From the Interim Report January-March 2026
We delivered higher profitability in the quarter, both in absolute terms and in terms of margins, and noted a strong increase in profit after tax. We improved all of our margin measures in Sweden, which is our most important market and accounts for nearly half of the Group’s net sales.
We reported organic growth of 5.6 percent for the quarter and like-for-like growth was 3.8 percent, in a market characterised by continued restraint in consumer spending. This confirms our ability to grow our existing business while investing in future expansion.
Our strategy remains firm: create customer value through innovation, availability, fashion and function, while building an even stronger, more scalable and profitable business for the future.
Stable development in subscriptions and the cash business
Net sales from the Synsam Lifestyle spectacles subscription increased 6.1 percent during the quarter. The number of customers with spectacles subscriptions amounted to approximately 770,000 (approximately 718,000) at the end of quarter, a net increase of 7.2 percent. The total number of subscription customers (spectacles and contact lenses) on 31 March 2026 amounted to approximately 916,000 (approximately 858,000).
With high levels of customer satisfaction and loyalty, subscriptions remain a key engine of stable, profitable growth. Net sales for the cash business increased 1.0 percent in the quarter compared with the same period last year.
Positive organic growth in all markets
In Sweden, which is our most important market and accounts for nearly half of the Group’s net sales, we continued to deliver a strong performance in the first quarter. Organic growth totalled 6.5 percent and all margin measures improved. The EBIT margin was 21.2 percent, clearly underlining the strength of our business model. Sweden continues to be the market where we are furthest ahead in terms of new concepts and innovations, with Synsam EyeView contributing to increased availability for our customers during the quarter. Organic growth in Norway amounted to 4.2 percent in the quarter. Synsam EyeView also contributed to increased availability in Norway. Finland had another strong quarter, with organic growth of 18.7 percent in a highly competitive market. The segment also generated a higher gross margin. Organic growth in Denmark was positive at 4.8 percent for the first quarter, we continue our action program to strengthen profitability.
New establishments
Synsam established four new stores during the first quarter. NK Eyewear & Optics opened in Gothenburg after the end of the quarter. The establishment, built on the successful concept in Stockholm, strengthens our position in the premium segment by bringing together exclusive brands, clinical expertise and personal advice for a customer experience centred on both eye health and fashion.
CEO comment
We have improved all performance measures in Q1
Together with the global star Erling Haaland, Synsam makes a digital launch on the European market
Between seven and nine new stores will be established in the second quarter, in line with our store establishment target for 2026–2029.
Our new stores are quickly achieving profitability thanks to strong concepts and well-developed method for analysis, location selection and establishment. We can see that there is still a great deal of potential for establishment and expansion in the Nordic region.
Exclusive partnership with football star Erling Haaland
Having advanced our business in the Nordic region, we now hold strong positions in all four of our Nordic markets – including Finland, where we have strengthened our position from number six to number three in recent years. Synsam EyeView has been fully implemented in Sweden and Norway and is contributing to our growth. Synsam Lifestyle is continuing to perform well, displaying good growth in the customer base and sales. Smart glasses have been introduced, and we have a strong portfolio of House Brands with international potential.
Having entered into an exclusive partnership with Erling Haaland in April, we have an opportunity to carry out a focused, cost-effective and low-risk international expansion of our e-commerce platform. This marks an important step in our efforts to further strengthen Synsam’s offering, brand and digital reach. The partnership, which includes a new collection of eyewear, sunglasses and sports eyewear, is aligned with our strategy of combining fashion, function and innovation in an attractive and differentiated customer offering. The initiative is also important in terms of growth and expansion. In addition to being sold in our own stores and online in our core Nordic markets, the collection is also being launched via synsam.com in selected European markets. This marks a further step in our digital development and also creates opportunities to enter new markets and sales channels outside the Nordics.
I see this partnership as a clear example of how we continue to develop Synsam by combining commercial innovation with a strong customer offering and a scalable business model.
With a strong position in our core markets and a continued focus on organic growth and profitability, we are well positioned for the next phase of Synsam’s development. Our ambition is clear: to continue to strengthen Synsam through an attractive customer offering, innovation and scalable in-house channels.
Håkan Lundstedt
President and CEO