Swedish Foxway strengthens margins while mobile segment slows

A resilient Q3 performance from Foxway highlights strong results in workplace and enterprise recommerce, while mobile operations face continued pressure from sourcing and pricing challenges. Foxway reported stable results for Q3 2025, supported by stronger business activity in Circular Workplace Solutions and Recommerce Computer and Enterprise. Net sales reached approximately € 192.65 million. Adjusted EBITDA closed at around € 18.54 million and adjusted operational EBITDA at € 9.77 million. Operating profit amounted to roughly € 5.46 million. Cash flow from operating activities stood at € 13.67 million and included nonrecurring costs of around € 1.74 million. The company emphasised that growth in constant currency reached 1.8%, despite a small year-on-year top-line decline. This performance signals stability in a market characterised by higher competition and price pressure, especially in the mobile segment. Earlier over Q2 Foxway reported declining sales.

Circular Workplace Solutions maintains steady growth

Circular Workplace Solutions accounted for 38% of quarterly revenue. The segment demonstrated clear progress as customer onboarding accelerated, supporting higher second lifecycle sales and improved margins. The business area achieved constant-currency growth of 5.4%. Adjusted operational EBITDA for CWS increased to approximately € 4.42 million, corresponding to a margin of 5.2%. New contract momentum, efficiency measures and stricter cost control contributed to this uplift.

Enterprise recommerce outperforms expectations

Recommerce Computer and Enterprise, representing 29% of net sales, delivered one of the strongest performances of the quarter. The segment benefited from rising enterprise demand and margin expansion within Teqcycle, Foxway’s premium refurbished computer concept. Net sales grew 5.8% in constant currency, reflecting sustained appetite for professionally refurbished computers and enterprise equipment. Adjusted operational EBITDA reached € 4.11 million, up 59% compared with last year, resulting in a margin of 7.3%.

Mobile recommerce continues to face headwinds

Recommerce Mobile, representing 33% of revenue, faced a challenging quarter. Net sales declined 4.9% in constant currency and profitability came under pressure due to intensified Apple iPhone price competition across online marketplaces and a difficult sourcing environment. Foxway focused heavily on inventory discipline throughout the quarter. Cost-saving initiatives and stricter sourcing processes were implemented, with an emphasis on batch-based purchasing to protect margins. The company expects seasonal demand peaks in Q4, including Black Friday and Christmas, to support continued inventory reductions.

Strategic expansion and strengthened leadership

Foxway announced a 10,000 m² expansion of its Estonian facility. The investment is designed to increase processing capacity and strengthen traceability across circular operations, reinforcing the company’s long-term scalability. During the quarter Foxway appointed Taina Flink as Interim Chief Sales Officer and Kent H. Jeppesen as Interim President of Recommerce Mobile. The company also received significant external recognition, including the “Upcomer of the Year” award from Karriärföretagen, acknowledgement from Impact Loop for sustainability performance, and the Estonian Entrepreneurship Award 2025.

CEO Patrick Höijer comments

“The quarter marks another important step forward for Foxway in a challenging yet opportunity-rich market. We’re seeing stronger business momentum, particularly within Recommerce C&E and Circular Workplace Solutions (CWS) - while also keeping a tight grip on costs.”

Outlook reflects both pressure and opportunity

Management maintains a cautiously optimistic outlook for 2026. Circular Workplace Solutions and Recommerce Computer and Enterprise continue to build positive momentum, supported by growing pipelines and improved operational clarity. Meanwhile, the mobile segment remains under pressure, though management is implementing targeted initiatives aimed at restoring growth and margin recovery next year. Foxway’s diversified model continues to provide resilience in a volatile recommerce environment. The balanced performance across segments suggests a stable foundation for future growth, supported by improved cost control, capacity expansion and a clear operational strategy.