Bhg Group Ab · OMXSTO:BHG
Bhg Group Ab — Q4 2025 Earnings Presentation
17 slides from Bhg Group Ab's earnings presentation, Jan 27, 2026
Slide 1: Q4 Report 2025
Q4 REPORT 2025 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: We have delivered on what we set out to do in 2025
We have delivered on what we set out to do in 2025 We are seeing clear results and the focus on profitable growth remains unchanged Organic growth amounted to 9.4% – we are confident that we have taken market shares Adj. EBIT improved by 51% YoY to SEK 389.9m - a result supported by maintaining cost
Slide 3: Sustained double-digit growth and significant improvement in profitability in the quarter
Sustained double-digit growth and significant improvement in profitability in the quarter SALES Earnings Cash flow Cash flow from operating Net Sales (SEK) Adj. EBIT (SEK) activities (SEK) SEK SEK SEK 3,037m 158.1m 370.8m +5.3% vs. LY Organic growth: +51.3m vs. LY +33.9m vs. LY +10.7% vs. LY • Doubl
Slide 4: Market development in Q4 was in line with our expectations as demand gradually improved
Market development in Q4 was in line with our expectations as demand gradually improved Growth was primarily driven by our largest market Sweden which grew 10% +1% Norway (+16%), Germany (+6%) and +16% Rest of Europe (+7%) also performed well +10% Organic growth in Finland despite a difficult market
Slide 5: Available market data indicates conditions for a continued market recovery in 2026
Available market data indicates conditions for a continued market recovery in 2026, with Sweden leading the way Real disposable income, our primary demand driver, expected to increase 2026 because of expansive fiscal policy A two-child family may receive SEK ~1,800* more in disposable income per mon
Slide 6: 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 7: Operational Excellence
Operational Excellence | The continuous work our platforms are doing everyday with their operational focus Customer acquisition and Assortment, product securing customer retention and pricing through customer focus Operational growth drivers of category, customer segment and geo expansion focus
Slide 8: Strategic initiatives | Increasing competitiveness of our platforms
Strategic initiatives | Increasing competitiveness of our platforms Unique assortment Improve pricing power and ensure uniqueness — even more important in a changing AI landscape Cost structure An efficient cost structure enables the best customer offer — part of how BHG sustains market leadership A
Slide 9: M&A | Acquisitions are an important part of our strategy for profitable growth
M&A | Acquisitions are an important part of our strategy for profitable growth Focus on bolt-on Proactive process in acquisitions to existing place, with high degree platforms that of financial discipline strengthens our and focus on several offering with limited risk predefined criteria's 9
Slide 10: Fifth consecutive quarter with organic growth and ninth consecutive quarter with YoY profitability improvement
Fifth consecutive quarter with organic growth and ninth consecutive quarter with YoY profitability improvement Organic growth & Adj. EBIT % LTM 3.7% LTM 15% 4,0% 3,5% 10% 3,0% +10.7% 5% Q4 2,5% 0% 2,0% 1,5% -5% Organic growth 2025 +9.4% 1,0% -10% 0,5% -15% 0,0% Org growth % Adj. EBIT % LTM Q4 Q1 Q2
Slide 11: Second consecutive quarter with double-digit organic growth
Second consecutive quarter with double-digit organic growth BHG Group Home Improvement Value Home Premium Living 3 500 16% 1 600 16% 800 20% 1 000 16% 11% 12% 14% 1 400 14% 14% 700 900 14% 14% 3 000 13% 16% 15% 800 12% 1 200 12% 600 12% 2 500 700 10% 10% 10% 10% 10% 1 000 10% 500 10% 2 000 10% 600 8
Slide 12: We improved our profitability significantly compared with last year
We improved our profitability significantly compared with last year BHG Group Home Improvement Value Home Premium Living 158.1 76.2 35.1 71.2 (5.2%) (5.5%) (4.8%) 62.3 (7.7%) (7.1%) 45.3 106.7 54.2 21.7 (5.8%) (3.7%) (4.0%) (3.0%) 9.5 12.6 (1.5%) 54.7 (0.9%) (1.9%) Q4 23 Q4 24 Q4 25 Q4 23 Q4 24 Q4 2
Slide 13: EBIT margin improvement driven by accelerating growth and improved cost structure
EBIT margin improvement driven by accelerating growth and improved cost structure EBIT margin in the quarter improved by 1.5 percentage Adj. EBIT margin Q4 '24 3.7% points compared to last year Product margin Inventory handling Product margin driven by positive effects from pricing initiative, incre
Slide 14: Strong Cash Flow in line with seasonal pattern
Strong Cash Flow in line with seasonal pattern Cash Flow development driven by change in working Liquidity remains solid capital, consistent with BHG’s usual seasonal trend Oct-Dec 2025 (SEKm) SEKm 110,5 370,8 682,9 (205,4) 22,1 (650,0) 238,1 473,0 300,5 EBITDA and Income tax paid Change in working
Slide 15: Leverage below financial target
Leverage below financial target Interest-bearing liabilities, Cash & Leverage 3 000 4,5x Net debt 999.5m 2 500 3.92x 4,0x = 2.39x 3,5x EBITDAaL LTM 3.33x 3.36x 418.7m 2 000 3.02x 3,0x 2.39x 2,5x 1 500 Leverage below financial target of 2.5x for the 2,0x first time since Q2 2022 1 000 1,5x Unutilised
Slide 16: Summary
Summary We have delivered on what we set out to do in 2025 - our strategy is delivering clear results Double-digit organic growth and a 48% profitability improvement YoY in Q4 Market recovery expected to continue with our largest market Sweden leading the way - Structural shift from offline to onlin
Slide 17: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 17