Synsam AB (publ)

Good morning and welcome to Synsang Group's results presentation for the first quarter of 2026. My name is Frida Leim, and with me in the studio today is our financial manager Per Hedblom, who will present the first quarter for us. So with that short introduction, I'll hand over the floor to Per.

Thank you, Frida. Visibly, the profitability has increased in the first quarter and all marginals have strengthened. The gross margin increased to 75.8% compared to 74.1% a year ago. The EBIT margin increased to 10.4% compared to 10.0% a year ago. And the EBITDA margin increased to 22.2% compared to 21.6% a year ago. Organic growth rose to 5.6% and like-for-like growth rose to 3.8%. We have had a stable development of the subscription business, somewhat lower in the cash business. The subscription turnover increased by 6.1% in the quarter and the net turnover in the cash business increased by 1.0% in the quarter. Both businesses were affected by currency effects. The proportion of IVs and visual examinations increased to 21% in Sweden, respectively 23% in Norway. The result after tax increased by 51% and rose to 131 million versus 87 million a year ago. The result per share increased to 92 euros per share versus 60 euros per share a year ago. After a strong cash flow and net debt adjusted to EBITDA, it was reduced to 1.67 versus 1.83 a year ago. The net turnover in the quarter rose to 1.773 million versus 1.708 million a year ago. EBIT increased to 186 million versus 174 million a year ago. EBITDA increased to 400 million versus 275 million a year ago. We have had a positive organic growth on all markets and also positive like-for-like growth. Finland, where we have had 18.7% organic growth, Sweden 6.5%, Norway 4.2%, Denmark 4.8% organic growth. EBIT rose to 185 million in Sweden, 17 million in Denmark, 25 in Norway and minus 7 in Finland in the quarter. Sweden accounts for half of the company's business and is in the low in our strategy, so we have shown strong growth in recent years and we have now 3.5 billion in turnover in Sweden in the last 12 months. Sweden has also stood for a large number of green fields in the group in recent years and in the quarter the net turnover has increased to 873 million compared to 818 million a year ago. The gross margin has increased in Sweden to 77.5% compared to 74.2%. Even the EBITDA margin has increased to 30.5 and the EBITDA margin to 21.2 in Sweden. We have a proven establishment strategy with fast profitability, where we go into small towns with fast payback. We see here Ånge, Skillingaryd, Kista, some recent establishments, and we also have success in larger towns. Kontantaffären har haft en långsiktigt stark utveckling. Vi har haft en ökning med 6,4% LTM QE 26 mot för ett år sedan och uppgår till 2,3 miljarder de sista tolv månaderna. Snitttillväxthistorien har varit 5% i kontantaffären. I synsan lifestyle ökar kundbasen med 7,2% year on year. We now have 770,000 customers in our customer base in Synsan Lifestyle and the net turnover is rising in the last 12 months to 3.8 billion. We have had an average growth in the last year of 18% in the Lifestyle business. Gender is decreasing in three of four countries. Gender-exclusive Denmark rose to 2.64% in Q1 2026. In total, in the corporations, gender was 3.04%, including Denmark. The proportion of visible HIV investigations increases and contributes to our growth. Av det totala antal synundersökningar i kvartalet genomfördes 21 procent med synsam IVU i Sverige och 23 procent genomfördes med synsam IVU i Norge i kvartalet. We have had a long-term strong trend in our financial development. We now have a turnover of approximately SEK 7.1 billion in the last 12 months. And an EBIT at SEK 875 million. An EBIT margin in the last 12 months at 12.0%. And an EBITDA in the last 12 months at SEK 1.714 billion. In the quarter we have had a strong cash flow and a lower net debt than EBITDA. Cash flows from a running business before the change in capital increased in the quarter to 349 million compared to 242 million a year ago. And cash flows from a running business increased in the quarter to 374 million compared to 310 million a year ago. And the cash flow from the investment business rose in the quarter to minus 78 million versus minus 91 million a year ago. The net income decreased to 2.864 billion versus 2.944 billion at the beginning of the year a year ago. And the net income decreased to 1.67 billion. We also made a buyback during the quarter with 56 million versus 102 million a year ago. In summary, we have had increased interest rates in the quarter and all marginals have been strengthened. The gross margin was 75.8%, the EBIT margin was 10.4% and the EBITDA margin was 22.2%, an increase from a year ago. Organic income was 5.6%, which was lower than the average. 3.8% and the customer base for Sysan Lifestyle increased by 7.2% and rose to 770,000 customers at the beginning of the first quarter. A strong cash flow as you can see, the net worth has increased and we have now also started an exclusive collaboration with the world star Erling Haaland. Thank you very much.