Press release, Borås, 10 November 2026
The interim report for Ellos Holding AB (publ) is published today.
“Continued profitable growth and strong cash flow”
JULY–SEPTEMBER 2026
- Net sales amounted to SEK 932.2 million (850.5).
- Organic net sales growth amounted to 8.1%.
- Adjusted EBITA amounted to SEK 88.6 million (66.1) with an adjusted EBITA margin of 9.5 percent (7.8)
- Operating profit (EBIT) amounted to SEK 68.8 million (47.5) with an operating margin of 7.4 percent (5.6).
- Result for the period amounted to SEK 35.1 million (16.3).
- Adjusted cash flow from operating activities amounted to SEK 69.3 million (18.9).
JANUARY–SEPTEMBER 2026
- Net sales amounted to SEK 2,611.9 million (2,453.0).
- Organic net sales growth amounted to 6.2%.
- Adjusted EBITA amounted to SEK 164.5 million (140.0) with an adjusted EBITA margin of 6.3 percent (5.7).
- Operating profit (EBIT) amounted to SEK 72.1 million (85.9) with an operating margin of 2.8 percent (3.5).
- Result for the period amounted to SEK -22.3 million (1.3).
- Adjusted cash flow from operating activities amounted to SEK 107.8 million (26.8).
- Adjusted EBITDA excl. IFRS16, rolling 12 months, amounted to SEK 275.4 million.
- The leverage ratio at 30 September amounted to 1.5 times.
Comment from the CEO of Ellos Holding AB (publ)
STRONG GROWTH AND IMPROVED PROFITABILITY
Ellos Group delivers a strong third quarter with increased sales, improved profitability and strengthened cash flow. Growth continues to be driven by our own brands in Fashion and Home, with positive development on all e-commerce platforms, both in the Nordics and in our new markets in Europe.
Net sales increased by 9.6 percent, of which 8.1 percent organically, to SEK 932 million, while the gross margin increased by 1.7 percentage points to 45.8 percent. Adjusted EBITA increased by 34 percent to SEK 89 million, corresponding to an adjusted EBITA margin of 9.5 percent, compared with 7.8 percent the previous year. The development strengthens our starting point for achieving our financial targets for profitable growth and long-term value creation.
STRENGTHENED CASH FLOW AND SIGNIFICANTLY REDUCED LEVERAGE
The operational development is reflected in strong financial performance. Cash flow from operating activities amounted to SEK 69 million during the quarter and SEK 108 million for the first nine months of the year, a clear improvement compared with the previous year. The improvement is mainly driven by a healthy inventory position following the build-up during 2025, but also by significantly lower interest payments as a result of the capital structure implemented at the end of 2025.
At the end of the quarter, net debt amounted to SEK 403 million and the leverage ratio is 1.5x compared with 5.0x in the same period last year. The decrease in the leverage ratio is mainly due to the new share issue in connection with the stock market listing, the release of pledged funds and the positive cash flow from operations. The leverage ratio is thus now below the target level of 2.0x. We are working on optimizing the balance sheet and preparing for share buy backs and dividends in 2027.
CUSTOMER-FOCUSED GROWTH DRIVEN BY OWN BRANDS
We continue to invest in strategic categories and new customer acquisition for long-term profitable growth, which increased marketing and selling expenses during the quarter. The investments are delivering clear results. Our own brands in Fashion and Home are increasing their share of total sales to 66 percent, from 65 percent in the second quarter and 64 percent in the first quarter of this year.
Growth in Home improved during the quarter, with strong growth for home textiles, rugs and lighting and a gradual recovery for furniture. Within Fashion, women’s fashion and sportswear continued to develop well, despite the warm weather delaying the seasonal shift for heavier garments and shoes.
We also took a step in developing beauty as a complementary category to Ellos’ fashion offering. On 28 August, Ellos opened a physical beauty store in Gothenburg to develop the beauty offering and the customer experience both online and in store.
Sales in our European markets continued to be strong, driven mainly by Jotex. Ellos has now complemented its women’s fashion offering with home textiles, rugs, lighting and smaller furniture in these markets. The expansion is driven exclusively by our own brands and is a continued important part of our growth strategy. The number of active customers increased compared to last year by 6 percent for Ellos, 20 percent for Jotex and 14 percent for Homeroom, which strengthens the base for continued customer-driven growth.
INCREASED DIGITALISATION FOR A BETTER CUSTOMER EXPERIENCE
During the year, we have put new systems for product development and collection and purchasing planning into operation. They provide better data, more efficient processes and support for sustainability requirements and reporting, as well as better conditions for increased automation and AI in our core processes. To develop the customer experience further, we are testing a new search function on our e-commerce platforms. We are evaluating new data-driven tools for pricing and campaign pricing and continue to identify efficiencies with the support of automation and AI throughout the business.
During the year, we are also adapting the customer journey to the EU’s second Consumer Credit Directive (CCD2), which will enter into force on 20 November. We have extensive experience of continuously adapting our consumer credit operations to customer preferences and increasingly stringent requirements for responsible lending. The adaptation to CCD2 also includes new authorisation and registration requirements. In Denmark, we are already registered with the Danish Financial Supervisory Authority. We have submitted an application for registration with the Finnish Financial Supervisory Authority and intend to apply in Sweden within the prescribed timeframe. During the quarter, the share of purchases made using Elpy’s payment methods was lower, which reduced revenue from payment solutions. This was due to a decrease in the share of purchases made using one of Elpy’s payment methods, particularly instalment payments, in favour of other payment methods, primarily card payments. This is an underlying trend that we have observed over the years. The main underlying factors are the country and sales mix, an increasing share of entirely new customers, and the adjustments we have continuously made to the customer journey in response to new laws and regulations.
OUTLOOK
We are now entering the largest quarter of the year, with Black Friday and the important Christmas season ahead of us. The preparations are done and we have a strong third quarter behind us. The geopolitical and macroeconomic situation remains uncertain. We stick to our strategic direction, with a focus on own brands, a relevant customer offering and increased efficiency. With improved profitability and a stronger financial position, we continue to make progress towards our financial targets, while remaining mindful of market developments.
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 10 November 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.