Slides
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Earnings Call Rugvista Group AB ( publ ) Q4 2025
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Business Update
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Strong ending of the year Net revenue SEK 270.3 million (245.9) Order count 128.7K (118.6) New customers 91.6K (87.4) Average order value (AOV) on SEK 2,937 (2,868)
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Strong ending of the year Net revenue SEK 270.3 million (245.9) Order count 128.7K (118.6) New customers 91.6K (87.4) Average order value (AOV) on SEK 2,937 (2,868)
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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 25-Q3 72 52 71 101 82 59 68 119 97 74 81 25-Q4 129 +8.5% 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 62 63 68 74 77 78 77 82 85 89 92 25-Q4 95R12 average number of orders per quarter Thousand
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Strong ending of the year Net revenue SEK 270.3 million (245.9) Order count 128.7K (118.6) New customers 91.6K (87.4) Average order value (AOV) on SEK 2,937 (2,868)
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Strong ending of the year Net revenue SEK 270.3 million (245.9) Order count 128.7K (118.6) New customers 91.6K (87.4) Average order value (AOV) on SEK 2,937 (2,868)
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8 Quarterly average order value development 1 Not adjusted for currency effects 2 Average Order Value (AoV) AoV2 development SEK 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 25-Q422-Q1 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 2,937 +2.4% The negative currency impact on AoV was -5.4%.
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Stable profitability despite Black Month and FX challenges Gross margin 63.1% (62.1%) Decreased marketing spend 32.3% (32.9%) Sessions on site increased by 25% EBIT was SEK 32.2 (29.3) million representing an EBIT margin of 11.9% (11.9%)
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Stable profitability despite Black Month and FX challenges Gross margin 63.1% (62.1%) Decreased marketing spend 32.3% (32.9%) Sessions on site increased by 25% EBIT was SEK 32.2 (29.3) million representing an EBIT margin of 11.9% (11.9%)
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Stable profitability despite Black Month and FX challenges Gross margin 63.1% (62.1%) Decreased marketing spend 32.3% (32.9%) Sessions on site increased by 25% EBIT was SEK 32.2 (29.3) million representing an EBIT margin of 11.9% (11.9%)
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Stable profitability despite Black Month and FX challenges Gross margin 63.1% (62.1%) Decreased marketing spend 32.3% (32.9%) Sessions on site increased by 25% EBIT was SEK 32.2 (29.3) million representing an EBIT margin of 11.9% (11.9%)
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Markets and customers Large differences in growth in different markets Customer sentiment continues to fluctuate Stable and high Trustpilot score Not updated
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14 Business Update Large differences between markets Source: Trading Economics -2 22 -14 3 -5 -3 23 13 -20 -10 0 10 20 30 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 -16 6 -19 7 13 10 17 9 -20 -10 0 10 20 9 25 4 10 13 19 6 11 0 5 10 15 20 25 30 Germany Net revenue growth % vs LY quarter SwedenFrance *) UK not disclosed in Q1
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Markets and customers Large differences in growth in different markets Customer sentiment continues to fluctuate Stable and high Trustpilot score Not updated
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16 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 90 89 90 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 2024-11 2024-12 2025-01 2022-01 2025-03 2025-04 2025-05 2025-06 2025-07 2025-02 2025-09 2025-10 2025-11 2025-12 80 2025-08 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 96 97 96 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 -23 -24 -23 -50 -40 -30 -20 -10 0 All-time low -43 Sweden Consumer confidence index across selected key markets GermanyFrance
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Markets and customers Large differences in growth in different markets Customer sentiment continues to fluctuate Stable and high Trustpilot score Not updated
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18 Continued high scores despite the moving year 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 25-Q3 4,8 4,8 4,8 4,8 4,8 4,8 4,8 22-Q1 4,8 4,8 4,8 4,74,8 4,7 4,7 25-Q4 4,64,7
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New financial targets Updated financial targets Dividend proposal Not updated
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New financial targets Updated financial targets Dividend proposal Not updated
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Financial Update Not updated
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2023Q4 2024Q4 2025Q4 233,3 270,3 245,9 +5,4% +9,9% 22 Financial Update Good growth against currency headwind 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 48,5 50,0 55,3 +3,1% +10,6% DACH Nordics Rest of World 49.0 56.6 63.5 +15.5% +12.2% 2023Q4 2024Q4 2025Q4 135.8 139.3 151.6 +2.6% +8.8% Organic growth, %x 15.3%
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 23 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 24 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 25 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 26 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 27 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 28 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 29 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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Q4 2024 2025 -23.2% -13.8% -63.1% -36.5% -10.1% 11.9% 30 Financial Update Maintained EBIT -margin 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 Increased depreciation of fixed assets in new building and lease agreements. -24.7% -13.4% -62.1% -37.3% -10.2% 11.9% -1.7%-0.8% -2.9%-1.9% 1.4% -0.5% 1.0% 0.8% 0.1% 0.0% -0.9% -1.0% Price increases and USD depreciation. Higher marketing efficiency. Economies of scale. ∆ vs LY FX effect on revaluation of assets and liabilities. Price increases and USD depreciation. Carrier mix.
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31 Financial Update Well balanced inventory through high season 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 12/31/24 9/30/25 12/31/25 133 148 144 +11 -3 12/31/24 9/30/25 12/31/25 19.2 19.4 18.4 -1.0pp Inventory remained well balanced during the Q4. Inventory as % of LTM net revenue in target range.
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12/31/24 9/30/25 12/31/25 219 180 242 +61 +22 32 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 -15.6Interest, tax & other 14.7Working capital 76.8Sub-total 77.7 2024YTD -22.9 26.9 110.4 106.4 2025YTD Tangible -4.1Intangible -19.0Sub-total -14.9 2024YTD 2025YTD 0.0 -35.3 -35.3 Note: Rounding differences may occur
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Summary Strong Q4 with multiple ATHs New financial targets Record level dividend Not updated
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Summary Strong Q4 with multiple ATHs New financial targets Record level dividend Not updated
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Summary Strong Q4 with multiple ATHs New financial targets Record level dividend Not updated
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3 6 Q&A
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37 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 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