HomeMaid Q2’25 preview: Strong momentum set to continue, with double-digit growth and improved margins

Source: Inderes

HomeMaid has started 2025 on a strong footing with double-digit revenue growth, and we expect this momentum to extend into Q2, supported by a continued positive development in the RUT market, particularly within home cleaning. We also expect operating margins to strengthen year-on-year, supported by top-line growth and continued efficiency gains, which directly improve the very important gross margin. Beyond the headline figures, we see management’s comments on customer inflow and churn, market demand and outlook, as well as Rimab’s margin trajectory, as key focus areas in the Q2 report.

We expect HomeMaid to grow slightly faster than the home cleaning market (RUT)

We forecast HomeMaid’s Q2 revenue to increase by 11% year-on-year to 140 MSEK (Q2’24: 126 MSEK). The growth is expected to be led by the B2C segment (Q2’25e: 13% y/y), mainly driven by a continued strength in the RUT market, where home cleaning grew 11% in Q2, supporting a strong inflow of new subscription customers. HomeMaid’s B2C revenue has historically closely tracked the broader RUT market, albeit with slightly higher sensitivity. In practical terms, this means HomeMaid tends to outperform the market during upswings and underperform during downturns. In the current upswing, we believe HomeMaid stands to benefit from its solid brand reputation, scale, and ongoing investments in its in-house sales organization.

After a soft 2024 in B2B, due to weak real estate and construction markets, we saw a rebound in Q1 with B2B revenue up 8% y/y. While encouraging, Sweden’s economic environment remained subdued in Q2, with soft growth and elevated uncertainty related to tariffs and geopolitical tensions. As such, we estimate B2B revenue to be flat q/q at 37 MSEK, representing 6% y/y growth.

Continuous improvements in operational execution are expected to lift margins year-on-year

Moving down the income statement, we estimate EBITA at 10.6 MSEK (Q2’24: 8 MSEK), translating to an EBITA margin of 7.6% (6.3%). The year-on-year EBITA margin improvement is expected to be driven by an improved gross margin, supported by the company’s positive momentum in increasing operational efficiency. This includes e.g. higher first-time cleaning quality (reducing the need for rework), reduced traveling time to customers, and improved workforce utilization.

The RUT market is heading towards a record year, and we expect HomeMaid to grow alongside it

For FY2025, we forecast revenue of 605 MSEK (FY25e pro forma: 654 MSEK), representing a 21% growth year-on-year. With Rimab being consolidated into the financials from Q3, we estimate organic growth to be 11% in 2025 for the Group. EBITA margin is expected to improve to 9% (FY24: 8%, pro forma 2025: 8.5%), supported by scaling effects from a favorable RUT market (B2C), a gradually recovering B2B segment, and continued efficiency improvements driving gross margin expansion.

While the acquisition of Rimab makes the balance between B2B and B2C more even (FY24: ~70/30, FY25e pro forma: ~60/40), we still view monthly RUT updates (Rutbarometern) as valuable indicators of HomeMaid’s revenue trajectory. July data showed a modest +1% y/y increase in home cleaning, but this comes against a very strong comparison (Q2’24: 14% y/y), when the expanded deduction limit took effect. We therefore interpret July’s outcome as evidence of sustained high activity. Combined with Q1 (+10%) and Q2 (+11%), we believe the market growth confirms households continue prioritizing services that simplify daily life and enhance quality of life.

That said, if growth in the coming months remains limited to low single digits, or if macro conditions (GDP growth, inflation, interest rates) weaken, we may need to revise our full-year estimates, as HomeMaid’s B2C revenues are closely tied to the development of the home cleaning market.