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EarningsQ1 2026 Earnings Report
SE:RUSTA Q1 2026 EPS Results
Actual EPSkr1.41
Consensus EPSkr1.30
Beat/MissBeat by +kr0.11
One Year Ago EPSkr1.14
SE:RUSTA Q1 2026 Revenue Results
Actual Revenuekr3.49B
Expected Revenuekr3.45B
Beat/MissBeat by +kr42.25M
YoY Revenue Growth+9.92%
Earnings Announcement Details
QuarterQ1 2026
Date09/09/2026
TimeBefore Open
Conference CallWednesday, September 9, 2026
SE:RUSTA Upcoming Earnings
Rusta AB's next earnings date is estimated for December 8, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q1 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive first-quarter performance, with 9.9% net sales growth, improved like-for-like sales, a 1.7 percentage-point gross-margin expansion, 17.6% EBITA growth, stronger cash generation, and profitable growth across all segments. The company also continues to expand its store network, renew its store concept, develop online sales, and invest in warehouse automation and a new ERP system. Key challenges include difficult consumer and market conditions in Finland and Germany, expected freight and cost-of-goods increases, currency-related central costs, warehouse automation ramp-up costs, and some uncertainty around the timing of Q2 sales. Highlights significantly outweigh the lowlights.Company Guidance
Solid First-Quarter Profitable Growth
Rusta described the first quarter as a solid start, with sales growth and improved profitability across all segments. Net sales increased by 9.9%, or 8.7% excluding currency effects, while like-for-like sales excluding currency effects increased by 2.2%. Growth was supported by more customers, higher conversion, and more items sold per customer.
Gross Margin and EBITA Improvement
Gross profit increased by 14.5%, and gross margin improved by 1.7 percentage points to 44.3%, driven by assortment renewal and positive currency effects. EBITA increased 17.6% to SEK 330 million from SEK 280 million, with the EBITA margin improving to 9.5% from 8.8%, supported by gross margin development and continued cost control.
Strong Cash Generation and Balance Sheet
Cash flow from operating activities increased by 60.7% to SEK 758 million from SEK 472 million, driven by stronger profitability and positive working-capital development. Net working capital decreased to SEK 1,243 million, and Rusta ended the quarter with a net cash position of SEK 587 million.
Positive Cost Control Despite Store Openings
Operating expenses as a share of net sales decreased by 0.3 percentage points to 32.9%, reflecting cost control throughout the value chain. This was achieved despite five new store openings in the quarter compared with none in the prior-year quarter.
Growth Across All Segments
All three segments delivered sales growth, positive like-for-like growth, and improved profitability. Sweden reported net sales growth of 6.6% and like-for-like growth of 2.4%; Norway reported 7% net sales growth excluding currency effects and 3.2% like-for-like growth excluding currency effects; and Other Markets reported 13.2% net sales growth excluding currency effects and 0.7% like-for-like growth excluding currency effects.
Sweden and Norway Profitability Gains
Sweden's EBITA excluding IFRS 16 improved by 2.4 percentage points to 21.4%, supported by improved footfall and conversion and the updated store concept, particularly in home decoration. Norway's EBITA excluding IFRS 16 increased by 1.8 percentage points to 13.7%, supported by strong campaigns, improved footfall and conversion, the updated store concept, and a stronger NOK.
Other Markets and Online Progress
Other Markets' EBITA excluding IFRS 16 increased by 2.5 percentage points to 6.2%, supported by effective cost control, strong overall sales growth, new stores, and the positive development of Rusta Online. Rusta Online remains a low-single-digit share of Other Markets, but management said it has a high share of increased sales, good profitability, and a very good sales mix in the quarter.
Continued Store Expansion
Rusta opened five new stores during the quarter and had 248 stores across its markets: 129 in Sweden, 57 in Norway, 52 in Finland, and 10 in Germany. The company expects to open 14 new stores during the fall, maintains its guidance of 65 to 80 new stores over the coming three-year period, and said it has opened nine stores so far in the financial year with an additional 11 in the fall pipeline.
Strong Store Pipeline and Expansion Potential
Rusta has signed and approved locations planned across all four markets. Management said increasing brand recognition is enabling openings in smaller cities, citing a strong start for the new Vagnhärad store in Sweden. A softer real estate market is providing access to good locations on attractive commercial terms, while the company's strong financial position allows it to act on suitable opportunities.
Store Concept Renewal Supporting Like-for-Like Growth
The first phase of Rusta's updated store concept, launched in autumn 2025, has produced encouraging results and supports the company's guidance of an uplift in sales growth for updated store areas after implementation. The next phase, Health & Beauty, began rolling out in September and was met with strong engagement among store colleagues.
Warehouse Automation Progressing According to Plan
Rusta has started tuning its central-warehouse automation project. Capacity is increasing step by step as the system is calibrated, and management said the ramp-up is progressing according to plan, with the company positive about the project despite not yet reaching full capacity or completing the final acceptance test.
ERP Transition to Support Future Growth
Rusta is transitioning to a new ERP provider to gain retail-specific functionality and more tailored system capabilities. Management described the project positively as a way to unlock new potential and estimated total investment at around SEK 80 million, split between CapEx and OpEx.
Financial Targets and Dividend Policy Unchanged
Rusta maintained its medium-term targets of annual average net sales growth of around 8%, like-for-like growth above 3%, and an EBITA margin of around 8%. Its dividend policy remains to distribute 30%-50% of annual net profit, taking the financial position into account.
Stable Current Trading and Online Availability
Management reported stable sales development in August and stable growth in the current quarter. Rusta Online is now available in all markets, and the company plans to continue developing the channel. Rusta also expects to support sales with strong offers during its 40th-anniversary year.
Positive Consumer Sentiment in Sweden and Norway
Management said Sweden and Norway are seeing a somewhat more positive customer sentiment. Rusta intends to remain a low-price leader, invest in prices, and use strong offers and campaigns to gain market share.
Germany Store Cluster Development
Three stores have been signed in Germany, all within identified clusters and within the same geographical spread as Rusta's existing store network. The first is expected to open in Q3, with one, and possibly two, openings expected during the current financial year.
SE:RUSTA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed