During 2025, the group generated revenue of SEK 1.2 billion, representing a 3 percent increase compared to the previous year. At the same time, operating profit improved by 54 percent, reaching SEK -159.3 million compared to SEK -345.1 million the year before.
Revenue for the Nordic operations amounted to SEK 796 million. The figures show that the e-commerce retailer is growing and losses are decreasing, but more events and strategies are explained in the recently released documents.
Write-downs and the German Exit
Earlier in spring 2026, the company announced that it was shutting down its operations in Germany, which until then was the company's second largest market and accounted for one-third of revenue. Despite 300,000 active customers, costs were high, particularly due to a logistics agreement with the company Fiege. The closure affects around 20 employees, but the decision was made to stop the outflow of capital.
We are in a turbulent time where the capital market is difficult and risk appetite is generally low. Investors see concern about how long it will take to achieve profitability in a market like Germany, explained CEO Sofie Zettergren in connection with the decision.
The annual report now shows the accounting traces of the exit. The parent company made a write-down of the shares in the German subsidiary Motatos GmbH of SEK 138.6 million during 2025.
There is also a debt from the parent company to the German subsidiary of SEK 137.9 million at the end of the year. This debt will be offset against assets upon liquidation of the company. This means that liquidity is not affected by the debt settlement.
We concluded that the investments required to reach critical mass in Germany are not compatible with our strategy of an accelerated path to profitability, the annual report states.
Timeline for Profitability
As the company leaves Germany, resources are instead fully focused on Sweden, Finland and Denmark. One of the goals the company sets is to achieve profitability.
During 2025, the e-commerce retailer reached a zero result at EBITDA level in individual months in the Nordics. The Nordic region should now deliver profit on a full-year basis by 2028. The annual report highlights that profitability in the domestic market is seen as the basis for continued operations.
Achieving sustainable profitability in our home market is the foundation that allows us to continue investing in the future customer offering, writes CEO Sofie Zettergren.
Write-downs and the German Exit
The decision to leave the German market has left its mark on the balance sheet. The parent company made a write-down of the shares in the German subsidiary Motatos GmbH of SEK 138.6 million during the year.
There is also a debt from the parent company to the German subsidiary of SEK 137.9 million at the end of the year. This debt will be offset against assets upon liquidation of the company.
This means that liquidity is not affected by the debt settlement. Management states in the annual accounts that the investment in Germany required more resources than deemed reasonable to achieve the goals.
We concluded that the investments required to reach critical mass in Germany are not compatible with our strategy of an accelerated path to profitability, writes Sofie Zettergren.
Control Meeting and Financing
The capital situation led the company to call a first control meeting in May 2026. The reason was that equity had fallen below half of the registered share capital. At the meeting, a decision was made to continue operations. The capital was then restored by the owners contributing SEK 100 million.
The e-commerce retailer has also implemented other financing solutions. A company loan of SEK 25 million was taken from Aros Kapital in June 2025, with a repayment period of 48 months.
In addition, a convertible loan was extended in October 2025 by SEK 23.9 million to a total of SEK 240 million. This loan has a mandatory conversion to shares in 2026.
Personnel and Reorganization
Several changes have occurred in management and the board of directors. Sofie Zettergren took over as CEO after Peter Beckius in December 2025. Shortly thereafter, in January 2026, the chairman of the board Jesper Højer left his post and was replaced by Gustaf Brandberg.
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At the same time, the number of employees in the company decreased from 180 to 155, which corresponds to a decrease of 14 percent.
During 2025, we saw continued high employee turnover, primarily due to the reorganization that took place in the autumn of 2024, the company explains.