Bhg Group Ab · OMXSTO:BHG
Bhg Group Ab — Q2 2026 Earnings Presentation
15 slides from Bhg Group Ab's earnings presentation, Jul 17, 2026
Slide 1: Q2 Report 2026
Q2 REPORT 2026 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: Strong, and accelerating growth, reflecting disciplined execution of our strategy
Q2 Strong, and accelerating growth, reflecting disciplined execution of our strategy Continued to develop our offering with a focus on unique assortment Significant advances in the use of AI and data Acquisition of Hillerstorp in line with communicated strategy
Slide 3: Accelerating growth and improved profitability
Accelerating growth and improved profitability SALES Earnings Cash flow Net Sales (SEK) Adj. EBIT (SEK) Cash flow from operating activities (SEK) SEK SEK SEK 3,025m 134.3m 338.6m +10.2% vs. LY Organic growth: +16.0m vs. LY -24.6 vs. LY +9.6% vs. LY Organic growth, improved profitability and lower le
Slide 4: Growth in Q2 improved considerably versus Q1
Growth in Q2 improved Strong growth rate in Q2 – an important considerably versus Q1 quarter 16% 13.4% 14% Growth was driven in particular by the garden 12% category — including robotic lawnmowers and 10.7% 9.6% garden machinery — as well as by furniture 10% and home decoration 8.2% 8% 5.4% 6% We co
Slide 5: Long term picture is clear and validates our strategy going forward
Profitability – continued Long term picture is clear and improvement but below validates our strategy going ambition forward 3.9% 500 LTM 4,5% Profitability improved year over year for the 11th 450 11 quarters of consecutive 4,0% consecutive quarter – though not at the pace we 400 profitability impr
Slide 6: We've continued to execute on our strategic plan
We’ve continued to execute on our strategic plan Unique assortment AI M&A We believe that Unique assortment will be During the quarter, we’ve prioritized Our M&A strategy - a focus on bolt-on key to differentiate BHG from its solutions with clear business value acquisitions to existing platforms, an
Slide 7: The asset acquisition of Hillerstorp further strengthens BHG in one of our core categories
The asset acquisition of Hillerstorp further strengthens BHG in one of our core categories, and expands our portfolio of proprietary brands Bolt-on acquisition with limited risk Strengthens our offering Increases our share of unique assortment Ringfencing category This is well aligned with the M&A s
Slide 8: Our focus remains on what we can influence
Our focus remains on what we can influence Operational focus - Being truly good and efficient online retailers It is more important than ever to be close to the customer and to execute well every day. For us, it is all about: Have the right assortment at competitive prices Strong campaigns and a rel
Slide 9: Organic growth accelerated in the second quarter
Organic growth accelerated in the second quarter BHG Group Home Improvement Value Home Premium Living 3 500 16% 1 800 16% 900 18% 1 000 16% 1 600 800 16% 900 14% 14% 14% 14% 14% 3 000 16% 13% 800 12% 1 400 12% 12% 700 14% 12% 2 500 700 11% 1 200 600 12% 10% 10% 10% 600 9% 2 000 10% 9% 1 000 500 10%
Slide 10: Adjusted EBIT improvement driven by all segments
Adjusted EBIT improvement driven by all segments BHG Group Home Improvement Value Home Premium Living 14.0 134.3 63.5 (2.4%) (4.4%) (7.7%) 77.2 (4.7%) 80.2 118.3 (5.2%) 52.0 (4.3%) 77.0 (7.1%) (5.2%) 5.3 4.6 (1.0%) (0.9%) 28.6 (4.2%) 99.1 (3.6%) Q2 24 Q2 25 Q2 26 Q2 24 Q2 25 Q2 26 Q2 24 Q2 25 Q2 26
Slide 11: EBIT margin negatively impacted by Gross Margin and Online Marketing
EBIT margin negatively impacted by Gross Margin and Online Marketing Adj. EBIT margin Q2 '25 4.3% EBIT margin in the quarter improved by 0.1 percentage points compared to last year Product margin Inventory handling Product margin decrease attributed to product mix in the Home Improvement Last-mile &
Slide 12: Strong Cash Flow in line with seasonal pattern
Strong Cash Flow in line with seasonal pattern Apr-Jun 2026 (SEKm) Jan-Jun 2026 (SEKm) 338.6 564.7 135,2 288,4 (71,2) 47,1 216.4 (13,0) 300.5 EBITDA and Income tax paid Change in working Cash flow from Q4 2025 CF from CF to CF to Q2 2026 Adjustments for items capital operating activities Cash and op
Slide 13: Leverage continues to decrease
Leverage continues to decrease Interest-bearing liabilities, Cash & Leverage 3 000 4,0x Net debt 935.3m 2 500 3.36x 3,5x = 2.03x EBITDAaL LTM 3.02x 3,0x 460.5m 2 000 2.62x 2,5x 2.39x We reduced our leverage ratio to 2.03x in the 2.03x 1 500 2,0x first quarter, compared with 3.02x in the same period
Slide 14: Summary
Summary 7th consecutive quarter of organic growth and 11th consecutive quarter of YoY Adj. EBIT improvement - validates our strategy going forward We’ve continued to execute on our strategic plan – AI, Unique assortment and M&A The asset acquisition of Hillerstorp further strengthens BHG Operational
Slide 15: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 15