Slides
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Earnings Call Rugvista Group AB ( publ ) Not updated Q3 2025
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Business Update
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Strong continuation of the year Net revenue SEK 166.6 million (144.8) Order count 80.6K (67.5) New customers 57.0K (48.9) Average order value (AOV) on SEK 2,952 (2,957)
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Strong continuation of the year Net revenue SEK 166.6 million (144.8) Order count 80.6K (67.5) New customers 57.0K (48.9) Average order value (AOV) on SEK 2,952 (2,957)
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5 Quarterly order development Number of Orders per quarter Thousand 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 72 52 71 101 82 59 68 119 97 74 25-Q3 81 +19.4% 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 62 63 68 74 77 78 77 82 85 89 25-Q3 92R12 average number of orders per quarter Thousand
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Strong continuation of the year Net revenue SEK 166.6 million (144.8) Order count 80.6K (67.5) New customers 57.0K (48.9) Average order value (AOV) on SEK 2,952 (2,957)
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Strong continuation of the year Net revenue SEK 166.6 million (144.8) Order count 80.6K (67.5) New customers 57.0K (48.9) Average order value (AOV) on SEK 2,952 (2,957)
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8 Quarterly average order value development 1 Not adjusted for currency effects 2 Average Order Value (AoV) AoV2 development SEK 3,528 3,461 3,603 3,652 3,602 3,568 3,172 3,199 2,957 3,044 2,957 2,868 2,864 2,833 2,952 22-Q1 22-Q2 22-Q3 22-Q4 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 -0.2% The negative currency impact on AoV was -3.3%.
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Improved profitability despite moving costs Gross margin 63.4% (62.4%) Decreased marketing spend 29.9% (30.1%) Sessions on site increased by 39% EBIT was SEK 11.9 (9.0) million representing an EBIT margin of 7.2% (6.2%)
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Improved profitability despite moving costs Gross margin 63.4% (62.4%) Decreased marketing spend 29.9% (30.1%) Sessions on site increased by 39% EBIT was SEK 11.9 (9.0) million representing an EBIT margin of 7.2% (6.2%)
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Improved profitability despite moving costs Gross margin 63.4% (62.4%) Decreased marketing spend 29.9% (30.1%) Sessions on site increased by 39% EBIT was SEK 11.9 (9.0) million representing an EBIT margin of 7.2% (6.2%)
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Improved profitability despite moving costs Gross margin 63.4% (62.4%) Decreased marketing spend 29.9% (30.1%) Sessions on site increased by 39% EBIT was SEK 11.9 (9.0) million representing an EBIT margin of 7.2% (6.2%)
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Market climate Customer sentiment continues to fluctuate Large differences in growth in different markets Organic search continues to grow
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14 Business Update Continued low consumer confidence Source: Trading Economics 98 97 89 88 86 83 80 83 83 84 82 83 82 82 83 83 85 87 86 85 86 88 89 91 90 91 90 90 89 91 92 95 94 90 89 92 93 92 91 88 88 89 87 88 0 20 40 60 80 100 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022-08 Tied 9-year low 2022-09 2022-10 2022-11 2022-12 2023-01 2023-02 2023-03 2023-04 2023-05 2023-06 2023-07 2023-08 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2022-01 2024-12 2025-01 2025-02 2025-03 2025-04 2024-11 2025-06 80 2025-07 2025-08 2025-09 2025-05 93 92 82 82 78 75 67 66 59 61 58 62 64 66 67 71 72 75 72 71 72 74 75 83 83 88 89 91 93 96 97 100 101 101 97 98 95 90 82 84 86 90 91 93 0 20 40 60 80 100 120 2nd lowest value ever 56 -7 -7 -9 -16 -27 -26 -28 -31 -37 -42 -40 -38 -34 -31 -29 -26 -24 -25 -25 -26 -27 -28 -28 -25 -30 -29 -27 -24 -21 -22 -19 -22 -21 -18 -23 -21 -23 -25 -24 -21 -20 -20 -22 -24 -50 -40 -30 -20 -10 0 All-time low -43 Sweden Consumer confidence index across selected key markets GermanyFrance
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Market climate Customer sentiment continues to fluctuate Large differences in growth in different markets Organic search continues to grow
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Market climate Customer sentiment continues to fluctuate Large differences in growth in different markets Organic search continues to grow
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Going into peak The move has been finished Assortment development Personalized customer journeys Stable and high Trustpilot score
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Going into peak The move has been finished Assortment development Personalized customer journeys Stable and high Trustpilot score
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Going into peak The move has been finished Assortment development Personalized customer journeys Stable and high Trustpilot score
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Going into peak The move has been finished Assortment development Personalized customer journeys Stable and high Trustpilot score
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21 Continued high scores despite the move in Q3 Trustpilot 12 month rolling average 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 22-Q2 22-Q3 22-Q4 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 4,8 4,8 4,8 4,8 4,8 4,8 22-Q1 4,8 4,8 4,8 4,84,8 4,7 4,7 25-Q3 4,74,7
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Financial Update Not updated
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2023Q3 2024Q3 2025Q3 159,6 144,8 166,6-9,3% +15,1% 23 Financial Update All regions driving growth 1 Reported net revenue does not include other income Note: Rounding differences may occur Group net revenue – Quarter1 SEK million Net revenue by region – Quarter SEK million 31.3 25.7 32.4 -18% +26.4% DACH Nordics Rest of World 38.8 38.3 42.9 -1.2% +11.9% 2023Q3 2024Q3 2025Q3 89.5 80.8 91.3 -9.8% +13.0% Organic growth, %x 18.4%
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 24 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 25 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 26 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 27 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 28 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 29 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 30 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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Q3 2024 2025 -22.9% -13.8% -63.4% -37.0% -13.4% 7.2% 31 Financial Update Improved EBIT -margin despite moving costs 1 Reported net revenue does not include other income. Note: Rounding differences may occur Cost ratios & EBIT-margin 1) Percent of net revenue Gross margin Other external expenses Personnel expenses Other operating expenses Depreciation & Amortization EBIT-margin Shipping & other selling exp. Product expenses New rental contract and depreciation of fixed assets in new building. -23.9% -13.9% -62.4% -36.7% -16.7% 6.2% -0.7%0.5% -5.2%-3.3% 1.0% 0.1% 1.0% -0.3% 3.3% 1.0% -1.1% -2.0% Lower product expenses. Moving costs impacted negatively with -1.1 ppts and marketing cost ratio 0.2ppts lower than LY. Non-recurring costs in LY and economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Lower discounts than LY.
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32 Financial Update Low inventory due to warehouse move 1 Reported net revenue does not include other income Note: Rounding differences may occur Inventory value SEK million Inventory as share of LTM1 net revenue Percent 9/30/24 12/31/24 9/30/25 156 133 148-8 +14 22.8 19.2 19.4 9/30/24 12/31/24 9/30/25 +0.2pp Inventory increased during the quarter for high season. Inventory as % of LTM net revenue in target range.
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9/30/24 12/31/24 9/30/25 151 219 180 -39 +29 33 Financial Update Improved operating cash flow finances investments Cash flow from operating activities SEK million Cash position SEK million Cash flow from investing activities SEK million EBITDA -21.1Interest, tax & other -26.9Working capital -4.4Sub-total 43.6 2024YTD -23.9 -5.6 36.8 66.3 2025YTD Tangible -4.1Intangible -8.8Sub-total -4.7 2024YTD 2025YTD 0.0 -33.1 -33.1 Note: Rounding differences may occur
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Summary Strong Q3 leading into peak Fall assortment with lots of news Personalisation is our focus Not updated
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Summary Strong Q3 leading into peak Fall assortment with lots of news Personalisation is our focus Not updated
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Summary Strong Q3 leading into peak Fall assortment with lots of news Personalisation is our focus Not updated
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3 7 Q&A
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38 Rugvista Group AB (publ) Other information Rugvista Group AB (publ) Lodgatan 11 SE-211 24 Malmö Sweden Contact information Headquarters and visiting address Financial calendar Ebba Ljungerud CEO Ebba.Ljungerud@rugvista.com Joakim Tuvner CFO Joakim.Tuvner@rugvista.com Corporate & Investor information InvestorRelations@rugvistagroup.com www.rugvistagroup.com Phone +46 40 668 81 04 FNCA Sweden AB Certified advisor Activity Date Publication Conference call Year-end report 2025 5 February 2026 07:30 CET 09:00-10:00 CET Annual report 2025 14 April 2026 Interim report January – March 2026 7 May 2026 07:30 CEST 09:00-10:00 CEST AGM 2026 21 May 2026 Interim report January – June 2026 17 July 2026 07:30 CEST 09:00-10:00 CEST Interim report January – October 2026 29 October 2026 07:30 CET 09:00-10:00 CET Year-end report 2026 9 February 2027 07:30 CET 09:00-10:00 CET