Slide 1: Q2 Report 2025
Q2 REPORT 2025 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: Q2 2025 – Strong growth and continued profitability improvement
Q2 2025 – Strong growth and continued profitability improvement SALES Earnings Cash flow Cash flow from operating Net Sales (SEK) Adj. EBIT (SEK) activities (SEK) SEK SEK SEK 2,745m 118.3m 363.2m +1.1% vs. LY Organic growth: +19.3m vs. LY +35.5m vs. LY +5.4% vs. LY • Positive organic growth for the
Slide 3: Market development
Market development Long-term online migration trend We asses that our addressable market has grown during 2025 Increased disposable income driven by interest rate cuts Swedish government-supported home improvement deduction (ROT) in play since May Long-term trend remains intact, and the underlying m
Slide 4: 7% organic growth in the first half of the year
7% organic growth in the first half of the year Third consecutive quarter of organic growth, seventh consecutive quarter of YoY Adj. EBIT improvement 42% 36% 37% 32% YoY improvement in Adj. EBIT 22% every quarter since Q4 2023 20% 15% 14% 8% 9% 8% 6% 5% 2% 1% 1% -5% -4% -8% -9% -10% -11% -13% -14% -
Slide 5: We grew more than the addressable market and delivered 5.4% organic growth in the second quarter
We grew more than the addressable market and delivered 5.4% organic growth in the second quarter Markets Categories Our largest market, Sweden Strong sales development in Indoor continued to grow in the second Furnishings and renovation related quarter, along with Norway and categories such as Bathr
Slide 6: We have full focus on profitable growth – targeting 7% Adj. EBIT margin
We have full focus on profitable growth – targeting 7% Adj. EBIT margin We operate in a large and growing Home & Household market fueled by a structural migration from offline to online in our categories How we win: • Lead categories through multi banner strategy, fueled by organic expansion, strate
Slide 7: Growth in all segments as we further strengthen our market leading position
Growth in all segments as we further strengthen our market leading position BHG Group Home Improvement Value Home Premium Living 3 500 10% 1 800 15% 800 15% 1 000 7% 8% 900 3 000 1 600 700 10% 10% 10% 6% 5% 10% 10% 6% 5% 800 1 400 5% 600 2 500 700 5% 5% 1 200 5% 0% 1% 0% 4% 500 600 2 000 1 000 2% -5
Slide 8: YoY improvement in Adj. EBIT every quarter since Q4 2023
YoY improvement in Adj. EBIT every quarter since Q4 2023 BHG Group Home Improvement Value Home Premium Living 80.2 52.0 9.2 118.3 77.0 50.5 (5.2%) (7.1%) (2.0%) (4.3%) (5.2%) (3.9%) 98.4 99.1 (2.8%) (3.6%) 58.6 (3.3%) 28.6 5.3 (4.2%) 4.6 (1.0%) (0.9%) Q2 23 Q2 24 Q2 25 Q2 23 Q2 24 Q2 25 Q2 23 Q2 24
Slide 9: EBIT margin improvement driven by growth and cost control
EBIT margin improvement driven by growth and cost control EBIT margin in the quarter improved by 0.7 percentage Adj. EBIT margin Q2 '24 3.6% points compared to last year Product margin Underlying Product margin in line with last year. Inventory handling Development is primarily related to the divest
Slide 10: Strong Cash Flow
Strong Cash Flow Strong cash flow equally driven by EBITDA and working capital Solid liquidity on the back of strong cash flow Apr-Jun 2025 (SEKm) SEKm 190,9 363,2 260,1 (31,3) (19,8) 682,1 473,0 182,7 (10,4) EBITDA and Income tax paid Change in working Cash flow from Q4 2024 CF from CF to CF to Q2
Slide 11: Leverage improvement continues
Leverage improvement continues Interest-bearing liabilities & Cash Net debt 3 000 5,0x 1,017.9m 4,5x = 3.02x 2 500 EBITDAaL LTM 4,0x 336.9m 3,5x 2 000 3,0x 1 500 2,5x Improved profitability key to drive 2,0x deleveraging going forward 1 000 1,5x Unutilised facilities of SEK 600m 1,0x 500 0,5x Acquis
Slide 12: Summary
Summary During the first half of the year, we grew 6.6% organically and improved Adj. EBIT by 42% compared to last year, showing the operating leverage of our business model The third consecutive quarter of organic growth and seventh consecutive quarter of YoY Adj. EBIT improvement We have noted a g
Slide 13: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 13