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Introduction & Market Context
Bokusgruppen AB (BOKUS) reported an "unusually strong" second quarter for 2025, with substantial growth in both revenue and profitability. The Swedish book retailer’s shares rose 3.88% to 64.2 SEK following the presentation on July 15, 2025, continuing their upward trajectory from the 52-week low of 42.5 SEK and approaching the high of 66.8 SEK.
The company highlighted significant contributions from recent acquisitions alongside healthy organic growth, positioning Bokusgruppen for continued momentum through the second half of 2025 despite acknowledging an "uncertain and turbulent" market environment.
Quarterly Performance Highlights
Bokusgruppen delivered impressive financial results for Q2 2025, with revenue growing 16.4% compared to the same period last year. This growth was accompanied by a substantial 4.0 percentage point improvement in gross margin, resulting in gross profit growth of 27.2% year-over-year.
As shown in the following chart of key financial metrics, these improvements translated into a significant EBITA enhancement of 14.6 MSEK compared to Q2 2024:
The company’s performance represents a continuation of positive trends over recent years. The following chart illustrates how Q2 2025 delivered historically strong results in both net sales and EBITA:
A comprehensive view of the financial results shows that while the company still posted a net loss after tax of 22.3 MSEK for the quarter, this represents a 9.2 MSEK improvement from the 31.5 MSEK loss in Q2 2024:
Segment Performance
Both of Bokusgruppen’s business segments contributed to the strong quarterly performance. Akademibokhandeln, which represents approximately 64% of total revenue, grew by 14.2% in Q2 2025. Meanwhile, Bokus, accounting for roughly 36% of revenue, delivered even stronger growth at 20.7%.
The following breakdown illustrates the performance of both segments:
Akademibokhandeln’s performance has been particularly noteworthy, with consistent growth in both net sales and active customers. The segment’s brick-and-mortar stores showed remarkable growth of 14.5% in Q2 2025, compared to just 2.0% in Q2 2024, while online sales maintained a steady contribution of 7.1% to total segment sales.
Bokus, the company’s e-commerce platform, saw its growth significantly driven by acquisitions. While digital book sales growth slowed to 8.0% in Q2 2025 from 16.9% in Q2 2024, customer satisfaction remained strong with an NPS score of 66, up from 63 a year earlier.
Strategic Initiatives & Financial Position
Bokusgruppen continues to invest in its digital infrastructure, with the development of a new e-commerce system scheduled to continue through the second half of 2025. Management expects this investment to drive both sales growth and cost efficiency in the coming periods.
The company maintains a strong balance sheet despite seasonal fluctuations in cash flow. The net debt to adjusted EBITDA ratio stands at 1.3x, up from 0.8x in Q2 2024, reflecting the company’s acquisition activities. Equity ratio decreased to 35.8% from 41.4% a year earlier.
Financial Goals & Outlook
Bokusgruppen is making solid progress toward its financial targets. The company’s 12-month rolling revenue growth of 10.1% significantly exceeds its 4% target, while the EBITA margin of 6.6% is approaching the 8% goal. Return on capital employed stands at 32.5%, nearing the 35% target.
The following chart illustrates the company’s progress toward these financial goals:
Looking ahead, management expressed confidence in the company’s momentum for the remainder of 2025, noting that "all parts of the business are doing well." The continued rollout of new e-commerce systems is expected to further drive sales and cost efficiency, though the company remains cautious about the broader economic environment.
CEO Maria Edsman summarized the quarter as "unusually strong," highlighting that both acquisitions and organic growth contributed to the positive results. With both business segments performing well and strategic initiatives progressing as planned, Bokusgruppen appears well-positioned to maintain its growth trajectory through the second half of 2025.
Full presentation:
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