Slide 1: Q2 2026
Q2 2026 23 JULY 2026 1
Slide 2: Today's presenters
Today’s presenters John Thomasgaard Krister Pedersen CEO CFO
Slide 3: Agenda
Agenda 01 Q2 2026 highlights 02 This is Bohus 03 Q2 2026 business and financial review 04 Outlook and summary 05 Q&A
Slide 4: Q2 2026 highlights
Q2 2026 highlights
Slide 5: Q2 2026 highlights
Q2 2026 highlights • Acquisition of 55 franchisees during 2025. All figures presented on a comparable basis • 15.7% YoY revenue growth to NOK 963.8 million - Like-for-like growth of 10.1% • Improved gross margin to 48.9% (Q2 2025: 47.5%) • Adjusted EBIT of NOK 143.5 million and an EBIT margin of 14.
Slide 6: This is Bohus
This is Bohus
Slide 7: Bohus is Norway's largest mid-market furniture retail chain
Bohus is Norway's largest mid- Nationwide and omnichannel presence through 72 market furniture retail chain strategically located stores and online platform Strong market position #1 +4.4 ppts. in the mid- above-market 20% market 620k 9.2% growth LTM market share among Customer club Revenue CAGR fur
Slide 8: Attractive market characteristics with barriers to entry
Attractive market characteristics with barriers to entry Furniture is a destination-led category with demand and conversion structurally anchored in physical retail Large high-value goods Complex logistics Destination category Low brand dominance Physical retailers favored Shopping clusters are High
Slide 9: Consistently gaining market shares in a large and resilient market
Consistently gaining market shares in a large and resilient market Large market set for volume growth ahead, with limited cyclicality, high customer involvement and limited price comparison Furniture retail market (NOKbn) Bohus market share Low unemployment and high purchase power 12% 12% 12% 13% 13
Slide 10: Clear category winner in the mid-market segment
Clear category winner in the mid-market segment Mid-market leader in a fragmented market with market share gain enabled by scale advantages Bohus is the clear mid-market leader, with the largest market share increase 10
Slide 11: Automated central warehouse is a key enabler of efficient logistics
Automated central warehouse is a key enabler of efficient logistics Future-proof and scalable central warehouse Central warehouse is a key enabler of efficient logistics and strong margins 0-4 delivery days to most stores Strategically located in Fetsund near Oslo and Gardermoen E-commerce delivery
Slide 12: Unmatched structural advantages
Unmatched structural advantages Bohus’ scale, efficient logistics and strong brand supports a leading mid-market position Scale Attractive locations ✓ Nationwide through 72 stores and leading omnichannel ✓ Attractive and large locations ✓ Central functions enables scale advantages ✓ Focus on shoppin
Slide 13: Q2 2026 business review
Q2 2026 business review
Slide 14: Q2 growth across core categories
Q2 growth across core categories Strong development of the outdoor category – approximately 40% of growth Well-planned expansion of the outdoor summer collection, showcasing Bohus’ potential and capability to develop and expand categories Solid core category development Living room and bedroom categ
Slide 15: Q2 2026 revenue growth of 15.7%
Q2 2026 revenue growth of 15.7% Revenue • Two new stores opened in the (mNOK) quarter 963.8 • Lade/Trondheim - acquired 833.3 Møbelringen store • Triaden/Lørenskog - green field • In total six new stores opened the last 12 months • Like for like growth of 10.1 % • Steady growth in the core categorie
Slide 16: Q2 2026 gross margin uplift to 48.9%
Q2 2026 gross margin uplift to 48.9% Gross Margin • Increased gross margin in the quarter by 1.4 % 48.9 % 47.5 % • Operational and value chain improvements • Price optimalisation • Favorable product mix and currency effects Q2 2025 Q2 2026
Slide 17: Increase in operating expenses
Increase in operating expenses OPEX adj./revenue • Up 0.3 %p compared to last year • Higher logistics cost due to higher volumes (in- and outbound) 26.2 % 26.5 % • Last part of SAP migration effect • Ramp-up effect of new stores where the invoiced revenue often comes approx. 8 weeks later than order
Slide 18: Q2 2026 EBIT margin of 14.9%
Q2 2026 EBIT margin of 14.9% Adj. EBIT margin • EBIT margin uplift by 1.6 %p 14.9 % • Adjusted EBIT of NOK 143.5 million, up 13.3 % NOK 32.7 million on a comparable basis • Driven by both revenue growth and improved gross margin Q2 2025 Q2 2026
Slide 19: Financials
Financials
Slide 20: Structural change in 2025
Structural change in 2025 Key financials are adjusted for comparable analysis Group revenue 15.7% The Group’s current structure following 963.8 the acquisition of former franchise 130.5 stores completed in July and September 833.3 2025 248.7 As a result, the quarter should be 584.6 assessed in the c
Slide 21: Profit & loss breakdown
Profit & loss breakdown +15.7% 48.9% 963,8 492,3 471.5 255.1 14.9% 72.9 143.5 123.9 19,6 94.1 71.4 29,8 22,6 Revenue Cogs Gross OPEX Depr EBIT adj. Cost imp. EBIT Net Profit Income Profit for profit comparability financials before tax tax the period • Revenue growth of 15.7 % compared to last year •
Slide 22: Cash-flow for Q2
Cash-flow for Q2 (in NOK million) (40) 409 (88) 226 NOK 200m reduced bank debt, NOK 200m Investments repayment to including new shareholders and stores. dividend, ahead of the IPO 481 Leasing payments Driven by Seasonal operational fluctuation of profit net working capital 25 Cash 31 March 26 Change
Slide 23: RCF facility and liquidity reserve
RCF facility and liquidity reserve • New RCF facility of NOK 600 million 470 replacing the existing loan facility of equal size 200 • More financial flexibility and better capital structure • Less drawdown on the credit facility and less excess cash leads to lower interest cost 245 • RCF Utilization
Slide 24: Net interest-bearing debt
Net interest-bearing debt 1.907 • Net interest-bearing debt excluding IFRS 16 increased by NOK 228 million from the end of 1.523 2025 • Mainly driven by cash-flow from financing activities • Leverage ratio of 0.8x on comparable basis, excluding IFRS 16 which applies to the RCF facility agreement 373
Slide 25: Summary & Outlook
Summary & Outlook
Slide 26: Summary: Ticking the IPO boxes
Summary: Ticking the IPO boxes Solid YoY revenue growth of 15.7% and 10.1% LFL Adj. EBIT margin of 14.9%, up from 13.3% Cash flow of NOK 137.3m from operating activities Rich pipeline of new stores with four planned for 2027 Attractive financial profile, conservative debt and high flexibility
Slide 27: Reiterating financial targets
Reiterating financial targets Like-for-like growth (short term) Mid single digit Like-for-like growth (medium to long-term) Mid-to-high single digit New stores per year 3-5 Net avg. revenue per new store NOK 20 - 25m Adj. EBIT margin (IFRS) Gradual increase to mid-teens Dividend policy ≥80% of net i
Slide 28: Q&A
Q&A