Boozt (BOOZT) Q2 2026 earnings summary

Executive summary

• Achieved 13% revenue growth in Q2 2026, with adjusted EBIT margin nearly doubling to 6.5%, driven by broad-based performance across all categories and markets, especially a rebound in women's fashion and increased customer activity.

• Growth supported by assortment expansion (+55% SS26 styles), AI-driven customer experience improvements, and a strengthened commercial organization.

• Strategic focus sharpened by closing the B2B gift shop initiative, incurring one-off costs but enabling concentration on core business.

• Inventory build-up progressed as planned to support continued growth into H2.

Financial highlights

• Net revenue reached SEK 2,061 million in Q2 2026 (up 13% year-over-year); gross margin improved to 40.1% (from 39.1%).

• Adjusted EBIT margin increased to 6.5% from 3.4% year-over-year, with adjusted EBIT at SEK 133 million.

• LTM free cash flow was SEK 607 million, but Q2 free cash flow declined to SEK 39 million due to inventory build-up.

• Net cash position stood at SEK 62 million at the end of Q2 2026.

• Adjusted marketing cost ratio improved to 9.3% (from 11.5%).

Outlook and guidance

• Full-year 2026 guidance raised to 7–11% revenue growth (from 3–8%) in constant currency, with adjusted EBIT margin guidance narrowed to 6.0–6.8%.

• CapEx expectations increased to SEK 180–195 million, mainly due to new HQ investments.

• Free cash flow for 2026 expected to be moderate due to non-recurring relocation and tax costs, and inventory build-up.

• Currency expected to have a ~0.5pp negative impact on revenue growth.