Foxway shows resilience and growth despite continued net losses

In a year marked by economic challenges and slower IT investment, Foxway reported a resilient performance in 2024, with net sales climbing by 6.1 percent to € 669 million (SEK 7,804.6 million). Organic growth reached 5.6%. Adjusted EBITDA came in at € 58.8 million (SEK 686.1 million), reflecting a margin of 8.8%. Despite lower margins in some areas early in the year, Foxway remained profitable and forward-looking. However, net income for the year came out on – € 25.7 million (SEK 29.8 million). Foxway’s Recommerce Mobile business remains their biggest business unit.

Recommerce Mobile leads the way

The Recommerce Mobile business area was a key growth driver, with sales rising 23.6% to € 256 million (SEK 2,988.6 million). Adjusted EBITDA increased to € 22.9 million (SEK 267.8 million), thanks to strong demand and improved efficiency. Although pricing pressure affected margins in early 2024, profitability surged in Q3 and Q4. However, sourcing devices remained a challenge during high-demand periods like Black Friday and Christmas.

Computers and Enterprise show mixed results

Foxway’s Recommerce Computers & Enterprise division maintained stable revenues at € 208 million (SEK 2,427.9 million), but adjusted EBITDA dropped to €11.5 million (SEK 133.6 million). Limited overstock and higher acquisition costs impacted margins. However, Foxway’s Teqcycle brand showed promise, as demand for premium refurbished devices gained momentum.

Circular Workplace grows modestly

The Circular Workplace Solutions unit recorded slight sales growth to € 216 million (SEK 2,526.5 million). Adjusted EBITDA improved to € 35.4 million (SEK 413.2 million), though operational EBITDA dipped due to postponed IT investments by some customers. Foxway remains optimistic, with new initiatives and partnerships aimed at driving a turnaround in 2025.

Sustainability and innovation remain central

Foxway deepened its commitment to sustainability in 2024, entering a strategic partnership with Tele2 to promote circular IT models through “Device as a Service.” The company also launched a new sustainability website and expanded its voice at international events such as Websummit and Techarenan Zero. Its Teqcycle brand continued expanding the availability of premium refurbished computers. like HP and Lenovo. And more to come.

Leadership and structural changes

Several leadership changes were implemented to strengthen Foxway’s transformation. Patrick Höijer became CEO in August, joined by a new Chief Digital Officer, Chief Financial Officer and Chief People & Culture Officer. Cost-control measures included office relocations and a workforce reduction of over 100 employees, ensuring long-term agility and scalability.

Looking ahead to 2025

Foxway’s strategy for 2025 centers on organic growth, strategic acquisitions and expanding sourcing and geographical reach. Anticipated product launches, including the Samsung Galaxy S25 and new Apple iPhones, are expected to stimulate the mobile trade-in market. Foxway aims to lead the transition to circular tech, with a clear focus on transparency, sustainability and digital inclusion.