Boozt AB (BOK) Q2 2026 Earnings Report

The call presents multiple strong operational and financial improvements: accelerating revenue (13% in Q2), margin expansion (EBIT to 6.5%, gross margin 40.1%), successful assortment and AI initiatives, inventory ramp for H2, and robust cash generation enabling a larger share buyback. Headwinds are largely manageable and largely relate to one-offs (HQ move costs and adjustments), early-stage AI adoption, an AOV dip driven by new customers, and normal seasonal/competitive risks heading into a tougher Q4. Management confirmed guidance conservatively and emphasized execution priorities for autumn/winter, leaving upside potential if demand holds and tactical investments are well deployed.

Management confirmed the upgraded 2026 outlook announced on 29 June, reaffirming full‑year revenue growth guidance of 7–11% (while still targeting double‑digit growth), noting Q2 growth of 13%, EBIT margin nearly doubled to 6.5% and gross margin at 40.1% (+1pp YoY); Q3 is said to be tracking as expected. They moved CapEx guidance toward the high end of prior expectations because of one‑off Copenhagen HQ investments, expect admin costs to be elevated (relocation and commercial hires), and said marketing headroom in H2 will be used to support growth so the H1 marketing‑ratio improvement is unlikely to repeat in full. Cash generation exceeded SEK 600m over the last 12 months, Q2 was roughly cash‑breakeven, inventory is now above last year as they ramp for autumn/winter, and quarter adjustments totaled SEK 39m (SEK 28m share‑based, SEK 11m for B2B closure). Finally, capital return was increased: the buyback was expanded from SEK 200m to SEK 300m and the Board initiated another SEK 100m mandate — management expects ~SEK 400m of repurchases this year and ~SEK 850m over the last two years (~10% of share capital).