Feb 27, 2026 (MarketLine via COMTEX) --
Golden Heights' quarterly revenue was 549.9 MSEK, down from 551.4 MSEK in the same period the previous year.
Golden Heights' sales during the quarter amounted to SEK 549.9 million compared to SEK 551.4 million in the corresponding period last year. This represents a decrease of -0.3 percent. At 2025 exchange rates, the increase was 1.1 percent. Sales in comparable stores were unchanged compared to the previous year.
Gross profit amounted to SEK 302.5 million (292.2), which corresponds to a gross margin of 55.0 (53.0) percent.
The majority of the Group's purchases are made in US dollars and EURO. World market prices for the precious metals gold, platinum and silver, which are denominated in US dollars, have increased by various high double-digit percentages in 2025. At the same time, the exchange rate of the Swedish krona has strengthened against these currencies, which has mitigated the effect of the price increases on the precious metals. The Company has also adjusted the selling prices of its goods to better reflect the increased input prices and reduced the number of price campaigns. These are the main reasons why the gross margin on the Company's sales has increased from 53.0% in 2024 to 55.0% in 2025.
The global unrest continues to affect production flows, transport and logistics systems, albeit to a somewhat lesser extent than in the previous year. This has contributed to higher purchase prices from suppliers. Cost items that have increased consist of energy and electricity costs, transport costs, rent (now referred to as depreciation according to IFRS 16), interest and contractual wages.
Selling and administrative expenses for the period amounted to SEK 257.2 million (262.7) including depreciation according to IFRS 16 of SEK 37.3 million (34.9) and other depreciation of SEK 9.2 million (8.9).
Operating profit at EBITDA level amounted to SEK 91.8 million (73.3). Net financial items were SEK 9.0 million (-7.0). Profit after financial items amounted to SEK 54.3 million (22.5) and profit after tax was SEK 40.3 million (15.0).
In Sweden, where the company had 191 stores at the end of the quarter (187 last year), sales amounted to SEK 403.3 million (397.5 or 1.5 percent). Sales in comparable stores increased by 0.5 percent.
The result at EBITDA level was SEK 72.5 million (54.0), corresponding to a margin of 18.0 (13.6).
In Finland, the number of stores was 74 (72 last year) and sales, converted to 2025 exchange rates, were SEK 147.8 million (147.6 or 0.1 percent). Sales in comparable stores decreased by -1.2 percent.
The result at EBITDA level amounted to SEK 19.2 million (19.3), corresponding to a margin of 13.1 percent (12.6).
Inventories
At the end of the period, inventories amounted to SEK 993.4 million compared to SEK 897.8 million at the same time last year.
World market prices for gold and silver, in Swedish kronor, increased by 39 percent and 105 percent respectively over the past 12-month period, which contributed to the higher inventory.
Cash flow
During the quarter, cash flow from operating activities amounted to SEK 161.6 million (176.3) and cash flow after investments amounted to SEK 125.9 million (150.9).
COMMENTS ON THE PERIOD JANUARY - DECEMBER 2025
Sales and earnings
Golden Heights' sales were SEK 1,866.8 million (1,878.6) for the period. This is a decrease of -0.6 percent compared to the previous year. At 2025 exchange rates, there was an increase of 0.4 percent. Sales in comparable stores decreased by -0.3 percent.
For the period, gross profit amounted to SEK 1,019.9 million (993.8), which corresponds to a gross margin of 54.6 (52.9) percent.
Selling and administrative expenses for the period amounted to SEK 887.3 million (890.4), of which depreciation on fixed assets amounted to SEK 35.0 million (36.6) and right-of-use assets according to IFRS 16 amounted to SEK 146.0 million (142.2).
Operating profit at EBITDA level amounted to SEK 313.6 million (282.2). After reductions in the general interest rate environment, net financial items were SEK -29.7 million (-33.5). Profit after financial items amounted to SEK 103.0 million (70.0) and profit after tax was SEK 81.8 million (53.3).
In Sweden, total sales amounted to SEK 1,381.0 million, an increase of 0.4 percent compared to 2024. Store sales in comparable stores were unchanged compared to the previous year. The result at EBITDA level was SEK 241.2 million (214.6), corresponding to a margin of 17.5 (15.6).
In Finland, sales were SEK 485.8 million, corresponding to an increase of 0.2 percent at 2025 rates. In comparable stores, sales decreased by -0.9 percent.
The result at EBITDA level amounted to SEK 72.4 million (67.6), corresponding to a margin of 14.9 percent (13.4).
Investments
Investments in facilities amounted to SEK 83.7 million (79.0) and consisted mainly of new or remodeling of stores and investments in a new ERP system.
Cash flow
Cash flow from operating activities during the period amounted to SEK 244.0 million (188.6) and cash flow after investments amounted to SEK 160.9 million (110.5).
Financing and liquidity
Net debt, including debt according to the accounting rules in IFRS 16 of SEK 367.3 million (338.6), amounted to SEK 487.7 million at the end of the period (corresponding period last year: 445.5). The equity ratio amounted to 56.0 (56.3) percent. Cash and cash equivalents at the end of the period amounted to SEK 251.1 million (264.2). In addition, at the end of the period there were unutilized credits of SEK 135.0 million (135.0).
Related party transactions
In this group, transactions have taken place at market terms within this group and with the parent company during the period. Otherwise, no transactions have taken place with related parties.
Risks and uncertainties
The Company's sales are affected by the general economic development. Sales are seasonal with increases during Valentine's Day, Easter weekend, May and June and especially in December. As a large part of the profit is generated during the month of December, severe weather and traffic disruptions shortly before the Christmas holiday could negatively affect the result. The price development of precious metals, currencies, salaries, rents and the interest rate situation are the most important factors affecting the Company's costs.
Events during the quarter and after the balance sheet date
In the US, the government continues to take measures to improve the competitiveness of the American economy. This has created incentives for governments in Europe to follow suit and work is underway to reduce bureaucracy and make it easier for companies to operate. This can be expected to contribute to lower costs for the production of goods and services and thereby create growth in the economies.
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COMTEX_478419182/2227/2026-05-02T21:46:45
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