Good morning, and it's Friday again, and I'm happy that you have joined us for our Q4 presentation, closing then 2025. Decided to squeeze in three victories in one sentence.

I think that's going to wrap up pretty much the feeling of our last quarter. I think, first, of course, we closed the year with very strong momentum in own e-com, growing 24% in the quarter, taking market shares, so that's reassuring.

The second one, of course, sports apparel continues to drive growth. Very, very important part of our key strategic initiative to move the entire brand then into becoming a sports fashion brand.

I think last, of course, it's not easy to navigate in the world these days, but to improve then operating profit with 28% in the quarter, I think, and yes, showcase the strength of the business model that we're operating. Overall, we're leaving a Q4 that we are satisfied with.

Of course, we want to grow even more, and we'll dig a bit deeper into some of the things that we want to do even better going forward. To wrap it up then, net sales, 238.

Currency-neutral, we're growing about 5%. The world, however, is not currency-neutral, the real growth is 1.5%.

Lower than what we would want, of course. Closing the year still on a growth just close of 6%.

Currency-neutral is 8%, a bit below versus our financial targets. Looking at gross profit, however, that's going in the right direction.

Of course, here, we have some help with the currency, but also, of course, the channel mix, and we can still see that we have very strong pricing power. Of course, that is leading into then a very, very strong operating profit in the last quarter, and also, of course, closing then the full year at 10.5%, well above our financial target.

Overall, a good year, 2025, and a strong finish of the year with a strong quarter four. Our background and platform, of course, it's the same.

We're here to inspire and to build a brand that wants you to move, not to become an athlete or to win any Olympic gold medals, even though we love that the Swedish guys and girls are doing that, too. Actually, we think that this journey is about inspiring you to move so you can become better at something else.

We see that that's more relevant than ever. A strong 'why' is really resonating with the world around us right now, which is super strong, of course.

The financial objectives remains the same. Of course, the business strategy has been to focus on online, e-tail, marketplace, and own e-com.

That is going really, really well. Gross sales, of course, and predominantly then throughout our sports apparel push, but also now with bags and footwear, that is, of course, what's to comes to be our future growth initiatives, even though neither one of those actually are growing last year, which, of course, is a bit of a disappointment, and here we need to do a lot better.

The focus in terms of countries is still Europe. Looking at the brand, of course, that's our biggest and most important asset.

We can see, and here we only have one German number, but one thing that we saw in Q4 and actually for the full year last year is that the brand is getting stronger in Germany towards German consumers. Yes, of course, at a very low base, and we also know, of course, that there's some challenges in Germany in terms of their economical output, but we see a very strong momentum.

We're gaining growth also in terms of sales towards German consumers, and also the brand is getting stronger and getting some traction here. Sweden and Holland is continuing to develop good in terms of our brand.

Here we have consideration. This is full year 2025 numbers.

Of course, what we asked the consumer here is a list of a lot of different brands, of which here, do you consider buying? We have a very high ratio at 53%, which, of course, tells us again that the biggest opportunity for us here is really to be visible when the consumer is out there shopping because then they are very likely to pick us before any of our competitors.

The brand is going in the right direction, which is reassuring. Looking at the full-year numbers, so as I think I wrote in my CEO comment with the profit and the sales in Q4 that we did in 2025, that's actually the best Q4 that we have done since I started now 11 years ago.

A very strong finish of the year. Looking at the full year, we're growing.

The growth is driven from e-com and sports apparel. Footwear and bags are lagging a bit behind, here we need to increase our focus.

Overall, a fairly strong year is behind us. Looking at some of the categories, and here we have only Q4.

Loungewear is doing really, really well. Sports apparel, as I said, is continuing to grow.

Socks is also gaining momentum, and is actually now almost twice the size of women's underwear. We see that these smaller categories require not so much effort, but we can still drive a lot of growth in a very profitable way.

Socks also, as opposed to footwear and apparel, has a very low return rate on own e-com for one example, a very profitable category. Looking at the country, it's a bit of a mixed picture here.

Full year, all our countries are growing except Germany and Belgium. Looking at the quarter, we see super strong growth in Germany, a good rebound of last year in Germany.

Sweden is doing really, really well. Denmark is having a strong momentum, and Finland is also doing really, really good, and they had also an exceptionally good finish of last year.

The distributors are continuing to struggle, even though a few of the smaller ones are growing, but that's still low numbers. Of course, here, we're not focusing too much on those.

We still, of course, want them to grow, but the plan really is to work even more with wholesale and, of course, continue our D2C push with e-com at the forefront. With that, of course, wholesale is growing in the quarter, plus 2%.

We also have a full-year growth on a wholesale. E-com, 24%, a very, very strong finish of the year.

Also, full-year numbers is 19.7%, just shy of 20%. Here, we're taking market shares and doing an exceptionally good work.

Actually, also on e-com, we can see that footwear is growing almost 20%. There are consumers out there that wants to buy our footwear.

We just need to be better at also managing our wholesale so they also can grow and benefit from the need that consumers really feel around our footwear collection. Own retail is declining, and, of course, that's because we're closing down stores.

I think now when we come into 2026, we have a store base that we are fine with. It's an outlet store focus, and from here, most likely we'll rather add stores than actually reduce store.

With that said, also the comparable stores are declining 2%. Distributors, as I said, a poor quarter and a fairly poor development, not so much focus, but with that said, of course, we still would want them to grow, even though, of course, our strategy is to focus on our own channels.

I think with that said, there's no one else better than Jens to run you through some of the other lines in our P&L, which is also actually showcasing a very, very strong quarter. Jens, why don't you fire away?

Thanks a lot, Henrik.

Thank you.

Thank you. I wish you all a happy Friday as well, and I'm wishing the best of success to the male Swedish hockey team playing against Finland in just a couple of hours.

Leaving that aside and focusing on this Q4, the gross margin was a jump up with 0.7 percentage points compared to Q4 last year. Here we have been helped with some favorable FX development, putting the gross margin in the right direction, but still it's a good sign for closing 2025.

In terms of profitability, as Henrik already mentioned, the operating profit is up 28% in the quarter to 22 million almost compared to 17 last year, super strong close in terms of profitability for 2025. If we look at a simplified P&L for the quarter as well as full year 2025, sales was up 5% currency-neutral and for the full year 8% to just above 1 billion Swedish crowns.

The gross margin just mentioned up 0.7 points for the quarter and almost the same, but the opposite direction for the full year, closing close to 52%. The operating expenses in the quarter is a bit favorable and more or less a bit unfavorable towards the full year.

However, this is planned with mainly increased marketing investments driving the opex growth for the full year. EBIT, as I mentioned, 28%, super strong close of 2025, and then plus 9% for the full year to 112 million, bringing the EBIT margin to 10.7%.

Very pleased with the profitability for 2025 and especially the last quarter of the year. If we look at the balance sheet items for a second, we can see the solidity or the equity through assets is strong.

It's above 50%, increasing versus last year. The net debt, on the other hand, is increasing slightly to 50 million, still fairly low compared to previous years, but compared to last year, there is an increase that's quite substantial.

This is driven by two things mainly. The own e-commerce is taking a bigger share of our sales, which is very positive, but on the other hand, it requires some larger inventory and hence bigger payments.

We also have the footwear integration that is playing a bigger part this year compared to previous year. The working capital is increasing for mainly the same reason as I just mentioned, mainly coming from the bigger inventory while e-com is taking a bigger share.

All in all, positive signs. Having a working capital in relation to sales of just about 20%, that's where we want to be, around 20%.

Quite good KPIs on the balance sheet. There's lots of stuff to look at, obviously, but these are the main ones that we focus on, and quite pleased to see where we are.

With that, I think we're coming towards the close of this presentation. Henrik, why don't you...

Yes. I'm back again, so...

...close this before we have questions. Back again.

Let's just wrap it up then. We have a number of different, of course, highlights in the quarter, and also when we look at the full year 2025.

Obviously, the first one is that we see that the brand is continuing to get stronger and stronger. We see a very, very strong momentum in Germany where the brand is growing a lot on a small base.

That's a key strength looking back. Secondly, of course, e-com is continuing to develop, close to 20% full year, finishing off the year 24% growth, very, very strong.

We know then that the consumer really wants to buy our stuff, and even some of our weaker categories is actually performing fairly well on e-com, footwear is growing 20 as one example. Then last, of course, we're doing really, really well on sports apparel.

That's really, I think, the key highlight. The brand is getting stronger, own e-com is doing really, really well, sports apparel is continuing to grow.

The stuff, of course, that needs to be better is footwear and bags. Footwear, we're declining last year overall.

That's not part of the plan, and, of course, here we need to continue to build. We need to be a bit patient, make even better products, and make sure that they find the right home where consumers want to pick the products up so we can get back to growth mode when it comes to the footwear category.

That's a major challenge that we're currently having. I think that's that in terms of closing 2025 and also our last quarter of the year.

With that said, I know that Hjalmar for sure have a lot of questions that he wants to shoot off as well,

why don't you... Let's get started.

Why don't you hit me?

Right away. You mentioned Germany and, of course, the strength of the brand in this market.

If we look at Germany, maybe if we exclude e-tailers in this market, when do you feel that we are at a point when we can evaluate Germany from a sales perspective? What is sort of the time frame that you are envisioning looking forward for the German market?

If you ask me, then I would say we can start doing it right now, but, of course, I'm a bit unpatient, but it's going to take a bit of time. I think the key learning is that if you want to build something that is sustainable also over time, it takes a bit of time to build that platform.

If you look at last year, sales towards German consumers was up 20%. That's good.

Of course, that's a split then of our own e-com towards German consumers, German wholesalers towards German consumers, and also, of course, e-tailers that are selling into Germany. That's the combination of those.

We see that we are growing and taking market shares in Germany. Again, it's very low numbers.

I think this is just about continuing to push and not give up. We see, of course, from some other Swedish brands that they're doing extremely well on the German market, and we believe that we have a place to play also on the German market, even, of course, knowing that it's fairly challenging, consumer sentiment and outlook is fairly pessimistic in the German market, but it's still a massive market.

We're in Germany to stay. It's not going to be a quick fix, it's going to take a bit of time, of course, but we have time.

Yeah. Yeah.

Yeah. Considering categories, which categories do you feel will be most successful in Germany?

Will it be similar to the product mix of Björn Borg as a whole or do you feel that there is a pocket that you can maybe target in Germany?

No, but the stuff that is really growing right now is sports apparel. Of course, we want to build a sports fashion brand, and we want to build the same brand in all the markets, independently on whether it's Norway or Finland or Germany.

Of course, our push is really to build Germany from focusing on Hamburg. We have tied up a number of different gyms, a number of different ambassadors, and, of course, the main focus is to really launch our sports apparel collection.

Then, of course, they're also picking up socks and some footwear and some underwear, but the key category to drive growth initially is going to be sports apparel, and that's also what is growing.

Yeah. Okay.

Thank you. Then if we move on to the e-commerce or maybe the direct-to-consumer channel in a wider sense, since the product offering you've been growing maybe outside of the traditional underwear, are you feeling that you in the direct-to-consumer segment becoming more maybe sensitive to seasonal patterns, maybe weather patterns, items like that?

Many retailers in the Q4, they refer to the delayed winter in Sweden, for example. Do you feel any impact from this?

I know previously you said that you don't feel that much impact, but what can we expect going forward if the product mix will change in the future? Yeah.

No, but I think on e-com, on one hand, we are weather dependent, and not because we do winterized products, but because when there's no winter, no one is visiting the stores in Sweden. Even though they're looking for a jacket, they're also then picking up Björn Borg stuff.

That's sort of the wholesale part of the business. There, we are weather independent simply because lower traffic means lower sales for jackets, of course, which we don't do much, but also for other product categories.

For e-com, we don't see any seasonal connection tied into weather at all. For us, e-com is something that remains a key focus.

We need to invest, of course, to be really good at promoting the right products, but it doesn't correlate at all with the swings in the weather that we see in physical retail. Of course, I think that's clearly also, of course, visible in the Q4 finishing.

Of course, that was a Q4 where there simply were no winter. Of course, everyone was a bit struggling, but we are doing one of the best Q4 ever for our own e-com.

I think that that probably says it all.

Yeah. Thank you.

Then if we move on to the shoes and bag segment, you mentioned that maybe you had some struggles in 2025, although looking at the full year, I guess. Could you elaborate a bit on this?

Is it that do you need to address the product offering, do you need to make it wider, is it a price point concern, or what is the challenge that you maybe need to address if you look into 2026 if you are to maybe accelerate the growth from this point?

Yeah. No, but so it starts, of course, making really good products.

That it takes a while to get that going, but, of course, now if you go in and look at our bjornborg.com, you see that the footwear collection is really fantastic. If you also purchase one, and you will also feel that the fit and the step-in comfort is also spot on.

I think also the price points are where they need to be. We see also that we're growing on own e-com.

However, of course, when it comes to wholesale, and, of course, that's where the big volume in footwear is and will also be in the future, on one hand, footwear distribution has been struggling probably for the last couple of years. I think we can estimate last year decline of 9% to 10% in footwear specialist distribution, whilst, of course, apparel actually was growing a bit.

On one hand, they're struggling a bit. Also, of course, we're repositioning ourselves.

The footwear that we're now launching is better. It looks better, but different.

It's slightly higher RRPs. Of course, that might not fit then all of the old distribution.

It's also a bit about shifting distribution points. Here, the ambition, of course, is to do that and still grow.

We managed to do all of that, but we didn't manage to grow. It's also very tightly linked into challenges in one or potentially two markets.

If we look at the development in Sweden and Finland, footwear is still doing good. Of course, those were our old markets that we also owned in the past, even though we didn't make the footwear ourselves.

Whilst, of course, Holland and Belgium, that was markets that our former licensee partner were also distributing, and that's where the big drop is. It's going to take a bit of time.

I think that's clear, as it did with sports apparel. We're not happy at all with the development from last year.

Here we simply need to do better. It's going to come down to continue to make better products, make sure we work with the right distribution points so we can drive traction in wholesale, and then, of course, continue to focus on footwear as a category so we don't give up just because it's a bit tough.

That's very clear. Thank you.

Then on the gross margin, you mentioned that you feel that you are in a good position in terms of pricing power currently. Could you recap maybe this year or the Q4 in terms of campaign participation and things like that?

Are you satisfied with the pricing level that you can have, driving the growth that you have, and do you see that maybe changing going into 2026?

If you want to wrap up 2025, you can say that the year was a bit more off-price driven for almost everyone. Of course, that's partly related to there's just no snow, and then when the snow comes, that's end December, and that's when you do clearance.

Of course, probably all or most of the down jackets sold in Sweden last year were sold very late in the year when it's clearance. We were also impact of that.

In all the channels, I would say that we've been a bit more price aggressive than what we were the year before. Of course, that's more tactics.

We need to see what happens in the market. We need to continuously drive volumes, win consumers, but, of course, at the same time, remain at our price points.

The quick answer is slightly more campaign driven last year in general, and we also saw that the market was leading that way. The plan, of course, is to continue to work with reducing discounts and sell more products full price.

Thank you. Then finally, maybe if you could give us your picture of the current maybe Swedish consumer right now.

Of course, peers are reporting, they get a lot of indications of underlying market data and so forth, but would be very useful to maybe get your perception of the current state of the Swedish consumer.

It's a bit tricky actually because, of course, we said the same last year. There's a lot of indication or rational reasons for people starting to buy more, more money, tax releases, interest rates going down.

It's just a lot of stuff that just indicate that now we can spend more money. It doesn't really happen.

It doesn't materialize. I think what we saw from last year at least that many of the e-com players recovered.

I think PostNord reported a 10% online growth in general last year, whilst some of the physical stores are struggling a bit. This shift is, of course, continuing from physical stores to onliners.

At the same time, of course, it seems like the consumer is still a bit hesitant. Let's see.

I think, as year go, there's a lot of indications that all of the ingredients are in place to get some consumptions going again. Again, as soon as you open up a newspaper, all you read is about the world going to explode if you will, and of course that's not going to drive instant purchases.

Again, tomorrow we have Valentine's. Make sure you buy something for your wife or your husband or your kids.

Of course, there's nothing better than a pair of underwear or a track top from Björn Borg. I think we can all help each other out of that.

We just need to purchase a bit more, and, of course, ideally Björn Borg stuff.

Yeah. All right, that's very useful.

Thank you so much for answering the questions.

I'll leave it to any concluding remarks.

No, thank you so much. Happy that you dialed in.

We're continuing our journey, and again, of course, short or long term, it might go a bit up and down, but we're here to build a sports brand that inspires you to move more. Make sure that in the break in the hockey game in a few hours that you do a bit of running yourself as well.

That's going to make you stronger and also happier. With that, have a great Friday, and, well, I'll see you in a quarter.