Swedish eyewear retailer Synsam reported second-quarter EBITDA of 513 million Swedish crowns, exceeding the 497 million crown consensus compiled by Modular Finance from five analysts. Net sales reached 2.05 billion crowns, above the 2 billion crown estimate, while the EBITDA margin stood at 24.6%, marginally higher than the 24.48% consensus average.
The company’s net sales grew 11.3% year-on-year from 1.841 billion crowns, with organic growth accelerating to 9.8% from 9.1% a year earlier. Spectacles subscriptions, a key focus area, saw net sales rise 16.6% during the quarter. Gross margin improved to 73.6% from 73.1%, driven by a higher share of Synsam Lifestyle subscription extensions, reduced discounts, and operational enhancements in the ordering process.
EBIT increased to 290 million crowns from 267 million crowns a year ago, though the EBIT margin declined to 13.9% from 14.2%. Profit after tax rose to 192 million crowns from 114 million crowns, with earnings per share increasing to 1.35 crowns from 0.79 crowns. A positive tax effect of 35 million crowns was recorded following a ruling by the Swedish Tax Agency regarding historical interest deductions.
Cash flow from operating activities strengthened to 435 million crowns from 413 million crowns, while net debt totaled 3.180 billion crowns at the end of the period, up from 3.040 billion crowns a year earlier and 2.975 billion crowns at year-end 2025. The company’s share buyback program contributed 200 million crowns to net debt in 2026.
Synsam also highlighted its exclusive strategic partnership with footballer Erling Haaland, which includes the launch of an eyewear, sunglasses, and sports eyewear collection over a two-year period. The partnership coincides with Synsam’s expansion into online sales in select European markets. During the quarter, the company opened eight directly owned stores and repurchased 761,000 shares for 42 million crowns under its buyback program.
