Interim Report 3 months - 1 January-31 March 2025

First quarter (1 Jan-31 Mar 2025)

• Net sales increased by 79 percent to MSEK 2,819 (1,576). Currency-adjusted sales rose by 79 percent year on year, with organic growth accounting for 8 percent and the acquisition of HMY contributing 71 percent (for two months, February–March). 1)
• Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -55 (0) amounted to MSEK 293 (223) 1, 2).
• Operating profit amounted to MSEK 126 (161) and the operating margin was 4.5 percent (10.2). Operating profit was charged with non-recurring items of MSEK -55 (0). 1, 2)
• Compared with the pro forma combined financial information for the ITAB Group including HMY for the full quarter in 2025 (three months), net sales increased by 16 percent and adjusted EBIT (operating profit excluding non-recurring items and amortisation of acquisition-related intangible assets) by 12 percent. 3) See Note 8 in the Interim Report for more information.
• Profit after financial items totalled MSEK 73 (141). Profit was charged with non-recurring items of MSEK -58 (0). 1, 2)
• Profit after tax amounted to MSEK 41 (103). 1, 2)
• Earnings per share before and after dilution totalled SEK 0.14 (0.46). 1, 2)
• Cash flow from operating activities amounted to MSEK 26 (64).
• The equity/assets ratio at the end of the quarter was 34 percent (56).
• Net debt excluding lease liabilities amounted to MSEK 2,618 (96).

 

 

Pro forma combined financial information for the ITAB Group 3)

Due to the acquisition of HMY, which was completed on 31 January 2025, the 2025 reporting period and the comparative figures per quarter and for full-year 2024 are also presented on a pro forma basis to illustrate the financial effects of the acquisition. See Note 8 in the Interim Report for more information.

 

	First quarter
	Pro forma	Pro forma
(MSEK)	Jan-Mar 2025	Jan-Mar 2024	Δ
Net sales	3,308	2,847	+16%
Adjusted EBIT excl. non-recurring items 2) and amortisation of acquisition-related intangible assets	209	186	+12%
Adjusted EBIT margin, %	6.3	6.5

 

 

1) HMY is consolidated in the ITAB Group as of 1 February 2025 and is therefore included for two months (February–March) in the first quarter of 2025.
2) EBITDA/operating profit and profit after financial items for the first quarter of 2025 were charged with non-recurring items of MSEK -55 and MSEK -58, respectively. Non-recurring items pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY.
3) Summary pro forma combined financial information for the ITAB Group including HMY for the 2025 reporting period (as of January 2025) as well as per quarter and full-year 2024. See Note 8 in the Interim Report for more information.,

 

Events during the reporting period

• The acquisition of HMY, a leading European supplier of shop fittings, checkouts and store design to the retail industry, was completed on 31 January 2025, and HMY is consolidated in the ITAB Group as of 1 February 2025.
• In early April, the ITAB Group entered into an agreement with one of the largest grocery chains in UK for the roll-out of new smart gates in over 200 stores throughout the UK market. The implementation began in April 2025, and the total value of the contract is estimated to be at least MEUR 8 for the second quarter of 2025
• In mid-April, the ITAB Group signed an agreement with one of Europe’s largest DIY, home improvement and gardening chains for the delivery of solutions for the establishment of five new stores in Italy. The implementation will begin in June 2025 and is expected to be completed in the first quarter of 2026. The total value of the contract is estimated to be at least MEUR 8.

 

President’s comments –
Solid start to the year and for the new larger ITAB Group

“HMY has been part of ITAB Group since 1 February 2025, and the process of building a joint group has got off to a good start, exceeding our expectations. Our initial focus has been on ensuring that we maintain our customer-centric approach and getting to know each other as new colleagues. The sales and earnings trend was positive at the beginning of the year. Pro forma for the combined Group, sales increased by 16 percent to MSEK 3,308 and adjusted EBIT by 12 percent to MSEK 209. It has been gratifying to see things get off to a good start, and we look forward to delivering on our plan for the years ahead, together!” concludes President & CEO Andréas Elgaard.

 

Please read the full President’s comments in the Interim Report.

 

Jönköping, 29 April 2025

 

ITAB Shop Concept AB (publ)

 

Webcast presentation on 29 April 2025 at 10:30 a.m. CEST
ITAB arranges a webcast presentation today, 29 April 2025 at 10:30 a.m. CEST, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, will present the Interim Report for the first quarter 2025 and answer any subsequent questions.
To participate via webcast – please use the weblink below. Via the webcast you are able to ask questions in writing.
https://itab-shop-concept.events.inderes.com/q1-report-2025
To participate in the teleconference, please register via the weblink below. After registration you will be provided phone numbers and a conference ID to access the conference call. You can ask questions verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=5004034
  

The information in this report is such that ITAB Shop Concept 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 persons below, at 7:00 a.m. CEST on 29 April 2025.
   This report is in all respects a translation of the Swedish original Interim Report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.