Q3 2026
EUROPRIS ASA
Highlights -group 3
Key figures - group 4
Financial review - group 5
Key figures - segment Norway 7
Key figures - segment Sweden 9
Outlook 11
Financial statements 12
Alternative performance measures 21
Highlights - groupThe group delivered solid gross margin in the third quarter, while the year-on-year development in like-for-like footfall was below expectations. Alongside the group's everyday low-price offering, seasonal ranges are important drivers of store footfall and sales of both seasonal items and the broader assortment. Lower footfall in the quarter largely reflected an earlier onset of summer in the Nordics compared with last year. Adjusted for this timing effect, the overall performance of the summer season was good and delivered according to plan.
Customers remain price-conscious and continued to favour lower-priced items. Europris and ÖoB are well positioned to meet these preferences, and sales of both campaign products and private-label products continued to grow.
However, the campaign programme performed below expectations in the third quarter, and corrective measures have been initiated.
Financial highlights - third quarterTotal sales amounted to NOK 3,473 million (3,528), representing a decrease of 1.6% on a reported basis and a growth of 0.6% in constant currency
Like-for-like sales declined 0.1% for the Europris chain and was up 2.1% for the ÖoB chain in local currency
Gross profit increased to NOK 1,459 million (1,437), with a gross margin of 42.0% (40.7%)
EBIT declined to NOK 244 million (256), corresponding to an EBIT margin of 7.0% (7.3%)
Net profit attributable to owners of the parent company amounted to NOK 129 million (154)
Earnings per share were NOK 0.79 (0.94)
Financial highlights - first nine monthsTotal sales amounted to NOK 10,467 million (10,268), representing a growth of 1.9% on a reported basis and 3.1% in constant currency
Like-for-like sales increased 3.7% for the Europris chain and 1.7% for the ÖoB chain in local currency
Gross profit increased to NOK 4,328 million (4,118), with a gross margin of 41.4% (40.1%)
EBIT increased to NOK 710 million (642), corresponding to an EBIT margin of 6.8% (6.2%)
Net profit attributable to owners of the parent company amounted to NOK 378 million (350)
Earnings per share were NOK 2.31 (2.14)
Cash flow from operating activities was a positive NOK 900 million (positive 254)
Net debt excluding lease liabilities amounted to NOK 1,401 million (1,795)
Figures for the corresponding period of the year before in brackets. The figures are unaudited. See page 21 for definition of APMs.
Key figures - group(Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 |
GROUP KEY INCOME STATEMENT FIGURES Retail sales | 3,281 | 3,332 | 9,900 | 9,721 | 14,097 |
Wholesale sales | 163 | 158 | 473 | 456 | 643 |
Other | 30 | 38 | 93 | 91 | 139 |
Total operating income | 3,473 | 3,528 | 10,467 | 10,268 | 14,878 |
% growth in total operating income | (1.6%) | 9.0% | 1.9% | 22.6% | 16.7% |
Cost of goods sold | 2,014 | 2,091 | 6,138 | 6,150 | 8,799 |
Gross profit | 1,459 | 1,437 | 4,328 | 4,118 | 6,079 |
Gross margin | 42.0% | 40.7% | 41.4% | 40.1% | 40.9% |
Opex | 949 | 915 | 2,817 | 2,683 | 3,700 |
Opex-to-sales ratio | 27.3% | 25.9% | 26.9% | 26.1% | 24.9% |
EBITDA | 510 | 521 | 1,511 | 1,435 | 2,379 |
EBITDA margin | 14.7% | 14.8% | 14.4% | 14.0% | 16.0% |
EBIT (Operating profit) | 244 | 256 | 710 | 642 | 1,319 |
EBIT margin (Operating profit margin) | 7.0% | 7.3% | 6.8% | 6.2% | 8.9% |
Net profit | 129 | 154 | 378 | 350 | 809 |
Profit attributable to owners of the parent | 129 | 154 | 378 | 350 | 807 |
Earnings per share (in NOK) | 0.79 | 0.94 | 2.31 | 2.14 | 4.93 |
GROUP KEY CASH FLOW AND BALANCE SHEET FIGURES | |||||
Net change in working capital | 59 | (167) | (162) | (735) | (396) |
Capital expenditure | 51 | 24 | 203 | 95 | 131 |
Financial debt | 5,793 | 5,497 | 5,793 | 5,497 | 5,281 |
Cash | 1,039 | 356 | 1,039 | 356 | 988 |
Net debt | 4,753 | 5,140 | 4,753 | 5,140 | 4,292 |
- Lease liabilities | 3,352 | 3,345 | 3,352 | 3,345 | 3,434 |
Net debt ex Lease liabilities | 1,401 | 1,795 | 1,401 | 1,795 | 858 |
Cash and liquidity reserves | 2,514 | 1,160 | 2,514 | 1,160 | 2,108 |
For definitions and reconciliations of APMs, please see page 21. |
Total operating income amounted to NOK 3,473 million (3,528), representing a year-on-year decline of 1.6% on a reported basis and an increase of 0.6% in constant currency. Gross profit increased to NOK 1,459 million (1,437), including unrealised currency losses of NOK 4 million (unrealised gains of 7). Consequently, the gross margin improved by 1.3 pp to 42.0% (40.7%), and by 1.6 pp excluding unrealised currency effects.
Operating expenses increased by 3.7% to NOK 949 million (915). Combined with lower sales, this resulted in an increase in the opex-to-sales ratio to 27.3% (25.9%). In constant currency, operating expenses increased by 6.0%, mainly reflecting wage growth in Norway and costs related to the remodelling of ten stores in Sweden.
EBITDA decreased to NOK 510 million (521), corresponding to an EBITDA margin of 14.7% (14.8%). EBIT decreased to NOK 244 million (256), corresponding to an EBIT margin of 7.0% (7.3%).
Net financial expenses amounted to NOK 62 million
(59). There was no impact from interest rate swaps this year, compared with unrealised gains of NOK 2 million last year.
The group did not recognise any tax income related to the losses incurred in Sweden this year.
Net profit and net profit attributable to owners of the parent company both amounted to NOK 129 million
(154). Earnings per share were NOK 0.79 (0.94).
Profit and loss - first nine monthsTotal operating income for the first nine months amounted to NOK 10,467 million (10,268), representing year-on-year growth of 1.9% on a reported basis and 3.1% in constant currency. Gross profit increased to NOK 4,328 million (4,118), including unrealised currency gains of NOK 11 million (unrealised losses of 17). The gross margin improved by 1.3 pp to 41.4% (40.1%), and by 0.9 pp excluding unrealised currency effects.
Operating expenses increased by 5.0% to NOK 2,817 million (2,683), with the opex-to-sales ratio increasing to 26.9% (26.1%). Operating expenses increased by 6.2% in constant currency. This mainly reflected volume-driven sales growth, high annual
wage increases, increased distribution costs, and costs related to the remodelling of 34 stores.
EBITDA increased to NOK 1,511 million (1,435), corresponding to an EBITDA margin of 14.4% (14.0%). EBIT increased to NOK 710 million (642), corresponding to an EBIT margin of 6.8% (6.2%).
Net financial expenses amounted to NOK 169 million (188), including unrealised losses on interest rate swaps of NOK 1 million (unrealised losses of 13). This year also included a one-off gain of NOK 13 million related to the termination of a hedging contract.
The group did not recognise any tax income related to the losses incurred in Sweden this year.
Net profit and net profit attributable to owners of the parent company both amounted to NOK 378 million (350). Earnings per share were NOK 2.31 (2.14).
Cash flow - first nine monthsCash flow from operating activities amounted to NOK 900 million for the first nine months (254). Changes in working capital had a negative cash flow impact of NOK 162 million (negative 735), reflecting the group's normal seasonal working capital pattern. The year-on-year improvement mainly reflected last year's planned inventory build-up to improve service levels in stores, as well as year-on-year timing differences in accounts payable.
Capital expenditure amounted to NOK 203 million (95), reflecting increased investments in the store remodelling programme in Sweden, the upgrade of pick-and-mix confectionery stands in Norway and various initiatives at the central logistics centre in Norway.
Net cash outflow from financing activities amounted to NOK 642 million (411). The higher net cash outflow mainly reflected a lower net increase in drawdowns on credit facilities, amounting to NOK 630 million this year compared with NOK 845 million last year.
Overall, the net cash position increased by NOK 54 million in the first nine months compared with a decrease of NOK 247 million last year.
Financial position and liquidity- first nine months
Financial debt amounted to NOK 5,793 million as at 30 September 2026 (5,497), and NOK 2,441 million excluding lease liabilities (2,151).
Cash amounted to NOK 1,039 million as at 30 September 2026 (356), while cash and liquidity reserves amounted to NOK 2,514 million (1,160).
Net debt amounted to NOK 4,753 million as at 30 September 2026 (5,140), and NOK 1,401 million excluding lease liabilities (1,795).
Key figures - segment Norway(Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 |
Total operating income | 2,515 | 2,508 | 7,509 | 7,217 | 10,590 |
% growth in total operating income | 0.3% | 11.6% | 4.0% | 8.5% | 7.2% |
Cost of goods sold | 1,362 | 1,388 | 4,149 | 4,025 | 5,856 |
Gross profit | 1,153 | 1,120 | 3,360 | 3,193 | 4,734 |
Gross margin | 45.8% | 44.6% | 44.8% | 44.2% | 44.7% |
Opex | 677 | 649 | 1,951 | 1,833 | 2,548 |
Opex-to-sales ratio | 26.9% | 25.9% | 26.0% | 25.4% | 24.1% |
EBITDA | 476 | 471 | 1,410 | 1,360 | 2,186 |
EBITDA margin | 18.9% | 18.8% | 18.8% | 18.8% | 20.6% |
EBIT (Operating profit) | 294 | 293 | 867 | 828 | 1,475 |
EBIT margin (Operating profit margin) EUROPRIS CHAIN KEY FIGURES | 11.7% | 11.7% | 11.5% | 11.5% | 13.9% |
Total chain sales | 2,422 | 2,413 | 7,268 | 6,969 | 10,032 |
% growth in total chain sales | 0.4% | 12.1% | 4.3% | 8.8% | 7.6% |
% growth in like-for-like chain sales | (0.1%) | 10.7% | 3.7% | 7.6% | 6.3% |
Total number of chain stores at end of period | 290 | 288 | 290 | 288 | 289 |
- Directly operated stores | 269 | 267 | 269 | 267 | 268 |
- Franchise stores | 21 | 21 | 21 | 21 | 21 |
PURE PLAY | |||||
Sales | 144 | 155 | 427 | 427 | 828 |
Segment Norway reported total sales of NOK 2,515 million in the third quarter (2,508), corresponding to year-on-year growth of 0.3%. The earlier onset of summer this year compared with last year had a negative timing effect on third-quarter sales.
Gross profit amounted to NOK 1,153 million (1,120), including unrealised currency losses of NOK 1.0 million (unrealised gains of 6.2). The gross margin improved by 1.2 pp to 45.8% (44.6%), and by 1.5 pp excluding unrealised currency effects. A higher share of private-label sales had a positive impact on the gross margin.
Operating expenses increased by 4.4% to NOK 677 million (649), mainly reflecting wage growth. Combined
with relatively flat sales, this resulted in an increase in the opex-to-sales ratio to 26.9% (25.9%).
EBIT increased slightly to NOK 294 million (293), corresponding to an EBIT margin of 11.7% (11.7%).
Profit and loss - first nine monthsSegment Norway reported total sales of NOK 7,509 million for the first nine months (7,217), corresponding to growth of 4.0%.
Gross profit amounted to NOK 3,360 million (3,193), including unrealised currency gains of NOK 5.7 million (unrealised losses of 13.6). The gross margin improved by 0.6 pp to 44.8% (44.2%), and by 0.3 pp excluding unrealised currency effects. The gross margin was positively impacted by a higher share of private-label
sales, partly offset by a higher share of campaign sales.
Operating expenses increased by 6.4% to NOK 1,951 million (1,833), with the opex-to-sales ratio increasing to 26.0% (25.4%). The year-on-year increase in operating expenses mainly reflected the combined effect of volume-driven sales growth, wage growth and higher distribution costs, as well as general inflation and a higher number of directly operated stores.
EBIT increased by 4.7% to NOK 867 million (828), corresponding to an EBIT margin of 11.5% (11.5%).
The Europris chainThe Europris chain recorded total sales growth of 0.4% and a like-for-like decline of 0.1% in the third quarter. The like-for-like sales decline reflected slightly lower footfall, partly offset by a volume-driven increase in the basket.
Consumers remained price-conscious, supporting the relevance of the Europris concept. This was reflected in continued sales growth in both private labels and campaign products. However, Europris is also a seasonal destination, and the earlier onset of summer this year had a negative timing effect on third-quarter footfall and sales.
For the first nine months, total chain sales increased by 4.3%, with like-for-like growth of 3.7%. Like-for-like footfall increased, and the higher basket value was volume-driven. The period included one additional sales day compared with the same period last year.
Europris opened one new store, relocated one store, expanded two stores and closed one store in the third quarter. The total number of stores was 290 as at 30 September 2026, of which 269 were directly operated and 21 were franchises. The board has approved a further eight store openings for 2026 and beyond, four of which are pending planning approval.
Pure play companiesThe pure-play companies reported sales of NOK 144 million (155) in the third quarter, a year-on-year decline of 6.9%. For the first nine months, sales amounted to NOK 427 million (427), in line with last year.
On 1 July 2026, the EU abolished the customs duty exemption for low-value imports from non-EU countries and introduced a temporary customs duty of EUR 3 per customs item category for consignments valued at up to EUR 150. This adversely affected sales to customers in the EU in the third quarter.
From 1 November 2026, the EU is also expected to introduce a handling fee of EUR 2 per customs item category for goods sold through distance sales and imported into the EU.
Both companies are implementing measures to mitigate the impact on profitability. Strikkemekka has expanded its warehouse operations in Sweden to serve its EU markets and expects it to be fully stocked early next year. Lekekassen is implementing targeted measures to improve order economics, including adjustments to freight terms, pricing, assortment and campaign activity.
Key figures - segment Sweden(Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 |
Total operating income | 958 | 1,020 | 2,958 | 3,051 | 4,289 |
% growth in total operating income | (6.1%) | -% | (3.0%) | -% | -% |
Cost of goods sold | 651 | 703 | 1,990 | 2,126 | 2,943 |
Gross profit | 306 | 317 | 968 | 925 | 1,346 |
Gross margin | 32.0% | 31.1% | 32.7% | 30.3% | 31.4% |
Opex | 272 | 267 | 866 | 850 | 1,153 |
Opex-to-sales ratio | 28.4% | 26.2% | 29.3% | 27.9% | 26.9% |
EBITDA | 35 | 50 | 102 | 75 | 193 |
EBITDA margin | 3.6% | 4.9% | 3.4% | 2.5% | 4.5% |
EBIT (Operating profit) | (50) | (37) | (157) | (186) | (157) |
EBIT margin (Operating profit margin) ÖoB CHAIN KEY FIGURES IN LOCAL CURRENCY | (5.2%) | (3.6%) | (5.3%) | (6.1%) | (3.7%) |
Total chain sales, SEK million | 970 | 950 | 2,903 | 2,862 | 4,013 |
% growth in total chain sales | 2.1% | -% | 1.4% | -% | -% |
% growth in like-for-like chain sales | 2.1% | -% | 1.7% | -% | -% |
Total number of chain stores at end of period | 92 | 92 | 92 | 92 | 92 |
Segment Sweden reported sales of NOK 958 million (1,020), corresponding to a decline of 6.1% on a reported basis but an increase of 1.3% in local currency. Footfall was adversely affected by the temporary closure of ten stores as part of the store remodelling programme.
Customers continued to respond positively to the changes in the non-food range. Non-food sales increased by 9% in the quarter, supporting basket value through a favourable mix effect.
Gross profit amounted to NOK 306 million (317), including unrealised currency losses of NOK 2.7 million (unrealised gains of 0.3). The gross margin increased by 0.9 pp to 32.0% (31.1%) and by 1.2 pp excluding unrealised currency effects.
Operating expenses increased by 1.8% to NOK 272 million (267). Combined with lower sales in NOK, this resulted in an increase in the opex-to-sales ratio to 28.4% (26.2%). In local currency operating expenses
increased by 9.7%, reflecting costs related to the remodelling of ten stores.
The segment reported an EBIT loss of NOK 50 million in the third quarter (loss of 37).
Profit and loss - first nine monthsSegment Sweden reported sales of NOK 2,958 million (3,051) for the first nine months, corresponding to a decline of 3.0% on a reported basis but growth of
0.9% in local currency. Sales growth in local currency was driven by a higher basket value, which more than offset lower footfall. Footfall was adversely affected by the store remodelling programme, with 34 stores remodelled during the first nine months. The higher average basket value was positively impacted by changes in the product mix, with non-food sales increasing by 10%. The share of sales from non-food increased by 2 pp to 28%, and the group aims to continue growing non-food sales.
Gross profit amounted to NOK 968 million (925), including unrealised currency gains of NOK 5.2 million
(unrealised losses of 3.8). The gross margin increased by 2.4 pp to 32.7% (30.3%) and by 2.2 pp excluding unrealised currency effects.
Operating expenses increased by 1.9% to NOK 867 million (850), while the opex-to-sales ratio increased to 29.3% (27.9%). In local currency, operating expenses increased by 5.6%. Costs were impacted by the remodelling of 34 stores, while the corresponding period last year included costs related to the implementation of a new ERP system.
The segment reported an EBIT loss of NOK 157 million for the first nine months (loss of 186).
As at 30 September 2026, the chain operated 92 stores across Sweden, of which 38 had been fully remodelled.
ÖoB turnaround planThe group is well underway with the ÖoB turnaround plan. The product range, campaign plan and concept elements have been harmonised across Norway and Sweden. The store remodelling programme is progressing according to plan, with a total of 38 stores
remodelled as at 30 September 2026.
Store remodelling is a key element in re-establishing ÖoB as an attractive shopping destination, attracting new customers and increasing store footfall. The remodelled stores continue to outperform the remaining store portfolio in terms of both sales and gross margin.
A further ten stores are planned to be remodelled in the fourth quarter, bringing the total to 48 by year-end. The remaining stores are planned to be remodelled in 2027, although some stores will not be included due to permitting constraints or potential relocations.
Direct costs related to the store remodelling programme and lost sales during temporary closures weigh on short-term profitability. However, the investments are expected to attract new customer groups and strengthen the chain's long-term performance.
As the share of remodelled stores increases, the next phase will be to broaden marketing activities to support customer acquisition and increase awareness among new customer groups. Almost half of the store portfolio will have been remodelled ahead of the Christmas season, and the group will carry out a series of initiatives during the season to attract customers and further strengthen ÖoB's position as a preferred destination for seasonal shopping. Full-scale national marketing activities will be launched in autumn 2027, once the store remodelling programme has been completed.
OutlookIn September, Norges Bank raised the policy rate by 25 basis points to 4.50%, while Sveriges Riksbank left its policy rate unchanged at 1.75%. Both central banks revised their respective projected policy rate paths upwards. Higher interest rates may weigh on consumer sentiment, although consumers are expected to benefit from real wage growth in both countries this year and next year.
Consumers are expected to remain price-conscious, with a continued strong focus on value for money and promotional offers. Europris and ÖoB remain well positioned in this environment through their low-price concepts, broad assortments and strong promotional capabilities. The group is well stocked and prepared for the important Christmas season.
Visibility remains limited for certain cost components, including energy, freight and some input categories.
Further volatility cannot be excluded, although any impact on these cost items is expected to affect the market broadly. The group continues to mitigate cost increases where possible through sourcing initiatives, pricing measures and improved operational efficiency.
In Sweden, the ÖoB turnaround programme is progressing according to plan. While the store remodelling programme is expected to continue to weigh on profitability in the near term, the investments are expected to support the chain's longer-term earnings capacity. The group reiterates its ambition to grow ÖoB sales to SEK 5 billion and achieve an EBIT margin of 5% by the end of 2028.
Fredrikstad, 28 October 2026
THE BOARD OF DIRECTORS OF EUROPRIS ASA
Per Arthur Sørlie Chair | Terje Andersen | Hege Bømark | Ros-Marie Grusén |
Susanne Holmström | Jon Martin Klafstad | Pål Wibe | Espen Eldal CEO |
EUROPRIS ASA Q3 2026
Interim condensed consolidated statement of profit and lossFigures are stated in NOK 1,000 | Notes | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 |
Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
Total operating income | 3,473,009 | 3,528,068 | 10,466,765 | 10,267,930 | 14,878,389 | |
Cost of goods sold | 2,013,680 | 2,091,233 | 6,138,400 | 6,150,262 | 8,798,957 | |
Employee benefit expenses | 594,403 | 569,444 | 1,729,431 | 1,629,151 | 2,238,204 | |
Depreciation | 5 | 266,193 | 265,276 | 801,524 | 792,872 | 1,060,249 |
Other operating expenses | 354,559 | 346,025 | 1,087,810 | 1,053,999 | 1,462,074 | |
Operating profit | 244,174 | 256,090 | 709,600 | 641,646 | 1,318,904 | |
Net financial income (expense) | (61,538) | (59,183) | (168,774) | (188,383) | (265,034) | |
Profit before tax | 182,636 | 196,907 | 540,826 | 453,263 | 1,053,870 | |
Income tax expense | 53,799 | 43,214 | 162,593 | 103,567 | 245,233 | |
Profit for the period | 128,836 | 153,693 | 378,232 | 349,696 | 808,637 | |
Profit attributable to non-controlling interests | (234) | (272) | 177 | (10) | 1,538 | |
Profit attributable to owners of the parent | 129,070 | 153,965 | 378,055 | 349,706 | 807,098 | |
Interim condensed consolidated statement of comprehensive income | ||||||
Profit for the period | 128,836 | 153,693 | 378,232 | 349,696 | 808,637 | |
Items that subsequently may be reclassified to profit or loss | ||||||
Exchange differences on translation of foreign operations | (8,327) | (339) | (28,896) | 6,874 | 16,157 | |
Total comprehensive income | 120,509 | 153,354 | 349,336 | 356,570 | 824,794 | |
Comprehensive income attributable to non-controlling interests | (234) | (272) | 177 | (10) | 1,538 | |
Comprehensive income attributable to owners of the parent | 120,743 | 153,626 | 349,159 | 356,580 | 823,255 | |
Earnings per share (basic and diluted - in NOK) | 0.79 | 0.94 | 2.31 | 2.14 | 4.93 |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Interim condensed consolidated statement of financial positionFigures are stated in NOK 1,000 | Notes | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
ASSETS | Unaudited | Unaudited | Audited | |
Total intangible assets | 5 | 3,200,397 | 3,268,921 | 3,264,029 |
Total fixed assets | 5 | 3,863,552 | 3,775,442 | 3,868,835 |
Total financial assets | 6 | 57,684 | 62,299 | 57,830 |
Total non-current assets | 7,121,634 | 7,106,662 | 7,190,693 | |
Inventories | 3,697,190 | 3,883,102 | 3,580,859 | |
Trade receivables | 202,683 | 188,656 | 218,515 | |
Other receivables | 6 | 222,472 | 196,278 | 253,168 |
Cash | 1,039,300 | 356,380 | 988,122 | |
Total current assets | 5,161,645 | 4,624,416 | 5,040,663 | |
Total assets | 12,283,279 | 11,731,078 | 12,231,357 | |
EQUITY AND LIABILITIES Total paid-in capital | 7 | 308,599 | 308,341 | 308,342 |
Total retained equity | 3,737,883 | 3,532,653 | 4,001,916 | |
Total shareholders' equity | 4,046,483 | 3,840,994 | 4,310,258 | |
Non-controlling interests | 47,168 | 45,561 | 46,991 | |
Total equity | 4,093,650 | 3,886,555 | 4,357,249 | |
Provisions | 203,493 | 207,698 | 39,834 | |
Borrowings | 6 | 998,375 | 998,266 | 996,972 |
Lease liabilities | 2,432,163 | 2,448,366 | 2,520,948 | |
Total non-current liabilities | 3,634,031 | 3,654,329 | 3,557,754 | |
Borrowings | 6 | 1,442,403 | 1,153,232 | 849,281 |
Current lease liabilities | 919,848 | 896,788 | 913,410 | |
Accounts payable | 1,309,572 | 1,145,986 | 1,076,922 | |
Tax payable | 25,265 | 110 | 298,427 | |
Public duties payable | 297,172 | 346,860 | 462,307 | |
Put option liability | 27,802 | 30,390 | 27,802 | |
Other current liabilities | 6 | 533,535 | 616,829 | 688,206 |
Total current liabilities | 4,555,597 | 4,190,194 | 4,316,354 | |
Total liabilities | 8,189,629 | 7,844,523 | 7,874,108 | |
Total equity and liabilities | 12,283,279 | 11,731,078 | 12,231,357 |
Fredrikstad, 28 October 2026
THE BOARD OF DIRECTORS OF EUROPRIS ASA
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Interim condensed consolidated statement of changes in equityFigures are stated in NOK 1,000
Share capital | Treasury shares | Share premium | Other paid-in capital | Retained earnings | Total | Non-controlling interests | Total equity | |
At 1 January 2026 | 166,969 | (3,320) | 51,652 | 93,039 | 4,001,916 | 4,310,258 | 46,991 | 4,357,249 |
Profit for the period | - | - | - | - | 378,055 | 378,055 | 177 | 378,232 |
Other comprehensive income | - | - | - | - | (28,896) | (28,896) | - | (28,896) |
Dividend | - | - | - | - | (613,685) | (613,685) | - | (613,685) |
Net sales of treasury shares | - | 10 | - | 249 | 491 | 750 | - | 750 |
At 30 September 2026 | 166,969 | (3,309) | 51,652 | 93,287 | 3,737,883 | 4,046,483 | 47,168 | 4,093,650 |
(unaudited) |
Share capital | Treasury shares | Share premium | Other paid-in capital | Retained earnings | Total | Non-controlling interests | Total equity | |
At 1 January 2025 | 166,969 | (3,320) | 51,652 | 93,039 | 3,749,207 | 4,057,548 | 51,299 | 4,108,848 |
Profit for the period | - | - | - | - | 349,706 | 349,706 | (10) | 349,696 |
Other comprehensive income | - | - | - | - | 6,874 | 6,874 | - | 6,874 |
Dividend | - | - | - | - | (573,135) | (573,135) | (179) | (573,313) |
Non-controlling interests from sale of subsidiary | - | - | - | - | - | - | (5,549) | (5,549) |
At 30 September 2025 | 166,969 | (3,320) | 51,652 | 93,039 | 3,532,653 | 3,840,994 | 45,560 | 3,886,555 |
(unaudited) |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Interim condensed consolidated statement of cash flowsFigures are stated in NOK 1,000 | Notes | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 |
Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
Cash flows from operating activities | ||||||
Profit before income tax | 182,636 | 196,907 | 540,826 | 453,263 | 1,053,870 | |
Adjusted for: | ||||||
Depreciation of fixed and intangible assets | 5 | 266,193 | 265,276 | 801,524 | 792,872 | 1,060,249 |
Changes in net working capital | 58,717 | (167,238) | (161,618) | (735,051) | (396,322) | |
Income tax paid | (34,974) | (835) | (280,769) | (257,396) | (247,242) | |
Net cash generated from operating activities | 472,572 | 294,110 | 899,963 | 253,687 | 1,470,554 | |
Cash flows from investing activities | ||||||
Proceeds from sale of fixed assets | - | - | 58 | - | - | |
Purchases of fixed and intangible assets | 5 | (50,962) | (24,389) | (203,362) | (94,965) | (131,312) |
Acquisition | - | - | - | 4,799 | 4,766 | |
Net cash used in investing activities | (50,962) | (24,389) | (203,304) | (90,166) | (126,546) | |
Cash flows from financing activities | ||||||
Net change overdraft and RCF (Revolving Credit Facility) | (375) | (20,463) | 629,561 | 844,684 | 530,941 | |
Repayment of debt to financial institutions | - | - | - | (25,250) | (26,544) | |
Principal paid on lease liabilities | (211,482) | (222,300) | (659,262) | (657,105) | (891,332) | |
Dividend | - | - | (613,685) | (573,135) | (573,015) | |
Sale of treasury shares | 750 | - | 750 | - | - | |
Dividends paid to non-controlling interests in subsidiaries | - | - | - | (179) | (298) | |
Net cash from financing activities | (211,107) | (242,764) | (642,636) | (410,984) | (960,249) | |
Net increase (decrease) in cash | 210,503 | 26,957 | 54,023 | (247,463) | 383,760 | |
Exchange gain (loss) on cash | (1,236) | (17) | (2,845) | 481 | 1,000 | |
Cash at beginning of period | 830,034 | 329,440 | 988,122 | 603,362 | 603,362 | |
Cash at end of period | 1,039,300 | 356,380 | 1,039,300 | 356,380 | 988,122 |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Notes-
Corporate information
The interim condensed consolidated financial statements of Europris ASA and its subsidiaries (collectively, the group) for the third quarter and the nine months ended 30 September 2026 were authorised for issue by the board on 28 October 2026.
The group comprises Norway's leading variety retail chain, Europris, the Swedish retailer ÖoB, and holds full or partial ownership in the e-commerce groups Lekekassen and Strikkemekka. The Europris chain operates 290 stores in Norway (269 directly operated and 21 franchised locations), while ÖoB manages 92 directly operated stores throughout Sweden, and Lekekassen operates two physical stores in Norway. The group's operations are coordinated from its head office in Fredrikstad, Norway, with logistics centres in both Norway and Sweden.
These condensed interim financial statements have not been audited.
- Basis of preparation and changes to the group's accounting policies
Basis of preparation
The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the group's annual consolidated financial statements for the year ended 31 December 2025.
The accounting policies adopted in preparing the interim condensed consolidated financial statements are consistent with those followed in the preparation of the group's annual consolidated financial statements for the year ended 31 December 2025, except for the application of hedge accounting as described below.
New standards, interpretations and amendments adopted by the groupNew standards, interpretations and amendments effective from 1 January 2026 have not had a material impact on the group's interim condensed consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after 1 January 2027. The group is currently assessing the effects of the new standard. IFRS 18 is expected to primarily affect the presentation and disclosure of information in the consolidated financial statements, including the structure of the statement of profit or loss and disclosures relating to management-defined performance measures. The standard is not expected to affect the recognition or measurement of the group's assets, liabilities, income or expenses. The group has not yet completed its assessment of the detailed impact of the standard.
Hedge accountingFrom July 2026, the group applies hedge accounting under IFRS 9 for a hedge of its net investment in Runsvengruppen AB. In total SEK 950 million of external SEK-denominated financing has been designated as the hedging instrument for a corresponding portion of the group's net investment in the Swedish operations. The effective portion of foreign exchange gains and losses on the hedging instrument is recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective portion is recognised in finance income or expenses.
- Critical accounting estimates and judgements
The preparation of interim condensed financial statements requires management to make accounting judgements and estimates that impact how accounting policies are applied and the reported amounts for assets, liabilities, income and expenses. Actual results may differ from these estimates. The critical accounting estimates and judgements are consistent with those in the consolidated financial statements for 2025, see note 3 for more details.
- Segment information
The group management is the group's chief operating decision-maker. The segments are reported in accordance with how the chief operating decision-maker evaluates profitability and achievements. The Norway segment relates to Europris and the Sweden segment relates to ÖoB. The pure play companies Lekekassen and Strikkemekka, are both individually below the threshold for being reportable and are integrated into the Norway segment.
Q3 2026
YTD 2026
(Amounts in NOK million)
Norway
Sweden
Total
Norway
Sweden
Total
Total operating income
2,515
958
3,473
7,509
2,958
10,467
Cost of goods sold
1,362
651
2,014
4,149
1,990
6,138
Gross profit
1,153
306
1,459
3,360
968
4,328
Opex
677
272
949
1,951
866
2,817
EBITDA
476
35
510
1,410
102
1,511
EBIT (Operating profit)
294
(50)
244
867
(157)
710
Gross margin (%)
45.8%
32.0%
42.0%
44.8%
32.7%
41.4%
Opex-to-sales ratio (%)
26.9%
28.4%
27.3%
26.0%
29.3%
26.9%
EBITDA margin (%)
18.9%
3.6%
14.7%
18.8%
3.4%
14.4%
EBIT margin (%) (Operating profit margin)
11.7%
(5.2%)
7.0%
11.5%
(5.3%)
6.8%
Inventory
2,721
977
3,697
2,721
977
3,697
Total assets
9,757
2,526
12,283
9,757
2,526
12,283
For more details, please refer to the segment sections on page 7 (Norway) and page 9 (Sweden).
- Fixed and intangible assets
Figures are stated in NOK 1,000
Fixtures
and fittings
Land
Buildings
Right-of-use asset
Software
Trademarks
Goodwill
Total
Carrying amount 1 January 2026
491,345
21,224
109,112
3,247,154
46,337
591,300
2,495,540
7,002,012
Exchange differences
(9,504)
-
(1,842)
(88,764)
(1,617)
(4)
(36,474)
(138,206)
Additions
198,493
-
1,264
682,265
3,606
-
-
885,627
Disposals
(58)
-
-
-
-
-
-
(58)
Depreciation
(95,184)
-
(5,035)
(686,916)
(14,363)
(25)
-
(801,524)
Carrying amount 30 September 2026
585,091
21,224
103,498
3,153,738
33,963
591,270
2,459,066
6,947,851
Figures are stated in NOK 1,000
Fixtures
and fittings
Land
Buildings
Right-of-use asset
Software
Trademarks
Goodwill
Total
Carrying amount 1 January 2025
474,677
21,224
116,087
3,294,733
74,529
591,387
2,475,760
7,048,398
Acquisition of subsidiaries
78
-
-
-
-
-
-
78
Exchange differences
446
-
367
24,413
573
3
8,629
34,432
Additions
94,468
-
(325)
524,290
821
-
15,278
634,532
Disposals
(158)
-
-
(4,506)
-
-
(13,446)
(18,111)
Depreciation
(87,869)
-
(5,007)
(677,475)
(22,451)
(69)
-
(792,871)
Carrying amount 30 September 2025
481,642
21,224
111,122
3,161,454
53,472
591,322
2,486,222
6,906,458
-
Bank borrowings and financial instruments at fair value
On 31 March 2026, the group increased its loan facilities with DNB, Nordea and Danske Bank by NOK 1 billion under a revised 3+1+1-year agreement, comprising a NOK 1 billion term loan and NOK 2.2 billion in revolving credit facilities.
30 September 2026 31 December 2025
Figures are stated in NOK 1,000
Amortised cost
Nominal value
Amortised cost
Nominal value
Debt to financial institutions
998,375
1,000,000
996,972
1,000,000
Total
998,375
1,000,000
996,972
1,000,000
The amortised cost of the bank debt is assessed as not differing materially from fair value.
Overdraft facilities
30 September 2026
31 December 2025
Overdraft and multi-currency group account
706,840
763,300
Revolving facility loan
2,200,000
1,200,000
Guarantees
21,500
10,000
Total
2,928,340
1,973,300
Drawn guarantees and facilities
1,453,225
853,617
Undrawn overdraft facilities
1,475,115
1,119,683
Covenants are measured and reported quarterly. In the bank agreement, the covenant (leverage ratio: net debt/ adjusted EBITDA) will be at 3.5 for any test date in the remainder of the agreement period. The group was in compliance with financial covenants.
The group operates a multi-currency cash pool arrangement. Each currency has an ultimate group account representing the net position in that currency. Each currency-specific group account is considered a separate financial instrument and IAS 32 does not permit net presentation across the various group accounts. Consequently, the various group accounts (total net per currency) are presented on a gross basis in the consolidated statement of financial position. As of 30 September 2026, the SEK group account had a negative balance. This overdraft is classified as short-term borrowings in the consolidated statement of financial position. Furthermore, the overdraft is excluded from cash and cash equivalents in the consolidated statement of cash flows, as it does not meet the criteria set out in IAS 7 of cash and cash equivalents.
Interest rate swapsAssets/liabilities measured at fair value through profit and loss
30 September 2026
31 December 2025
Interest rate swaps
54,782
55,441
Foreign exchange contracts
11,255
1,773
Foreign exchange contracts
(636)
(22,479)
Total
65,401
34,734
The group has entered into interest-rate swap agreements of a total of NOK 600 million to hedge part of its interest-rate risk fluctuations. Of these contracts, NOK 300 million expires in July 2027 and NOK 300 million in July 2030. With these contracts 60 per cent of the principal of the group's term loan is presently hedged.
Forward exchange contractsThe group is exposed to currency exchange risk arising from the import of goods for sale. These transactions are mainly settled in USD and EUR. The group aims to achieve predictable cash outflows in local currencies by using forward contracts as a hedging strategy for its exposure to USD and EUR.
Net investment hedgeThe group has designated SEK 950 million of external SEK-denominated financing as a hedge of a corresponding portion of its net investment in Runsvengruppen AB. Foreign exchange differences on the effective portion of the hedge are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. Any hedge ineffectiveness is recognised in finance income or expenses.
- Treasury shares
The number of treasury shares held by Europris ASA changed as follows in the period from 1 January to 30 September 2026.
Change in number of treasury shares | |
Treasury shares 1 January 2026 | 3,319,636 |
Sale of treasury shares to senior executives | (10,263) |
Treasury shares 30 September 2026 | 3,309,373 |
Average cost price for treasury shares are NOK 48.86.
Forward looking statementsThe condensed interim report contains forward-looking statements, based on various assumptions. These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although the group believes that these assumptions were reasonable when made, it cannot provide assurances that its future results, level of activity or performances will meet these expectations.
Alternative performance measuresAPMs are used by the group for annual and periodic financial reporting in order to provide a better understanding of the group's financial performance.
APMs are considered as well-known and frequently used by users of the financial statements and are also applied in internal reporting and by management to measure operating performance.
SalesSales is the same as the IFRS definition of total operating income.
Gross profit / gross marginGross profit is defined as total operating income minus the cost of goods sold (COGS). The gross profit represents revenue that the group retains after incurring the direct costs associated with the purchase of the goods. Gross margin is defined as gross profit divided by total operating income and is useful for benchmarking direct costs associated with the purchase of the goods vs total operating income.
Q3 | Q3 | YTD | YTD | FY | |
(Amounts in NOK million) | 2026 | 2025 | 2026 | 2025 | 2025 |
Total operating income | 3,473 | 3,528 | 10,467 | 10,268 | 14,878 |
- Cost of goods sold | 2,014 | 2,091 | 6,138 | 6,150 | 8,799 |
Gross profit | 1,459 | 1,437 | 4,328 | 4,118 | 6,079 |
Gross margin | 42.0% | 40.7% | 41.4% | 40.1% | 40.9% |
divides the opex by total operating income and is useful for benchmarking this cost base vs the development in | (Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 | ||||||
sales. | Change in Inventory | (380) | (303) | (237) | (560) | (232) | ||||||
(Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 | Change in accounts receivable and other current receivables | (11) | (61) | 32 | 73 | (22) | |
Employee benefits expense + Other operating expenses | 594 355 | 569 346 | 1,729 1,088 | 1,629 1,054 | 2,238 1,462 | Change in accounts payable and other current debt | 450 | 197 | 43 | (247) | (143) | |
Opex Opex-to-sales ratio | 949 27.3% | 915 25.9% | 2,817 26.9% | 2,683 26.1% | 3,700 24.9% | Net change in working capital | 59 | (167) | (162) | (735) | (396) | |
The Operating expenses (opex) is the sum of employee benefits expense and other operating expenses. It is useful to look at cost of these two components combined, as they compose a large part of the fixed operating costs. The opex-to-sales ratio
EBITDA is a well-known and widely used term among users of the financial statements and is useful when evaluating operational efficiency on a more variable cost basis as they exclude amortisation and depreciation expense related to capital expenditure. EBITDA margin is EBITDA divided by total operating income and is useful for benchmarking this profitability parameter vs the development in sales.
Q3 | Q3 | YTD | YTD | FY | |
(Amounts in NOK million) | 2026 | 2025 | 2026 | 2025 | 2025 |
Operating profit | 244 | 256 | 710 | 642 | 1,319 |
+ Depreciation | 266 | 265 | 802 | 793 | 1,060 |
EBITDA | 510 | 521 | 1,511 | 1,435 | 2,379 |
EBITDA margin | 14.7% | 14.8% | 14.4% | 14.0% | 16.0% |
EBIT / EBIT margin |
EBIT is earnings before interest and taxes and is the same as the IFRS definition of operating profit. EBIT is a well-known and widely used term among the users of the financial statements and is useful when evaluating operational profitability. EBIT margin is EBIT divided by total operating income and is useful for benchmarking this profitability parameter vs the development in sales.
Working capitalNet change in working capital is the sum of change in inventories and trade receivables and change in other receivables less the sum of change in accounts payable and other current liabilities. Net change in working capital is a well-known and widely used term among the users of the financial statements and is useful for measuring the group's liquidity, operational efficiency and short-term financial conditions.
EBITDA / EBITDA marginEBITDA is earnings before interests, tax, depreciation of property, plant and equipment and right-of-use assets and amortisation of other intangibles.
Capital expenditureQ3 | Q3 | YTD | YTD | FY | |
(Amounts in NOK million) | 2026 | 2025 | 2026 | 2025 | 2025 |
Sales directly operated stores | 2,192 | 2,179 | 6,557 | 6,288 | 9,048 |
Sales franchise stores | 230 | 234 | 711 | 681 | 985 |
Total chain sales | 2,422 | 2,413 | 7,268 | 6,969 | 10,032 |
Capital expenditure (capex) is the sum of purchases of fixed assets and intangible assets as used in the cash flow. Capex is a well-known and widely used term among the users of the financial statements and is a useful measure of investments made in the operations when evaluating the capital intensity.
Q3 | Q3 | YTD | YTD | FY | |
(Amounts in NOK million) | 2026 | 2025 | 2026 | 2025 | 2025 |
Purchases of fixed assets | 50 | 26 | 200 | 94 | 131 |
Purchases of intangible assets | 1 | (1) | 4 | 1 | 1 |
Capital expenditure | 51 | 24 | 203 | 95 | 131 |
Financial debt is the sum of borrowings and lease liabilities. Financial debt is useful to see total debt as defined by IFRS. Net debt is financial debt less cash.
Q3 | Q3 | YTD | YTD | FY | |
(Amounts in NOK million) | 2026 | 2025 | 2026 | 2025 | 2025 |
Borrowings | 998 | 998 | 998 | 998 | 997 |
Current borrowings | 1,442 | 1,153 | 1,442 | 1,153 | 849 |
Lease liabilities | 2,432 | 2,448 | 2,432 | 2,448 | 2,521 |
Current lease liabilities | 920 | 897 | 920 | 897 | 913 |
Financial debt | 5,793 | 5,497 | 5,793 | 5,497 | 5,281 |
Cash | 1,039 | 356 | 1,039 | 356 | 988 |
Net debt | 4,753 | 5,140 | 4,753 | 5,140 | 4,292 |
Cash and liquidity reserves is defined as available cash plus available liquidity through overdraft and credit facilities. This measure is useful to see total funds available short term.
Definitions of other terms used
Segment NorwayThe Norway segment includes Europris and the pure play companies Lekekassen and Strikkemekka.
Segment SwedenThe Sweden segment includes the ÖoB chain.
Pure playPure play includes the Lekekassen group and the Strikkemekka group.
Directly operated storesDirectly operated store means a store owned and directly operated by the group.
Franchise storesFranchise store means a store operated by a franchisee under a franchise agreement with the group.
ChainChain means the sum of all stores under the brand name Europris and ÖoB. Europris has both directly operated stores and franchise stores while ÖoB only has directly operated stores.
Like-for-like sales growth2,514
2,108
(Amounts in NOK million) | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | FY 2025 | Like-for-like (LFL) growth is defined as the growth in total chain sales for stores that have been open for |
Cash | 1,039 | 356 | 1,039 | 356 | 988 | every month of both the previous and the current |
+ Total facilities | 2,928 | 1,960 | 2,928 | 1,960 | 1,973 | |
- Total drawn Cash and liquidity | (1,453) | (1,156) | (1,453) | (1,156) | (854) | Organic growth |
calendar year. LFL is calculated in local currency.
2,514
reserves
Europris: Total chain sales1,160
1,160
Organic growth is defined as the growth excluding any significant structural changes (acquisitions or sale of companies).
Total chain sales are sales from all chain stores, that is both directly operated and franchise stores. This KPI is an important measure of the performance of the total Europris chain and considered useful in order to understand the development of the entire chain, regardless of ownership structure of stores.
Constant currencyConstant currency is the exchange rate which the group uses to eliminate the effect of exchange rates fluctuations when calculating financial performance numbers.
Europris ASA Dikeveien 57, P O Box 1421
NO-1661 Rolvsøy
Switchboard: +47 971 39 000 mail: ir@europris.no
https://www.europris.no