Bhg Group Ab · OMXSTO:BHG
Bhg Group Ab — Q3 2026 Earnings Presentation
14 slides from Bhg Group Ab's earnings presentation, Oct 23, 2026
Slide 1: Q3 Report 2026
Q3 REPORT 2026 Gustaf Öhrn , CEO Jesper Flemme , CFO 1
Slide 2: Strong growth and three years of continuous profitability improvements
Q3 Strong growth and three years of continuous profitability improvements Double digit sales growth and +32% profitability increase. Continued to execute on our strategy – AI delivers measurable gains in customer experience and efficiency.
Slide 3: Strong growth, improved margins and improved cash flow
We see strong growth, improved margins and continued improved cash flow SALES Earnings Cash flow Net Sales (SEK) Adj. EBIT (SEK) Cash flow from operating activities (SEK) SEK SEK SEK 2,901m 122.1m 91.6m +11.7% vs. LY Organic growth: +29 .8m vs. LY +39 .6 vs. LY +9.3% vs. LY +32.3%. vs. LY Strong gro
Slide 4: 8th consecutive quarter of organic growth
8 th consecutive quarter of organic growth 16% Once again , strong growth rate in the quarter 13.4% – driven by all segments 14% 12% 10.7% 9.6% 9.3% 10% 8.2% Sales were especially strong in Norway , 8% Denmark and Eastern Europe 5.4% 6% 4.2% 4% 2% 0.5% We expect continued market growth and rising on
Slide 5: Our strategy is working – long term trend is intact
Our strategy is working – long term trend is intact 4.1% LTM On track towards 5% 500 4,5% Three years of consecutive 450 4,0% profitability improvement YoY Adj. EBIT 400 350 3,5% – our short -term 300 3,0% 2,5% financial target 250 200 2,0% 1,5% 150 1,0% 100 50 0,5% 0 0,0% Adj. EBIT R12 (SEKm) Adj.
Slide 6: Growth with cost discipline – operating leverage
Growth with cost discipline – operating leverage Each data point shows the percentage change in LTM net sales and organisational costs relative to LTM Q4 2024 Sales have grown ~7x Net sales LTM Organisational Cost LTM 14,0% faster than 12,5% 12,0% organisational costs 10,0% 8,0% 6,0% Change from Q4
Slide 7: We've continued to execute on our strategic plan
We’ve continued to execute on our strategic plan AI Unique assortment Deployed agents provide quantifiable, measurable results Differentiation through uniqueness Examples: Bygghemma product guidance: “Fråga BO” ~ 3.5x conversion Taking out the middlemen – driving entry gross margin Avoiding price ma
Slide 8: Strong growth in the third quarter
Strong growth in the third quarter BHG Group Home Improvement Value Home Premium Living 3 500 16% 1 800 16% 900 25% 1 000 16% 900 14% 14% 1 600 14% 14% 800 14% 3 000 13% 21% 20% 800 1 400 12% 700 12% 12% 12% 2 500 11% 700 1 200 600 10% 10% 10% 9% 10% 10% 9% 15% 600 2 000 1 000 9% 500 16% 8% 8% 8% 50
Slide 9: Significant Adj. EBIT improvement driven by all segments
Significant Adj. EBIT improvement driven by all segments BHG Group Home Improvement Value Home Premium Living 67.1 23.1 122.1 50.9 (4.6%) (3.8%) (4.2%) (6.0%) 62.5 92.3 (4.6%) 37.6 (3.6%) (5.5%) 12.1 24.8 (2.2%) 52.5 (4.0%) (2.2%) 37.7 (3.0%) 3.4 (0.7%) Q3 24 Q3 25 Q3 26 Q3 24 Q3 25 Q3 26 Q3 24 Q3 2
Slide 10: Growth translated into improved profitability
Growth translated into improved profitability Adj. EBIT margin Q3 '25 3.6% EBIT margin in the quarter improved by 0.7 percentage points compared to last year Product margin Inventory handling Product margi n stable in the quarter despite currency headwinds Last-mile & Other DSC Last mile cost negati
Slide 11: Strong Cash Flow
Strong Cash Flow Jul - Sep 2026 (SEKm ) Jan - Sep 2026 (SEKm ) (12.3) (115.0) 379,9 (159,1) 454.0 (67,3) 218.8 300.5 91.6 EBITDA and Income tax paid Change in working Cash flow from Q4 2025 CF from CF to CF to Q3 2026 Adjustments for items capital operating activities Cash and operating investing fi
Slide 12: Leverage significantly below last year
Leverage significantly below last year Interest - bearing liabilities, Cash & Leverage 2 500 4,0x Net debt 1,046m 3.36x 3,5x = 2.13x 2 000 EBITDAaL LTM 3,0x 489.9m 2.62x 2,5x 1 500 2.39x Leverage ratio of 2.13x at the end of the quarter, 2.13x 2.03x 2,0x compared with 3.36x at the same time last yea
Slide 13: Profitable growth, AI at work and ready for Black Month
Profitable growth, AI at work and ready for Black Month Profitable growth - growth and higher Adj. EBIT in all three segments Three years of consecutive YoY Adj. EBIT improvement – 8 th consecutive quarter of organic growth Operating leverage - growth is flowing through to profit Sales are growing s
Slide 14: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 14