1 October - 31 December 2024

• Net sales increased to SEK 1,631 million (1,479), up 10.3 percent.
  Organic growth totalled 10.1 percent (7.4)
• Net sales from spectacles subscriptions increased 15.6 percent (7.2)
• The gross margin increased to 77.2 percent (76.6)
• EBITDA rose to SEK 387 million (348) and the EBITDA margin was 23.3 percent (23.2)
• EBITA increased to SEK 219 million (200) and the EBITA margin was 13.2 percent (13.3)
• EBIT increased to SEK 186 million (161) and the EBIT margin was 11.2 percent (10.7)
• Cash flow from operating activities amounted to SEK 42 million (404)
• Net debt amounted to SEK 3,002 million at the end of the period, compared with SEK 2,720 million at year-end 2023
• Profit after tax increased to SEK 76 million (61)
• Earnings per share before and after dilution increased to SEK 0.51 (0.41)

1 January - 31 December 2024

• Net sales increased to SEK 6,435 million (5,905), up 9.0 percent.
  Organic growth totalled 9.2 percent (10.3)
• Net sales from spectacles subscriptions increased 13.4 percent (15.1)
• The gross margin was 75.3 percent (75.5)
• EBITDA rose to SEK 1,595 million (1,440) and the EBITDA margin was 24.5 percent (24.1)
• EBITA increased to SEK 957 million (850) and the EBITA margin was 14.7 percent (14.2)
• EBIT increased to SEK 819 million (696) and the EBIT margin was 12.6 percent (11.6)
• Cash flow from operating activities amounted to SEK 933 million (1,150)
• Profit after tax increased to SEK 366 million (311)
• Earnings per share before and after dilution increased to SEK 2.48 (2.08)
• The Board of Directors proposes a dividend of SEK 1.80 (1.80) per share

Events after the end of the period

• 1,438,006 own shares in Synsam have been purchased for SEK 70 million under the previously communicated share buy-back programme with the aim of adjusting the company's capital structure

President and CEO Håkan Lundstedt comments:

"2024 was a record year for Synsam, with strong growth and a robust market position as well as increased profitability. Organic growth was 9 percent in 2024 and like-for-like growth was 6 percent, in a market in which consumers generally refrained from spending. Earnings improved in 2024, with EBITDA up 11 percent and EBIT up 18 percent. In the fourth quarter, EBITDA increased 11 percent and EBIT increased 16 percent. Our strategy - based on the right types of establishments, focusing on both Synsam Lifestyle and the cash business, our own House Brands, an efficient organisation and having a strong service offering - is yielding results.

Continued positive trend in subscriptions

Net sales from the Synsam Lifestyle spectacles subscription increased 13 percent in 2024. Net sales for the fourth quarter increased 16 percent. The number of Lifestyle customers amounted to approximately 703,000 (approximately 620,000) at the end of the quarter and the churn rate for the fourth quarter was 2.69 percent, which is in line with the third quarter when the churn rate was 2.60 percent. As of 31 December 2024, the total number of subscription customers (those who have either a Lifestyle subscription or a contact lens subscription) amounted to approximately 840,000. Net sales from the cash business increased 4 percent both in 2024 and in the fourth quarter.

Planned high rate of establishment for 2024-2026 remains firm

Our goal for 2024-2026 is to establish 90 new stores, and Synsam established 46 new stores during 2024, of which 14 were established during the fourth quarter. The recession has created more opportunities to establish stores, which we acted on in 2024, and this means we are ahead of schedule. Between five and seven new stores are expected to be established in the first quarter of 2025. Our new stores are quickly achieving profitability thanks to our strong concepts and our effective analysis and method for establishments. Through our focus on establishing a greater presence in smaller towns, we are also achieving strong demand directly and benefiting from lower rents. As planned, the high rate of establishment and store upgrades in 2024 also resulted in a higher investment rate and increased inventory levels in the Group.

In Denmark, new establishments are being carried out to strengthen our position in Copenhagen, where a flagship store opened in January 2025. Upgrades and relocations are also an essential part of our establishment strategy.

Stronger organic growth in the fourth quarter in Sweden, Denmark and Norway. Continued good growth in Finland

Denmark continued to report a positive trend both in 2024 and in the fourth quarter, with stronger organic growth and an improved gross margin and EBITDA margin.

After slightly lower organic growth in the first three quarters compared with the previous year, Sweden's organic growth strengthened in the fourth quarter and Sweden further increased its market share.

Norway reported stronger organic growth in both 2024 and the fourth quarter, although with a lower gross margin and EBITDA margin compared with the preceding year as a result of planned activities. The subscription business was the most important driver of growth in both Sweden and Norway. Organic growth remained strong in Finland, which has a highly competitive market.

Increased optician capacity - Synsam EyeView

Availability for customers and growth in our industry have been impacted and limited by optician capacity for many years. The project of introducing Synsam EyeView at Synsam's stores to increase capacity has been ongoing since 2023 in Sweden and Norway and has been appreciated among our customers. This project will be completed in Sweden and Norway in 2025, with positive effects expected.

Strong position ahead of 2025

Thanks to the important contributions of our employees, 2024 was a record year for Synsam, with a high rate of establishment, a focus on Synsam Lifestyle and costs, a high degree of innovation, our unique circular business model and a strong service offering. In 2024, we met our growth target. With our cost focus, Synsam EyeView fully implemented in Sweden and Norway in 2025, and a slightly lower establishment rate, we have the potential to make further progress towards our profitability target in 2025: an EBITDA margin of 25 percent or higher in the medium term. Our focus is on creating profitable growth through innovative solutions and by meeting our customers' needs, while also ensuring efficiency. By making it easier for people to access eye care and high-quality products, in a market largely driven by medical needs, we are ensuring profitable growth for many years to come. Synsam's journey has only begun."

Live Q&A in Swedish, with possibility to ask questions

• Date and time: 21 February 2025, at 09.30 CET.
• Place: Webcast.
• Speakers: President and CEO Håkan Lundstedt and CFO Per Hedblom.
• Link to participate in the Q&A session: Synsam Group Q4

Live Q&A in English, with possibility to ask questions

• Date and time: 21 February 2025, at 10.30 CET.
• Place: Webcast.
• Link to participate in the Q&A session: Synsam Group Q4

For further information, please contact:
Per Hedblom, CFO Synsam Group
E-mail: per.hedblom@synsam.com
Tel: +46 (0)8 619 28 60
Website: https://www.synsamgroup.com

This information is such that Synsam AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7:30 a.m. CET on 21 February 2025.

Synsam Group is a leading optician group in the Nordic region, with a differentiated and affordable subscription offering. Synsam Group offers a wide range of products and services for eye health and eye fashion, catering to the customer's different lifestyles and needs. The group has approximately 4,000 employees, net sales of approximately SEK 6.4 billion (2024) and has more than 500 stores in the Nordics, operating under the brands Synsam, Synsam Outlet, and Profil Optik in Denmark. Through digitalization, subscription services and other innovative concepts, Synsam Group is at the forefront of innovation in the Nordic optical retail market across multiple dimensions including customer journey, product offering and ESG. Synsam Group's share is traded on Nasdaq Stockholm (SYNSAM). https://www.synsamgroup.com