Slide 1: Interim Report Q2 2025
Interim Report Q2 2025 August 22nd 2025
Slide 2: Today's Presenters
Today's Presenters Göran Dahlin CEO
Slide 3: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 4: This is Pierce
THIS IS PIERCE Online leader in a fragmented market Pan-European company Motorcycle specialist Net revenue split, Q2 2025 LTM Net revenue split, Q2 2025 LTM • Pierce is a leading e-tailer in the European market for Gear, Other Parts and Accessories for motorcycle riding 4% • The total European marke
Slide 5: A fragmented market that is still mainly offline
A FRAGMENTED MARKET THAT IS STILL MAINLY OFFLINE The different market categories 100bn SEK market where the majority is still offline 1 ~30% • Protective clothing, such as helmets, boots, suits. Total market 2021 GEAR • High wear and tear for frequent riders (especially offroad). SEK ~100bn1) • E.g.
Slide 6: Fragmented 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 7: Q2 Summary
Q2 SUMMARY SEKm Q2 2025 Q2 2024 Continued strong growth in-spite of limited tailwind from the market Net Revenue 523 456 • Q2 showed 15% growth YoY, 20% in local currency. Growth was broad-based across all customer segments, primarily driven by improved stock availability of external brands Growth,
Slide 8: KPI Highlights LTM
KPI HIGHLIGHTS LTM Share of private brand sales declined 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) 631 641 640 638 635 639
Slide 9: KPI Highlights LTM (continued)
KPI HIGHLIGHTS LTM (CONTINUED) Active customer base increasing AOV stable at a good level Active customers LTM (000), end of period Average order value LTM (SEK) Number of orders LTM (000) +9% 1,106 1,083 1,089 1,070 1,090 1,088 1,084 1,093 1,093 1,070 1,042 1,052 1,055 1,021 1,016 1,004 1,001 999 1
Slide 10: Gross Margin
GROSS MARGIN Gross margin development since Q2 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 (%) 45.6% 44.1% 12 30 42.8% 43.1% 45.5% 43.2% 43.7% 27 42.1% 4
Slide 11: Adjusted EBIT
ADJUSTED EBIT Adjusted EBIT vs last year, excluding unusual items Adjusted EBIT (SEKm) Adjusted EBIT Impact – Q2 2025 Adjusted EBIT margin (%) • Two items, not included in “Items Affecting 42 Comparability,” impacted Adj. EBIT in Q2 2025. These 8 are illustrated in the graph for comparability: 32 o
Slide 12: Overhead Costs Development
OVERHEAD COSTS DEVELOPMENT Overhead costs Overhead costs % of net revenue 25 76 74 80 72 69 72 ▪ Cost increase of 5 SEKm 67 67 65 70 20 59 ▪ 2025 Q2 has been impacted by 60 18.1% 18.8% transformation costs of 8 SEKm mainly 17.9% 15 16.6% 18.0% 17.0% 50 15.3% 15.1% related to our tech stack upgrade.
Slide 13: 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 (%) 25 272 Extraordinary 300 obsolescence ▪ Net working capital (NWC) has during the fall 227 provision 44 SEKm 250 2024 and beginning of 2025 incre
Slide 14: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 15: Fuelling our growth and profits
Fuelling our growth and profits Strengthening Our Core We are expanding and refining our assortment, improving product availability, and shortening delivery times. In parallel, we are executing a major transformation of our IT landscape, replacing nearly all core systems. This is a critical step to
Slide 16: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 17: Appendix
Appendix 17
Slide 18: Consolidated Financial Information
CONSOLIDATED FINANCIAL INFORMATION SEKm (unless stated otherwise) 2023 2024 Q2 2025 LTM Net Revenue 1,537 1,628 1,740 Growth (y/y) (%) -8% 6% 11% Growth in local currencies (y/y) (%) -13% 6% 13% Growth in private brand sales (y/y) (%) -1% 0% 2% Gross Profit 607 724 760 Gross margin (%) 39.5% 44.5% 4
Slide 19: 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 Q2 LTM Net Revenue 345 441 369 382 1,537 356 456 365 451 1,628 401 523 1,740 Growth (y/y) (%) -18% -2% -1% -10% -8% 3% 3% -1% 18% 6% 13% 15% 11% Growth in local currenci
Slide 20: Quarterly Consolidated Net Working Capital
QUARTERLY CONSOLIDATED NET WORKING CAPITAL 2023 2024 2025 SEKm (unless stated otherwise) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Physical stock 283 274 233 280 301 385 422 Goods in transit 61 58 74 121 118 105 100 Inventory 344 332 307 400 419 490 522 Working capital assets 14 25 27 26 24 35 31 Working capital liabili
Slide 21: Condensed Consolidated Statement of Profit/Loss
CONDENSED CONSOLIDATED STATEMENT OF PROFIT/LOSS Apr-Jun Jan-Jun Jul 2024- Jan-Dec SEKm 2025 2024 2025 2024 Jun 2025 2024 Net revenue 523 456 925 812 1,740 1,628 Cost of goods sold -295 -255 -525 -448 -980 -903 Gross profit 229 201 400 364 760 724 Sales and distribution costs -148 -137 -280 -253 -541
Slide 22: Condensed Consolidated Statement of Financial Position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEKm 30 Jun 2025 30 Jun 2024 31 Dec 2024 Intangible assets 273 295 281 Property, plant and equipment 12 14 15 Right-of-use assets 139 47 54 Financial assets 19 5 6 Deferred tax assets 2 7 2 Total non-current assets 444 367 358 Inventory 522 307
Slide 23: Condensed Consolidated Statement of Cash Flow
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW Apr-Jun Jan-Jun Jul 2024- Jan-Dec SEKm NOTE 2025 2024 2025 2024 Jun 2025 2024 Operating profit A 26 17 11 24 6 18 Adjustments for non-cash items B 13 19 35 40 65 69 Paid interest -2 -1 -4 -2 -5 -4 Received interest 1 2 1 4 5 8 Realised currency derivativ
Slide 24: Reconciliation of Adjusted Financials
RECONCILIATION OF ADJUSTED FINANCIALS Apr-Jun Jan-Jun Jul 2024- Jan-Dec SEKm 2025 2024 2025 2024 Jun 2025 2024 Net revenue 523 456 925 812 1,740 1,628 Cost of goods sold -295 -255 -525 -448 -980 -903 Variable sales- and distribution costs -109 -98 -204 -178 -389 -363 Other costs¹ -94 -87 -185 -162 -
Slide 25: 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 26: Riders in e-commerce
RIDERS IN QW E-COMMERCE PIERCE