Pierce Group Ab · OMXSTO:PIERCE
Pierce Group Ab — Q3 2025 Earnings Presentation
28 slides from Pierce Group Ab's earnings presentation, Nov 14, 2025
Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 November 12th 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, Q3 2025 LTM Net revenue split, Q3 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: 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 8: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A 8
Slide 9: Q3 Summary
Q3 SUMMARY SEKm Q3 2025 Q3 2024 Q3 2025 LTM Continued strong growth Net Revenue 427 365 1,803 • Q3 17% growth YoY, 20% in local currency. Growth primarily driven by improved stock availability of external brands. Growth, Year over Year % 17% -1% 16% • LTM growth has been very strong totalling 16% Gr
Slide 10: 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) 665 4,3 4,3 4,3 4,3 4,4
Slide 11: KPI Highlights LTM (continued)
KPI HIGHLIGHTS LTM (CONTINUED) Active customer base increasing AOV increasing slightly Active customers LTM (000), end of period Average order value LTM (SEK) Number of orders LTM (000) +8% 1,089 1,119 1,083 1,070 1,052 1,021 1,016 1,042 1,090 1,088 1,093 1,093 1,101 1,004 1,001 1,055 1,070 1,084 99
Slide 12: Gross Margin
GROSS MARGIN Gross margin development since Q3 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% 43.1% 27 4
Slide 13: Adjusted EBIT
ADJUSTED EBIT Adjusted EBIT vs last year, excluding unusual items Adjusted EBIT (SEKm) Adjusted EBIT Impact – Q3 2025 Adjusted EBIT margin (%) 19 • Two items, not included in “Items Affecting Comparability,” impacted Adj. EBIT in Q3 2025. These 6 are illustrated in the graph for comparability: 4.5%
Slide 14: Overhead Costs Development
OVERHEAD COSTS DEVELOPMENT Overhead costs Overhead costs % of net revenue ▪ Cost decrease of 5 SEKm 25 76 74 80 72 69 72 67 65 70 ▪ 2025 Q3 has been impacted by 20 59 61 60 transformation costs of 6 SEKm mainly 18.1% 18.8% 18.0% 17.9% related to our tech stack upgrade. Costs 15 16.6% 50 15.1% 17.0%
Slide 15: 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 (%) 25 227 Extraordinary 234 250 obsolescence ▪ Net working capital (NWC) has during the fall provision 44 SEKm 210 198 2024 and beginning of 2025 i
Slide 16: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 17: 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 (18% LTM) and profitability improvements Completion targeted by end of Q1 2026 (final two systems live) Negati
Slide 18: Agenda
Agenda 1. Pierce in Brief 2. Financial update 3. Looking forward 4. Q&A
Slide 19: Appendix
Appendix 19
Slide 20: Consolidated Financial Information
CONSOLIDATED FINANCIAL INFORMATION SEKm (unless stated otherwise) 2023 2024 Q3 2025 LTM Net Revenue 1,537 1,628 1,803 Growth (y/y) (%) -8% 6% 16% Growth in local currencies (y/y) (%) -13% 6% 18% Growth in private brand sales (y/y) (%) -1% 0% 7% Gross Profit 607 724 765 Gross margin (%) 39.5% 44.5% 4
Slide 21: 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 Q3 LTM Net Revenue 345 441 369 382 1,537 356 456 365 451 1,628 401 523 427 1,803 Growth (y/y) (%) -18% -2% -1% -10% -8% 3% 3% -1% 18% 6% 13% 15% 17% 16% Growth in loc
Slide 22: 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 Physical stock 283 274 233 280 301 385 422 422 Goods in transit 61 58 74 121 118 105 100 68 Inventory 344 332 307 400 419 490 522 490 Working capital assets 14 25 27 26 24 35 31 23 Workin
Slide 23: Condensed Consolidated Statement of Profit/Loss
CONDENSED CONSOLIDATED STATEMENT OF PROFIT/LOSS Jul-Sep Jan-Sep Oct 2024- Jan-Dec SEKm 2025 2024 2025 2024 Sep 2025 2024 Net revenue 427 365 1,352 1,177 1,803 1,628 Cost of goods sold -256 -199 -781 -647 -1,037 -903 Gross profit 171 166 571 530 765 724 Sales and distribution costs -120 -120 -400 -37
Slide 24: Condensed Consolidated Statement of Financial Position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEKm 30 Sep 2025 30 Sep 2024 31 Dec 2024 Intangible assets 270 286 281 Property, plant and equipment 12 14 15 Right-of-use assets 133 40 54 Financial assets 19 5 6 Deferred tax assets 2 7 2 Total non-current assets 436 352 358 Inventory 490 400
Slide 25: Condensed Consolidated Statement of Cash Flow
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW Jul-Sep Jan-Sep Oct 2024- Jan-Dec SEKm NOTE 2025 2024 2025 2024 Sep 2025 2024 Operating profit A 7 -0 18 23 13 18 Adjustments for non-cash items B 6 12 40 52 58 69 Paid interest -2 -1 -6 -3 -7 -4 Received interest 0 2 1 6 3 8 Realised currency derivative
Slide 26: Reconciliation of Adjusted Financials
RECONCILIATION OF ADJUSTED FINANCIALS Jul-Sep Jan-Sep Oct 2024- Jan-Dec SEKm 2025 2024 2025 2024 Sep 2025 2024 Net revenue 427 365 1,352 1,177 1,803 1,628 Cost of goods sold -256 -199 -781 -647 -1,037 -903 Variable sales- and distribution costs -87 -84 -291 -262 -392 -363 Other costs¹ -77 -82 -262 -
Slide 27: 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 28: Riders in e-commerce
RIDERS IN QW E-COMMERCE PIERCE