Slide 1: Q1 Report 2025
Q1 REPORT 2025 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: Q1 2025 – Profitable growth
Q1 2025 – Profitable growth SALES Earnings Cash flow Cash flow from operating Net Sales (SEK) Adj. EBIT (SEK) activities (SEK) SEK SEK SEK 2,204m 21.2m -103.1m +9.7% vs. LY Organic growth: +21.8m vs. LY +7.7m vs. LY +8.2% vs. LY • Positive organic growth for the second quarter in a row as all segmen
Slide 3: Cautiously optimistic about improved demand in 2025, but uncertainty has increased
We are cautiously optimistic about improved demand in 2025, but market uncertainty has increased significantly Consumer confidence Housing transactions in Sweden, thousands 10 Greater uncertainty now than at the 50 end of 2024. Effect on demand from 5 macro uncertainty related to tariffs are Avg. Q1
Slide 4: The recovery seen in our product categories 2024 continued in Q1 2025
The recovery seen in our product categories 2024 continued in Q1 2025 12 months rolling consumption Sweden, % 12% Gradual improvement continued 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% Source: SCB (Statistics Sweden), Detaljhandelns omsättning, löpande priser, index (2021=100) efter näringsgren SNI 2
Slide 5: Positive organic growth – second quarter in a row
Positive organic growth – second quarter in a row 42% 36% 37% 32% Positive trend from 22% Q4 2024 continued 20% during the quarter 15% 14% 8% 9% 8% 6% 2% 1% 1% -5% -4% -8% -9% -10% -11% -13% -14% -14% -17% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19 19 19 19 20 20 2
Slide 6: Sweden was the main driver of growth as demand for capital intensive goods continued
Sweden was the main driver of growth as demand for capital intensive goods continued to improve Markets Categories Strong sales development in Capital intensive categories Sweden, our largest market continued to perform well Germany and Norway performed Furniture, home decoration, very well bathroom
Slide 7: Our strategy for profitable growth – how we win
Our strategy for profitable growth – how we win Largest Nordic consumer E-commerce company – three business units and leaders in Who we are core product categories Attractive Home & Household market. Large and growing total market. Online Where we play penetration far from saturated Well positioned
Slide 8: Tactical priorities 2025
Tactical priorities 2025 Increase our market share in a gradually improving market Strive to keep current cost levels to improve leverage on fixed costs and increase profitability Improve customer satisfaction
Slide 9: Growth driven by our actions and gradual market normalisation
Growth driven by our actions and gradual market normalisation BHG Group Home Improvement Value Home Premium Living 3 500 10% 1 800 15% 800 15% 1 000 7% 8% 900 6% 1 600 700 10% 10% 6% 3 000 10% 10% 5% 800 5% 5% 1 400 5% 600 4% 2 500 1% 5% 700 4% 0% 1 200 0% 2% 500 600 3% 2 000 1 000 0% -5% 2% -5% 400
Slide 10: Improved profitability in all segments
Improved profitability in all segments BHG Group Home Improvement Value Home Premium Living -68.9 -0.6 -44.5 -9.2 -19,0 (-2.6%) (-0.0%) (-3.7%) (-0.9%) (-2.0%) 21.2 15.4 11.9 6.5 17.6 0.4 20.7 (1.0%) (3.0%) (2.4%) (1.3%) (3.1%) (0.0%) (3.5%) Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 Q1 2
Slide 11: EBIT margin bridge 2024 Q1 – 2025 Q1
EBIT margin bridge 2024 Q1 2025 Q1 EBIT margin in the quarter improved by 1.0 percentage Adj. EBIT margin Q1 '24 -0.0% points compared to last year – driven by leverage and improved efficiency Product margin Lower product margin was primarily driven unusually high Inventory handling comparative fi
Slide 12: Cash Flow
Cash Flow Negative cash flow driven by inventory build-up, in line with Stable liquidity seasonal profile Jan-Mar 2025 (SEKm) SEKm 160,6 (13,3) (103,1) (250,5) 473,0 79,3 417,7 (31,4) ( 103,1) EBITDA and Income tax paid Change in working Cash flow from Q4 2024 CF from CF to CF to Q1 2025 Adjustments
Slide 13: Leverage
Leverage Net debt Interest-bearing liabilities & Cash 1,282.3m = 3 000 3.92x 2 500 EBITDAaL LTM 326.7m 2 000 1 500 Improved profitability key to drive deleveraging going forward 1 000 Unutilised facilities of SEK 600m 500 Acquisition related liabilities amounts to 349m 0 Q1 - 2024 Q2 - 2024 Q3 - 202
Slide 14: Summary
Summary Continued improved demand in the first quarter and our outlook is that the market will improve gradually throughout 2025 – however, market uncertainty is has increased significantly Growth and profitability improvement seen in all three business units Our tactical priorities during 2025 are
Slide 15: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 15