Kid ASA - Quarterly report | 1
Kid ASA - Quarterly report | 2
GROUP REVENUES increased by 9.1% (+5.3%) to MNOK 800.5, positively impacted by seasonal assortments and strong Online development. GROSS MARGIN increased to 61.2% (60.6%), positively impacted by freight, reduced clearance sale and product mix.
-210.725%
6.1 %
4.6 %
2.9 %
2025 2026 2025 2026
2026 2025 2026
Q1
Q2
Q3
Q4
OPEX increased by 8.6% (+8.3%), impacted by new stores, project activity, earlier distribution of spring and summer assortments and currency. EBITDA increased by MNOK 17.3 to MNOK 132.7 (MNOK 115.3). Solid Group revenue growthKid Group reported revenues of MNOK 800.5 in Q1 2026, corresponding to 9.1% year-over-year growth.
Revenue growth was driven by strong digital sales across both Kid Interior and Hemtex, as well as solid performance in physical stores in Norway, supported by Easter-related assortments.
Underlying commercial initiatives contributed positively during the quarter. Bedlinen, bathroom and outdoor furniture performed well, supported by strong seasonal assortments from Easter, Spring and Summer. The development was further supported by the timing of Easter and more inspiring stores with a higher share of newness compared to last year.
Warehouse operations with normalised capacity Warehouse operations performed as planned during Q1. Handling capacity and throughput increased,supporting higher production volumes and normal
allocation of goods to stores. No material product
shortages affected revenues.
Operations at the central warehouse are stabilised, with improved operational reliability and predictable
Operational efficiency has improved compared with previous periods. Further efficiency gains are expected over time as system replacements progress and volumes increase. No material inefficiency costs were recognised in the quarter.
Progress on the Norwegian warehouse exit Sublease agreements now cover approximately 65% of the warehouse capacity, including a newagreement for an additional ~50% signed during the
quarter. As a result, around two-thirds of the warehouse cost base for 2026 is secured through subleasing arrangements, with the new tenant taking occupancy in Q2 2026.
The impairment recognised in Q2 2025, on the right-of-use asset, is considered robust based on the current level of secured subleasing and ongoing dialogue regarding a long-term solution, including further subleasing or full lease termination.
Management remains confident in securing a long-term solution for the Lier facility.
Modernising systems to support future growth The Group continues to modernise its system landscape. Project activity remains high, particularlywithin core retail- and operational systems, with
The rollout of the new point-of-sale ("POS") solution is well advanced across the Group, with positive progress achieved during the quarter. A new workforce management system has been implemented in Norway, together with additional supporting systems.
Remaining initiatives will be completed progressively. Entering 2027, the Group will have a modern and scalable system platform supporting future growth and operational efficiency.
Store portfolio development towards target size The Group continues to develop its store portfolio towards the standard store size of approximately600 sqm. Average store size was 518 sqm. for Kid
Interior and 463 sqm. for Hemtex as of 2025. Figures exclude Extended stores.
During the quarter, seven store projects were completed. Three new stores and one Extended store were opened, while one store was closed. At quarter-end, signed contracts support further selective expansion, with planned openings in the periods ahead.
115
82 | 91 | 133 | 146 | |||||||||
2025 | 2026 | 2025 | 2026 | 2025 2026 | 2025 | 2026 |
34
133
42
189 205
56
59
0.8 %
440
174
266
daily operations. Ongoing improvements relate
primarily to process optimisation and the phased replacement of IT systems.
some impact on operating expenses during the period.
Q1 Q2 Q3 Q4
Kid Interior Hemtex(Amounts in NOK million) | Q1 2026 | Q1 2025 | FY 2025 |
Revenue Like-for-like growth including online sales ¹ COGS | 800.5 6.1 % -310.9 | 733.7 2.9 % -289.4 | 3,944.6 1.4 % -1,520.3 |
Gross profit | 489.6 | 444.3 | 2,424.3 |
Gross margin (%) | 61.2% | 60.6% | 61.5% |
Other operating income | 1.4 | 0.9 | 5.2 |
Employee benefits expense | -201.4 | -191.5 | -791.8 |
Other operating expense | -279.1 | -246.5 | -1,142.5 |
Other operating expense - IFRS 16 effect | 122.2 | 108.2 | 453.8 |
OPEX | -358.2 | -329.8 | -1,480.4 |
EBITDA | 132.7 | 115.3 | 949.1 |
EBITDA margin (%) | 16.5% | 15.7% | 24.0% |
Depreciation | -37.4 | -35.9 | -134.3 |
Impairment | 0.0 | 0.0 | -25.0 |
Depreciation - IFRS 16 effect | -106.2 | -95.8 | -396.0 |
EBIT | -10.9 | -16.3 | 393.8 |
EBIT margin (%) | -1.4% | -2.2% | 10.0% |
Net financial income (expense) | -18.3 | -6.8 | -43.6 |
Net financial expense - IFRS 16 effect | -17.7 | -15.2 | -65.9 |
Share of result from joint ventures | -0.2 | 0.4 | 3.5 |
Profit before tax | -47.2 | -37.9 | 287.9 |
Net income | -38.9 | -30.1 | 229.2 |
Earnings per share | -0.96 | -0.74 | 5.64 |
Liabilities to financial institutions | -1,013.8 | -649.9 | -722.4 |
Lease liabilities - IFRS 16 effect | -1,425.3 | -1,265.1 | -1,383.0 |
Cash | 0.0 | 0.0 | 0.0 |
Net interest bearing debt | -2,439.1 | -1,915.1 | -2,105.3 |
¹Calculated in constant currency
Kid ASA - Quarterly report | 3
Kid ASA - Quarterly report | 4
Kid Group reports 9.1% revenue growth in the first quarter, driven by positive development across both Kid Interior and Hemtex. Growth was supported by strong category performance, particularly within seasonal assortments related to Easter, Spring and Summer. Gross margin increased to 61.2%, primarily driven by a lower share of freight costs in cost of goods sold ("COGS"). Operating expenses ("OPEX") increased by 8.6%, reflecting new stores, project activity, earlier intake and distribution of spring and summer assortments, currency effects, general salary increases and larger stores.
Group Online revenues increased by 24.8% (+6.6%) in the quarter, calculated with constant currency. The Online revenues reached MNOK 113.1 (MNOK 90.7),
representing 14.1% (12.3%) of total Group revenues. Kid Interior experienced Online growth of 19.9% (+3.4%) while Hemtex
experienced a growth of 31.5% (+11.4%). Including click-and-collect, the online share was 21.2% (19.0%).
Category development
Category development is an important driver of customer traffic to stores and long-term
categories, including pets, also supported revenues.
Gross margin
Gross margin increased by 0.6 ppts compared with the previous year, primarily driven by a strong improvement in Hemtex, with a somewhat improved margin in Kid Interior.
The margin benefited in general from a lower share of freight costs in the cost of goods sold ("COGS"), partly offset by campaign activity and mix effects.
Operating expenses
734
281
800 856
308
320
902
328
1,452
579
874
Group revenues
Total Group revenues increased by 9.1% (+5.3%), supported by solid performance across both Kid Interior and Hemtex.
Revenue development was positively affected by the timing of Easter, particularly in the Norwegian market, and by an increased number of transacting customers. This was partly offset by a somewhat lower average basket size.
Temporary logistical challenges from 2025 did not have any material impact on revenues in the quarter, despite some stores not being fully stocked until mid-Q1 2026. In constant currency, revenues increased by 8.0% (+4.4%). Net new store openings contributed positively to overall performance.
Like-for-like revenue increased
6.1% (+2.9%) in the quarter, calculated on a constant currency basis.
sales growth. During the quarter, the Group delivered solid growth across major and focus categories, alongside continued positive development in new categories.
For the past two years, the Group has reported revenues from new categories introduced since 2022, reflecting the Group's ability to generate incremental growth over time. This definition is carried forward, and from 2026 expanded to also include furniture categories, as outdoor and garden furniture have not previously been included. The revised definition provides a more representative view of the Group's new category growth initiatives.
Revenues from new categories introduced since 2022, including furniture, amounted to MNOK 50.6 (MNOK 48.1), with the
development positively impacted by strong performance in outdoor and garden furniture compared with the previous year. Smaller contributions from recently launched
Operating expenses increased compared with
452 | 493 | 536 | 574 | ||||||||||
2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 |
the first quarter last year, which included a positive cost effect from bonus accruals.
Costs in this quarter were also impacted by new stores and ongoing project activity, including system modernisation initiatives across the Group.
60.6 %
In addition, operating expenses were influenced by higher logistics and handling activity related to earlier intake and distribution of spring and summer assortments, as well as continued strong Online growth, which structurally drives costs such as freight.
Going forward, efficiency improvements in warehouse operations remain a key focus area. As operations are stabilised and optimisation initiatives progress, the Group expects a different cost development compared with the last twelve months.
Q1 Q2 Q3 Q4
Q1
Q2
Q3
Q4
YTD
61.2 %
60.6 %
61.2 %
61.8 %
62.3 %
61.2 %
Kid Interior Hemtex2025 2026
Kid ASA - Quarterly report | 5
Employee benefit expenses increased by MNOK 9.9 to MNOK 201.4:
MNOK 5.8 in LFL stores, mainly due to general salary increases and increased working hours in larger stores, with limited impact from system modernisation project activity in Kid Interior.
MNOK 4.0 increase from net new stores.
MNOK 2.5 in HQ costs, due to general
salary increase and more employees.
MNOK -6.3 in Logistics, mainly relates to the transition from the Norwegian warehouse, which was closed in 2025, to
MNOK 3.5 increase in net new stores.
MNOK -1.3 from decreased marketing costs.
MNOK -0.8 in HQ costs mainly related to lower legal fees and operating supplies in Kid.
MNOK 14.4 in Logistics, reflecting higher activity levels, including increased use of external workforce during warehouse ramp-up and higher volumes from earlier seasonal intake.
MNOK -12.7 relates to change in IFRS 16 effects, reflecting the increase in rental
interest-bearing debt compared with the previous year, following the transition year in 2025.
Earnings per share (EPS) decreased by NOK
0.22 compared with last year, reflecting higher financial expenses and lease effects under IFRS 16.
Liquidity and borrowings
Excluding IFRS 16 effects, net interest-bearing debt was MNOK 1,013.8 (MNOK 649.9) at the end of the quarter, corresponding to a gearing
330
138
358 346
157
147
353
170
451
233
the new Swedish warehouse. The ramp-up
phase required higher use of external workforce and increased other operating expenses. As operations stabilise, the Group is increasing the share of permanent in-house employees, resulting in a gradual shift in cost classification to employee benefit expenses.
MNOK 2.0 relates to bonus, reflecting a lower reversal of bonus accruals compared with the first quarter last year.
MNOK 1.9 due to changes in SEK/NOK exchange rate.
Other operating expenses increased by MNOK
18.6 to MNOK 156.9:
MNOK 13.7 in LFL stores, mainly related to index adjustment of rental costs, store project activity and operating costs. In addition, strong development in Online revenues, contributing to higher last mile distribution costs.
cost in Logistics, HQ and stores due to index regulations, re-negotiated contracts and net new stores.
MNOK 1.8 due to changes in SEK/NOK exchange rate.
EBITDA increased by MNOK 17.3 to MNOK 132.7.
Depreciation increased compared to last year mainly due to investments in the warehouse in Sweden, IFRS 16 effect related to the rental portfolio and expansions through store projects.
Net financial expenses of MNOK 36.0 (MNOK
22.0) relates to net interest expenses of MNOK
15.0 (MNOK 4.4), net other financial expenses of MNOK 2.1 (MNOK 1.3), net FX loss of MNOK
1.2 (MNOK 1.1) and IFRS 16 interest expenses of MNOK 17.7 (MNOK 15.2). Net financial expenses increased due to higher net
ratio of 2.04x (1.07x) of LTM EBITDA. The
192 | 201 | 199 | 183 | 218 | ||||||||
2025 | 2026 | 2025 | 20-26 | 2025 | 20-26 | 2025 20-26 |
Group had cash and available credit facilities of MNOK 296.2 (MNOK 590.0) as of 31 March
2026.
Cash flow from operations was affected by inventory build-up in the quarter of seasonal assortments, payment of public duties payables and change in trade payable. This quarter's investments are mainly related to new stores, store projects and IT initiatives. Cash flow from financing includes use of revolving credit facility and overdraft facility, lease payments and net interests.
Capital expenditures (CAPEX) amounted to MNOK 36.4 (MNOK 41.7) during Q1, mainly relating to store openings and store projects. Investments related to the warehouse project in Sweden accounted for MNOK 0.8 (MNOK 19.0) in the quarter.
Q1 Q2 Q3 Q4
Personell Other Opex291
- 109
- 105
- 42
0 5
Operations
Investments
Lease payments
Net interest
Change in debt
Dividend
Change in cash
- 31
KID Interior
(Amounts in NOK millions) | Q1 2026 | Q1 2025 | FY 2025 |
Revenue | 492.7 | 452.4 | 2,435.5 |
Revenue growth | 8.9 % | 3.3 % | 4.2 % |
LFL growth including online sales | 7.4 % | 1.8 % | 3.1 % |
COGS | -193.7 | -178.0 | -945.2 |
Gross profit | 299.0 | 274.3 | 1,490.3 |
Gross margin (%) | 60.7 % | 60.6 % | 61.2 % |
Other operating revenue | 0.6 | 0.1 | 0.9 |
Employee benefits expense | -123.1 | -118.3 | -478.3 |
Other operating expense | -153.9 | -134.2 | -631.5 |
Other operating expense - IFRS 16 effect | 68.4 | 59.9 | 244.7 |
EBITDA | 91.0 | 81.8 | 626.1 |
EBITDA margin (%) | 18.4 % | 18.1 % | 25.7 % |
No. of shopping days No. of physical stores at period end | 76 162 | 76 158 | 306 160 |
Hemtex
(Amounts in NOK millions) | Q1 2026 | Q1 2025 | FY 2025 |
Revenue | 307.8 | 281.3 | 1,509.1 |
Revenue growth ¹ | 6.6 % | 6.1 % | 0.0 % |
LFL growth including online sales ¹ | 4.0 % | 4.7 % | -1.3% |
COGS | -117.2 | -111.3 | -575.0 |
Gross profit | 190.6 | 170.0 | 934.0 |
Gross margin (%) | 61.9 % | 60.4 % | 61.9 % |
Other operating revenue | 0.7 | 0.8 | 4.3 |
Employee benefits expense | -78.3 | -73.2 | -313.4 |
Other operating expense | -125.2 | -112.3 | -511.0 |
Other operating expense - IFRS 16 effect | 53.8 | 48.3 | 209.1 |
EBITDA | 41.7 | 33.6 | 323.0 |
EBITDA margin (%) | 13.5 % | 11.9 % | 21.3 % |
No. of shopping days No. of physical stores at period end (excl. franchise) | 89 124 | 89 120 | 362 123 |
¹ Calculated in lo cal currency
The principle for allocating logistics costs and balance sheet items between Kid Interior and Hemtex was changed in February 2025 following the implementation of the new common warehouse. Consequently, the figures are not fully comparable on segment level.
Kid ASA - Quarterly report | 6
286*
106*
11
162
7
Kid Group
Segment: Kid Interior
Segment: Hemtex
*Fully-owned stores. Hemtex has an additional 11 franchise stores
7.4 %
5.7 %
4.0 %
1.8 %
2025 2026 2025 2026 2025 2026 2025 2026
Q1
Q2
Q3
Q4
Kid ASA - Quarterly report | 7
Revenues increased 8.9% (+3.3%) compared with the first quarter last year. Growth was primarily driven by a higher number of transacting customers across both sales channels. Average basket size had a negative impact, mainly reflecting product mix effects related to the timing of Easter, which has a greater impact on sales in the Norwegian market compared with the Group's other markets. The number of shopping days in the quarter was 76 (76).
Online revenues increased by +19.9% (+3.4%) to MNOK 63.3 (MNOK 52.8).
Gross margin increased slightly by 0.1 ppts to 60.7%, compared to the previous year. The margin development was positively impacted by a lower share of freight costs in cost of goods sold ("COGS"), partly offset by mix effects and campaign activity. Employee benefit expenses increased by MNOK 4.8:MNOK 4.1 in LFL stores, mainly due to general salary increase as well as increased number of working hours in larger stores, with limited impact from project activity related to system modernisation.
MNOK 2.0 due to net new stores.
MNOK 1.3 relates to bonus, reflecting a lower reversal of bonus accruals compared with the first quarter last year.
MNOK 4.3 in HQ costs, relates to number of employees and general salary increase as well as less allocated central costs to Hemtex than last year.
MNOK -6.9 in Logistics, relates to the transition from the Norwegian warehouse, which was closed in 2025, to the new Swedish warehouse. The
ramp-up phase required higher use of external workforce and increased other operating expenses. As operations stabilise, the Group is increasing the share of permanent in-house employees, resulting in a gradual shift in cost classification to employee benefit expenses.
Other operating expenses increased by MNOK 11.2:MNOK 10.4 in LFL stores, mainly relates to index adjustment of rental costs and store expansion activity. Additionally, strong development in Online revenues is contributing to higher distribution costs.
MNOK 0.9 in net new stores.
MNOK -0.7 from decrease of marketing
costs due to the campaign activity plan.
MNOK -2.1 in HQ, mainly relates to higher allocated central costs to Hemtex than last year as well as less costs for legal fees and operating supplies.
MNOK 11.0 in Logistics, reflecting higher activity levels, including increased use of external workforce during warehouse
ramp-up and higher volumes from earlier seasonal intake.
MNOK -8.5 relates to change in IFRS 16 effects, reflecting the increase in rental cost included in Logistics, HQ and stores due to index regulations, re-negotiated contracts and net new stores.
MNOK 0.2 due to changes in SEK/NOK exchange rate effect.
At quarter-end, contracts had been signed for one new store and one Extended store in Norway. In addition, contracts were signed for three further store projects, while one store is planned to be closed.
266.0
145.5
132.8
91.0
81.8
2025 2026 2025 2026 2025 2026 2025 2026
Q1
Q2
Q3
Q4
0.5 %
Kid ASA - Quarterly report | 8
Revenues increased 6.6% (+6.1%) compared to the first quarter last year, calculated on a constant currency basis. Growth was primarily driven by a higher number of transacting customers across both sales channels. Average basket size had a negative impact, mainly reflecting product mix effects related to the timing of Easter. The number of shopping days in the quarter was 89 (89).
Online revenues increased by 31.5% (+11.4%) to MNOK 49.9 (MNOK 37.9), based
on a constant currency calculation.
Measured on a constant currency basis,
Hemtex 24h revenues increased to MNOK
3.7 (MNOK 1.0).
Gross margin increased slightly by 1.5 percentage points to 61.9% compared with the previous year. The margin development was positively impacted by a lower share of freight costs in cost of goods sold (COGS), combined with positive mix effects and a lower need for clearance sales of seasonal products. Employee benefit expenses increased by MNOK 5.1:MNOK 1.7 in LFL stores, mainly due to general salary increase.
MNOK 2.1 due to net new stores.
MNOK 0.7 relates to bonus, reflecting a lower reversal of bonus accruals compared with the first quarter last year.
MNOK -1.9 in HQ, mainly due to less allocated central costs from Kid Interior to Hemtex, partly offset by increased number of employees.
MNOK 0.6 in Logistics, relates to higher logistics activity, combined with an increase in the number of own employees compared with the previous year.
MNOK 1.9 due to changes in SEK/NOK exchange rate.
Other operating expenses increased byMNOK 7.4:
MNOK 3.2 in LFL stores, mainly relates to index adjustment of rental costs and store expansions, as well as higher operating costs.
MNOK 2.6 in net new stores.
MNOK -0.6 from decrease of marketing cost due to the campaign activity plan.
MNOK 1.3 in HQ, mainly due to allocated central costs from Kid Interior to Hemtex.
MNOK 3.4 in Logistics, mainly relates to reflecting higher activity levels, including increased use of external workforce during warehouse ramp-up and higher volumes from earlier seasonal intake.
MNOK -4.2 relates to change in IFRS 16 effects, reflecting the increase in rental
cost in Logistics, HQ and stores due to index regulations, re-negotiated contracts and net new stores.
4.7 %
2025 2026 2025 2026 2025 2026 2025 2026
Q1
Q2
Q3
Q4
-3.8 %
-5.3 %
4.0 %
2.7 %
MNOK 1.7 due to changes in SEK/NOK exchange rate.
At quarter-end, Hemtex had not signed any new or Extended stores. Contracts were signed for six store projects, while two stores are planned to be closed.
174.0
59.2
56.3
41.7
33.6
2025 2026 2025 2026 2025 2026 2025 2026
Q1
Q2
Q3
Q4
Revenue development in April
Group revenues in constant currency were up by 4.6% (+7.6%) in April and up by 7.1% (+5.2%) year-to-date per April. The number of shopping days in Kid Interior was 23 in April this year, same as last year. The number was 30 days in both years in Hemtex.
There have been no significant events after the end of the reporting period.
Lier, 12 May 2026
The Board of Kid ASA
Espen Gundersen
Chair
Gyrid Skalleberg Ingerø
Board member
Jon Brannsten
Board member
Karin Bing Orgland
Board member
Liv Berstad
Board member
Marianne Fulford
Chief Executive Officer
Kid ASA - Quarterly report | 9
Kid ASA - Quarterly report | 10
(Amounts in NOK thousand) | Note | Q1 2026 Unaudited | Q1 2025 Unaudited | FY 2025 Audited |
Revenue Other operating revenue | 800,457 1,355 | 733,691 860 | 3,944,569 5,227 | |
Total revenue | 801,812 | 734,552 | 3,949,796 | |
Purchased goods and change in inventory | -310,899 | -289,383 | -1,520,285 | |
Employee benefits expense | -201,371 | -191,529 | -791,786 | |
Depreciation, amortisation and impairment expenses | 9 | -143,621 | -131,663 | -555,254 |
Other operating expenses | -156,860 | -138,291 | -688,631 | |
Total operating expenses | -812,751 | -750,867 | -3,555,957 | |
Operating profit | -10,940 | -16,315 | 393,840 | |
Financial income | 1,281 | 2,623 | 10,347 | |
Financial expense | -37,325 | -24,598 | -119,872 | |
Net financial income (+) / expense (-) | -36,044 | -21,974 | -109,525 | |
Share of result from joint ventures | 10 | -231 | 383 | 3,544 |
Profit before tax | -47,214 | -37,907 | 287,859 | |
Income tax expense | 8,317 | 7,782 | -58,611 | |
Net profit (loss) for the period | -38,897 | -30,124 | 229,248 | |
Interim condensed consolidated statement of comprehensive income | ||||
Profit for the period | -38,897 | -30,124 | 229,248 | |
Other comprehensive income | -22,799 | -68,698 | -90,600 | |
Tax on comprehensive income | -137 | 17,034 | 27,103 | |
Total comprehensive income for the period | -61,833 | -81,788 | 165,751 | |
Attributable to equity holders of the parent | -61,833 | -81,788 | 165,751 | |
Basic and diluted Earnings per share (EPS): | -0.96 | -0.74 | 5.64 | |
Kid ASA - Quarterly report | 11
(Amounts in NOK thousand) Note Assets | 31.03.2026 Unaudited | 31.03.2025 Unaudited | 31.12.2025 Audited |
Goodwill 9 | 70,972 | 72,870 | 75,807 |
Trademark 9 | 1,514,472 | 1,515,940 | 1,518,211 |
Other intangible assets 9 | 84,650 | 57,128 | 81,837 |
Deferred tax asset | 7,638 | 0 | 0 |
Total intangible assets | 1,677,732 | 1,645,938 | 1,675,855 |
Right of use asset 9 | 1,358,203 | 1,212,168 | 1,311,380 |
Fixtures and fittings, tools, office machinery and equipment 9 | 476,535 | 387,445 | 487,194 |
Total tangible assets | 1,834,738 | 1,599,612 | 1,798,574 |
Investments in associated companies and joint ventures 10 | 4,145 | 1,214 | 4,375 |
Investment in shares | 5 | 0 | 5 |
Loans to associated companies and joint ventures | 500 | 0 | 500 |
Total financial fixed assets | 4,650 | 1,214 | 4,880 |
Total fixed assets | 3,517,119 | 3,246,764 | 3,479,310 |
Inventories | 972,059 | 865,751 | 934,484 |
Trade receivables | 35,845 | 43,704 | 27,415 |
Other receivables | 91,168 | 64,260 | 113,864 |
Derivatives | 53,719 | 34,239 | 28,569 |
Totalt receivables | 180,733 | 142,203 | 169,847 |
Cash and bank deposits | 0 | 0 | 0 |
Total currents assets | 1,152,792 | 1,007,954 | 1,104,332 |
Total assets | 4,669,911 | 4,254,718 | 4,583,642 |
(Amounts in NOK thousand) Note Equity and liabilities | 31.03.2026 Unaudited | 31.03.2025 Unaudited | 31.12.2025 Audited |
Share capital | 48,770 | 48,770 | 48,770 |
Share premium | 321,050 | 321,050 | 321,050 |
Other paid-in-equity | 64,617 | 64,617 | 64,617 |
Total paid-in-equity | 434,437 | 434,437 | 434,437 |
Other equity | 964,886 | 1,011,711 | 1,017,396 |
Total equity | 1,399,323 | 1,446,148 | 1,451,833 |
Deferred tax | 315,809 | 296,618 | 304,926 |
Total provisions | 315,809 | 296,618 | 304,926 |
Lease liabilities | 1,017,410 | 887,882 | 979,978 |
Liabilities to financial institutions 6 | 829,997 | 461,669 | 579,984 |
Total long-term liabilities | 1,847,406 | 1,349,552 | 1,559,963 |
Lease liabilities | 407,859 | 377,237 | 402,989 |
Liabilities to financial institutions 6 | 183,795 | 188,276 | 142,388 |
Trade payable | 164,450 | 166,183 | 193,188 |
Tax payable | - | 7,602 | 52,707 |
Public duties payable | 134,736 | 124,476 | 237,722 |
Other short-term liabilities | 194,132 | 259,076 | 231,966 |
Derivatives | 22,401 | 39,551 | 5,961 |
Total short-term liabilities | 1,107,372 | 1,162,400 | 1,266,920 |
Total liabilities | 3,270,588 | 2,808,570 | 3,131,809 |
Total equity and liabilities | 4,669,911 | 4,254,718 | 4,583,642 |
Kid ASA - Quarterly report | 12
(Amounts in NOK thousand) | Total paid-in equity | Other equity | Total equity |
Balance at 1 Jan 2025 | 434,437 | 1,103,886 | 1,538,323 |
Profit for the period YTD 2025 | 0 | -30,124 | -30,124 |
Other comprehensive income | 0 | -51,664 | -51,664 |
Realized cash flow hedges | 0 | -10,386 | -10,386 |
Dividend | 0 | 0 | 0 |
Balance at 31 Mar 2025 | 434,437 | 1,011,711 | 1,446,148 |
Balance at 1 Jan 2026 | 434,437 | 1,017,396 | 1,451,833 |
Profit for the period YTD 2026 | 0 | -38,897 | -38,897 |
Other comprehensive income | 0 | -22,936 | -22,936 |
Realized cash flow hedges | 0 | 9,323 | 9,323 |
Dividend | 0 | 0 | 0 |
Balance at 31 Mar 2026 | 434,437 | 964,886 | 1,399,323 |
(Amounts in NOK thous and) Cash flow | Note | Q1 2026 Unaudited | Q1 2025 Unaudited | FY 2025 Audi ted |
Cash Flow from operation | ||||
Profit before income ta xes | -47,214 | -37,907 | 287,859 | |
Taxes paid in the period | -39,245 | -46,503 | -121,860 | |
Depreciation & Impairment | 9 | 143,621 | 131,663 | 555,254 |
Effect of exchange fluctua tions | 5,565 | 0 | -14,961 | |
Change in net working capital | ||||
Change in inventory | -61,162 | -84,315 | -140,137 | |
Change in trade debtors | -9,443 | -11,615 | 5,483 | |
Change in trade credi tors | -26,306 | -72,304 | -43,291 | |
Change in other provisions ¹ | -74,762 | -134,979 | 30,214 | |
Net cash flow from operations | -108,947 | -255,959 | 558,561 | |
Cash flow from investment | ||||
Purchase of fixed assets | 9 | -41,975 | -38,334 | -254,043 |
Loans to associated companies and joint ventures | 8, 10 | 0 | 0 | 33,000 |
Proceeds from associated companies and joint ventures | 10 | 0 | 33,500 | 0 |
Net Cash flow from investments | -41,975 | -4,834 | -221,043 | |
Cash flow from financing | ||||
Proceeds from long term loans | 0 | 0 | 148,000 | |
Proceeds from revolving credit facility | 250,000 | 0 | 300,000 | |
Repayment of revolving credit facility | 0 | 0 | -300,000 | |
Repayment of Term Loans | 0 | 0 | -30,000 | |
Overdraft facility | 41,407 | 158,276 | 112,388 | |
Lease payments for principal portion of lease l iability | -104,536 | -93,047 | -387,889 | |
Dividend payment | 0 | 0 | -304,839 | |
Net interest | -31,147 | -23,608 | -111,779 | |
Net cash flow from financing | 155,724 | 41,622 | -574,118 | |
Cash and cash equivalents at the beginning of the period | 0 | 228,534 | 228,534 | |
Net change in cash and cash equivalents | 4,802 | -219,171 | -236,600 | |
Exchange gains / (losses) on cash and cash equivalents | -4,802 | -9,363 | 8,067 | |
Cash and cash equivalents at the end of the period | 0 | 0 | 0 | |
¹ Change in other provisions includes other receivables, public duties payable, short-term liabilities and accrued interest.
Kid ASA - Quarterly report | 13
Kid ASA and its subsidiaries` (together the "Company" or the "Group") operating activities are related to resale of home and interior products in Norway, Sweden, Finland and Estonia. The Kid Group offers a full range of products comprising textiles, curtains, bed linens, furniture, accessories and other interior products. We design, source, market and sell these products through our stores as well as through our online sales platforms.
All amounts in the interim financial statements are presented in NOK 1,000 unless otherwise stated. Due to rounding, there may be differences in the summation columns.
The Preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these interim financial statements the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2025.
These interim financial statements for the first quarter of 2026 have been prepared in accordance with IAS 34, 'Interim financial reporting'. The interim financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU ('IFRS').
Kid Group reports segments in accordance with how the chief operating decision maker makes, follows up and evaluates its decisions. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden with a few stores in Estonia and Finland. The Group also sells home and interior products through the Group's online websites. Over 98% of the products are sold under own brands.
Q1 2026
The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statements for the year ended 31 December 2025. New standards or amendments effective at 1 January 2026 do not have a material impact on the Group.
(Amounts in NOK thousand)
Kid Interior | Hemtex | Total | |
492,662 | 307,795 | 800,457 | |
-193,703 | -117,196 | -310,899 | |
298,959 | 190,600 | 489,558 | |
606 | 748 | 1,355 | |
-208,571 | -149,661 | -358,232 | |
90,994 | 41,687 | 132,681 | |
12,230 | -23,169 | -10,940 | |
60.7 % | 61.9 % | 61.2 % | |
42.3 % | 48.6 % | 44.8 % | |
18.4 % | 13.5 % | 16.5 % | |
616,169 | 355,890 | 972,059 | |
3,191,291 | 1,478,620 | 4,669,911 |
Revenue COGS
Gross profit
Other operating revenue Operating expense (OPEX) EBITDA
Operating profit
Gross margin (%)
OPEX to sales margin (%) EBITDA margin (%)
Inventory Total assets
The principle for allocating logistics costs and balance sheet items between Kid Interior and Hemtex was changed in February 2025 following the implementation of the new common warehouse. Consequently, the figures are not fully comparable on segment level.
Kid ASA - Quarterly report | 14
Financing agreements
At the balance sheet date, the Group has the following facilities:
(Amounts in NOK thousand) | Utilised 31.03.2026 | Facility | Maturity | Repayment |
Total term loan | 610,000 | 610,000 | 30.03.2028³ | Instalments¹ |
Of which secured with fixed interest rate: | ||||
Denominated in NOK ² | 395,000 | 395,000 | ||
Revolving credit facility | 250,000 | 300,000 | 30.03.2028³ | At maturity |
Seasonal overdraft facility | - | 100,000 | 3 months | At maturity |
Overdraft | 153,795 | 300,000 | 12 months | At maturity |
1,013,795 | 1,310,000 |
¹MNOK 30 in annual instalments with bi-annual payments related to the utilised amount of MNOK 481.7
²Fixed interest rate is secured through an interest rate swap of MNOK 395 maturing August 2029 and subject to hedge accounting
³The agreement with Nordea includes two optional one-year extension periods. If both options are exercised, the latest possible maturity date will be 30 March 2030.
The Group's related parties include its associates, joint ventures, key management and members of the Board. None of the Board members have been granted loans or guarantees in the current quarter. Furthermore, none of the Board members are included in the
Group's pension or bonus plans.
Q1 2026 | Q1 2025 | FY 2025 | |
Weighted number of ordinary shares Net profit or loss for the year | 40,646,162 -38,897 | 40,645,162 -30,124 | 40,645,162 229,248 |
Earnings per share (basic and diluted) (Expressed in NOK per share) | -0.96 | -0.74 | 5.64 |
Kid ASA - Quarterly report | 15
During the quarter, additions to Right of Use (RoU) Assets were primarily driven by new and renegotiated rental agreements for stores as well as index adjustments. Additions to Property, Plant, and Equipment (PPE) were mainly associated with new store openings, refurbishments, and the establishment of the new common warehouse.
Due to the commencement of the new common warehouse and the termination of the warehouse in Norway, a subleasing process for the warehouse in Lier was initiated early 2024 and remains ongoing. During Q1 2025, Kid Group reached a preliminary agreement with a prospective tenant and the landlord regarding the terms for transferring the lease. However, in Q2 this agreement fell through due to external factors. Management work actively on identifying a solution. As a result, the warehouse will be empty for a period and an impairment assessment was performed on the right-of-use ("RoU") asset, resulting in an impairment expense of MNOK 25.0 in Q2 2025.
The Group had the following subsidiaries as of 31 March 2026:
Name | Place of business | Nature of business | Proportion of shares directly held by parent (%) |
Kid Interiør AS | Norway | Interior goods retailer | 100 |
Kid Logistikk AS | Norway | Logistics | 100 |
Kid Eiendom AS | Norway | Logistics | 100 |
Hemtex AB | Sweden | Interior goods retailer | 100 |
Hemtex OY | Finland | Interior goods retailer | 100 |
Kid Sourcing AS | Norway | Wholesaler | 100 |
Kid International Logistic AB | Sweden | Logistics | 100 |
All subsidiary undertakings are included in the consolidation.
(amounts in NOK thous and) | Right of use Asset | PPE | Trademark | Other Intangibles | Goodwill |
Balance 01.01.2026 | 1,311,381 | 487,194 | 1,518,211 | 81,836 | 75,807 |
Exchange differences | -45,438 | -6,851 | -3,739 | 11 | -4,835 |
Addi tions, disposals and adjustments | 198,481 | 27,661 | 8,734 | ||
Depreciation and amortisation | -106,221 | -31,470 | -5,931 | ||
Balance 31.03.2026 | 1,358,203 | 476,533 | 1,514,472 | 84,650 | 70,972 |
The Group had the following joint ventures as of 31 March 2026:
Name
Nature of relationship
Ownership share
Prognosgatan Holding AS
Joint venture
50 %
4,145
Equity method
Norway
Carrying
amount
Measurement
method
Place of business
(amounts in NOK thous and) | Right of use Asset | PPE | Trademark | Other Intangibles | Goodwill |
Balance 01.01.2025 | 1,198,483 | 383,495 | 1,514,724 | 54,934 | 71,298 |
Exchange differences | 6,101 | 280 | 1,216 | 4 | 1,572 |
Addi tions, disposals and adjustments | 103,363 | 31,596 | 10,149 | ||
Depreciation and amortisation | -95,779 | -27,925 | -7,959 | ||
Balance 31.03.2025 | 1,212,168 | 387,446 | 1,515,940 | 57,128 | 72,870 |
The joint venture is reflected in the statement of profit and loss and the statement of financial position. The share of result from the joint venture for Q1-26 was MNOK -0.2 (MNOK 0.4). Per the reporting date, the carrying amount of the investment is MNOK 4.1 (MNOK 1.2)
Kid ASA - Quarterly report | 16
Constant currency is the exchange rate that the Group uses to eliminate the effect of exchange rates fluctuations when calculating financial performance numbers. EBIT (earnings before interest and tax) is operating profit. The performance measure is considered useful to the users of the financial statements when evaluating operational profitability. EBIT margin is EBIT divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency. EBITDA is earnings before tax, interests, amortisation of other intangibles and depreciation and write-down of property, plant and equipment and right-of-use assets. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational profitability on a more variable cost basis as it excludes amortisation and depreciation expense related to capital expenditure. EBITDA margin is EBITDA divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency on a more variable cost basis as it excludes amortisation and depreciation expenses. Gearing ratio is defined as net interest-bearing debt divided by LTM EBITDA excluding IFRS 16 effects. Gross margin is defined as gross profit divided by revenues. The gross margin reflects the percentage margin of the sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods and is an important internal KPI. Gross profit is defined as revenues minus the cost of goods sold (COGS). The gross profit represents sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods. Like-for-like revenues are revenues from physical stores and online storesthat were in operation from the start of last fiscal year all through the end of the current reporting period. Like-for-like (LFL) is calculated in constant currency.
Net capital expenditure represent the cash flow from the investment spending in property, plant and equipment and other intangibles, less sale such asset. Net income is profit (loss) for the period. OPEX-to-sales ratio is the sum of employee benefits expense and other operating expenses divided by revenues. The OPEX to sales ratio measures operating cost efficiency as percentage of sales revenues and is an important internal KPI. Revenue growth represents the growth in revenues for the current reporting period compared to the same period the previous year. Revenue growth for Hemtex is calculated in constant currency. Revenue growth is an important key figure for the Group and users of financial statements as it illustrates the underlying organic revenue growth.EBIT (earnings before interest and tax) is operating profit. The performance measure is considered useful to the users of the financial statements when evaluating operational profitability. EBITDA is earnings before tax, interests, amortisation of other intangibles and depreciation and write-down of property, plant and equipment and right-of-use assets. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational profitability on a more variable cost basis as it excludes amortisation and depreciation expense related to capital expenditure. EBITDA margin is EBITDA divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency on a more variable cost basis as is excludes amortisation and depreciation expense related to capital expenditure. Gross profit is defined as revenues minus the cost of goods sold (COGS). The gross profit represents sales
revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods.
Gross margin is defined as gross profit divided by revenues. The gross margin reflects the percentage margin of the sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods and is an important internal KPI. OPEX-to-sales ratio is the sum of employee benefits expense and other operating expenses divided by revenues. The OPEX to sales ratio measures operating cost efficiency as percentage of sales revenues and is an important internal KPI.Kid ASA - Quarterly report | 17
This report includes forward-looking statements which are based on our current expectations and projections about future events. All statements other than statements of historical facts included in this report, including statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, including our plans for future costs savings and synergies may be deemed to be forward-looking statements.
Words such as "believe," "expect," "anticipate,", "may," "assume," "plan,"
"intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions are intended to identify forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. In addition, any forward-looking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this notice.
Kid ASA, Gilhusveien 1, 3426 Gullaug
Customer service: +47 31 00 20 00 https://www.kid.no
Kid ASA - Quarterly report | 18