Fiscal year 2025
Financial position and liquidity
Inventory value at the end of the period was MSEK 144.4 (133.2) and inventory value as a percentage of net revenue (rolling 12 months) was 18.4% (19.2%). Our goal is to have an inventory value as a percentage of net revenue (rolling 12 months) within the range of 17.5% - 22.5% and we thus ended the year with an inventory level in the lower part of that range. The nature of our products means that inventory risk is low, which is also reflected in the company's low historical write-down requirements.
Net debt at the end of the period was MSEK -112.3 (-191.3) and cash and cash equivalents amounted to MSEK 241.9 (219.5).
The Board's proposal for dividend, which was decided at the Annual General Meeting in May 2025, of SEK 1.25 per share (1.80) totaled MSEK 26.0 (37.4) and was paid out to shareholders on May 28, 2025.
Other Key Performance Indicators (KPI)
The TrustPilot value was 4.6 (4.7), which is evidence that our continued high focus on ensuring a world-class customer experience has been successful, despite the fact that we moved our warehouse to a new location during the year.
The number of website visits was 47.8 (34.7) million, which corresponds to an increase of 37.8% (19.9%).
The number of orders was 379.9 (327.0) thousand, which corresponds to an increase of 16.2% (10.5%).
The number of new customers acquired was 269.7 (238.0) thousand, which corresponds to an increase of 13.3% (10.2%).
The average order value was SEK 2,901 (2,940), which corresponds to a decrease of -1.3% (-12.4%). Adjusted for currency effects, the average order value increased by 2.1% (-12.4%).
Net sales by region and major countries
As of January 1, 2025, the Group has changed its segment reporting from previously three segments to now only reporting one segment. For further information, see Note 3. The Group reports net sales broken down by the regions of the Nordics, DACH, and the rest of the world, where the latter is mainly other European countries.
Net revenue increased during the period in all regions, despite a negative currency effect of -3.4% (0.0%). In DACH, net revenue was MSEK 156.9 (135.5), which corresponded to an increase of 15.8% (-5.1%). Germany was the largest market in the region with net revenue of MSEK 93.0 (83.2), which corresponded to an increase of 11.9% (-4.1%). In the Nordics, net revenue was MSEK 190.6 (162.4), which corresponded to an increase of 17.4% (8.8%). Sweden was the largest market in the region with net sales of MSEK 63.5 (56.6), which corresponded to an increase of 12.0% (10.3%). In the rest of the world, net revenue was MSEK 436.9 (396.9), which corresponded to an increase of 10.1% (-3.2%). France was the largest market in the region with net revenue of MSEK 74.5 (69.9), which corresponded to an increase of 6.6% (5.3%).
Significant events during the financial year 2025
Dividend 2025
The Annual General Meeting on May 21, 2025, decided, in accordance with the Board's proposal, on a dividend to shareholders of SEK 1.25 per share (MSEK 26.0), corresponding to 50% of the Group's profit for 2024.
Changes in the Board of Directors
The Annual General Meeting on May 21, 2025, decided, in accordance with the Nomination Committee's proposal, that the number of Board members shall be seven. Board members Martin Benckert, Magnus Dimert, Ludvig Friberger, Hanna Graflund Sleyman, Ebba Ljungerud, and Patrik Berntsson were re-elected as Board members, and Jennie Högstedt Björk was elected as a new Board member. Martin Benckert was re-elected as Chairman of the Board.
The Board appointed Ebba Ljungerud as CEO and Group CEO of Rugvista in October 2025. In connection with this, Ebba Ljungerud, who had been acting CEO since October 2024, left the Board.
Rugvista's Nomination Committee appointed November 2025
The Nomination Committee of Rugvista has been constituted in accordance with the company's instruction for the Nomination Committee, which was established by the Annual General Meeting. The Nomination Committee appointed ahead of Rugvista's Annual General Meeting 2026 has the following composition:
• Gunnar Mattsson (representative of madHat AB and Chairman of the Nomination Committee)
• Niclas Röken (representative of Alcur Fonder)
• Martin Benckert (Chairman of the Board of Rugvista)
Incentive Program ("LTIP")
The Group issued warrants in 2022 as part of an incentive program ("LTIP 2022/2025"). The warrants could be exercised during the period of April 15 – June 15, 2025. The program and all outstanding warrants under LTIP 2022 expired without being exercised during the year, as the exercise price exceeded the share price during the entire exercise period.
Rugvista moved
In June 2025, Rugvista began moving to a new office and logistics facility of 13,700 m2 in the Malmö harbor area. Rugvista completed investments in warehouse and automation equipment for the new facility during the year and implemented a new warehouse management system (WMS).
Geopolitical uncertainty
Russia invaded Ukraine in early 2022. The Group has no direct exposure to Russia, Ukraine or Belarus through its business operations. However, it is difficult to assess the indirect impact of the ongoing war on GDP growth, inflation, global supply chains and consumers' future confidence and demand for the Group's products. The same applies to events in the Middle East, mainly the unrest in Iran, the conflict between Israel and Hamas, and the risk of an expanded conflict in the region. The Group has no direct exposure in Israel, Gaza, Iran or Lebanon, but events and geopolitical uncertainty can have an indirect impact through consumers' future confidence, inflation, GDP growth, effects of potential trade sanctions, etc. The unrest in the Red Sea has had some impact on our supply chain for products from India through longer delivery times and higher freight costs. The impact on Rugvista's result is expected to be marginal, but management is following developments.
The company has no material exposure to the US market and is therefore not directly affected by trade conflicts or increased tariffs related to the US.
Significant events after the end of the reporting period
Joakim Tuvner, CFO, announced in February that he had decided to leave Rugvista. Joakim Tuvner will remain in his position until September 11, 2026, and a recruitment process to find a replacement has started.
The company's lease agreement for the premises at Frihamnsallén 10 (6,540 m2) in Malmö terminated on February 28, 2026.
Parent company
Rugvista Group AB (publ), with registration number 559037-7882, is the parent company of the Group. The Group includes Rugvista AB and Rugvista GmbH. Rugvista Group AB (publ) is incorporated and registered in Sweden.
Since March 18, 2021, Rugvista Group AB (publ) has been listed on the Nasdaq First North Premier Growth Market.
The parent company's net sales for the period amounted to MSEK 19.2 (20.2). The parent company's revenue consists of invoiced fees for management services to subsidiaries, in accordance with an intra-group agreement.
The parent company's costs mainly consist of salaries for parts of the management, remuneration to the board of directors, and costs related to the company's shares being listed on Nasdaq. The result for the period was MSEK 53.2 (38.3).
The parent company's main assets consist of shares in the subsidiary Rugvista AB and the company's cash. The parent company's main liabilities consist of an intra-group debt to the subsidiary Rugvista AB.