Senior Equity Analyst
Equity research Zinzino: Preview Q3 2025 – Expansion continues, further fuelled by M&A
22 Oct 2025
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Zinzino has already released preliminary sales figures for Q3 2025. They demonstrated a 48% growth in total sales and 54% YTD. The persistently high rate is driven by strong organic growth and M&A in key regions, primarily Central Europe, Asia Pacific, and North America. Thus, the trend is similar to previous quarters, even though Zinzino faces more challenging comparable periods. The outcome was only slightly below our initial expectations due to somewhat slower development in North America than we had assumed.
For Q3 2025, we expect lower margins compared to the same period in 2024, due to increased remuneration to distributors and other cost increases. However, we expect flat profitability compared to the previous quarter. As the company is expanding rapidly we believe costs may come in fits and starts, contributing to some uncertainty in our estimates
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