Bhg Group Ab · OMXSTO:BHG
Bhg Group Ab — Q3 2025 Earnings Presentation
14 slides from Bhg Group Ab's earnings presentation, Oct 24, 2025
Slide 1: Q3 Report 2025
Q3 REPORT 2025 Gustaf Öhrn, CEO Jesper Flemme, CFO 1
Slide 2: Double-digit growth and significant profitability improvement
Double-digit growth and significant profitability improvement Strong progress in delivering our tactical priorities for 2025 Increased market share in a strengthening market Maintained cost levels to leverage our fixed costs and increase profitability Continued improvement in customer satisfaction 2
Slide 3: Double-digit organic growth in all business areas, increasing profitability by SEK 40m
Double-digit organic growth in all business areas, while also increasing our profitability by SEK 40m SALES Earnings Cash flow Cash flow from operating Net Sales (SEK) Adj. EBIT (SEK) activities (SEK) SEK SEK SEK 2,597m 92.3m 51.9m +10.3% vs. LY Organic growth: +39.8m vs. LY -51.4m vs. LY +13.4% vs.
Slide 4: Central bank of Sweden forecasts strong development in disposable income
The central bank of Sweden forecasts strong development in disposable income in the coming years Real disposable income in Sweden We asses that our addressable market has grown in Real disposable income 2025 Increased real disposable income in Sweden driven by an expansive fiscal policy going into 2
Slide 5: Strategic execution delivering continued growth and profitability
Strategic execution delivering continued growth and profitability Organic growth & Adj. EBIT % R12 Two years of improved 3.2% 15% profitability YoY 3,5% 3,0% 10% +13.4% 2,5% 5% 2,0% 0% 1,5% -5% 1,0% -10% 0,5% -15% 0,0% Org growth % Adj. EBIT % R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024
Slide 6: We grew more than the addressable market and delivered 13.4% organic growth
We grew more than the addressable market and delivered 13.4% organic growth in the third quarter Markets Categories The market recovery has progressed the Strong development in the Bathroom furthest in Sweden. Significant growth in category our key markets Norway and Germany Market recovery in Finla
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: Double digit growth in all segments as we continue to strengthen our market leading position
Double digit growth in all segments as we continue to strengthen our market leading position BHG Group Home Improvement Value Home Premium Living 3 500 15% 1 600 20% 800 15% 1 000 16% 13% 1 400 700 900 14% 14% 3 000 15% 10% 10% 10% 10% 10% 14% 800 1 200 600 12% 2 500 8% 5% 700 10% 10% 5% 1 000 500 1
Slide 9: Consistent operational execution delivering improved EBIT
Consistent operational execution delivering improved EBIT BHG Group Home Improvement Value Home Premium Living 92.3 37.6 62.5 (3.6%) (5.5%) (4.6%) 12.1 24.8 (2.2%) (4.0%) 52.5 37.7 (2.2%) (3.0%) 4.5 27.3 (1.0%) (1.9%) 3.4 -3.6 (0.7%) (-0.4%) 12.5 (0.4%) Q3 23 Q3 24 Q3 25 Q3 23 Q3 24 Q3 25 Q3 23 Q3 2
Slide 10: 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 1.3 percentage Adj. EBIT margin Q3 '24 2.2% points compared to last year Product margin The negative development on Product margin is related to Inventory handling mix effects wit
Slide 11: Cash Flow in line with seasonal pattern
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 Jul-Sep 2025 (SEKm) SEKm 175,6 (11,1) (112,5) 312,1 (168,0) (355,2) 473,0 51,9 261,8 EBITDA and Income tax paid Change in working Cash
Slide 12: Sharp improvement in leverage compared to last year
Sharp improvement in leverage compared to last year Interest-bearing liabilities, Cash & Leverage 3 000 5,0x Net debt 1,238.2m = 4.56x 3.36x 4,5x 2 500 3.92x 4,0x EBITDAaL LTM 3,5x 368.6m 2 000 3.33x 3.36x 3.02x 3,0x 1 500 2,5x Leverage improved by 1.2x compared to Q3 last 2,0x year 1 000 1,5x Unuti
Slide 13: Summary
Summary Double-digit organic growth in all three business units Increasing profitability by SEK 40 million, or 76%, year on year Market recovery in 2025 – expected to continue We are making strong progress on what we set out to do – our focus on the profitable growth phase remains unchanged 13
Slide 14: The leading consumer E-commerce company in the Nordics
The leading consumer E-commerce company in the Nordics 14