Q3 2026 Report ENG
Pierce; Interim report January - September 2026
Continued revenue growth while transformation enters its final phase
July – September 2026
- Net revenue increased by 6%, totalling SEK 453 (427) million. In local currencies there was growth of 4%.
- EBIT was SEK 8 (7) million, corresponding to an operating margin of 1.9% (1.6%). Adjusted EBIT was SEK 12 (11) million and the adjusted operating margin was 2.6% (2.7%).
- Cash flow for the period was SEK ‑62 (-22) million and the cash and cash equivalents at the end of the period was SEK 257 (161) million.
- Earnings per share before dilution was 0.10 (0.03) and after dilution, SEK 0.10 (0.03).
January – September 2026
- Net revenue increased by 4%, totalling SEK 1,411 (1,352) million. In local currencies there was growth of 5%.
- EBIT was SEK 37 (18) million, corresponding to an operating margin of 2.6% (1.3%). Adjusted EBIT was SEK 48 (33) million and the adjusted operating margin was 3.4% (2.4%).
- Cash flow for the period was SEK 14 (‑129) million and cash and cash equivalents at the end of the period was SEK 257 (161) million.
- Earnings per share before dilution was 0.46 (‑0.11) and after dilution, SEK 0.46 (‑0.11).
| Jul-Sep | Jan-Sep | Oct 2025-Sep 2026 | Jan-Dec 2025 | |||
| SEKm (unless stated otherwise) | 2026 | 2025 | 2026 | 2025 | ||
| Net revenue | 453 | 427 | 1,411 | 1,352 | 1,874 | 1,816 |
| Growth (%) | 6% | 17% | 4% | 15% | 4% | 12% |
| Growth in local currencies (%) | 4% | 20% | 5% | 17% | 6% | 14% |
| Gross profit | 191 | 171 | 596 | 571 | 798 | 773 |
| Profit after variable costs | 90 | 84 | 288 | 280 | 386 | 378 |
| Overhead costs | -70 | -61 | -214 | -207 | -289 | -281 |
| EBITDA | 16 | 19 | 63 | 59 | 84 | 80 |
| EBIT | 8 | 7 | 37 | 18 | 47 | 28 |
| Adjusted EBITDA | 20 | 24 | 74 | 73 | 97 | 97 |
| Adjusted EBIT | 12 | 11 | 48 | 33 | 61 | 45 |
| Items affecting comparability | -3 | -4 | -11 | -15 | -14 | -17 |
| Profit/loss for the period | 8 | 2 | 37 | -9 | 45 | -0 |
| Gross margin (%) | 42.2% | 40.1% | 42.3% | 42.2% | 42.6% | 42.6% |
| Profit after variable costs (%) | 19.9% | 19.7% | 20.4% | 20.7% | 20.6% | 20.8% |
| Adjusted EBITDA (%) | 4.3% | 5.5% | 5.2% | 5.4% | 5.2% | 5.3% |
| Adjusted EBIT (%) | 2.6% | 2.7% | 3.4% | 2.4% | 3.2% | 2.5% |
| Cash flow for the period | -62 | -22 | 14 | -129 | 93 | -50 |
| Free cash flow | -57 | -18 | 28 | -111 | 116 | -24 |
| Net debt (+) / Net cash (-) | -253 | -159 | -253 | -159 | -253 | -235 |
| Earnings per share before dilution (SEK) | 0.10 | 0.03 | 0.46 | -0.11 | 0.56 | -0.01 |
| Earnings per share after dilution (SEK) | 0.10 | 0.03 | 0.46 | -0.11 | 0.56 | -0.01 |
Significant events during the reporting period
No significant events took place during the reporting period.
Significant events after the reporting period
No significant events took place after the end of the reporting period.
CEO comments
Net revenue for the third quarter increased 6 percent to SEK 453 (427) million, or 4 percent in local currencies. Adjusted EBIT edged higher to SEK 12 (11) million.
Growth in the quarter was volume-driven. The number of orders increased by 6 percent, while the average order value was largely unchanged. The increase in orders was primarily driven by a larger customer base, with the number of active customers over the last twelve months growing by 7 percent. Growth was mainly driven by external brands, where net revenue increased by 8 percent compared with the same quarter last year. Net revenue from our Own Brands increased by 3 percent. As a result, Own Brands' share of revenue decreased slightly and accounted for 36 (37) percent of net revenue in the quarter.
Profit after variable costs amounted to SEK 90 (84) million, corresponding to 19.9 (19.7) percent of net revenue. Outbound freight costs amounted to SEK 52 (41) million, corresponding to 11.4 (9.7) percent of net revenue. The increase was mainly driven by the ramp-up of our new Warehouse Management System (WMS) in July, while freight costs remained somewhat elevated in relation to net revenue during the rest of the quarter. Overhead costs, excluding items affecting comparability, amounted to SEK 70 (61) million, corresponding to 15.5 (14.2) percent of net revenue. The increase was mainly due to temporarily elevated warehouse staffing during the WMS ramp-up, as well as temporary double staffing in connection with the relocation of our remaining finance functions from Poland to Sweden.
We launched our transformation program, Pierce 2.0, in the third quarter of 2023 with two priorities: returning to growth and profitability while making the company ‘digital first’ and thus scalable for the future. Since the launch, this has enabled us to reduce our white-collar workforce by approximately 40 percent, from 256 to 155 FTEs, while net revenue over the last twelve months has grown by 19 percent to SEK 1,874 million. Net revenue per white-collar FTE has thereby increased by 97 percent, thereby proving the scalability of our business model. Over the same period, Adjusted EBIT has improved from SEK -69 million in FY 2023 to SEK 61 million in Q3 2026 LTM.
This tech platform makeover was necessary to regain competitiveness and a key part of this has been replacing four core systems, including our warehouse management system and e-commerce platform, as our previous tech stack was not scalable to support continued growth. Transitions of this scale are always demanding, and it is very satisfying that we are now in the final stages. Our new platform enables continued growth, both geographically and into new verticals, while leveraging our existing customer base, technology platform and infrastructure.
We have now moved 10 of our 16 established markets to the new e-commerce platform. The final step in Pierce 2.0 is moving our six largest markets, which we will do after November to protect peak-season sales. After each move, sales are temporarily lower for three to four months, as it takes time before search engines such as Google rank the new website as highly as before. We therefore expect a temporary negative impact on net revenue in the first quarter of 2027, seasonally our smallest quarter. In return, all our markets will be on the new platform ahead of the 2027 riding season, giving our customers a better shopping experience and us a scalable foundation for continued growth.
With the new platform in place, we are already expanding faster and more cost-efficiently. During the year, we have launched 14 new markets, and we now have localized websites in more than 30 countries, with local languages, delivery options and payment methods. The new markets are developing well. We are also expanding by developing our existing verticals and adding new ones, and our mountain bike and scooter/moped verticals are showing good momentum.
Cash at the end of the quarter amounted to SEK 257 million, compared with SEK 319 million at the end of the second quarter. The decrease of SEK 62 million mainly reflects our continued investment in inventory to support further growth. Inventory amounted to SEK 587 (490) million at the end of the quarter. At the same time, inventory quality has improved significantly. We sold off old obsolete stock during the second quarter of this year, and the obsolescence provision has decreased to SEK 23 (52) million. We are well-positioned to meet demand during black month and the fourth quarter of 2026. Going forward, we will further increase our investment in fast-moving products to reduce stock-outs and capture profitable growth. Our financial position remains very strong and provides us with significant strategic flexibility.
With stronger fundamentals in place, we are now entering the next phase of our development, where our focus shifts from enhancing the business to expanding it, by growing our reach across markets and verticals. At the same time, the European motorcycle gear and equipment market remains highly fragmented, and scale advantages are significant. As one of the largest players, the only truly pan-European platform, and the only listed company in the sector, we are well positioned to lead a market consolidation. Our multi-category offering and high private label share create a strong foundation for synergies and value creation, and we see potential to take an active role as opportunities arise.
For further information, please contact:
Göran Dahlin, CEO
Email: Goran.Dahlin@piercegroup.com
Tel: +46 72 730 31 11
Fredrik Kjellgren, CFO
Email: Fredrik.Kjellgren@piercegroup.com
Tel: +46 72 554 95 25
About Pierce Group
Pierce is a leading European e-commerce company selling motorcycle and snowmobile gear, parts, and accessories to passionate customers through the online stores 24MX, XLMOTO and Sledstore. The Company has locally adapted websites in 35 European countries and also websites for rest of Europe and Global. Pierce has two larger categories, Offroad – sales to motocross and enduro riders – and Onroad – sales to high road riders. In addition, the Company has a smaller category, Other, which primarily focuses on snowmobile riders in the Nordics. With a large and unique product assortment, including several own brands, an excellent customer experience, reflected in a consistently strong Trustpilot rating of 4.3 out of 5, and attractive prices, Pierce is changing the market for motorcycle enthusiasts in Europe. The Company’s headquarter is located in Stockholm, the distribution warehouse is located in the Polish city of Szczecin and the main portion of customer support services is located in Barcelona.
The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 13 November 2026.