficiency and deliver an increasingly personalised and differentiated customer experience.

Financial performance FY 2025

• Net revenue in 2025 increased 3% in constant currency (1% in SEK) to SEK 8,287 million (SEK 8,244 million in FY 2024). Growth was driven by revenue from both Boozt.com and Booztlet.com, which increased 2% and 5%, respectively, in constant currency.
• Adjusted EBIT for 2025 was SEK 474 million and in line with last year (473). This resulted in an adjusted EBIT margin of 5.7% (5.7%). While all opex ratios showed year-on-year improvement, the overall margin was affected by a lower gross margin, primarily due to strategic clearance activities on Booztlet.

Outlook 2026

• For 2026, Boozt expects net revenue growth (in constant currency) to be in the range of 3-8%.
  • Assuming unchanged FX rates, revenue growth will be negatively impacted by around 2 percentage points in 2026.
• The adjusted EBIT margin for the year is expected to be in the range of 5.3-6.5%. This includes an estimated 0.6 percentage point negative impact from foreign exchange developments (at current FX rates).
  • Underlying improvement is driven by gross margin and operational leverage on fulfilment and marketing costs, partly offset by higher recurring costs from the Copenhagen relocation.

Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Michael Bjergby, will present the Q4 report at a telephone conference/audiocast at 09.30 CET on Friday, February 6, 2026. The presentation will be held in English and will be followed by a Q&A session.

If you wish to participate via webcast please use this link.

If you wish to participate via teleconference please register on this link. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

For presentation material, please visit Boozt’s website.