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Björn Borg
Interim / Quarterly Report • Aug 15, 2025
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Interim / Quarterly Report
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INTERIM REPORT BJÖRN BORG AB JAN - JUN 2025
BJÖRN BORG • INTERIM REPORT • JANUARY-JUNE 2025 2
Earnings and Sales Growth
APRIL 1 - JUNE 30, 2025
- Group net sales amounted to SEK 225.9 million (213.2), an increase of 6.0 percent. Currency-neutral, Group net sales increased by 8.9 percent.
- Net sales for own e-commerce increased by 26.3 percent to SEK 51.6 million (40.8). Sales for own e-commerce and e-tailers amounted to SEK 97.4 million (88.2), an increase of 10.5 percent.
- The gross profit margin was 50.6 percent (51.8). Currency-neutral, the gross profit margin was 47.5 percent, a decrease of 4.3 percent.
- Operating profit amounted to SEK 10.6 million (9.5), an increase of 11.5 percent. Currency-neutral, operating profit amounted to SEK 5.0 million, a decrease of 47.8 percent.
- Profit after tax amounted to SEK 4.0 million (6.5), a decrease of 39.4 percent.
- Earnings per share before and after dilution amounted to SEK 0.16 (0.26).
JANUARY 1 - JUNE 30, 2025
- Group net sales amounted to SEK 505.9 million (470.0), an increase of 7.6 percent. Currency-neutral, net sales increased by 9.0 percent.
- Net sales for own e-commerce increased by 26.4 percent to SEK 102.9 million (81.4). Sales for own e-commerce and e-tailers amounted to SEK 211.3 million (195.4), an increase of 8.1 percent.
- The gross profit margin was 50.2 percent (52.6). Currency-neutral, the gross profit margin was 49.4 percent, a decrease of 3.2 percent.
- Operating profit amounted to SEK 44.8 million (43.0), an increase of 4.2 percent. Currency-neutral, operating profit amounted to SEK 42.0 million, a decrease of 2.3 percent.
- Profit after tax amounted to SEK 39.9 million (27.7), an increase of 43.8 percent.
- Earnings per share before and after dilution amounted to SEK 1.59 (1.10)
QUOTE FROM CEO, HENRIK BUNGE "The clear highlight of the quarter is undoubtedly the continued strong growth of our apparel collection, which increased by 45 percent," comments CEO Henrik Bunge.
| SEK million | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|
| Net sales | 225.9 | 213.2 | 505.9 | 470.0 | 1,025.6 | 989.7 |
| Gross profit margin, % | 50.6 | 51.8 | 50.2 | 52.6 | 51.4 | 52.6 |
| Operating profit | 10.6 | 9.5 | 44.8 | 43.0 | 103.7 | 101.8 |
| Operating margin, % | 4.7 | 4.5 | 8.9 | 9.1 | 10.1 | 10.3 |
| Profit after tax | 4.0 | 6.5 | 39.9 | 27.7 | 84.8 | 72.7 |
| Earnings per share before dilution, SEK | 0.16 | 0.26 | 1.59 | 1.10 | 3.37 | 2.89 |
| Earnings per share after dilution, SEK | 0.16 | 0.26 | 1.59 | 1.10 | 3.37 | 2.89 |
CEO's Comment
The strong start of the year continued into the second quarter, with sales increasing by 6 percent to SEK 226 million. This marked our highest-ever revenue for a second quarter. Operating profit also showed positive development compared to the previous year, increasing by 11.5 percent to SEK 10.6 million. While our level of ambition remains higher, I consider this a solid second quarter and a strong first half of the year.
The greatest success in the quarter was, without doubt, the continued strong growth in our sports apparel collection, which increased by an impressive 45 percent.
Growth during the period was driven by all product categories, with the exception of footwear. Bags grew by 38 percent, underwear by 11 percent, and, as previously mentioned, sports apparel increased by 45 percent. Footwear sales declined during the quarter, but this is explained by the fact that during the same period last year, nearly all of the first half-year's footwear sales were concentrated, due to our former license partner's bankruptcy in Q1 2024. However, this effect applies solely to the wholesale business. In our own e-commerce channel, footwear sales are developing very strongly, with an increase of 56 percent during the quarter.
From a geographical perspective, we saw excellent growth in our largest market, Sweden, with sales increasing by 23 percent. Denmark (up 32 percent), Germany (up 21 percent), and Finland (up 15 percent) also developed strongly. In contrast, sales declined in Belgium (down by 15 percent) and in the Netherlands (down by 11 percent), entirely linked to the footwear category within the wholesale channel.
Germany remained our most important growth market, and we initiated partnerships with dozens of new gyms and fitness studios during the quarter. In Hamburg, our primary focus city, the impact was immediately clear with sales through our own e-commerce increasing by an impressive 93 percent.
A review of our sales channels shows that our own e-commerce continued to deliver strong results, growing by 26 percent during the quarter. Our largest channel, wholesale, also had a strong quarter with 9 percent growth. Comparable own stores declined by 6 percent, and our distributors saw a decrease of 11 percent compared to the same quarter last year.
In parallel, we further intensified our efforts within influencer marketing. We more than doubled our number of collaborations compared to Q2 last year and partnered with over 500 individuals during our summer campaign. The result? Record-high sales – a clear testament to the increasing strength of our brand appeal.
Our focus for 2025 remains clear: to drive profitable growth by prioritizing our strategic areas – sports apparel, footwear, our own e-commerce, and the German market. With the first half of the year behind us, I believe we are on the right track albeit not always at the pace I would like – but we are moving forward consistently. Again, I would like to highlight sports apparel, e-commerce, and Germany as the areas in which we performed exceptionally well during the second quarter.
Our success is a direct result of the fantastic team we have. We share a deep belief that physical activity is a catalyst for well-being, and therefore a foundation for both high performance and long-term success. Our latest job posting on LinkedIn received 300 applications in just 24 hours – a clear signal that both our brand and our culture are perceived as attractive, both internally and externally.
Finally, we all know the future won't be a straight line. But, for Björn Borg, I am convinced we are only at the beginning of something truly great.
Now, let's go!
BJÖRN BORG • INTERIM REPORT • JANUARY-JUNE 2025 4
Head coach, Henrik Bunge
Group development
OPERATING REVENUE 2025
The second quarter of the year showed an improvement in total operating revenue, including other revenues, by 7.0 percent to SEK 236.3 million (220.8). Adjusted for currency effects, operating revenue showed an increase of 10.4 percent for the quarter.
For the first six months of the year, total operating income increased by 8.8 percent, to SEK 523.8 million (481.6). Currency-neutral, the increase was 10.7 percent.
PRODUCT AREAS 2025
The product area Underwear recovered as planned during the second quarter of the year and showed an increase in sales of 11 percent. This was primarily due to the timing in distribution, where last year's summer season was delivered during the first quarter, and this year's summer season was delayed until the second quarter. For this reason, the Underwear product area in the wholesale business grew strongly in the quarter and increased by 21 percent. In addition, sales of underwear through the company's own e-commerce continued to grow strongly with an increase of 12 percent. Sales in own stores decreased by 12 percent, due mainly to fewer stores compared to the second quarter of last year. Sales to external distributors showed a decrease in the Underwear product area of 17 percent, mainly due to reduced purchases from the Norwegian distributor.
For the first half-year, 2025, the Underwear product area showed a decrease of 2 percent due to the aforementioned timing issues in distribution, and part of the summer season
CATEGORIES – SHARE OF TOTAL SALES
SEK 221 million Growth 7% SEK 236 million
MARKETS – SHARE OF TOTAL SALES
SEK 221 million Growth 7% SEK 236 million
will now be distributed at the beginning of the third quarter. However, own e-commerce showed strong growth for the first six months of the year, with growth of 9 percent.
Sports apparel continued to show strong development and increased by 45 percent during the second quarter of the year, with sales in the wholesale business in particular continuing to grow strongly with an increase of 83 percent. Growth also continued in own e-commerce and increased by 29 percent. Sales to external distributors showed a pick-up in the Sports Apparel product area and grew by 37 percent, while own stores sales decreased by 10 percent.
For the first half-year, 2025, the Sports Apparel product area grew by 27 percent, with own e-commerce growing by 36 percent and wholesale operations by 32 percent.
As planned, sales of footwear showed a 66 percent decrease in the quarter. This was due to the previously reported takeover of distribution from a third party that went bankrupt, where last year's summer season was distributed in the second quarter of 2024 due to delays in the takeover, while this year's summer season was distributed as planned in the first quarter of 2025. However, own e-commerce continued to grow strongly in the Footwear product area and increased by 56 percent.
For the first year-half, 2025, growth in the Footwear product area was 8 percent.
The product area Bags recovered during the second quarter and grew by 38 percent. This was primarily in the wholesale business, which showed an increase of 37 percent. Direct sales to consumers also increased; by 48 percent in the company's own e-commerce and by 33 percent in its own stores.
SALES CHANNELS – SHARE OF TOTAL SALES
QUARTERLY NET SALES AND OPERATING PROFIT, 2022-2025
For the first six months of the year, growth in the Bags product area was 11 percent, with direct-to-consumer sales increasing the fastest.
Other product areas, such as Swimwear and Socks, showed an increase in the quarter of 14 percent, with own e-commerce increasing by 62 percent and wholesale operations increasing by 56 percent.
Overall, other product areas grew by 17 percent in the first half of 2025.
MARKETS 2025
The largest market, Sweden, continued to grow strongly and increased in the quarter by 23 percent compared to the second quarter of the previous year. All channels in Sweden increased, with wholesale operations up by 24 percent and own e-commerce up by 30 percent. The second largest market, the Netherlands, decrease by 11 percent in the quarter. Footwear accounted for a large part of the decrease, for the reasons mentioned earlier. Germany recovered in the quarter and grew by 21 percent compared to the second quarter of last year. Finland increased in the quarter by 15 percent with own e-commerce, in particular, showing strong growth. Denmark was up by 32 percent in the quarter, while Belgium decreased by 15 percent. Other smaller markets decreased by 9 percent in total compared to the previous year.
For the first half of 2025, all markets grew, with the exception of Germany. The largest market, Sweden, was up by 16 percent, while Germany was down by 4 percent.
SALES CHANNELS 2025
The largest channel, wholesale operations, showed an increase of 9 percent in the second quarter of 2025, with physical stores within the wholesale operations increasing by 16 percent. The other part of the wholesale operations, e-tailers, decreased by 3 percent, mainly due to weak development in the Swedish market. Own stores decreased by 20 percent in the quarter. The previous year's results were improved by extraordinary income in the form of Covid contribution payments from the Dutch state during first half of the year. In total, these contributions amounted to SEK 6 million last year. For comparable stores, i.e. stores that were open during both comparison quarters, and adjusted for government contributions, the decrease was 6 percent. Own e-commerce continued to show strong growth and increased by 26 percent in the quarter. All product areas grew, but it was primarily sports apparel and footwear that contributed most to the increase. External distributors sales were down in the quarter by 11 percent, with the Norwegian distributor, in particular, showing weak development.
For the first six months of the year, wholesale operations showed growth of 10 percent and own e-commerce increased by 26 percent, while own stores decreased by 17 percent.
NET SALES
Second quarter, April-June 2025
Group net sales during the second quarter amounted to SEK 225.9 million (213.2), an increase of 6.0 percent. Currency effects had a negative impact on net sales in the quarter and adjusted for currency effects, net sales increased by 8.9 percent.
The main explanation for the increase between quarters was due to the Sports Apparel product area, which showed continued strong growth and increased by 45 percent. A further explanation related to the distribu-tion of underwear, which recovered as planned and grew by 11 percent. For further details, see below under "Developments by segment".
First half-year, January-June 2025
Group net sales during the first half of the year amounted to SEK 505.9 million (470.0), an increase of 7.6 percent. Currency effects had a negative impact on net sales in the quarter and adjusted for currency effects, net sales increased by 9.0 percent.
The main explanation for the increase between quarters was due to the Sports Apparel product area which showed continued strong growth and increased by 27 percent. A further explanation related to the distribution of footwear which grew by 8 percent. For further details, see below under "Development by segment".
RESULTS
Second quarter, April-June 2025
The gross profit margin for the second quarter decreased to 50.6 percent (51.8). Adjusted for currency effects, the gross profit margin would have been 47.5 percent. It was primarily distribution to larger customers with higher discounts that led to the reduced gross profit margin in the quarter.
Other operating income amounted to SEK 10.4 million (7.6) and mainly related to unrealized gains on accounts receivable and accounts payable in foreign currency.
Operating costs in the quarter increased by SEK 5.8 million as planned compared to the first half of the previous year, primarily due to increased investments in marketing.
Increased sales with a lower gross profit margin, in combination with increased operating costs, resulted in an operating profit which increased slightly to SEK 10.6 million (9.5).
Net financial items amounted to SEK –5.6 million (–0.4). The change in net financial items compared to the previous year was primarily attributable to the revaluation of financial assets and liabilities in foreign currency. The company's valuation of future forward contracts in foreign currency also had a negative effect on net financial items during the quarter.
Profit for the period after tax decreased to SEK 4.0 million (6.5).
First half-year, January-June 2025
The gross profit margin for the first half-year decreased to 50.2 percent (52.6). Adjusted for currency effects, the gross profit margin would have been 49.4 percent. The decrease was primarily due to the distribution of footwear in markets new to the company, which had a temporarily lower gross profit margin. Distribution to larger customers with higher discounts also led to a reduced gross profit margin.
Other operating revenue amounted to SEK 17.9 million (11.6) and mainly related to unrealized gains on accounts
receivable and accounts payable in foreign currency. Operating costs in the quarter increased by SEK 11.4 million, as planned, compared to the first half of the previous year, primarily due to increased investments in marketing.
Increased sales with lower gross profit margins, in combination with increased operating costs, meant that operating profit increased slightly to SEK 44.8 million (43.0).
Net financial items amounted to SEK 6.1 million (–7.0). The change in net financial items compared to the previous year was mainly attributable to the revaluation of financial assets and liabilities in foreign currency. As the Swedish krona strengthened against both EUR and USD, net financial items were positively affected during the first half of the year. Furthermore, the company's valuation of future forward contracts in foreign currency had a negative effect on net financial items during the period.
Profits for the period after tax increased to SEK 39.9 million (27.7).
Development by segment
Björn Borg's segment reporting consists of the company's main revenue streams, which are divided into Wholesale, Own e-commerce, Own stores, Distributors and Licensing, which is also how the operations are followed up internally in the Group.
Wholesale business
The segment consists of revenues and costs associated with the Björn Borg Group's wholesale operations. The Group operates wholesale operations in Sweden, the Netherlands, Finland, Germany, Belgium and Denmark for underwear, sports apparel, bags, footwear and complementary products.
The segment's external operating income for the first half of 2025 amounted to SEK 358.8 million (325.3), which was an increase of 10 percent. The main explanation for the increase was the distribution of sports apparel, which grew by 32 percent. Bags too increased, by 7 percent, and footwear grew by 3 percent. Overall, the company saw increased sales at physical stores in the segment, where growth was 19 percent, amounting to SEK 250 million (211), while e-tailers in the segment, players who primarily sell online, showed a decrease of 5 percent to SEK 108 million (114), primarily due to weak development in the German market. Within wholesale operations, the largest market, Sweden, showed an overall increase in sales of 16 percent compared to the previous year. The second largest market, the Netherlands, increased within the
| Operating income, SEK thousands January-June |
Operating profit, SEK thousands January-June |
Operating margin,% January-June |
|||||
|---|---|---|---|---|---|---|---|
| Segment | Revenue type | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Wholesale | Products | 358,811 | 325,253 | 26,025 | 25,180 | 7 | 8 |
| Own e-commerce | Products | 102,864 | 81,405 | 17,682 | 11,792 | 17 | 14 |
| Own stores | Products | 42,248 | 50,682 | –3,470 | 137 | –8 | 0 |
| Distributors | Products | 19,269 | 22,561 | 4,152 | 4,425 | 22 | 20 |
| Licensing | Royalties | 640 | 1,701 | 410 | 1,453 | 64 | 85 |
| Total | 523,832 | 481,602 | 44,799 | 42,987 | 9 | 9 |
segment by 9 percent since the distribution of footwear constituted a significant part. The Finnish market showed growth of 6 percent, while Germany decreased by 7 percent due to weak sales at the larger retailers.
Operating profit amounted to SEK 26.0 million (25.2). Increased sales with lower gross profit margins, and higher, planned operating costs in connection with the takeover of footwear distribution, meant that operating profit was slightly better than in the previous year.
Own e-commerce
The segment consists of revenue and costs associated with the Björn Borg Group's sales of underwear, sportswear, shoes, bags and complementary products, directly to consumers via its own e-commerce at www.bjornborg.com.
Own e-commerce continued to grow strongly. During the first half of 2025, own e-commerce increased by 26 percent to SEK 102.9 million (81.4). The increase was mainly due to strong growth in the Sports Apparel product area, which increased by 36 percent compared to the previous year. The Underwear product area also increased and grew by 9 percent. Footwear continued to show strong momentum, growing by 60 percent, while bags were up by 38 percent.
Operating profit for the first half of 2025 amounted to SEK 17.7 million (11.8), an increase of 50 percent. The improvement was primarily due to increased sales with maintained margins.
Own stores
The segment consists of revenue and costs associated with the Björn Borg Group's direct-to-consumer sales through its own physical stores. The Björn Borg Group owns and operates a total of 11 (14) stores and factory outlet stores in Sweden, the Netherlands, Finland and Belgium, selling underwear, sports apparel, footwear, bags and complementary products.
Own physical stores showed a total decrease of 17 percent for the first half of 2025 and amounted to SEK 42.2 million (50.7). This was primarily due to the company choosing to close three stores in accordance with its strategy to close unprofitable stores. The previous year's results were improved by extraordinary income in the form of Covid contribution payments from the Dutch state during first half of the year. In total, these contributions amounted to SEK 6 million for 2024. For comparable stores, i.e. stores that were open during both comparison quarters, and adjusted for government contributions, sales decreased by 6 percent in the first half of the year.
In the Netherlands, sales in own stores decreased by 31 percent including contribution payments, and by 6 percent excluding contribution payments. In Sweden, sales in own stores increased by 4 percent. Sales in Finland increased by 2 percent, while Belgium decreased by 21 percent in total, and in comparable stores.
Operating profit for the first half of 2025 amounted to SEK –3.4 million (0.1). The deterioration in operating profit was primarily explained by the reduced sales due to a smaller number of stores, as well as the above-mentioned government Covid contribution payments.
Distributors
The distributors' segment consists mainly of revenue and costs associated with sales to distributors of product groups that are developed in-house by the company.
The segment's external operating income decreased by 15 percent in the first half of 2025 compared to 2024 and amounted to SEK 19.3 million (22.6). Sales to the largest distributor market, Norway, decreased by 9 percent
and sales to the United Kingdom decreased by 63 percent. Sales to other smaller distributors decreased by a total of 13 percent compared to the previous year, mainly due to large inventories and thus lower purchases from the respective markets.
Operating profit decreased slightly to SEK 4.2 million (4.4) due to the reduced revenue.
Licensing
The licensing segment consists primarily of royalty income from licensees and costs for the Group associated with licensing operations.
The segment's external operating income decreased in the first half of 2025 compared to 2024 and amounted to SEK 0.6 million (1.7). This was due to the company taking over the distribution of footwear which previously accounted for a significant part of the segment's income.
Operating profit amounted to SEK 0.4 million (1.5) for 2025.
Intra-Group sales
Intra-Group sales for the first half-year, 2025, amounted to SEK 354.4 million (325.2).
SEASONAL VARIATIONS
The Björn Borg Group operates in an industry with seasonal variations. The different quarters vary in terms of sales and profits. See the diagram with 'Net Sales and Operating Profit per quarter' on page 5.
INVESTMENTS AND CASH FLOW
The cash flow from operating activities in the Group amounted to SEK –26.1 million (17.9) for the first half of 2025. The decrease compared to the previous year was primarily due to higher capital commitment.
The cash flow from investment activities was negative at SEK –6.5 million (–8.3). The major investments related primarily to the re-modelling of the outlet store in Belgium. The cash flow from financing activities amounted to SEK 27.5 million (–25.0). The increased positive cash flow resulted from the higher utilization of the overdraft facility, and lower dividends to shareholders of SEK –37.7 million (–75.4).
FINANCIAL POSITION AND LIQUIDITY
At the end of the period, the Björn Borg Group's cash and cash equivalents amounted to SEK 11.3 million (9.4), plus unused bank facilities of SEK 108.5 million (139.3). At the end of the second quarter of the year, the company had a net debt, excluding lease liabilities, of SEK 80.3 million (51.2). Total interest-bearing liabilities amounted to SEK 121.9 million (105.3), with total leasing liabilities amounting to SEK 30.4 million (44.6), of which SEK 16.0 million was the longterm share and SEK 14.4 million was the short-term share.
As of June 30, 2025, the Björn Borg Group had SEK 200 million in bank facilities, of which SEK 91.5 million (60.7) was utilized. The fair value of financial instruments corresponded in all material respects to the book value.
COMMITMENTS AND CONTINGENT LIABILITIES
As a commitment to the overdraft facility, the company has undertaken to ensure that the ratio of the Group's net debt and its 12-month rolling operating profit before depreciation, as of the last day of each quarter, does not exceed 3.00. Furthermore, the Group should, at all times, maintain an equity ratio of at least 35 percent.
As of June 30, 2025, the ratio was 0.71 (0.45) and the equity ratio was 46.8 percent (46.0).
There have been no significant changes in collateral and contingent liabilities compared to December 31, 2024.
PERSONNEL
The average number of employees in the Group for the twelve-month period ending June 30, 2025, was 149 (151), of whom 67 percent (68) were women.
TRANSACTIONS WITH RELATED PARTIES
In addition to the customary remuneration (salary, fees and other benefits) to the CEO, the senior executives and the Board of Directors, as well as Intra-Group sales, no transactions with related parties were carried out during the period.
SIGNIFICANT RISKS AND UNCERTAINTIES
The Björn Borg Group is exposed to risks and uncertainties through its operations. Information about the Group's risks and uncertainties is provided on page 56 of the 2024 Annual Report.
The company notes, however, that the geopolitical situation in the world remains challenging. It is currently difficult to determine how this will affect the Björn Borg Group's operations financially, but the fact that the company does not do business in either Russia, Ukraine or Israel minimizes the risk of a negative impact on the business, although consumers' declining confidence in the future may have an indirect, negative effect.
The company also notes that interest rates in the markets where the Björn Borg Group operates continue to reach high levels. Taken together, these macroeconomic effects may have a further impact on consumer purchasing behavior.
PARENT COMPANY
Björn Borg AB (publ) mainly conducts intra-Group operations. As of June 31, 2025, the company owned 100 percent of the shares in Björn Borg Brands AB, Björn Borg Footwear AB, Björn Borg Inc, Björn Borg UK Ltd, Baseline BV, Belgian Brand Management BVBA, Björn Borg Finland Oy and Björn Borg Denmark ApS. The company also
owned 75 percent of the shares in Bjorn Borg (China) Ltd. The parent company's net sales for the first half-year, 2025, amounted to SEK 64.2 million (53.7).
Profit before tax amounted to SEK 9.0 million (–16.2). Cash and cash equivalents at the end of the period amounted to SEK 0 million (0).
EVENTS AFTER THE END OF THE REPORTING PERIOD
There have been no significant events to report since the end of the reporting period.
NUMBER OF SHARES
The number of shares in Björn Borg amounts to 25,148,384 shares (25,148,384) i.e. no change from the previous period.
FINANCIAL GOALS
Björn Borg's long-term financial targets valid until further notice, are:
- Annual sales growth of at least 10 percent.
- An annual operating margin of at least 10 percent.
- An annual dividend of at least 50 percent of net profit after tax.
- An equity ratio which should not fall below 35 percent.
Comments on the financial targets: Sales growth is expected to come primarily from growth in Sports Apparel and the Footwear business, while other product groups are also expected to grow.
ANNUAL GENERAL MEETING
On May 15, 2025, Björn Borg's Annual General Meeting approved the Board of Directors' proposal for a dividend to shareholders of SEK 3.00 (3.00) per share for the financial year 2024. SEK 1.50 per share was paid on May 22, 2025, and SEK 1.50 per share will be paid on November 20, 2025.
Fredrik Lövstedt, Mats H Nilsson, Alessandra Cama, Jens Høgsted and Johanna Schottenius were re-elected to the Board. Cecilia Bönström was elected as a new Board member. The total number of Board members is six. The meeting decided to elect Johanna Schottenius as Chair of the Board.
ACCOUNTING PRINCIPLES
This interim report summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions in the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act, Chapter 9, Interim Report and RFR 2 Accounting for Legal Entities. The accounting principles applied in the interim report are consistent with the accounting principles applied in the preparation of the consolidated and annual accounts for 2024 (see page 52 of the annual report for 2024). No new standards apply from 1 January 2025 and the amended standards that are applied from this date have not had any material impact on the Group's financial statements. Amendments to RFR 2 that apply from 1 January 2025 have not had any material impact on the Parent Company's financial statements.
IMPORTANT ASSESSMENTS AND ESTIMATES
When preparing the interim report, management is required to make assessments and estimates regarding assumptions that affect the application of the Group's (and the Parent Company's) accounting principles and the reported amounts for assets, liabilities, income and costs. The effects of the current geopolitical situation and its possible negative financial impact have been taken into account. The outcome of the afore-mentioned consideration has not had any significant impact on the Group's financial statements. Important estimates and assessments are disclosed in the 2024 annual report. No significant changes in estimates or assessments have been made compared to the 2024 annual report.
AUDIT
This interim report has not been subject to review by the company's auditors.
OUTLOOK 2025
The company's policy is not to provide forecasts.
Consolidated income statement
IN SUMMARY
| SEK thousands | Note | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|---|
| Net sales | 1 | 225,913 | 213,205 | 505,940 | 469,993 | 1,025,645 | 989,698 |
| Other operating revenue | 10,398 | 7,586 | 17,892 | 11,609 | 29,474 | 23,191 | |
| Operating revenue | 236,311 | 220,791 | 523,832 | 481,602 | 1,055,119 | 1,012,889 | |
| Goods for resale | –111,492 | –102,832 | –251,831 | –222,771 | –498,110 | –469,050 | |
| Other external expenses | 2 | –59,690 | –58,238 | –121,484 | –117,912 | –249,763 | –246,190 |
| Personnel costs | –38,965 | –38,202 | –76,486 | –75,097 | –150,375 | –148,986 | |
| Depreciation/amortization of tangible/ | |||||||
| intangible non-current assets | –7,109 | –8,060 | –15,016 | –16,210 | –30,939 | –32,133 | |
| Other operating expenses | –8,441 | –3,942 | –14,216 | –6,625 | –22,276 | –14,685 | |
| Operating profit | 10,614 | 9,517 | 44,799 | 42,987 | 103,656 | 101,845 | |
| Net financial items | –5,608 | –444 | 6,070 | –6,960 | 1,588 | –11,442 | |
| Profit before tax | 5,006 | 9,073 | 50,869 | 36,027 | 105,244 | 90,403 | |
| Tax | –1,053 | –2,551 | –10,991 | –8,294 | –20,432 | –17,735 | |
| Profit for the period | 3,953 | 6,522 | 39,878 | 27,733 | 84,812 | 72,668 | |
| Profit for the period attributable to | |||||||
| Parent Company shareholders | 3,953 | 6,522 | 39,878 | 27,733 | 84,812 | 72,668 | |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | |
| Earnings per share before dilution, SEK | 0.16 | 0.26 | 1.59 | 1.10 | 3.37 | 2.89 | |
| Earnings per share after dilution, SEK | 0.16 | 0.26 | 1.59 | 1.10 | 3.37 | 2.89 | |
| Number of shares | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 |
Consolidated statement of comprehensive income IN SUMMARY
| SEK thousands | Note | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|---|
| Profit/loss for the period | 3,953 | 6,522 | 39,878 | 27,733 | 84,812 | 72,668 | |
| OTHER COMPREHENSIVE INCOME | |||||||
| Components that may be reclassified to profit or loss for the period |
|||||||
| Translation difference for the period | 2,564 | –1,940 | –5,513 | 2,805 | –4,143 | 4,175 | |
| Total other comprehensive income for the period |
2,564 | –1,940 | –5,513 | 2,805 | –4,143 | 4,175 | |
| Total comprehensive income for the period |
6,517 | 4,582 | 34,365 | 30,538 | 80,669 | 76,843 | |
| Total comprehensive income attributable to |
|||||||
| Parent Company shareholders | 6,173 | 4,552 | 33,418 | 30,856 | 79,983 | 77,422 | |
| Non-controlling interests | 344 | 30 | 947 | –318 | 686 | –579 |
Consolidated statement of financial position
IN SUMMARY
| SEK thousands Note |
Jun 30, 2025 |
Jun 30, 2024 |
Dec 31, 2024 |
|---|---|---|---|
| Non-current assets | |||
| Goodwill | 36,523 | 36,949 | 37,203 |
| Trademarks | 187,532 | 187,532 | 187,532 |
| Other intangible assets | 6,892 | 6,084 | 6,486 |
| Tangible non-current assets | 21,456 | 20,981 | 21,035 |
| Deferred tax assets | 9,913 | 10,467 | 12,191 |
| Right-of-use assets | 30,911 | 45,838 | 42,220 |
| Total non-current assets | 293,227 | 307,851 | 306,667 |
| Current assets | |||
| Inventory | 257,496 | 194,372 | 259,487 |
| Accounts receivable | 144,080 | 124,475 | 111,398 |
| Other current receivables | 39,404 | 29,067 | 22,551 |
| Cash and cash equivalents | 11,264 | 9,449 | 8,771 |
| Total current assets | 452,244 | 357,363 | 402,207 |
| Total assets | 745,471 | 665,214 | 708,874 |
| Equity and liabilities | |||
| Equity | 349,121 | 305,909 | 352,478 |
| Deferred tax liabilities | 39,454 | 39,605 | 39,454 |
| Long-term lease liabilities | 16,045 | 26,906 | 22,591 |
| Current liability to credit institution | 91,527 | 60,663 | 17,281 |
| Accounts payable | 158,190 | 143,204 | 188,961 |
| Short-term lease liabilities | 14,365 | 17,732 | 19,071 |
| Other current liabilities | 76,769 | 71,195 | 69,038 |
| Total equity and liabilities | 745,471 | 665,214 | 708,874 |
Consolidated statement of changes in equity
IN SUMMARY
| SEK thousands | Note | Equity attributable to the parent company's shareholders |
Possession without controlling influence |
Total equity |
|---|---|---|---|---|
| Opening balance, January 1, 2024 | 357,120 | –6,303 | 350,817 | |
| Total comprehensive income for the period | 30,855 | –318 | 30,537 | |
| Distribution for 2023 | –75,445 | – | –75,445 | |
| Closing balance, June 30, 2024 | 312,530 | –6,621 | 305,909 | |
| Opening balance, January 1, 2024 | 357,120 | –6,303 | 350,817 | |
| Total comprehensive income for the period | 77,422 | –579 | 76,843 | |
| Distribution for 2023 | –75,445 | – | –75,445 | |
| Warrant premium | 264 | – | 264 | |
| Closing balance, December 31, 2024 | 359,361 | –6,882 | 352,478 | |
| Opening balance, January 1, 2025 | 359,361 | –6,882 | 352,478 | |
| Total comprehensive income for the period | 33,419 | 947 | 34,366 | |
| Distribution for 2024 | –37,723 | – | –37,723 | |
| Closing balance, June 30, 2025 | 355,056 | –5,935 | 349,121 |
Consolidated statement of cash flows
IN SUMMARY
| SEK thousands | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Before changes in working capital | 9,853 | 9,501 | 41,905 | 36,120 | 100,776 |
| Changes in working capital | 79,207 | 111,643 | –68,025 | –18,220 | –24,735 |
| Cash flow from operating activities | 89,060 | 121,144 | –26,120 | 17,900 | 76,041 |
| Investments in intangible non-current assets | –858 | –623 | –1,555 | –1,160 | –2,640 |
| Investments in tangible non-current assets | –3,663 | –3,191 | –4,965 | – 7,149 | –11,410 |
| Cash flow from investing activities | –4,521 | –3,814 | –6,520 | –8,309 | –14,050 |
| Distribution | –37,723 | –75,445 | –37,723 | –75,445 | –75,445 |
| Warrant premium | – | – | – | – | 264 |
| Amortization of lease liabilities | –4,766 | –4,883 | –9,031 | –10,201 | –19,963 |
| Overdraft facility | –40,054 | –35,330 | 74,246 | 60,663 | 17,281 |
| Cash flow from financing activities | –82,543 | –115,658 | 27,492 | –24,983 | –77,863 |
| Cash flow for the period | 1,966 | 1,673 | –5,148 | –15,393 | –15,872 |
| Cash and cash equivalents at the beginning of the | |||||
| period | 10,610 | 6,799 | 8,772 | 26,646 | 26,646 |
| Translation difference in cash and cash equivalents | –1,342 | 978 | 7,640 | –1,805 | –2,003 |
| Cash and cash equivalents at the end of the period | 11,264 | 9,449 | 11,264 | 9,449 | 8,771 |
Key figures
GROUP
| SEK thousands | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|
| Gross profit margin,% * | 50.6 | 51.8 | 50.2 | 52.6 | 51.4 | 52.6 |
| Operating margin,% * | 4.7 | 4.5 | 8.9 | 9.1 | 10.1 | 10.3 |
| Profit margin,% * | 2.2 | 4.3 | 10.1 | 7.7 | 10.3 | 9.1 |
| Return on capital employed,% * | 26.2 | 26.6 | 26.2 | 26.6 | 26.2 | 25.4 |
| Return on average equity,% * | 25.9 | 24.2 | 25.9 | 24.2 | 25.9 | 20.7 |
| Profit attributable to the Parent Company's | ||||||
| shareholders | 3,953 | 6,522 | 39,878 | 27,733 | 84,813 | 72,668 |
| Equity/assets ratio,% * | 46.8 | 46.0 | 46.8 | 46.0 | 46.8 | 49.7 |
| Equity per share, SEK * | 13.88 | 12.16 | 13.88 | 12.16 | 13.88 | 14.02 |
| Investments in intangible non-current assets | 858 | 623 | 1,555 | 1,160 | 3,035 | 2,640 |
| Investments in tangible non-current assets | 3,663 | 3,191 | 4,965 | 7,149 | 9,226 | 11,410 |
| Depreciation, amortization and impairment | ||||||
| losses for the period | –7,109 | –8,060 | –15,106 | –16,210 | –30,939 | –32,133 |
| Average number of employees | 147 | 151 | 147 | 151 | 149 | 152 |
* The figure is an alternative performance measure (APM) and not (IFRS). It is described under definitions and explained on page 17.
Summary per segment
GROUP
| SEK thousands | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|
| Operating revenue | ||||||
| Wholesale business | ||||||
| External revenue | 148,017 | 135,748 | 358,811 | 325,253 | 705,107 | 671,547 |
| Internal revenue | 905 | 1,652 | 2,512 | 3,037 | 4,102 | 4,627 |
| 148,922 | 137,400 | 361,323 | 328,290 | 709,209 | 676,174 | |
| Own e-commerce | ||||||
| External revenue | 51,554 | 40,832 | 102,864 | 81,405 | 202,475 | 181,017 |
| Internal revenue | 688 | 98 | 1,352 | 160 | 1,467 | 274 |
| 52,242 | 40,930 | 104,216 | 81,565 | 203,942 | 181,291 | |
| Own stores | ||||||
| External revenue | 23,739 | 29,732 | 42,248 | 50,682 | 98,694 | 107,128 |
| Internal revenue | – | – | – | – | – | – |
| 23,739 | 29,732 | 42,248 | 50,682 | 98,694 | 107,128 | |
| Distributors | ||||||
| External revenue | 12,632 | 14,208 | 19,269 | 22,561 | 47,673 | 50,967 |
| Internal revenue | 141,493 | 125,615 | 331,703 | 304,384 | 667,032 | 639,712 |
| 154,125 | 139,823 | 350,972 | 326,945 | 714,705 | 690,679 | |
| Licensing | ||||||
| External revenue | 370 | 271 | 640 | 1,701 | 1,169 | 2,230 |
| Internal revenue | 8,064 | 7,423 | 18,881 | 17,607 | 38,946 | 37,673 |
| 8,434 | 7,694 | 19,521 | 19,308 | 40,115 | 39,903 | |
| Less internal sales | –151,149 | –134,788 | –354,448 | –325,188 | –711,547 | –682,287 |
| Operating revenue | 236,311 | 220,791 | 523,832 | 481,602 | 1,055,118 | 1,012,889 |
| deducted Other operating revenue | 10,398 | 7,586 | 17,892 | 11,609 | 29,473 | 23,191 |
| Net sales | 225,913 | 213,205 | 505,941 | 469,993 | 1,025,646 | 989,698 |
| Goods for resale | ||||||
| Wholesale business | –81,854 | –75,720 | –195,756 | –172,542 | –379,854 | –356,639 |
| Own e-commerce | –14,923 | –10,337 | –29,866 | –21,477 | –57,034 | –48,645 |
| Own stores | –7,315 | –8,308 | –14,917 | –15,552 | –33,040 | –33,675 |
| Distributors | –7,400 | –8,467 | –11,292 | –13,200 | –28,182 | –30,091 |
| Licensing | – | – | – | – | – | – |
| Goods for resale | –111,492 | –102,832 | –251,831 | –222,771 | –498,110 | –469,050 |
| Operating profit | ||||||
| Wholesale business | –2,058 | –2,921 | 26,025 | 25,180 | 55,242 | 54,399 |
| Own e-commerce | 8,398 | 6,198 | 17,682 | 11,792 | 38,763 | 32,871 |
| Own stores | 1,338 | 3,578 | –3,470 | 137 | –946 | 2,662 |
| Distributors | 2,663 | 2,451 | 4,152 | 4,425 | 9,708 | 9,980 |
| Licensing | 273 | 211 | 410 | 1,453 | 890 | 1,933 |
| 9,517 | 42,987 | |||||
| Operating profit | 10,614 | 44,799 | 103,657 | 101,845 | ||
| Interest income and similar credits | 106 | 1,975 | 11,790 | 239 | 12,011 | 460 |
| Interest expenses and similar charges | –5,714 | –2,419 | –5,720 | –7,199 | –10,423 | –11,902 |
| Profit before tax | 5,006 | 9,073 | 50,869 | 36,027 | 102,245 | 90,403 |
Quarterly data
GROUP
| SEK thousands | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 225,913 | 280,027 | 234,619 | 285,087 | 213,205 | 256,788 | 197,632 | 262,105 |
| Gross profit margin,% | 50.6 | 49.9 | 53.3 | 52.1 | 51.8 | 53.3 | 56.8 | 52.6 |
| Operating profit/loss | 10,614 | 34,185 | 16,812 | 42,046 | 9,517 | 33,470 | 20,172 | 40,893 |
| Operating margin,% | 4.7 | 12.2 | 7.2 | 14.7 | 4.5 | 13.0 | 10.2 | 15.6 |
| Profit/loss after net financial items | 5,006 | 45,864 | 10,294 | 44,082 | 9,073 | 26,954 | 21,073 | 40,552 |
| Profit margin,% | 2.2 | 16.4 | 4.4 | 15.5 | 4.3 | 10.5 | 10.7 | 15.5 |
| Earnings per share, | ||||||||
| before dilution, SEK | 0.16 | 1.43 | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 |
| Earnings per share, after dilution, SEK | 0.16 | 1.43 | 0.40 | 1.39 | 0.26 | 0.84 | 0.59 | 1.27 |
| Number of Björn Borg retail stores at the end of the period |
12 | 13 | 14 | 14 | 15 | 15 | 16 | 17 |
| of which Group-owned | ||||||||
| Björn Borg retail stores | 11 | 12 | 13 | 13 | 14 | 14 | 15 | 16 |
Parent company income statement
IN SUMMARY
| SEK thousands | Note | Apr-Jun 2025 |
Apr-Jun 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jul 2024- Jun 2025 |
Full year 2024 |
|---|---|---|---|---|---|---|---|
| Net sales | 31,998 | 26,780 | 64,223 | 53,715 | 116,642 | 106,134 | |
| Other operating revenue | 591 | 108 | 738 | 198 | 1,610 | 1,070 | |
| Operating revenue | 32,589 | 26,888 | 64,961 | 53,913 | 118,252 | 107,204 | |
| Other external expenses | 2 | –16,247 | –19,526 | –33,517 | –36,620 | –67,000 | –70,103 |
| Personnel costs | –12,932 | –12,461 | –25,758 | –24,696 | –48,403 | –47,341 | |
| Depreciation/amortization of intangible | |||||||
| and tangible non-current assets | –460 | –546 | –981 | –1,280 | –2,108 | –2,407 | |
| Other operating expenses | –88 | –115 | –273 | –198 | –434 | –360 | |
| Operating profit | 2,862 | –5,760 | 4,432 | –8,881 | 307 | –13,007 | |
| Net financial items | –5,997 | –775 | 4,603 | –7,318 | –1,410 | –13,331 | |
| Profit/loss after financial items | –3,135 | –6,535 | 9,035 | –16,199 | –1,103 | –26,338 | |
| Group contributions received/paid | – | – | – | – | 98,000 | 98,000 | |
| Appropriations | – | – | – | – | 61 | 61 | |
| Profit/loss before tax | –3,135 | –6,535 | 9,035 | –16,199 | 96,958 | 71,723 | |
| Tax | – | – | –4 | – | –15,451 | –15,447 | |
| Profit/loss for the period | –3,135 | –6,535 | 9,031 | –16,199 | 81,507 | 56,276 | |
| Other comprehensive income | – | – | – | – | – | – | |
| Total comprehensive income for | |||||||
| the period | –3,135 | –6,535 | 9,031 | –16,199 | 81,507 | 56,276 |
Parent company balance sheet
IN SUMMARY
| SEK thousands Note |
Jun 30, 2025 |
Jun 30, 2024 |
Dec 31, 2024 |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 1,066 | 531 | 720 |
| Tangible non-current assets | 3,506 | 4,869 | 4,223 |
| Shares in Group companies | 115,016 | 177,868 | 177,868 |
| Total non-current assets | 119,588 | 183,268 | 182,811 |
| Current assets | |||
| Receivables from Group companies | 369,068 | 363,426 | 423,959 |
| Current receivables | 20,858 | 11,217 | 6,288 |
| Total current assets | 389,926 | 374,643 | 430,247 |
| Total assets | 509,514 | 557,911 | 613,058 |
| Equity and liabilities | |||
| Equity | 110,051 | 66,004 | 138,743 |
| Untaxed reserves | 835 | 896 | 835 |
| Current liability credit institution | 91,527 | 60,663 | 17,281 |
| Due to Group companies | 281,875 | 406,386 | 431,293 |
| Accounts payable | 7,503 | 8,976 | 7,755 |
| Other current liabilities | 17,723 | 14,986 | 17,151 |
| Total equity and liabilities | 509,514 | 557,911 | 613,058 |
Parent company statement of changes in equity IN SUMMARY
| SEK thousands | Jan-Jun 2025 |
Jan-Jun 2024 |
Full year 2024 |
|---|---|---|---|
| Opening balance | 138,743 | 157,648 | 157,648 |
| Distribution | –37,723 | –75,445 | –75,445 |
| Warrant premium | – | – | 264 |
| Total comprehensive income for the period | 9,031 | –16,199 | 56,276 |
| Closing balance | 110,051 | 66,004 | 138,743 |
Supplementary disclosures
NOTE 1 NET SALES
The Group's net sales consist of sales of products and royalties for the use of the company's brand. Transfers of goods/royalties are made at fixed points in time. Listed in the table below are markets with a net sales above 10 percent of the total.
NET SALES BY GEOGRAPHIC MARKET
| Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|
| 149,578 | 30,487 | 12,346 | – | 640 | 193,051 | –6,594 | 186,457 |
| 121,373 | |||||||
| 58,274 | |||||||
| 48,210 | |||||||
| 18,584 | |||||||
| 18,253 | |||||||
| 20,039 | 17,418 | – | 19,269 | – | 56,726 | –1,938 | 54,788 |
| 358,812 | 102,864 | 42,248 | 19,269 | 640 | 523,832 | –17,892 | 505,940 |
| –12,256 | –3,513 | –1,443 | –658 | –22 | –17,892 | ||
| 70,210 48,675 45,416 10,149 14,744 |
37,356 3,496 4,499 5,453 4,155 |
18,099 8,164 – 3,639 – |
– – – – – |
– – – – – |
125,665 60,335 49,915 19,241 18,899 |
–4,292 –2,061 –1,705 –657 –646 |
NET SALES BY GEOGRAPHIC MARKET
| Own | Deducted other |
|||||||
|---|---|---|---|---|---|---|---|---|
| Jan-Jun 2024 | e-com | Own | operating | |||||
| Group, SEK thousands | Wholesale | merce | stores | Distributors | Licensing | Total sales | revenue | Net sales |
| Sweden | 129,388 | 24,390 | 11,820 | – | 591 | 166,189 | –1,691 | 164,498 |
| Netherlands | 64,553 | 28,001 | 26,267 | – | 1,109 | 119,931 | –7,928 | 112,002 |
| Finland | 46,039 | 2,453 | 7,987 | – | – | 56,479 | –575 | 55,905 |
| Germany | 48,739 | 3,101 | – | – | – | 51,840 | –528 | 51,313 |
| Belgium | 7,758 | 4,393 | 4,608 | – | – | 16,759 | –171 | 16,588 |
| Denmark | 11,677 | 3,300 | – | – | – | 14,977 | –152 | 14,824 |
| Others | 17,098 | 15,768 | – | 22,561 | – | 55,427 | –564 | 54,863 |
| Total | 325,253 | 81,406 | 50,682 | 22,561 | 1,701 | 481,602 | –11,609 | 469,993 |
| Deducted other | ||||||||
| operating revenue | –3,310 | –828 | –7,224 | –230 | –17 | –11,609 | ||
| Net sales | 321,943 | 80,578 | 43,458 | 22,331 | 1,684 | 481,602 | –11,609 | 469,993 |
NET SALES BY PRODUCT AREAS
| Jan-Jun 2025 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales |
Deducted other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Underwear | 158,915 | 40,037 | 21,606 | 11,458 | – | 231,569 | –7,909 | 223,660 |
| Sports apparel | 93,130 | 44,328 | 14,663 | 3,638 | – | 155,264 | –5,303 | 149,961 |
| Footwear | 49,942 | 6,426 | 1,382 | 26 | – | 57,704 | –1,971 | 55,733 |
| Bags | 25,617 | 2,617 | 346 | 434 | – | 28,985 | –990 | 27,995 |
| Others | 31,209 | 9,457 | 4,251 | 3,712 | 640 | 50,311 | –1,718 | 48,593 |
| Total | 358,812 | 102,864 | 42,248 | 19,269 | 640 | 523,832 | –17,892 | 505,940 |
| Deducted other operating revenue |
–12,256 | –3,513 | –1,443 | –658 | –22 | –17,892 | ||
| Net sales | 346,556 | 99,351 | 40,805 | 18,611 | 618 | 523,832 | –17,892 | 505,940 |
NET SALES BY PRODUCT AREAS
| Jan-Jun 2024 Group, SEK thousands |
Wholesale | Own e-com merce |
Own stores |
Distributors | Licensing | Total sales | Deducted other operating revenue |
Net sales |
|---|---|---|---|---|---|---|---|---|
| Underwear | 161,449 | 36,643 | 24,031 | 15,127 | – | 238,515 | –2,427 | 236,088 |
| Sports apparel | 70,449 | 32,656 | 16,345 | 3,044 | – | 123,621 | –1,258 | 122,363 |
| Footwear | 48,586 | 4,022 | 1,016 | 43 | – | 53,806 | –548 | 53,258 |
| Bags | 23,927 | 1,897 | 258 | 164 | – | 26,311 | –268 | 26,043 |
| Others | 20,842 | 6,189 | 9,034 | 4,183 | 1,701 | 39,349 | –7,108 | 32,241 |
| Total | 325,253 | 81,406 | 50,682 | 22,561 | 1,701 | 481,602 | –11,609 | 469,993 |
| Deducted other operating revenue |
–3,310 | –828 | –7,224 | –230 | –17 | –11,609 | ||
| Net sales | 321,943 | 80,578 | 43,458 | 22,331 | 1,684 | 481,602 | –11,609 | 469,993 |
NOTE 2 OTHER EXTERNAL EXPENSES
| The group | Parent Company | ||||
|---|---|---|---|---|---|
| SEK thousands | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | |
| Cost of premises | 6,841 | 6,735 | 3,615 | 3,752 | |
| Sales expenses | 45,069 | 42,896 | 814 | 686 | |
| Marketing expenses | 46,007 | 44,365 | 18,790 | 22,801 | |
| Administrative expenses | 17,760 | 19,031 | 9,343 | 8,548 | |
| Other | 5,808 | 4,885 | 955 | 833 | |
| 121,484 | 117,912 | 33,517 | 36,620 |
Definitions
The company presents certain financial measures in this year-end report that are not defined in accordance with IFRS. The company considers these measures to be valuable complementary information for investors and the company's management. Since not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these financial measures should not be seen as a substitute for measures defined in accordance with IFRS. For more on the calculation of these key figures see:
https://corporate.bjornborg.com/cs-financials/reports
CAPITAL EMPLOYED
Total assets less non-interest-bearing liabilities and provisions.
Purpose: Capital employed measures capital use and efficiency.
COMPARABLE STORE SALES
Sales for own retail stores that were also open in the previous period. Purpose: To obtain comparable sales between periods for own retail stores.
EARNINGS PER SHARE (DEFINED ACCORDING TO IFRS)
Profit after tax in relation to the weighted average number of shares during the period. Purpose: This indicator is used to assess an investment from an owner's perspective.
EARNINGS PER SHARE AFTER DILUTION (DEFINED ACCORDING TO IFRS)
Earnings per share adjusted for any dilution effect. Purpose: This indicator is used to assess the investment from an owner's perspective.
EQUITY/ASSETS RATIO
Equity as a percentage of total assets adjusted for lease liabilities.
Purpose: This indicator shows financial risk, expressed as a share of the total restricted equity financed by the owners.
EQUITY PER SHARE
Equity, including those with non-controlling interests, divided by the average number of shares. Purpose: To show the share price in relation to the company's book value.
GROSS PROFIT MARGIN
Net sales less costs of goods sold divided by net sales. Purpose: Gross margin is used to measure operating profitability.
GROSS PROFIT MARGIN EXCLUDING CURRENCY EFFECTS
Gross profit margin calculated using the previous year's exchange rate.
Purpose: To obtain a currency-neutral gross profit margin.
GROUP NET SALES EXCLUDING CURRENCY EFFECTS
Net sales calculated using the previous year's exchange rate.
Purpose: To obtain comparable and currency-neutral net sales.
NET DEBT (+) /NET CASH (–)
Interest-bearing liabilities less investments and cash and cash equivalents. Purpose: Net debt reflects the company's total debt
NET DEBT TO EBITDA RATIO
situation.
Interest-bearing liabilities less investments and cash and cash equivalents divided by operating profit before depreciation/amortizartion. Purpose: To show the company's ability to pay debts.
NET FINANCIAL ITEMS
Financial income less financial expenses. Purpose: To describe the company's financial activities.
OPERATING MARGIN
Operating profit as a percentage of net sales. Purpose: The operating margin is used to measure operating profitability.
OPERATING PROFIT
Profit before tax plus net financial items. Purpose: : This indicator facilitates comparisons of profitability regardless of the company's tax rate and independent of the company's financing structure.
PROFIT MARGIN
Profit before tax as a percentage of net sales. Purpose: Profit margin shows the company's profit in relation to its sales.
RETURN ON CAPITAL EMPLOYED
Profit before tax (per rolling 12-month period) plus financial expenses as a percentage of average capital employed. Average capital employed is calculated by adding equity at January 1 to equity at December 31 and dividing by two. Purpose: This indicator is the key measure to quantify the return on all the capital used in operations.
RETURN ON EQUITY
Profit for the period/year attributable to the Parent Company's shareholders (for rolling 12 months) according to the income statement as a percentage of average equity. Average equity is calculated by adding equity at January 1 to equity at December 31 and dividing by two. Purpose: This indicator shows, from an owner's perspective, the return generated on the owners' invested capital.
The Board of Directors and the CEO certify that the interim report provides a true and fair overview of the operations, financial position and results of the Parent Company and the Group and describes the significant risks and uncertainties faced by the Parent Company and the companies in the Group.
Stockholm, August 15, 2025
Johanna Schottenius Chairman of the Board
Alessandra Cama Jens Högsted Board member Board member
Cecilia Bönström Board member
Fredrik Lövstedt Mats H Nilsson Board member Board member
Henrik Bunge CEO
CALENDAR 2025
The Interim report January-September 2025 will be released on 07:30 on November 14, 2025.
The Year-end report 2025 will be released on 07:30 on February 13, 2026.
FINANCIAL REPORTS
Financial reports can be downloaded from the company's website, www.bjornborg.com or ordered by phone +46 8 506 33 700, or by e-mail [email protected].
SHAREHOLDER CONTACTS
Henrik Bunge, CEO Email: [email protected] Telephone: +46 8 506 33 700
Jens Nyström, CFO Email: [email protected] Telephone: +46 8 506 33 700
THE BJÖRN BORG GROUP IN BRIEF
The Björn Borg Group owns the Björn Borg brand, and the focus of the business is sports apparel, underwear and bags. In addition, footwear and glasses are also offered via licensees. Björn Borg products are sold in around twenty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has its own operations at all levels, from branding to consumer sales in its own Björn Borg stores and e-commerce, www.bjornborg.com. In total, the Group's net sales in 2024 amounted to SEK 989.7 million and the average number of employees was 152. Björn Borg has been listed on Nasdaq Stockholm since 2007.
THE PICTURES IN THE INTERIM REPORT
The images in the Interim report are taken from Björn Borg's highsummer 2025 collection.
Björn Borg AB Frösundaviks allé 1 169 70 Solna Sweden www.bjornborg.com
This information is such information that Björn Borg AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on August 15, 2025 at 07:30.