Ellos Holding AB (publ) Half-Year Report January - June 2026
Press release, Borås, 25 August 2026
The half-year report for Ellos Holding AB (publ) is published today.
“Strong cash flow and continued sales growth”
APRIL–JUNE 2026
- Net sales amounted to SEK 848.3 (800.9) million.
- The organic net sales growth amounted to 5.0%.
- Adjusted EBITA amounted to SEK 41.8 (41.7) million with an adjusted EBITA margin of 4.9 (5.2)%.
- Operating profit (EBIT) amounted to SEK -0.1 (24.1) million with an operating margin of 0.0 (3.0)%.
- Profit/loss for the period amounted to SEK -37.9 (-1.0) million.
- Adjusted Cash flow from operating activities amounted to SEK 90.7 (62.1) million.
JANUARY–JUNE 2026
- Net sales amounted to SEK 1,679.7 (1,602.5) million.
- The organic net sales growth amounted to 5.1%.
- Adjusted EBITA amounted to SEK 75.7 (73.9) million with an adjusted EBITA margin of 4.5 (4.6)%.
- Operating profit (EBIT) amounted to SEK 3.3 (38.5) million with an operating margin of 0.2 (2.4)%.
- Profit/loss for the period amounted to SEK -57.5 (-15.0) million.
- Adjusted Cash flow from operating activities amounted to SEK 38.6 (-1.5) million.
- Adjusted EBITDA excl IFRS16 rolling 12 month amounted to SEK 254.2 million.
- The leverage ratio per 30 June amounted to 2.9x (prior to the SEK 300 million share issue on 8 July).
Comment from the CEO of Ellos Holding AB (publ)
A NEW CHAPTER FOR ELLOS GROUP
July 8th marked the start of a new chapter for Ellos Group. Following several years of transformation, we now stand with improved profitability, stronger cash flow, a robust capital structure, and a leading position in fashion and home furnishings in the Nordics.
Our listing on Nasdaq Stockholm gives us a stronger platform to continue developing our brands, grow our business, and create long-term value for shareholders, customers and partners. I would like to extend my warmest thanks to our owners and employees for their commitment that have brought us this far, and welcome new shareholders to the next phase of the Ellos Group journey.
CONTINUED PROFITABLE GROWTH WITH IMPROVED GROSS MARGINS
Net sales increased by 6 per cent, of which 5 per cent was organic, to SEK 848 million. Growth was in line with our strategy and was driven by our private labels in fashion and home furnishings, with positive development across all e-commerce sites, both in the Nordics and in our new European markets.
The gross margin increased 2.0 percentage points to 46.3 per cent, driven mainly by a higher proportion of private labels and improved pricing and discounting. Adjusted EBITA improved to SEK 41.8 million, corresponding to a margin of 5 per cent. We continue to invest in strategic categories and new customer acquisition, which increased marketing and sales costs during the quarter. At the same time, these investments support our long-term strategy for profitable growth. The investments are delivering clear results, with our private labels in Fashion and Home increasing their share of total sales during both the quarter and the first half of the year.
STRONG CASH FLOW AND IMPROVED CAPITAL STRUCTURE
Cash flow from operating activities amounted to SEK +91 million for the quarter and +39 million for the first half of the year, a significant year-on-year improvement. The improvement was partly driven by the capital structure implemented during Q4 2025. Net financial debt amounted to SEK 748.9 million at the end of the quarter, corresponding to a debt-equity ratio of 2.9x. These figures do not take account of the new share issue of SEK 300 million conducted in connection with the IPO.
CUSTOMER-FOCUSED GROWTH DRIVEN BY OUR PRIVATE LABELS IN THE NORDICS AND EUROPE
We performed strongly in our core categories: women's fashion, underwear, sportswear, home textiles, carpets and lighting. At the same time, performance was more modest in furniture. Our private labels, which form the core of our offer, increased to 65 per cent of sales during the quarter. New and active customers developed positively during both the quarter and the first half of the year, strengthening the foundation for continued customer-driven growth.
Sales growth in the European markets remained strong, driven primarily by Jotex, which was launched in Belgium during the quarter. At the same time, Ellos expanded its women's fashion range to include home textiles in the new European markets. The expansion in Europe is driven exclusively by our private labels.
ORGANISATIONAL ADAPTATION FOR INCREASED DIGITALISATION AND AI
In June, we completed the review of our organisation to adapt to increased digitalisation, data-driven automation and AI, thereby positioning ourselves for the future. The measures resulted in a 7.5 per cent reduction in the number of white-collar employees and are expected to generate annual cost savings of approximately SEK 19 million as from third quarter 2026. The organisational adaptation also resulted in a one-off cost of SEK 7.4 million during the second quarter.
Data-driven automation and generative AI are becoming increasingly integrated into our daily work. We have developed internal processes, built expertise and identified specific use cases in areas including customer communication, campaign production and commercial workflows. This strengthens our operational efficiency, creates conditions for cost savings and provides us with a more scalable platform for continued profitable growth.
During the first six months of 2026, Ellos Group continued to integrate sustainability into its corporate governance, purchasing, product development and risk management to support long-term value creation and resilience. The group updated its sustainability strategy, which was approved by the Board during the quarter and is now being implemented.
OUTLOOK
Ellos Group is well prepared for the autumn, although the geopolitical and macroeconomic situation remains uncertain. With a well-positioned Fashion and Home offer, a strengthened financial position and a clearly defined strategic roadmap, we are well placed to continue investing in priority areas and drive profitable growth towards our financial targets.
During the autumn, we will continue to optimise our product offering with a focus on growth and profitability, as well as implement further measures in pricing and discounting. We will also continue to develop the customer experience on our e-commerce sites, including through an improved search function and increased personalisation. Data and automation and AI play a key role in this development.
Hans Ohlsson, CEO
For more information:
Johan Stigson, CFO, Telephone. +46 (0)33 16 08 05.
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This information is information that Ellos Holding AB (publ) is legally obliged to disclose in accordance with
the EU Market Abuse Regulation and the Swedish Securities Market Act. Through the agency of the contact
persons shown above, the information was released for publication on 25 August 2026 07.30 CET.
About ELLOS GROUP
The Ellos Group, which includes the online stores Ellos, Jotex, Homeroom and payment brand Elpy, is a leading shopping destination for fashion and home furnishings in the Nordic region. Working closely with our millions of customers, we offer attractive and sustainable products for the woman in mid-life, her family and home. We continuously develop our business through innovation, creativity, and sustainability, and always focusing on the customer. The Ellos Group, headquartered in Borås, and with operations in all Nordic countries and selected European markets, has around 500 employees and sales of around SEK 3.5 billion.