Bhg Group Ab · OMXSTO:BHG
Bhg Group Ab — Q1 2026 Earnings Presentation
18 slides from Bhg Group Ab's earnings presentation, Apr 23, 2026
Slide 1: Q1 Report 2026
Q1 REPORT 2026 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: Doubled profitability, significantly lower leverage and strong cash flow
Doubled profitability, significantly lower leverage and strong cash flow Adj. EBIT improved by 110% compared to previous year, driven by strengthened gross margin and strict cost discipline
Slide 3: Improved result and strengthened cash flow through focus and operational discipline
Improved result and strengthened cash flow through focus and operational discipline SALES Earnings Cash flow Net Sales (SEK) Adj. EBIT (SEK) Cash flow from operating activities (SEK) SEK SEK SEK 2,246m 44.5m -50.3m +1.9% vs. LY Organic growth: +23.3m vs. LY +52.8m vs. LY +4.2% vs. LY Improved gross
Slide 4: A quarter of two phases with a strong finish
A quarter of two phases with a strong finish February March Cautious start Strong finish We saw a weaker start to the quarter, partly Strong finish driven by sales of outdoor furniture and affected by the reduced ROT deduction in Sweden garden machinery. This strengthens our optimism about and cold
Slide 5: Our outlook for the market trend in 2026 remains positive
Our outlook for the market trend in 2026 remains positive We expect the online market to grow faster than offline in our product categories and markets Geopolitical situation has had limited effects on customer sentiment so far 5
Slide 6: Our focus remains on what we can influence
Our focus remains on what we can influence The BHG fomula In an environment where the market recovery is gradual and consumer sentiment can shift rapidly; it is more important than ever to be close to the customer and to execute well every day. For us, it is all about: Being truly good and efficient
Slide 7: Profitable growth strategy - Three layers, on top of a structurally growing market
Profitable growth strategy - Three layers, on top of a structurally growing market 3. Disciplined and proactive bolt-on acquisition process M&A to accelerate growth and strengthen our platforms 2. Strategy to grow Unique assortment Cost Structure more than the Strategic Initiatives Additional
Slide 8: Operational excellence Strategic initiatives
Operational excellence Strategic initiatives Product range development Unique assortment For example, the launch of entry-level models of outdoor Increased share of sales from unique assortment to and indoor furniture as well as the range expansion of the improve margins. new generation of wire-free
Slide 9: We've taken further steps to develop AI
We’ve taken further steps to develop AI, to among other things, shortening lead times in customer service, streamlining the publication and quality assurance of products, and helping customers more quickly find, understand and choose the right offering 1 2 3 Build Pilot Scale Brands develop AI Valid
Slide 10: Capital markets day and updated financial targets
Capital markets day and updated financial targets Capital markets day At our Capital Markets Day in March, we presented the next phase of BHG's development: • Plan for continued profitable growth. • Updated financial targets. • Operational excellence, strategic initiatives, and the continued develop
Slide 11: Sixth consecutive quarter with organic growth and tenth consecutive quarter with YoY profitability improvement
Sixth consecutive quarter with organic growth and tenth consecutive quarter with YoY profitability improvement Organic growth & Adj. EBIT % LTM 3.9% 15% 5% LTM 4% 10% 4% +4.2% 5% Q1 3% 0% 3% -5% 2% 2% -10% 1% -15% 1% -20% Org growth % Adj. EBIT % LTM 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2024 2
Slide 12: Organic growth driven by a strong conclusion of the quarter
Organic growth driven by a strong conclusion of the quarter BHG Group Home Improvement Value Home Premium Living 3 500 16% 1 600 16% 800 18% 1 000 16% 16% 900 14% 14% 3 000 14% 1 400 14% 14% 700 16% 13% 800 12% 1 200 12% 12% 600 14% 12% 2 500 700 11% 12% 10% 10% 1 000 10% 500 10% 600 2 000 10% 10% 1
Slide 13: We more than doubled our profitability compared to last year
We more than doubled our profitability compared to last year BHG Group Home Improvement Value Home Premium Living 44.5 32.5 18.0 14.8 17.6 (2.0%) (5.2%) (3.2%) (1.4%) (3.1%) 20.7 21.2 0,4 (3.5%) (1.0%) (0.0%) 15.4 (3.0%) 6.5 (1.3%) -9.2 -0.6 (-0.9%) (-0.0%) Q1 24 Q1 25 Q1 26 Q1 24 Q1 25 Q1 26 Q1 24
Slide 14: EBIT margin improvement driven by a stronger product margin, efficiency improvements and continued cost control
EBIT margin improvement driven by a stronger product margin, efficiency improvements and continued cost control Adj. EBIT margin Q1 '25 1.0% EBIT margin in the quarter improved by 1.0 percentage points compared to last year Product margin Product margin improvement was mainly Inventory handling driv
Slide 15: Cash Flow in line with seasonal pattern with significant improvement compared to last year
Cash Flow in line with seasonal pattern with significant improvement compared to last year Cash Flow development driven by change in working Liquidity remains solid capital, consistent with BHG’s usual seasonal trend Jan-Mar 2026 (SEKm) SEKm 133,9 (10,9) (173,3) 122,5 349,5 300,5 (50,3) (23,3) ( 50,
Slide 16: Significantly lower leverage than last year
Significantly lower leverage than last year Interest-bearing liabilities, Cash & Leverage 3 000 4,5x Net debt 1,150.5m 2 500 3.92x 4,0x = 2.62x 3,5x EBITDAaL LTM 3.36x 439.3m 2 000 3.02x 3,0x 2.62x 2,5x We reduced our leverage ratio to 2.6x in the 2.39x 1 500 first quarter, compared with 3.9x in the
Slide 17: Summary – Positive start to the year
Summary – Positive start to the year Financially stronger We strive to be super-efficient • Growth is stable online retailers with focus on • Profitability significantly improved • Assortment and pricing • Strong Cash flow • Campaigns and customer offering • Lower leverage • Strong and seamless cust
Slide 18: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 18