Foxway reported a net revenue of € 146.8 million (SEK 1,725.9 million) for Q1 2025, down 5.3% compared to the same period last year. This decline is attributed to continued market headwinds and a softer performance in its Circular Workspace Solutions (CWS) business area, following the loss of a major client in late 2024. Additionally, the Recommerce Mobile segment faced a year-over-year drop due to an exceptional inventory clearance in Q1 2024 that did not recur.
Profitability strengthens across business lines
Despite lower top-line results, profitability improved. Adjusted EBITDA rose to € 11.9 million (SEK 140.3 million), with an 8.1% margin, up from € 9.9 million (SEK 116.3 million) or 6.4% in Q1 2024. Adjusted Operational EBITDA remained stable at € 3 million (SEK 35.6 million), but saw 24.8% growth when adjusted for currency effects. Operating loss narrowed to € 348,000 (SEK -4.1 million) from € 1.1 million (SEK -13.2 million) a year earlier.
Business area performance varied
CWS, which provides Device-as-a-Service (DaaS) solutions, accounted for 27% of revenue but declined 25.6%. However, the total contracted value for Q1 already exceeded that of the entire year 2024, indicating future growth. Recommerce Mobile, representing 36% of revenue, posted a 5.3% sales drop but significantly improved profitability, driven by strong gross margins and healthier inventory. Recommerce Computers & Enterprise (C&E) grew 12.8%, thanks to strong enterprise equipment sales and the scaling of Foxway’s Teqcycle premium refurbished brand.
Strategic and sustainability progress
Foxway made headway in several strategic areas. Its DaaS offering gained traction, with new deals signed. The company expanded its partner programs, launched a trade-in initiative with Power, and earned HP Certified Licensing Partner status. It also invested in a smart automated warehouse system in Tartu, Estonia, capable of tripling its device processing volume over five years.
On the sustainability front, Foxway achieved a 100% score in Nordic Capital’s 2024 review. It handled 20% more devices than in 2023 and continues to see circular revenues outpacing traditional streams. It also co-founded the Circular Handshake initiative, and its CEO joined the board of Cradlenet. Key 2025 sustainability goals include expanding taxonomy-compliant activities and improving material flow tracking.
Leadership and outlook
Suvi Ruoppa was appointed Chief Strategy Officer as of April 1, while Peter Strömberg leads digital initiatives. Despite macroeconomic uncertainties, Foxway remains cautiously optimistic, citing a strong CWS pipeline and reaffirming its commitment to making sustainability the industry norm.
Market
Trade-in
Repair
Refurbishing
