Slide 1: Q2 report
Q2 report 10 December 2025 Kristofer Tonström President & CEO Pernilla Walfridsson CFO 1
Slide 2: Agenda
• Business update • Financial development Agenda • Events after the reporting period • Summary • Q&A 2
Slide 3: Highlights Q2
✓ Q2 total sales 3,009 MSEK, organic +9% Highlights Q2 ✓ Q2 operating profit at 410 MSEK ✓ operating margin +13.6% ✓ Strong B2C online sales growth in Q2 ✓ H1 operating cash flow 552 MSEK (530) ✓ Solid financial position: net debt/EBITDA -0.7* ✓ EPS: 4.85 SEK (3.63) ✓ +6% organic growth in November
Slide 4: Business update
Business update 4
Slide 5: Strategic position
Strategic position Competitive advantages Leveraging competitive advantages • A ssortment • Differentiate and focus on multiple niches • Brand • Develop scalable and efficient operating model that is cost • C ustomer meeting competitive with discounters • Generate strong free cash flow that can be r
Slide 6: Strategy execution – overview Q2 25/26
Strategy execution – overview Q2 25/26 A relevant assortment all year round A profitable and growing Building and operating a via prioritised niches. online business. robust store network. ✓ Continued high pace in assortment ✓ Overall strong development B2C ✓ Strong LFL development renewal ✓ Increas
Slide 7: Customer relevance and satisfaction
Customer relevance and satisfaction Product reviews Affordability Q: How affordable do you think the following brands are? Net promoter score 5 200000 60 4.5 150000 55 4 100000 4% 62% 34% Clas Ohlson 50 3.5 50000 45 3 0 40 Low price 5% 54% 41% competitors average No of reviews Score 1-5 Not affordab
Slide 8: All prioritised niches are growing
All prioritised niches are growing Tidy up Light up Create a conscious Connect & enjoy Fix your your home. your home. home environment. your home. home. Adjacent product segments Spare parts 8
Slide 9: Financial development
Financial development 9
Slide 10: Sales development above targets
Sales development above targets Q2 Total sales, MSEK Online sales, MSEK 3,009 572 • Total sales up 7% to 3,009 MSEK, of which 2,801 527 9% organic, currency effects -2% 2,460 297 • Online sales up 8% to 572 MSEK Q2 23/24 Q2 24/25 Q2 25/26 Q2 23/24 Q2 24/25 Q2 25/26 Q1-Q2 Online share of total sales
Slide 11: Positive development in all home markets
Positive development in all home markets Sweden Norway Finland MSEK MSEK MSEK 1,410 1,291 1,214 302 309 313 1,102 1,056 1,097 Q2 23/24 Q2 24/25 Q2 25/26 Q2 23/24 Q2 24/25 Q2 25/26 Q2 23/24 Q2 24/25 Q2 25/26 Organic Q2: +9% Q2: +14% Q2: +4% growth: Q1-Q2: +9% Q1-Q2: +15% Q1-Q2: +4% 11
Slide 12: Macro trends with business impact
Macro trends with business impact Spot prices for 40t containers from Asia to Gothenburg $18 000 Factors impacting Clas Ohlson: $16 000 $14 000 • Container shipping costs and raw material and commodity prices $12 000 $10 000 • Currency effects - sales instant effects and purchasing with a time $8 00
Slide 13: Significantly improved gross margin
Significantly improved gross margin • Lower purchasing costs 49% 48.7% • Positive mix effects 48.2% 48% 47% 46.1% 46% 45% 44.9% 44% 43% Q2 2022/23 Q2 2023/24 Q2 2024/25 Q2 2025/26 13
Slide 14: Financial overview
Personnel expenses, Q2 Financial overview 589 (551 MSEK) MSEK Q2 Q2 Q1-Q2 Q1-Q2 Other external expenses, Q2 MSEK 25/26 24/25 25/26 24/25 Operating profit 410 307 688 510 285 (243 MSEK) MSEK Depreciation/amortisation of Profit after financial items 396 292 662 479 tangible and intangible assets, Q2 1
Slide 15: Well balanced inventory
Well balanced inventory MSEK • Inventory level: 2,866 MSEK (2,869) at the end of 2,869 2,866 the period 2,508 2,415 2,324 Q2 Q3 Q4 Q1 Q2 24/25 24/25 24/25 25/26 25/26 15
Slide 16: Solid cash flow and financial position
Solid cash flow and financial position Q1-Q2 Q1-Q2 Approved credit facilities 600 MSEK 25/26 24/25 MSEK Cash flow from operating activities, before 926 795 Of which utilised 0 MSEK change in working capital Change in working capital -375 -265 Net debt/EBITDA excl. IFRS 16 Cash flow from operating ac
Slide 17: Events after the reporting period
Events after the reporting period 17
Slide 18: Increasing our presence with two add-on acquisitions in key areas
Increasing our presence with two add-on acquisitions in key areas Tidy up Light up Create a conscious Connect & enjoy Fix your your home. your home. home environment. your home. home. Adjacent product segments Spare parts 18
Slide 19: Acquisitions of two profitable and growing online retailers
Acquisitions of two profitable and growing online retailers Phonelife/Teknikmagasinet Reservdelaronline • Phonelife/Teknikmagasinet shows rapid • Reservdelaronline has built a solid position growth in product niche Connect & enjoy in a highly specialised niche in spare parts your home • More than 8,
Slide 20: Phonelife transaction overview
Phonelife transaction overview • Clas Ohlson acquires 70% of Phonelife AB from company management • The acquisition strengthens Clas Ohlson’s presence in prioritised product niche Connect & enjoy your home • The transaction values Phonelife at 184 MSEK enterprise value, including an estimated earn-o
Slide 21: Reservdelaronline transaction overview
Reservdelaronline transaction overview • Clas Ohlson acquires 70% of ReservdelarOnline AB from company management • The acquisition strengthens Clas Ohlson’s presence in spare parts • The transaction values ReservdelarOnline at 45 MSEK enterprise value Transaction – The implied EV/EBITDA multiple co
Slide 22: Long-term logistics investment
Long-term logistics investment • Investment of approx. 400-450 MSEK in current distribution centre to secure capacity for future growth through higher degree of automation • Planned project timeline March 2026 to second half of 2027 • Increased capacity to handle larger product volumes at a lower co
Slide 23: November sales development
November sales development MSEK • Total sales up 3% to 1,399 MSEK, of which 6% organic and currency effects -3% Total 1399 1361 ‒ Sweden +6% organic ‒ Norway +5% organic ‒ Finland +10% organic ‒ Other markets -27% organic 1196 • Store network increased by 6 stores compared to end of November last ye
Slide 24: Summary
Summary 24
Slide 25: Clas Ohlson’s current market opportunity: ~340 BSEK, and growing
Clas Ohlson’s current market opportunity: ~340 BSEK*, and growing ~ 340 ~3.4% ~ 86% ~6m ~22m bnSEK market brand Club Clas share awareness population members TAM 25 * source: Eidra Consulting (formerly Cupole)
Slide 26: Clear path to continued growth and value creation
Clear path to continued growth and value creation Central store Well positioned in Needs-driven product locations, full-scale Strong financial position and focus large and growing assortment and high e-commerce and on increasing earnings per share product niches. customer satisfaction. effective mar
Slide 27: Q&A
Q&A 27
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