Slide 1: Interim Report Q4 2025
Interim Report Q4 2025 February 20th 2026
Slide 2: Today's Presenters
Today's Presenters Göran Dahlin CEO Fredrik Kjellgren CFO
Slide 3: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 4: Pierce Group
Pierce Group Europe’s #1 Online Destination for Motorcycle Gear & Equipment
Slide 5: Everything that you need when you ride a motorcycle
Pierce Group Everything that you need when you ride a motorcycle. Except the motorcycle.
Slide 6: Everything you need when you ride a motorcycle
Everything you need when you ride a motorcycle Pan-European Offering more >1 million e-commerce 1.8 BSEK Sales than 200,000 Central customers. NASDAQ Sthlm company. 5% EBITDA products. warehouse in 1.8 M followers since 2021. Founded in 290 employees. Local sites in 20 Poland. on Social Media. Stock
Slide 7: Three Stores
Three Stores Motocross Motorcycle Snowmobile ~60% of Sales ~35% of Sales ~5% of Sales 10 BSEK market 90 BSEK market 2 BSEK market >10% markets share <1% market share ~5% market share
Slide 8: Broad product offering Pan-European
Broad product offering Pan-European Gear & Protection 60% Fashion Innovation 35% Parts & Accessories 40% Function 60% Wear & Tear 35% private brand 65% external brands Office Central warehouse
Slide 9: E-commerce penetration Underlying growth
E-commerce penetration Underlying growth Offroad Niche well suited for e-commerce Higher Superior Onroad Selection & Availability Higher Increasing base of Lower motorcycle riders Lower (electrification will further drive this)
Slide 10: Supply chain and logistics setup
— - = Pierce AB ~ “S=— BESTINCLASS Supply chain and logistics setup Stock levels . Agile set up >60,000 SKUs Cross dock & Own Pick & Pack within Orders per day = 24 hours >20,000 Own long distance haulers
Slide 11: Fragmented Landscape: Competitive landscape
FRAGMENTED LANDSCAPE Competitive landscape Direct Competitors Leading online retailers in Go-to- Europe Player Home market1 Ownership Comment Nordic Champion. Pierce Nordics Online Listed Pan European leader in offroad General / diversified online FC-Moto DE Online Private DE champion online, onroad
Slide 12: Investment Case
RIPE FOR CONSOLIDATION ACTIVE OWNERS The direct competitors are local champions Active ownership from major INVESTMENT CASE with a large share of their sales in their home markets. Three of the largest players have financial shareholders like Verdane, SIBA Invest and Garn Invest in addition to insti
Slide 13: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A 13
Slide 14: Q4 Summary
Q4 SUMMARY SEKm Q4 2025 Q4 2024 2025 FY Strong improvement in Adjusted EBIT for the quarter Net Revenue 464 451 1,816 • Adjusted EBIT strengthen from 1 SEKm last year to 13 SEKm, in spite of high, transformation cost of 7 SEKm and brand depreciation of 1 SEKm. Growth, Year over Year % 3% 18% 12% Con
Slide 15: KPI Highlights LTM
KPI HIGHLIGHTS LTM Share of private brand sales declined slightly over the year due to exceptionally strong growth of external brand sales Trustpilot score stable at high level: 4.4/5.0 Net revenues, Private brand LTM (SEKm) Aggregated Trustpilot scores Net Revenue, Private brand (% of net revenue)
Slide 16: KPI Highlights LTM (Continued)
KPI HIGHLIGHTS LTM (CONTINUED) Active customer base increasing AOV increasing slightly YoY Active customers LTM (000), end of period Average order value LTM (SEK) Number of orders LTM (000) 1,133 +4% 1,089 1,119 1,070 1,042 1,052 1,101 1,021 1,016 1,004 1,070 1,090 1,088 1,084 1,093 1,093 1,098 1,00
Slide 17: Gross Margin
GROSS MARGIN Gross margin development since Q4 2023 Shipping costs in relation to revenues Gross margin (%), reported In-freight (SEKm) Gross margin (%), exlcluding the effect from obsolescence & scrapping Cost in relation to Net revenue (%) 45.5% 21 22 21 12 20 22 45.6% 44.1% 19 20 20 44.7% 10 17 1
Slide 18: Adjusted EBIT
ADJUSTED EBIT Adjusted EBIT vs last year, excluding unusual items Adjusted EBIT (SEKm) Adjusted EBIT Impact – Q4 2025 Adjusted EBIT margin (%) 21 • Two items, not included in “Items Affecting Comparability,” impacted Adj. EBIT in Q4 2025. These 7 are illustrated in the graph for comparability: 4.5%
Slide 19: Overhead Costs Development
OVERHEAD COSTS DEVELOPMENT Overhead costs Overhead costs % of net revenue ▪ OpEx decreased slightly YoY 25 76 74 75 80 72 69 72 65 70 ▪ 2025 Q4 has been impacted by 20 59 61 60 transformation costs of 7 SEKm mainly 18.8% 18.0% related to our tech stack upgrade. Costs 15 16.6% 17.0% 17.9% 50 15.1% 16
Slide 20: Net Working Capital Development
NET WORKING CAPITAL DEVELOPMENT NWC increased due to higher inventory levels Net working capital, NWC (SEKm) Net working capital, % of Net Revenue, LTM (%) 25 234 250 ▪ Net working capital (NWC) has during the fall 210 198 2024 and beginning of 2025 increased from an 20 179 200 163 extra-ordinary lo
Slide 21: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 22: Outlook & Growth Drivers
Outlook & Growth Drivers ENHANCE 2023- Pierce 2.0 transformation Enhanced fundamentals: customer experience, streamlining operations and improve scalability Has delivered very strong growth (14% LTM) and profitability improvements Completion targeted by first half year 2026 (final two systems live)
Slide 23: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 24: Appendix
Appendix 24
Slide 25: Consolidated Financial Information
CONSOLIDATED FINANCIAL INFORMATION SEKm (unless stated otherwise) 2023 2024 2025 Net Revenue 1,537 1,628 1,816 Growth (y/y) (%) -8% 6% 12% Growth in local currencies (y/y) (%) -13% 6% 14% Growth in private brand sales (y/y) (%) -1% 0% 2% Gross Profit 607 724 773 Gross margin (%) 39.5% 44.5% 42.6% Va
Slide 26: Quarterly Consolidated Financial Information
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION 2023 2024 2025 SEKm (unless stated otherwise) Q1 Q2 Q3 Q4 FY23 Q1 Q2 Q3 Q4 FY24 Q1 Q2 Q3 Q4 FY25 Net Revenue 345 441 369 382 1,537 356 456 365 451 1,628 401 523 427 464 1,816 Growth (y/y) (%) -18% -2% -1% -10% -8% 3% 3% -1% 18% 6% 13% 15% 17% 3% 12% Growt
Slide 27: Quarterly Consolidated Net Working Capital
QUARTERLY CONSOLIDATED NET WORKING CAPITAL 2023 2024 2025 SEKm (unless stated otherwise) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Physical stock 283 274 233 280 301 385 422 422 388 Goods in transit 61 58 74 121 118 105 100 68 62 Inventory 344 332 307 400 419 490 522 490 451 Working capital assets 14 25 27 26 24 3
Slide 28: Condensed Consolidated Statement of Profit/Loss
CONDENSED CONSOLIDATED STATEMENT OF PROFIT/LOSS Oct-Dec Jan-Dec SEKm 2025 2024 2025 2024 Net revenue 464 451 1,816 1,628 Cost of goods sold -262 -256 -1,043 -903 Gross profit 202 195 773 724 Sales and distribution costs -138 -141 -538 -515 Administration costs -53 -60 -208 -196 Other operating incom
Slide 29: Condensed Consolidated Statement of Financial Position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEKm 31 Dec 2025 31 Dec 2024 Intangible assets 268 281 Property, plant and equipment 11 15 Right-of-use assets 119 54 Financial assets 19 6 Deferred tax assets 2 2 Total non-current assets 418 358 Inventory 451 419 Other current assets 22 29 Cas
Slide 30: Condensed Consolidated Statement of Cash Flow
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW Oct-Dec Jan-Dec SEKm NOTE 2025 2024 2025 2024 Operating profit A 10 -5 28 18 Adjustments for non-cash items B 14 18 54 69 Paid interest -2 -1 -7 -4 Received interest 1 2 2 8 Realised currency derivatives -2 1 -6 4 Paid/received tax -1 -1 -4 -4 Cash flow
Slide 31: Reconciliation of Adjusted Financials
RECONCILIATION OF ADJUSTED FINANCIALS Oct-Dec Jan-Dec SEKm 2025 2024 2025 2024 Net revenue 464 451 1,816 1,628 Cost of goods sold -262 -256 -1,043 -903 Variable sales- and distribution costs -104 -102 -394 -363 Other costs¹ -88 -98 -350 -342 EBIT 10 -5 28 18 Reconciliation of adj. EBIT and adj. EBIT
Slide 32: Pierce Group's mid to long term financial targets
Pierce Group's mid to long term financial targets Financial targets • Net revenue growth: In the medium to long term (3-5 years), organically outgrow the European online market for motorcycle gear, accessories and parts. • Adjusted EBIT margin: In the medium to long term (3-5 years), achieve an adju
Slide 33: Riders in E-commerce
RIDERS IN QW E-COMMERCE PIERCE