Kvartalsrapport Q3 2025

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===== SIDA 1 =====

Interim 
Financial Report 
Q3 2025
January 1 - September 30, 2025

===== SIDA 2 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2
Table of content
Highlights
Q3 2025 summary.....................................................................................3
Key figures and ratios...............................................................................4
Investment case.........................................................................................5
Business review
Financials..................................................................................................... 7
Outlook........................................................................................................12
Other information.....................................................................................13
Financial statements
Consolidated financial statements..................................................... 15
Accounting notes.....................................................................................19
Parent company financial statements............................................... 22
Additional information
Definitions of financial performance measures..............................25
Financial calendar...................................................................................26

===== SIDA 3 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _3
Q3 2025 summary
Strong operational performance drives margin guidance upgrade
• In Q3 2025, moderate sales growth returned across the business supported by an improvement in Boozt.com.
• The proactive inventory clearance on Booztlet.com was concluded successfully during August. The stock levels are now right-
sized at high quality , and the inventory-to-LTM-revenue ratio decreased by more than 5 percentage points compared to last year, 
contributing to a solid cash flow generation in the quarter.
• Following the clearance sales, Boozt.com was strategically reinforced as the premium department store channel, including 
a continued reduction in promotional levels compared with last year. Category diversification continues to pay off, with non-fashion 
categories performing well and offsetting a still muted, though gradually stabilizing, performance in Women’s fashion.
• Profitability improved in the quarter, supported by a continued disciplined focus on cost and efficiency across all opex ratios.
• The Board of Directors has today given the mandate to initiate the process to expand the current share buyback programme to 
a total of SEK 415 million (up from SEK 300 million), in accordance with the approved authorization at the 2025 AGM.
◦ With this, Boozt will achieve its capital return target communicated at the 2023 CMD by purchasing own shares for a total of SEK 
800 million in the three-year period following the CMD.
Financial performance Q3 2025
• Net revenue in Q3 2025 increased 3% in constant currency (1% in SEK) to SEK 1,673 million (SEK 1,651 million in Q3 2024). Growth 
was driven equally by Boozt.com and Booztlet.com, which both grew 3% in constant currency .
• Adjusted EBIT increased to SEK 67 million (54), resulting in an adjusted EBIT margin of 4.0% (3.3%). The improvement compared 
with last year was driven by improvement in all opex ratios. This was partially offset by the clearance sales on Booztlet, which 
impacted the gross margin until finalization in August. Gross margin has subsequently improved.
• Free cash flow significantly improved to SEK 292 million (-17), supported by strict inventory management.
Outlook
• The outlook for 2025 has been updated to reflect the year-to-date performance. The revenue growth guidance is narrowed to 
0-3% (from previously 0-6%), corresponding to 2-5% constant currency growth. The expected adjusted EBIT margin is increased 
to 5.0-6.0% (from previously 4.5-5.5%).
CEO comment
"We are not satisfied with the current growth performance but it is encouraging that we see a gradual improvement as we now turn to 
the most important trading period of the year. Our disciplined focus on operational strength is driving both cash flow and profitability , 
and we are able to upgrade our margin guidance. With a solid foundation in place, we are fully focused on turning that strength into 
strong results during the crucial Black Friday period and the holiday season." 
- Hermann Haraldsson, CEO & Co-founder
SEK million unless otherwise indicated Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change Rolling 12 months
Net revenue 1,673 1,651 1% 5,148 5,137 0% 8,255
Constant currency growth 3% 9% -6pp 2% 9% -7pp 3%
Gross margin 37.4% 38.6% -1.2pp 38.2% 39.9% -1.7pp 37.9%
Fulfilment cost ratio -10.4% -11.0% +0.7pp -10.5% -11.3% +0.8pp -10.1%
Marketing cost ratio -9.3% -10.2% +1.0pp -10.3% -10.4% +0.1pp -10.1%
Adjusted admin and other cost ratio -9.2% -9.9% +0.7pp -9.9% -11.0% +1.1pp -8.5%
EBIT 41 28 50% 152 104 46% 500
EBIT margin (%) 2.5% 1.7% +0.8pp 2.9% 2.0% +0.9pp 6.1%
Adjusted EBIT 67 54 23% 167 166 1% 474
Adjusted EBIT margin (%) 4.0% 3.3% +0.7pp 3.3% 3.2% +0.0pp 5.7%
Profit for the period 26 15 74% 106 76 40% 372
Free cash flow 292 -17 1,772% -142 -612 77% 483
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 4 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _4
Key figures and ratios
SEK million unless otherwise indicated Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change Rolling 12 months
Net revenue 1,673 1,651 1% 5,148 5,137 0% 8,255
Net revenue growth (%) 1% 6% -5pp 0% 8% -8pp 2%
Gross profit 627 638 -2% 1,967 2,049 -4% 3,150
Gross margin (%) 37.4% 38.6% -1.2pp 38.2% 39.9% -1.7pp 37.9%
Fulfilment cost ratio (%) -10.4% -11.0% +0.7pp -10.5% -11.3% +0.8pp -10.1%
Marketing cost ratio (%) -9.3% -10.2% +1.0pp -10.3% -10.4% +0.1pp -10.1%
Admin & other cost ratio (%) -10.8% -11.6% +0.8pp -10.2% -12.2% +2.0pp -8.1%
Depreciation cost ratio (%) -4.5% -4.2% -0.4pp -4.2% -3.9% -0.3pp -3.5%
Adjusted admin & other cost ratio (%) -9.2% -9.9% +0.7pp -9.9% -11.0% +1.1pp -8.5%
EBIT 41 28 50% 152 104 46% 500
EBIT margin (%) 2.5% 1.7% +0.8pp 2.9% 2.0% +0.9pp 6.1%
Adjusted EBIT 67 54 23% 167 166 1% 474
Adjusted EBIT margin (%) 4.0% 3.3% +0.7pp 3.3% 3.2% +0.0pp 5.7%
Profit for the period 26 15 74% 106 76 40% 372
Earnings per share (SEK) 0.41 0.23 83% 1.67 1.16 44% 5.84
Earnings per share after dilution (SEK) 0.39 0.21 81% 1.57 1.10 42% 5.49
Adjusted earnings per share (SEK) 0.74 0.55 35% 1.87 1.91 -2% 5.52
Adjusted earnings per share after dilution (SEK) 0.69 0.52 33% 1.75 1.82 -4% 5.18
Net working capital 1,089 1,072 2% 1,089 1,072 2% 1,089
Net working capital as share of net revenue (%) 13.2% 13.2% +0.0pp 13.2% 13.2% +0.0pp 13.2%
Free cash flow 292 -17 1772% -142 -612 77% 483
Net debt / -net cash -199 -237 16% -199 -237 16% -199
Number of employees end of period 1,035 1,170 -12% 1,035 1,170 -12% 1,035
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 5 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _5
Investment 
case
Boozt stands out as a leading online retailer within fashion and 
lifestyle in the Nordic region, leveraging a scalable, technology-
driven business model and a customer-centric approach. With 
diversified product categories, operational efficiency, and a strong 
focus on sustainability, Boozt is well-positioned for continued 
growth and profitability in a competitive e-commerce market.
Nordic  
online leader
Leading online retailer within fashion and lifestyle  
in the Nordics
Booztlet.com (outlet) enhancing inventory efficiency 
and attracting price-conscious consumers
Attractive assortment of 1,600 Nordic and 
international brands
Scalable  
model
Growth 
opportunities
Increasing revenue by moving customers  
to multi-category shopping
Capitalizing on a strong product offering and 
superior service levels
Increasing online penetration across categories
Market consolidation to support leading retailers
Resilience 
through 
diversification
Department store approach supports average 
order value and customer loyalty
Reduction of risk through category diversification 
10% 
10% 
Return excess 
cash to 
shareholders
Boozt prioritizes reinvestment of cash for organic  
growth and market share gains. Excess cash is  
returned to shareholders
share of the Nordic fashion and lifestyle market
Long-term market share target
adjusted EBIT margin in 2028
Medium-term profitability target
Solid margin 
potential
Very competitive unit economics driven by industry 
leading average order value
Scale and ongoing optimisation supporting profitability
In-house tech platform and automated 
fulfilment centre ensure scalability, flexibility 
and  cost efficiency

===== SIDA 6 =====

Business review
Financials..................................................................................................... 7
Outlook........................................................................................................12
Other information.....................................................................................13

===== SIDA 7 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _7
Financials
Net revenue
For the third quarter, net revenue increased 3% in constant 
currency (or 1% in SEK) to SEK 1,673 million (SEK 1,651 million 
in Q3 2024). Growth was primarily driven by the Nordic markets, 
with Sweden continuing to grow (+4%) and Denmark returning 
to growth (+2% increase in constant currency). The increase in 
growth was delivered despite initial sales of the Autumn/Winter 
collection being impacted by unfavourable weather conditions 
in September.
Revenue in the quarter was equally supported by Boozt.com 
and Booztlet, which both increased by 3% in constant currency 
(or 1% in SEK). Boozt.com's performance improved versus 
H1 2025, supported by strong growth in September following 
the completion of the clearance sales on Booztlet.com during 
August. In contrast, revenue on Booztlet.com declined in 
September, reflecting a strategic decision to shift focus toward 
in-season sales at reduced discounts on Boozt.com.
Active customers in the last 12 months increased by 14% on 
Booztlet.com compared with the same period last year, while 
active customers were largely unchanged on Boozt.com. During 
Q3 2025, around 260,000 new customers shopped on the 
two sites. Of these, around 170,000 were on Boozt.com, which 
highlights the attractiveness of the platform. In total, 3.8 million 
customers shopped on the two platforms in the last 12 months 
compared with 3.7 million in the same period last year.
Boozt continues to focus on encouraging customers to buy from 
more categories. The multi-category buyer base now represents 
53% of active customers, up from 51% in the same period 
last year.
The Average Order Value (AOV) on Boozt.com was largely 
unchanged compared with last year at SEK 941 (938), while the 
AOV on Booztlet.com increased 1% to SEK 978 (967).
Other revenue
Other revenue (included in revenue from Boozt.com and 
Booztlet.com) in the quarter was SEK 79 million (78), an increase 
of 1% compared with the same quarter last year. Other revenue 
includes revenue not directly related to product sales, such as 
income from Boozt Media Partnership, Boozt Data Intelligence, 
BooztPay and breakage from gift cards.
Net revenue geographical split
In Q3 2025, revenue in the Nordics was SEK 1,503 million (1,480), 
corresponding to a 2% increase compared with Q3 2024 (or 3% 
in constant currency). Revenue was supported by a continued 
positive development in Sweden (+4%), while momentum 
in Denmark improved with revenue increasing 2% in constant 
currency (corresponding to a 1% decline in SEK). Danish 
consumer confidence remained at low levels throughout 
the quarter and impacted the customers' willingness to spend.
Revenue in the Rest of Europe was flat at SEK 170 million (170) or 
increased by 3% in constant currency . Revenue from the Baltics 
continues to perform well; however, the development in Germany 
remains soft, due to lower investments in the country . 
In Germany , the approach remains opportunistic, with 
a continued focus on maintaining profitability on every order.
SEK million Q3 2025 Q3 2024 Change
Change 
(CER*) 9M 2025 9M 2024 Change
Change 
(CER)
Rolling 12 
months
Nordics 1,503 1,480 2% 3% 4,620 4,602 -0% 2% 7,410
- of which Denmark 532 537 -1% 2% 1,627 1,702 -4% -2% 2,656
- of which Sweden 537 515 4% 4% 1,700 1,619 5% 5% 2,693
Rest of Europe 170 170 -0% 3% 528 536 -1% 1% 845
Total net revenue 1,673 1,651 1% 3% 5,148 5,138 0% 2% 8,255
* Constant exchange rates
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 8 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _8
Gross profit
Gross profit declined 2% to SEK 627 million (638). The gross 
margin decreased by 1.2 percentage points to 37 .4% (38.6%) 
in the quarter. This decline was driven by the now finalised 
clearance sales on Booztlet.com, where prior-season products 
were sold at lower prices to maintain healthy inventory levels. 
The strengthening of the SEK also contributed to the decline.
Following the conclusion of the clearance activities, the 
gross margin has improved to a more normal level, with the 
margin in September 2025 being unchanged compared to 
September 2024.
Operational costs
The fulfilment cost ratio in Q3 2025 improved by 0.7 
percentage points compared with last year to 10.4% (11.0%). The 
improvement was driven by the transfer cells installed at the 
fulfilment centre in 2024, which are now fully operational and 
generating significant efficiency and cost savings in fulfilment. 
Additionally , agreements with distribution partners across the 
Nordics have been improved compared with Q3 2024.
The marketing cost ratio improved by 1.0 percentage points 
to 9.3% in the quarter, compared to 10.2% last year. The 
improvement was mainly driven by timing in the offline marketing 
spend as communicated in connection with the Q2 2025 
Interim Report.
The adjusted admin and other cost ratio improved to 9.2% 
(9.9%) in the quarter, a decrease of 0.7 percentage points 
compared to Q3 2024. The improvement was driven by the 
restructuring in February 2025, which reduced Boozt's full-time 
FTEs by approximately 10%. Additionally , the simplified value-
added tax registration in Norway , obtained in November 2024, 
means that Boozt is no longer required to pay customs in 
Norway , unlike Q3 2024. This had a positive net impact of around 
0.5 percentage points in the quarter.
The depreciation cost ratio increased to 4.5% (4.2%). The 
increase was due to depreciation costs associated with the 
lease of a new building in Ängelholm, which will serve as a bulk 
storage unit at the fulfilment centre. Additionally , it reflects the 
installation of transfer cells at the fulfilment centre last year.
Adjusted EBIT
In Q3 2025, the adjusted EBIT margin was 4.0% (3.3%). 
The increase was driven by an improvement in all opex ratios 
in the quarter. This was slightly offset by the lower gross margin. 
Unfavourable currency fluctuations had a net negative effect 
of around 1 percentage point compared with last year. 
The adjusted EBIT was SEK 67 million (54).
The adjustments for the quarter amounted to SEK -26 million, 
compared to SEK -27 million last year. The adjustments in 
the quarter were entirely related to share-based payments. For 
the first nine months of 2025 adjustments related to share 
based payments were SEK -16 million, compared with SEK 
-62 million in the same period last year. Costs related to share-
based payments fluctuate between periods as the probability 
of the number of performance shares under the programmes is 
dynamic. Also, the provision for social charges is impacted by 
the company's share price.
For a reconciliation of adjusted EBIT, please visit the Group’s 
website www.booztgroup.com/reports-and-presentations, “Q3 
Report 2025” – “Financial data”.
EBIT
EBIT was SEK 41 million (28) in Q3 2025 corresponding to an 
EBIT margin of 2.5% (1.7%).
Financial items
Net financial items for the quarter totalled SEK -7 million (-9). 
Financial income amounted to SEK 2 million and was mainly 
related to positive interests on the company's cash position. 
Financial expenses were SEK -10 million (-11) of which SEK 
-6 million were related to interest on loans for financing 
the expansion of AutoStore and SEK -4 million were related to 
interest on leasing contracts according to IFRS 16.
Tax
Tax for Q3 2025 was SEK -8 million (-4) corresponding to an 
effective tax rate for the period of 24.6% (22.6%).
Profit for the period
Profit for Q3 2025 totalled SEK 26 million (15) resulting in 
earnings per share before dilution of SEK 0.41 (0.23). Earnings 
per share after dilution amounted to SEK 0.39 (0.21).
Net Working capital
Net working capital at the end of Q3 2025 was SEK 1,089 million 
(1,072) equivalent to 13.2% (13.2%) of net revenue for the last 
12 months.
Inventory as a percentage of revenue for the last 12 months 
declined 5 percentage points compared with the same period 
last year to 38.2% (43.2%). In absolute terms, inventory at the 
end of the quarter was SEK 3,151 million (3,513). The decline 
was driven by the now finalised clearance sales on Booztlet, 
which has right-sized the inventory to a more attractive level in 
comparison to sales. The risk related to inventory is significantly 
reduced thanks to Booztlet.com acting as an effective clearing 
channel, where prices can be lowered without compromising the 
brand value of Boozt.com or its brand partners.
Accounts payable decreased to SEK 1,906 million (2,167) at the 
end of Q3 2025 corresponding to 23.1% (26.6%) of net revenue 
for the last 12 months. This decline was primarily due to reduced 
inbound deliveries compared with Q3 2024.
Accounts receivable was SEK 57 million (64) at the end of Q3 
2025 corresponding to 0.7% (0.8%) of net revenue for the last 
12 months.
Share of net revenue Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
Rolling 12 
months
GROUP
Gross margin 37.4% 38.6% -1.2pp 38.2% 39.9% -1.7pp 37.9%
Fulfilment cost ratio -10.4% -11.0% +0.7pp -10.5% -11.3% +0.8pp -10.1%
Marketing cost ratio -9.3% -10.2% +1.0pp -10.3% -10.4% +0.1pp -10.1%
Admin and other cost ratio -10.8% -11.6% +0.8pp -10.2% -12.2% +2.0pp -8.1%
Adjusted admin and other cost ratio -9.2% -9.9% +0.7pp -9.9% -11.0% +1.1pp -8.5%
Depreciation cost ratio -4.5% -4.2% -0.4pp -4.2% -3.9% -0.3pp -3.5%
EBIT margin 2.5% 1.7% +0.8pp 2.9% 2.0% +0.9pp 6.1%
Adjusted EBIT margin 4.0% 3.3% +0.7pp 3.3% 3.2% +0.0pp 5.7%
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 9 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _9
Cash flow
Free cash flow for the quarter was SEK 292 million (-17) 
driven by the underlying profit generation and working capital 
improvements. The free cash flow over the last 12 months 
amounted to SEK 483 million.
In Q3 2025, Boozt repurchased shares totalling SEK 141 million.
Based on the continued strong cash flow generation, the Board 
has, in accordance with the authorization achieved at the 
2025 AGM, today given the mandate to initiate the process to 
expand the ongoing share buyback programme to a total of SEK 
415 million (up from SEK 300 million). The programme concludes 
latest at the 2026 AGM.
Cash flow from operations
Cash flow from operating activities amounted to SEK 318 million 
in the quarter (24). The increase was primarily driven by changes 
in net working capital. This was a result of the now finalised 
stock clearance on Booztlet.com and stringent purchasing given 
the current market situation. Cash flow from operating activities 
before changes to net working capital was SEK 112 million (98).
Cash flow from investments
Cash flow from investing activities amounted to SEK -26 million 
(-41). The reduced outflow was due to lower investments in 
intangible assets, primarily related to IT infrastructure, which 
amounted to SEK -23 million. Additionally cash flow from 
investments in tangible assets declined to SEK -6 million in the 
quarter (-12) as last year included investments related to the 
installation of transfer cells at the fulfilment centre.
Cash flow from financing
Cash flow from financing activities amounted to SEK -270 million 
compared with SEK -71 million in Q3 2024. The increase was 
mainly due to the share buyback activity in the period which 
amounted to SEK -141 million. Furthermore, Boozt reduced its 
gross debt by SEK 100 million during the quarter.
Cash position
At the end of Q3 2025, the Group reported a net cash position 
of SEK 199 million compared with SEK 237 million at the end 
of Q3 2024. The cash position was supported by a strong free 
cash flow of SEK 483 million generated over the last twelve 
months. This was offset by cash utilized for the repayment of 
lease liabilities and the share repurchase programme, for which 
SEK 415 million was used over the last 12 months (including SEK 
141 million in Q3 2025).
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 10 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 0
Segments
Boozt.com
Net revenue
In Q3 2025, revenue from Boozt.com was SEK 1,357 million 
(1,337), corresponding to an increase of 1% (or 3% in 
constant currency). The strategic benefit from the finalisation 
of Booztlet.com's clearance sales supported performance in 
September, as customer focus shifted back to Boozt.com's 
wider assortment and lower discounts. Boozt.com continues 
to focus on maintaining premium brands at premium pricing 
to protect brand equity , which impacts sales in the current 
market environment.
The number of active customers on Boozt.com in the last 
12 months was largely unchanged compared with last year 
at 2.7 million. This was supported by around 170,000 new 
customers shopping on Boozt.com in Q3 2025. Looking 
specifically at active customers visiting the site in Q3 2025, this 
number was up 3% compared to the prior year period, indicating 
an increase in recent customer engagement. The average order 
value was SEK 941 (938) and largely unchanged compared with 
last year, despite a slight negative impact from currency .
Revenue in the Nordics increased 2% in the quarter (or 4% 
in constant currency). The increase was mainly driven by an 
improved momentum in Denmark, where sales increased 4% 
in the quarter (or 8% in constant currency). Revenue from 
Sweden also returned to growth and increased 2% in the 
quarter. Revenue from the Rest of Europe declined by 6% (or 3% 
in constant currency). The positive development in the Baltics 
continued in the quarter, but was offset by a softer trend in 
Germany , reflecting a lower level of investment. The focus in 
Germany remains opportunistic, with an emphasis on securing 
profitability on every order.
True frequency was 6.9 (7 .4) with cohorts continuing to display 
encouraging buying patterns despite the remaining pressure on 
consumers' disposable income. Customer satisfaction 
continues to be at a high and very competitive level, illustrated 
by a Trustpilot score of 4.5 (4.4) and a Net Promoter Score (NPS) 
of 81 (73). The significant increase in NPS in the quarter was 
supported by increased focus on quality checks and internal 
training to ensure high-quality customer interactions.
Adjusted EBIT and EBIT
Adjusted EBIT was SEK 62 million in the quarter (46) , with 
the adjusted EBIT margin increasing 1.1 percentage points to 
4.6% (3.5%). The margin benefited from increased efficiency 
in fulfilment and distribution, alongside Boozt's exemption from 
Norwegian customs payments. These gains were partially offset 
by a slightly lower gross margin negatively impacted by 
a stronger SEK.
The adjustments for the quarter amounted to SEK 21 million (21), 
in line with last year. The adjustments in the quarter were entirely 
related to share-based payments.
EBIT for the quarter increased to SEK 41 million (25) 
corresponding to an EBIT margin of 3.0% (1.9%).
SEK million unless otherwise indicated Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
Rolling 12 
months
Boozt.com
Net revenue 1,357 1,337 1% 4,109 4,198 -2% 6,569
EBIT 41 25 63% 142 80 77% 454
EBIT margin (%) 3.0% 1.9% 1.2pp 3.5% 1.9% 1.5pp 6.9%
Adjusted EBIT 62 46 34% 155 130 19% 432
Adjusted EBIT margin (%) 4.6% 3.5% 1.1pp 3.8% 3.1% 0.7pp 6.6%
No. of orders (000) 1,305 1,279 2% 3,988 4,096 -3% 6,276
True frequency 6.9 7.4 -7% 6.9 7.4 -7% 6.9
Average order value (SEK) 941 938 0% 943 938 1% 968
Active customers (000) 2,742 2,775 -1% 2,742 2,775 -1% 2,742
No. of orders per active customer 2.3 2.3 -3% 2.3 2.3 -3% 2.29
SEK million Q3 2025 Q3 2024 Change
Change 
(CER) 9M 2025 9M 2024 Change
Change 
(CER)
Rolling 12 
months
Boozt.com
Nordics 1,246 1,219 2% 4% 3,759 3,822 -2% 0% 6,007
- of which Denmark 469 449 4% 8% 1,388 1,442 -4% -1% 2,247
- of which Sweden 403 394 2% 2% 1,254 1,265 -1% -1% 1,979
Rest of Europe 111 118 -6% -3% 350 376 -7% -4% 562
Total net revenue 1,357 1,337 1% 3% 4,109 4,198 -2% 0% 6,569
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 11 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 1
Booztlet.com
Net revenue
In Q3 2025, net revenue from Booztlet.com was SEK 316 million 
(313) corresponding to an increase of 1% (or 3% in local 
currency) compared with the same quarter last year. Growth 
in the quarter was impacted by the timing of clearance sales, 
which concluded in August. In September, the group focused 
on maintaining premium in-season sale to Boozt.com which 
impacted the growth negatively in Booztlet.com.
Booztlet.com was always intended as a way to hedge inventory 
risk. This has proven particularly valuable in the last 12 months, 
as consumer sentiment has been weaker than expected. The 
clearance sales are now finalised and stock levels are right-
sized at high quality , supporting a healthier and more profitable 
operational base. The additional markdowns were temporary and 
can be implemented without compromising the Boozt brand.
The number of active customers on Booztlet.com in the last 12 
months increased by 14% to 1.0 million (0.9 million). The increase 
was supported by the strategic decision introduced during Q3 
2024 to conduct clearance sales for older and slow-moving 
stock on the platform, aimed at maintaining a healthy inventory 
level for the group.
The average order value for the quarter was SEK 978 (967) and 
increased 1% compared with the same quarter last year.
Revenue from the Nordics was SEK 257 million (261), 
corresponding to a decrease of 2% compared with Q3 2024 
(or flat in constant currency). Revenue from Sweden increased 
11% in the quarter, however, this was more than offset by a 
muted performance in Denmark (-28%). Revenue from the Rest 
of Europe grew 14% to SEK 59 million (52).
Adjusted EBIT and EBIT
Adjusted EBIT amounted to SEK 5 million (8) in the quarter 
corresponding to an adjusted EBIT margin of 1.6% (2.6%). 
The lower margin is mainly due to a decline in the gross margin, 
which was impacted by the clearance sales in the quarter.
The adjustments for the quarter amounted to SEK 5 million, 
compared with SEK 6 million last year. The adjustments in 
the quarter were entirely related to share-based payments.
EBIT for the third quarter was SEK 0 million (2) corresponding to 
an EBIT margin of 0.0% (0.7%).
SEK million unless otherwise indicated Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
Rolling 12 
months
Booztlet.com
Net revenue 316 313 1% 1,040 940 11% 1,686
EBIT 0 2 -95% 9 24 -60% 46
EBIT margin (%) 0.0% 0.7% -0.7pp 0.9% 2.5% -1.6pp 2.7%
Adjusted EBIT 5 8 -37% 12 36 -67% 42
Adjusted EBIT margin (%) 1.6% 2.6% -1.0pp 1.1% 3.8% -2.7pp 2.5%
No. of orders (000) 312 312 0% 1,046 953 10% 1,701
Average order value (SEK) 978 967 1% 962 952 1% 962
Active customers (000) 1033 905 14% 1033 905 14% 1033
No. of orders per active customer 1.6 1.6 6% 1.6 1.6 6% 1.6
SEK million Q3 2025 Q3 2024 Change
Change 
(CER) 9M 2025 9M 2024 Change
Change 
(CER)
Rolling 12 
months
Booztlet.com
Nordics 257 261 -2% 0% 862 780 10% 12% 1,403
- of which Denmark 63 88 -28% -26% 238 260 -8% -6% 409
- of which Sweden 133 120 11% 11% 446 354 26% 26% 714
Rest of Europe 59 52 14% 17% 178 160 11% 14% 283
Total net revenue 316 313 1% 3% 1,040 940 11% 12% 1,686
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 12 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 2
Outlook
Outlook 2025
The outlook for 2025 has been updated to reflect the year-
to-date performance with strong operational performance and 
muted consumer confidence. The revenue growth guidance is 
narrowed to 0-3% (from previously 0-6%), which corresponds 
to constant currency growth of 2-5%. The adjusted EBIT margin 
outlook is increased to 5.0-6.0% (from previously 4.5-5.5%).
Updated 
outlook 
2025
Previous 
outlook 
2025
Reported
FY 2024
Revenue growth 0-3% 0-6% 6%
Adjusted EBIT margin 5.0-6.0% 4.5-5.5% 5.7%
Assuming exchange rates remain at current levels for the 
remainder of 2025, currency is expected to have a negative 
impact on net revenue of approximately 2 percentage points. 
Furthermore, given that the majority of Boozt’s costs are 
denominated in SEK, the adjusted EBIT margin is projected to 
be negatively affected by around 1 percentage point, assuming 
unchanged currency rates.
Profitability is expected to benefit from efficiency gains across 
the business. This includes the full-year effect of the transfer 
cell implementation in 2024, as well as margin support from the 
recently implemented tech-driven organisational realignment 
(detailed below).
Capex
CAPEX expectations for 2025 remain unchanged at SEK 150–
170 million. This includes approximately SEK 65 million related to 
building efficiency and scale within the fulfilment centre, with the 
remaining investment covering IT development costs.
Free cash flow
For the full year 2025, free cash flow is expected to be minimum 
SEK 500 million. This guidance represents a significant increase 
from the SEK 12 million generated in 2024. The positive outlook 
is primarily driven by the continued disciplined management 
of inventory .
Expected financial impact from workforce realignment
As announced on January 13, 2025, Boozt initiated an 
organisational realignment to adapt to the increasing impact 
of technology , including the growing use of AI. As part of this 
restructuring, approximately 10% of permanent positions were 
reduced in February 2025. This workforce reduction is projected 
to have a net positive impact of up to 0.5 percentage points on 
the adjusted EBIT margin for 2025. The impact on EBIT before 
adjustments will be smaller due to SEK 27 million in severance 
costs related to the restructuring, expensed in Q1 2025.
Financial implications related to relocation 
of headquarters
Relocation costs
The relocation of the headquarters from Hyllie, Sweden, 
to Copenhagen, Denmark, is scheduled for February 2026. 
This transition is expected to result in extraordinary non-
recurring costs.
The move will result in total non-recurring costs of approximately 
SEK 50 million, which will be recognized during Q4 2025 
and Q1 2026. These costs are mainly comprised of double 
leasing costs, restoration of the Hyllie premises prior to lease 
termination as well as other moving costs related to the new 
headquarters. The cash flow impact will be distributed across 
the year.
Exit tax implications
The relocation of the headquarters to Denmark also triggers 
a mandatory Swedish exit tax. This tax is charged because 
transfer of operations and management from one jurisdiction to 
another is considered a taxable sale of assets, even though the 
company will remain dual-listed and continues to report in SEK. 
The tax acts as a tax settlement on the untaxed increase in value 
of assets that are transferred. Exit tax applies only to the value 
being transferred from the Swedish tax area, not to assets like 
the fulfilment centre that stay in Sweden.
In connection with the relocation of business operations from 
Sweden, an exit tax payment of an estimated SEK 180 million 
will be incurred mainly during 2026. This amount is an estimation 
based on current valuations and tax rules, meaning the final tax 
payment is subject to inherent uncertainty .
The full amount of the exit tax payment is to be available as 
a deduction against corporate taxes in Denmark. While the 
tax credit is generally available long-term, it is expected to 
be fully utilized over a five-year period (starting from 2026). 
Consequently , the net cash flow effect from the transfer over 
the five-year period (2026-2030) is expected to be neutral. The 
net cash flow effect in 2026 is expected to be an outflow of 
approximately SEK 140 million.
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 13 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 3
Other information
Significant events during Q3 2025
Share repurchase programme increased to SEK 
300 million
In August, Boozt's ongoing share repurchase programme was 
expanded to a total of SEK 300 million (from previously SEK 
200 million). The Board has now, in accordance with the 
authorization achieved at the 2025 AGM, given the mandate 
to initiate the process to expand the ongoing share buyback 
programme to a total of SEK 415 million.
With this, Boozt will achieve its capital return target 
communicated at the 2023 CMD by purchasing own shares for 
a total of SEK 800 million in the three-year period following 
the CMD. Shares for an amount of SEK 625 million have been 
purchased to date.
The purpose of the repurchase programme is mainly to enable 
Boozt to adapt its capital structure to its capital needs over 
time by distributing excess capital to shareholders. Repurchases 
under the current program will be concluded latest by the Annual 
General Meeting (AGM) in 2026.
Holding of own shares exceeds 5%
On 25 August, Boozt's holding of own shares exceeded 
5% of the total share capital. Passing the threshold was a 
consequence of the ongoing share repurchase programme.
Michael Bjergby assumes position as CFO
On 1 September, Michael Bjergby assumed his position as Chief 
Financial Officer and member of the Group Management team. 
He succeeded Sandra Gadd.
Appointment of Nomination Committee
On 29 September, Boozt's Nomination Committee was formed in 
accordance with the principles adopted by the Annual General 
Meeting and has the following composition:
• Anders Lund (appointed by BLS Capital), Chair of the 
Nomination Committee
• Kristian Eikre (appointed by Ferd AS)
• Claus Wiinblad (appointed by ATP)
• Henrik Theilbjørn, Chair of the Board of Boozt AB
The Nomination Committee submits proposals to the AGM 
regarding the composition of the Board, remuneration for the 
Board, election of auditors, and auditor fees.
Significant events after the 
reporting date
Further expansion of share buyback programme
Today the Board has, in accordance with the authorization 
achieved at the 2025 AGM, given the mandate to initiate the 
process to expand the ongoing share buyback programme 
to a total of SEK 415 million (up from SEK 300 million). 
The programme, which runs until the AGM 2026, was initially 
established at SEK 200 million.
Treasury shares
During Q3 2025, Boozt repurchased 1,529,540 own shares (or 
2.3% of the share capital), corresponding to SEK 141 million. 
In the first nine months of 2025, Boozt repurchased 3,726,040 
shares in total (or 6.7% of the share capital), corresponding to 
SEK 369 million. This includes shares repurchased as part of the 
former share buyback programme, which was launched in 2024 
and concluded on 24 April 2025.
As of the date of this report, Boozt holds 6.9% of the share 
capital in Boozt Fashion AB, equivalent to a total of 4,519,212 
treasury shares, of which 1,744,867 are classified as C-shares.
Parent company
Net revenue of the parent company in Q3 2025 amounted 
to SEK 38 million (33). The parent company has invoiced 
fees for management services in accordance with the Group’s 
intracompany agreements to other Group companies during the 
period. Costs for the period are mainly attributable to costs 
related to personnel costs for the Group Management and 
remuneration to the Board of Directors. Net profit for the third 
quarter totalled SEK 2 million (1).
Seasonal variances
Seasonal variances affect the Group since purchases are 
cyclical and inventories are built up before each season. 
However, each quarter is comparable between years. 
Traditionally the fourth quarter has the highest net revenue, 
whereas the first quarter has the lowest. Inventory levels in the 
industry can be affected by an early or late start to the season 
impacting the promotional activities needed to clear inventory . 
To illustrate the long-term development trend the Group reports 
rolling twelve months’ figures, where applicable.
Risks and uncertainties
Boozt has developed a risk management framework with the 
purpose to strengthen the structure of how risk management is 
carried out throughout the Group. Identified risks are reviewed 
by the Board of Directors continuously . All identified risks as well 
as the risk management process is described in the Group’s 
Annual Report 2024 on pages 28-30.
Related party transactions
Boozt’s related parties and the extent of transactions with its 
related parties are described in Note 26 in the Annual Report 
2024. There have not been any significant transactions with 
members of Group Management or other related parties during 
the quarter. 
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 14 =====

Financial statements
Consolidated financial statements..................................................... 15
Accounting notes.....................................................................................19
Parent company financial statements............................................... 22

===== SIDA 15 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 5
Consolidated 
financial statements
Consolidated income statement
SEK million Note Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Net revenue 2 1,673 1,651 5,148 5,137 8,255
Total operating income 1,673 1,651 5,148 5,137 8,255
Goods for resale -1,047 -1,013 -3,181 -3,088 -5,124
Other external costs -335 -359 -1,078 -1,142 -1,591
Cost of personnel -177 -183 -516 -594 -747
Depreciation and amortisation 
of tangible and 
intangible assets -76 -69 -218 -202 -289
Other operating costs 3 1 -3 -7 -4
Total operating costs -1,632 -1,623 -4,997 -5,033 -7,755
OPERA TING PROFIT (EBIT) 2 41 28 152 104 500
Financial income 2 2 16 13 22
Financial expenses 3 -10 -11 -32 -33 -41
Net financial items -7 -9 -15 -21 -19
PROFIT BEFORE TAX 2 34 19 136 83 481
Income tax -8 -4 -30 -8 -108
PROFIT FOR THE PERIOD 26 15 106 76 372
Note Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Average number of 
shares (000) 62,145 65,341 63,292 65,297 63,747
Average number of shares 
after dilution (000) 66,609 69,086 67,528 68,622 67,859
Earnings per share (SEK) 0.41 0.23 1.67 1.16 5.84
Earnings per share after 
dilution (SEK) 0.39 0.21 1.57 1.10 5.49
Consolidated statement of comprehensive income
SEK million Note Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
PROFIT FOR THE PERIOD 26 15 106 76 372
ITEMS THA T MA Y BE 
RE-CLASSIFIED TO THE 
INCOME STA TEMENT:
Translation differences -22 6 -40 6 -31
TOTAL COMPREHENSIVE 
PROFIT FOR THE PERIOD 4 21 66 82 342
A TTRIBUTABLE TO
Parent 
company's shareholders 4 21 66 82 342
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 16 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 6
Consolidated statement of financial position
SEK million Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
ASSETS
Trademarks 4 93 95 96
Goodwill 4 297 304 309
Web platform 4 248 232 241
Total intangible assets 638 630 646
Right of use asset 446 500 475
Machinery and equipment 4 777 809 817
Total tangible assets 1,223 1,309 1,292
Deposits 18 11 11
Shares in associated companies 14 20 14
Deferred tax asset 12 18 14
Total other assets 44 48 38
Total non-current assets 1,904 1,987 1,975
Inventory 3,151 3,513 2,674
Accounts receivable 3 57 64 38
Other receivables 3 128 149 173
Current tax receivables 49 41 57
Prepaid expenses and accrued income 124 97 201
Cash and cash equivalents 3 399 641 1,174
Total current assets 3,909 4,505 4,317
TOTAL ASSETS 5,813 6,492 6,293
SEK million Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
EQUITY AND LIABILITIES
Share capital 6 6 6
Other capital contributions 2,366 2,358 2,372
Reserves 31 43 53
Retained earnings including profit for the period 289 332 553
Total equity 2,692 2,739 2,983
Non-current interest bearing liabilities 3 199 293 380
Non-current lease liabilities 3 356 425 401
Other non-current provisions 14 16 21
Deferred tax liabilities 18 19 20
Total non-current liabilities 588 754 821
Current interest bearing liabilities 3 1 111 -0
Current lease liabilities 3 112 97 97
Accounts payable 3 1,906 2,167 1,235
Current tax liabilities 38 17 85
Other liabilities 3 131 211 531
Accrued expenses and prepaid income 345 397 540
Total current liabilities 2,533 3,000 2,488
Total liabilities 3,121 3,753 3,310
TOTAL EQUITY AND LIABILITIES 5,813 6,492 6,293
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 17 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 7
Consolidated statement of changes in equity
SEK million Share capital Other capital contributions Reserves Profit brought forward incl. 
period's profit/loss for the year
Total equity attributable to parent 
company shareholders
Equity as per Jan 1, 2024 6 2,307 37 372 2,721
Profit for the period - - - 76 76
Other comprehensive income - - 6 - 6
COMPREHENSIVE PROFIT /LOSS FOR THE PERIOD 0 0 6 76 82
Sharebased compensation - 51 - - 51
Share buyback - - - -116 -116
Total transaction with owners 0 51 0 -116 -64
Equity as per Sep 30, 2024 6 2,358 43 332 2,739
SEK million Share capital Other capital contributions Reserves Profit brought forward incl. 
period's profit/loss for the year
Total equity attributable to parent 
company shareholders
Equity as per Jan 1, 2025 6 2,372 53 553 2,983
Profit for the period - - - 106 106
Other comprehensive income - - -22 - -22
COMPREHENSIVE PROFIT /LOSS FOR THE PERIOD 0 0 -22 106 84
Sharebased compensation - -6 - - -6
Share buyback - - - -369 -369
Total transaction with owners 0 -6 0 -369 -375
Equity as per Sep 30, 2025 6 2,366 31 289 2,692
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 18 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 8
Consolidated statement of cash flow
SEK million Note Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Operating profit 41 28 152 104 500
Adjustments for non-
cash items:
Non-cash remuneration from 
share based payments 
(social charges) 19 4 -6 10 -0
Non-cash remuneration from 
share based payments 6 22 -6 51 8
Depreciation 76 69 218 202 289
Other items not included in 
cash flow - 1 1 1
Redemption of share based 
payments (social charges) -0 -0 -1 -16 -1
Interest received 2 2 16 13 22
Interest paid 3 -10 -11 -32 -34 -41
Paid income tax -24 -17 -70 -76 -91
CASH FLOW FROM 
OPERA TING ACTIVITIES 
BEFORE CHANGES IN 
WORKING CAPITAL 112 98 272 255 686
Changes in inventory -746 -1,120 -477 -1,232 362
Changes in current assets -18 -65 104 -59 10
Changes in current liabilities 971 1,110 76 607 -403
Cash flow from changes 
working capital 207 -75 -297 -684 -32
CASH FLOW FROM 
OPERA TING ACTIVITIES 318 24 -25 -428 654
SEK million Note Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Acquisition of operations, net 
liquidity effect 4 - 0 - -5 5
Investments in fixed assets 4 -6 -12 -35 -94 -65
Change in financial assets 4 3 -2 -7 -2 -7
Investments in 
intangible assets 4 -23 -27 -74 -83 -104
CASH FLOW FROM 
INVESTING ACTIVITIES 4 -26 -41 -116 -184 -171
Share buyback -141 -17 -369 -116 -416
New loans 100 - 521 53 856
Repayments of loans -200 -24 -701 -72 -1,061
Repayments of lease liability -28 -29 -80 -75 -99
CASH FLOW FROM 
FINANCING ACTIVITIES -270 -71 -630 -210 -720
Cash flow for the period 22 -88 -772 -822 -237
Currency exchange gains/
losses in cash and 
cash equivalents -1 4 -3 - -5
Cash and cash equivalents 
beginning of period 378 725 1,174 1,463 641
CASH AND CASH 
EQUIVALENTS END 
OF PERIOD 399 641 399 641 399
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 19 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _1 9
Accounting notes
Note 1 - Accounting principles
The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Information 
required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations 
method have remained unchanged from those applied in the 2024 Annual Report. Amended or new standards taking effect from 
January 1, 2025 have not had any material impact on the Group's financial reports for the period.
Important estimates and assessments
Preparation of the financial reports in accordance with IFRS requires management to make assessments and estimates and 
assumptions that affect application of the accounting policies and the recognised amounts of assets, liabilities, income, and 
expenses. Actual results may differ from these estimates.
Estimates and assumptions are continually evaluated. Changes in estimates are recognised in the period the change is made if the 
change only affected that period or in the period the change is made and in future periods if the change affects both current and 
future periods.
Important estimates and assessments are disclosed in the 2024 Annual Report on page 105.
The Group has carried out a reassessment of the useful lives of selected parts of the Group’s fixed assets that mainly relate to 
the AutoStore installations and specifically the Conveyors as well as IT, Sensors & PLC. The reassessment is carried out to better 
reflect the actual useful life on a component level based on the experience obtained after operating our AutoStore setup for the past 
eight years. For the previously acquired assets, the change will be made from January 2025. For the most recently acquired assets 
activated in Q4 2024 the new depreciation times will be used from the start.
By extending the useful lives, the Group assesses a higher degree of comparability of EBIT towards industry peers. In conclusion, the 
impact on yearly depreciation compared to the previous depreciation times is a decrease in costs of around SEK 2.5 million for 2025.
Parent company
For the Parent Company Boozt AB (publ), the financial statements have been prepared in accordance with the Swedish Annual 
Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The reporting 
currency is SEK and all figures in the interim report are rounded to the nearest million with one decimal point.
Note 2 - Segment reporting
SEK million Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
NET REVENUE
Boozt.com 1,357 1,337 4,109 4,198 6,569
Booztlet.com 316 313 1,040 940 1,686
TOTAL NET REVENUE 1,673 1,651 5,148 5,138 8,255
EBIT
Boozt.com 41 25 142 80 454
Booztlet.com 0 2 9 24 46
TOTAL EBIT 41 28 152 104 500
EARNINGS BEFORE TAX
Boozt.com 35 18 130 64 438
Booztlet.com -1 1 6 19 42
EARNINGS BEFORE TAX 34 19 136 83 480
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 20 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 0
Note 3 - Financial instruments
30 Sept, 2024 (SEK million)
Finacial assets 
valued at 
amortised cost
Finacial 
liabilities 
valued at 
amortised cost
Financial 
instruments 
measured at 
fair value via 
income 
statement
Total carrying 
amount Fair value
Financial assets
Deposits 11 - - 11 11
Accounts receivables 64 - - 64 64
Other receivables 149 - - 149 149
Cash and cash equivalents 641 - - 641 641
Total financial assets 865 0 0 865 865
Financial liabilities
Liabilities to credit institutions - 404 - 404 404
Accounts payables - 2,167 - 2,167 2,167
Other liabilities - 211 0 212 212
Lease liabilities - 522 - 522 522
Total financial liabilities 0 3,304 0 3,304 3,304
30 Sept, 2025 (SEK million)
Finacial assets 
valued at 
amortised cost
Finacial 
liabilities 
valued at 
amortised cost
Financial 
instruments 
measured at 
fair value via 
income 
statement
Total carrying 
amount Fair value
Financial assets
Deposits 18 - - 18 18
Accounts receivables 57 - - 57 57
Other receivables 128 - - 128 128
Cash and cash equivalents 399 - - 399 399
Total financial assets 602 0 0 602 602
Financial liabilities
Liabilities to credit institutions - 200 - 200 200
Accounts payables - 1,906 - 1,906 1,906
Other liabilities - 131 1 131 131
Lease liabilities - 469 - 469 469
Total financial liabilities 0 2,706 1 2,706 2,706
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 21 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 1
Calculation of fair value
The Group has derivative instruments that comprise foreign exchange forward used for economic hedging purposes, which are 
measured at fair value according to Level 2 of the valuation hierarchy . Derivative receivables amount to SEK 0 million (0). Other 
financial liabilities measured at fair value through profit or loss comprise currency hedges amounting to SEK 1 million (0). Other 
financial liabilities measured at fair value can be found at Level 3 of the valuation hierarchy . The Group’s other financial assets and 
liabilities are considered to be close to the carrying amount, after which the carrying amount is estimated to be the same as the fair 
value. For a more detailed description of the Group’s classification and valuation of financial instruments please see Note 1 on page 
104 and Note 28 on page 122 in the Annual Report 2024.
SEK million Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Interest income 2 2 16 13 22
Interest expenses -6 -6 -19 -19 -24
Interest expense leases -4 -5 -12 -14 -17
Net change in value of receivables measured at 
fair value via income statement 0 0 0 0 0
Total net financial items -7 -9 -15 -21 -19
Note 4 - Investments
SEK million Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Acquisition of fixed assets (other capex) -1 0 -2 -4 -28
Acquisition of fixed assets (warehouse capex) -5 -12 -33 -92 -34
Total -6 -12 -35 -96 -62
Acquisition of operations 0 0 0 -5 5
Change in financial assets 3 0 -7 -2 -7
Total 3 0 -7 -7 -2
Acquisition of intangible assets (capitalised 
development costs) -22 -27 -72 -81 -102
Acquisition of intangible assets (other) 0 -1 -1 -2 -2
Total -23 -27 -74 -83 -104
Cash flow from investments -26 -39 -116 -186 -169
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 22 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 2
Parent company 
financial statements
Parent company income statement
SEK million Q3 2025 Q3 2024 9M 2025 9M 2024
Rolling 12 
months
Net revenue 38 33 60 103 108
Total operating income 38 33 60 103 108
Other external costs -2 -2 -8 -8 -12
Cost of personnel -33 -30 -49 -94 -93
Total operating costs -35 -32 -57 -101 -104
OPERA TING PROFIT (EBIT) 3 1 3 2 4
Financial income 0 0 0 0 3
Financial expenses -0 -0 -0 -14 -0
Net financial items 0 0 0 -14 3
PROFIT AFTER FINANCIAL ITEMS 3 2 3 -12 7
Group contributions 0 0 0 0 0
RESUL T BEFORE TAX 3 2 3 -12 7
Income tax -1 -0 -0 -0 -1
PROFIT FOR THE PERIOD 2 1 3 -12 5
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 23 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 3
Parent company financial position
SEK million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Shares in Group companies 831 831 831
Shares in associated companies 14 16 14
Total non-current assets 845 847 845
Other receivables 3 - 0
Receivables from Group companies 584 972 962
Current tax assets - - 0
Prepaid expenses and accrued income 0 1 1
Cash and cash equivalents 5 15 14
Total current assets 593 988 977
TOTAL ASSETS 1,437 1,835 1,822
SEK million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024
Share capital 6 6 6
Total restricted equity 6 6 6
Share premium reserve 2,210 2,211 2,218
Retained earnings -867 -443 -490
Earnings for the period 2 -12 -7
Total unrestricted equity 1,345 1,755 1,721
TOTAL EQUITY 1,351 1,761 1,727
Other provisions 8 10 13
Total non-current liabilities 8 10 13
Current interest bearing liabilities 10 - -
Accounts payable 1 0 0
Current tax liabilities 2 - -
Liabilities to Group companies 38 38 38
Other liabilities 8 8 10
Accrued expenses and prepaid income 20 18 34
Total current liabilities 78 64 82
TOTAL LIABILITIES 86 74 95
TOTAL EQUITY AND LIABILITIES 1,437 1,835 1,822
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

===== SIDA 24 =====

B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 4
Audit
This report has been subject to a limited review by the Group’s auditors.
Signatures
The undersigned certify that this interim report gives a true and fair overview of the Parent Company’s and the Group’s operations, 
financial position, and performance and describes the material risks and uncertainties facing the Parent Company and the 
companies in the Group.
3 November 2025
Hermann Haraldsson
Group CEO
In accordance with authorization given by the Board of Directors
Review Report
BOOZT AB (PUBL), CORP . ID: 556793-5183
Introduction
We have reviewed the interim report for Boozt AB (publ) for the period January 1 – September 30, 2025. The Board of Directors 
and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim 
Financial Information Performed by the Independent Auditor of the Entity . A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus 
and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. 
The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant 
matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of 
assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material 
respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in 
accordance with the Annual Accounts Act.
Malmö, 3 November 2025
Deloitte AB
Johan Telander
Authorized Public Accountant
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

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B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 5
Definitions of financial 
performance measures
The quarterly report contains certain performance measures that are not defined in accordance with IFRS (alternative performance 
measures). The performance measures included are used by investors, securities analysts, and other stakeholders as additional 
measures of performance and financial position. The Group’s alternative performance measures are not necessarily comparable to 
similar measurements presented by other companies and have certain limitations as analytical tools. They should therefore not be 
considered separately from, or as a substitute for, the Group’s financial information prepared in accordance with IFRS.
Definitions, calculations, and rationale behind the use of included alternative performance measures are available on the Group’s 
website www.booztgroup.com/reports-and-presentations, “Interim Report Q3 2025” - "Financial data".
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

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B O O Z T  G R O U PQ 3  2 0 2 5P A G E _2 6
Financial calendar
6 February 2026
Interim Financial Report for Q4 2025
23 March 2026
Annual report 2025
23 April 2026
Annual General Meeting 2026
Consolidated financial statements are available at www.booztgroup.com.
In case of enquiries or questions, please contact:
Magnus Thorstholm Jensen, Head of Investor Relations
matj@boozt.com / +45 30 50 44 02
This report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. 
The information was submitted for publication, through the agency of the contact person set out above, at 18.00 CET on 
3 November 2025.
This report may contain forward-looking information that is based on the present expectations of Boozt’s management. No 
assurance may be given that these expectations will prove to be correct. Actual outcomes may deviate significantly from what 
is reflected in the forward-looking information due to changed conditions relating to the economy , market or competition, changes in 
legal requirements and other political measures, fluctuations in exchange rates, and other factors outside of Boozt’s control.
HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

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Contact details
Address: Hyllie Boulevard 35, 215 37 Malmö, Sweden 
Phone: +46 40 12 80 05 
E-mail: info@boozt.com  
www.booztgroup.com  
Org. nr: 556793-5183
VAT nr: SE556793518301