Slides
Page 1
1 Investor presentation DNB CARNEGIE CONSUMER CONFERENCE , 25 AUGUST 2026 JOHN THOMASGAARD, CEO KRISTER A. PEDERSEN, CFO
Page 2
Background and text Accent 72 Number of own stores including 6 franchise ~1,300 Employees Automated Central warehouse covering +30,000m2 2 Strong market position Bohus is Norway's largest mid- market furniture retail chain Nation -wide store network and efficient infrastructure Scale and barriers to entry supporting profitability 20% LTM market share among furniture chains per May 2026 620k Customer club members June 2026 9.2% Revenue CAGR 2023 – 2025 NOK 963.8m revenue Q2 2026 48.9% Adj. gross margin Q2 2026 14.9% Adj. EBIT margin Q2 2026 Concept store FranchiseOwned stores + Online platform #1 in the mid- market Nationwide and omnichannel presence through 72 strategically located stores and online platform +4.4 ppts. above-market growth
Page 3
Background and text Accent 3 Furniture is a destination -led category with demand and conversion structurally anchored in physical retail Attractive market characteristics with barriers to entry High customer involvement Large high-value goods High volume inventory Complex logistics Bulky last-mile logistics Destination category Shopping clusters are prime store locations Store locations outside of malls and high-rent areas are viable Low brand dominance High private-label and no-brand share Limited ability to compare prices Physical retailers favored High entry barriers for new entrants Difficult to return
Page 4
Background and text Accent 4 Mid-market leader in a fragmented market with market share gain enabled by scale advantages Clear category winner in the mid-market segment Bohus is the clear mid-market leader, with the largest market share increase
Page 5
Background and text Accent Financial crisis Covid-19 5 Large market set for volume growth ahead, with limited cyclicality, high customer involvement and limited price comparison Consistently gaining market shares in a large and resilient market Furniture retail market (NOKbn) Bohus market share 15 15 16 16 17 17 17 18 18 19 18 19 21 21 20 19 20 21 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2% CAGR 5% CAGR 12% 12%12% 13% 13% 15% 15% 16% 16%16% 17% Low unemployment and high purchase power Structurally strong households Growth in number of households High home ownership share and home investments Purchasing power supports replacement demand Increased consumer confidence Market size (NOKbn). 1 20 32 SOM SAM TAM +50 Note: (1) 2024 figures. SOM (serviceable obtainable market) corresponds to retail furniture sales, industrial code 47.591. SAM (serviceable available market) consists of furniture and interior sales excl. specialty retail, industrial code 47.59. TAM (total addressable market) corresponds to the broader home improvement market, represented by industrial codes 47.19, 47.51, and 47.59; (2) Market size estimates for 2025E calculated using Virke’s projected growth rates | Source: Statistics Norway; Virke
Page 6
Background and text Accent Continuing market overperformance in 2026, capturing shares 12-month rolling revenue and market share, sampled at each calendar quarter-end, Q3 2024–Q2 2026 18.4% 18.8% 19.1% 19.4% 19.4% 19.6% 19.7% 20.3% 18.0% 19.0% 20.0% 21.0% 0 5,000 10,000 15,000 20,000 25,000 30,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Industry Bohus Market Share Bars: 12-month rolling revenue (NOK million) — Line: market share (right axis) Source:: Virke. Quarterly points are calendar quarter-end snapshots (Mar, Jun, Sep, Dec) of the 12-month rolling series. Market share = Bohus revenue / industry revenue.
Page 7
Background and text Accent 7 Future-proof and scalable central warehouse Central warehouse is a key enabler of efficient logistics and strong margins Automated central warehouse is a key enabler of efficient logistics 1 2 3 4 5 6 Central warehouseSuppliers Transportation to warehouse Transportation to stores Stores and hubs Last-mile delivery Customer Higher conversion and reliability Faster availability Lower per unit freight cost Consolidated loads Less capital tied up in inventory and lower obsolescence risk Centralized inventory Reduced procurement cost (e.g. garden furniture) Off-season sourcing Tangible benefits for Bohus and customers 0-4 delivery days to most stores E-commerce delivery directly from the central warehouse to customers in the greater Oslo area Strategically located in Fetsund near Oslo and Gardermoen +30,000m2 warehouse Planned expansion to adjacent plot, with 50% footprint increase ~50% of goods flow is automated Advanced and tailor made building and solutions +2,000 SKUs in stock year- round, covering 80% of group sale volumes(1) Updated
Page 8
Background and text Accent Bohus’ scale, efficient logistics and strong brand supports a leading mid -market position Unmatched structural advantages ✓ Nationwide through 72 stores and leading omnichannel ✓ Central functions enables scale advantages ✓ Central procurement and assortment ✓ Low break-even increases pool of potential stores Scale ✓ Efficient logistics and delivery from central warehouse ✓ High share of made-to-order reduces inventory need ✓ High volume and consolidated loads reduces freight unit cost Efficient logistics ✓ Attractive and large locations ✓ Focus on shopping clusters drives location availability ✓ Lower rent vs. retailers tied to malls or ground floors ✓ Sticky tenant relationships from strong reputation Attractive locations ✓Established and trusted brand with high customer satisfaction and loyalty ✓Centralized training ensures competent employees ✓Strong customer promises including flexible return policies Strong brand #1 player with sustained scale advantages
Page 9
Q2 2026 highlights • Acquisition of 55 franchisees during 2025. All figures presented on a comparable basis • 15.7% YoY revenue growth to NOK 963.8 million - Like-for-like growth of 10.1% • Improved gross margin to 48.9% (Q2 2025: 47.5%) • Adjusted EBIT of NOK 143.5 million and an EBIT margin of 14.9% (13.3%) • Two new stores opened in the quarter • Successful listing of Bohus on the Oslo Stock Exchange, bringing almost 3,000 new shareholders to the company • Successful refinancing of bank debt into a NOK 600 million RCF in parallel with the OSE listing For definition of APMs, please refer to page 27-29 in the Q2 2026 interim report. 9
Page 10
Q2 2026: Ticking the IPO boxes Solid Y oY revenue growth of 15.7% and 10.1% LFL Adj. EBIT margin of 14.9%, up from 13.3% Cash flow of NOK 137.3m from operating activities Rich pipeline of new stores with four planned for 2027 Attractive financial profile, conservative debt and high flexibility 10
Page 11
Reiterating financial targets 11 Mid single digit Mid-to-high single digit 3 - 5 NOK 20 - 25m Gradual increase to mid-teens Like-for-like growth (short term) Like-for-like growth (medium to long-term) New stores per year Net avg. revenue per new store Adj. EBIT margin (IFRS) NIBD/EBITDA (NGAAP) < 1.0XCapital structure ≥80% of net incomeDividend policy
Page 12
Backup: Financials 12
Page 13
• Two new stores opened in the quarter • Lade/Trondheim - acquired Møbelringen store • Triaden/Lørenskog - green field • In total six new stores opened the last 12 months • Like for like growth of 10.1 % • Steady growth in the core categories • Outdoor furniture equals ~40 % of the growth Q2 2026 revenue growth of 15.7% 833.3 963.8 Q2 2025 Q2 2026 Revenue (mNOK) 13
Page 14
• Increased gross margin in the quarter by 1.4 % • Operational and value chain improvements • Price optimalisation • Favorable product mix and currency effects Q2 2026 gross margin uplift to 48.9% 47 .5 % 48.9 % Q2 2025 Q2 2026 Gross Margin 14
Page 15
• Up 0.3 %p compared to last year • Higher logistics cost due to higher volumes (in - and outbound) • Last part of SAP migration effect • Ramp-up effect of new stores where the invoiced revenue often comes approx. 8 weeks later than ordered • Ramp-up effect of HQ Increase in operating expenses 26.2 % 26.5 % Q2 2025 Q2 2026 OPEX adj./revenue 15
Page 16
• EBIT margin uplift by 1.6 %p • Adjusted EBIT of NOK 143.5 million, up NOK 32.7 million on a comparable basis • Driven by both revenue growth and improved gross margin Q2 2026 EBIT margin of 14.9% 13.3 % 14.9 % Q2 2025 Q2 2026 Adj. EBIT margin 16
Page 17
The Group’s current structure following the acquisition of former franchise stores completed in July and September 2025 As a result, the quarter should be assessed in the context of the Group’s transition from a predominantly franchise-based model to a model where a substantially larger share of revenues and earnings is generated from owned stores 2025 Management figures are representing a comparable basis Structural change in 2025 2025 Q2 reported figures Acquired stores and change of structure 2025 Mgtm. Figures Growth 2026 Q2 reported figures 584.6 248.7 833.3 130.5 963.8 15.7% Kan dere sy sammen slide 15 og 16? Her har jeg brukt revenue som eksempel på ny struktur Key financials are adjusted for comparable analysis Group revenue 17
Page 18
• Revenue growth of 15.7 % compared to last year • Gross margin of 48.9 %, up 1.4 %p and adj. EBIT margin of 14.9 %, up 1.6 %p comparable to last year • Cost impacting comparability of NOK 19.6 million, including IPO cost of NOK 24.1 million, offset by NOK 4.6 million in fair value adjustments of the synthetic share program • Net financial impacted by positive currency effects of NOK 7.2 million • Profit for the period of NOK 71.4 million Revenue 492,3 Cogs Gross profit OPEX EBIT adj. 19,6 Profit before tax Net financials 963,8 471,5 255,1 72,9 29,8 123,9 94,1 71,4 Profit for the period Depr EBIT Income tax 22,6 Cost imp. comparability 143,5 48.9% 14.9% +15.7% Profit & loss breakdown 18
Page 19
(in NOK million) Cash-flow for Q2 409 25 226 481 Cash 31 March 26 (88) Change in NWC Operating cash flow ex NWC change (40) Investment cash flow Financing cash flow Cash 30 June 26 Driven by operational profit Investments including new stores. NOK 200m reduced bank debt, NOK 200m repayment to shareholders and dividend, ahead of the IPO Leasing payments Seasonal fluctuation of net working capital 19
Page 20
• New RCF facility of NOK 600 million replacing the existing loan facility of equal size • More financial flexibility and better capital structure • Less drawdown on the credit facility and less excess cash leads to lower interest cost • RCF Utilization reduced by NOK 200 million in the end of Q2 • Better interest terms, down 0.5 -0.85 %p margin, depending on leverage ratio RCF facility and liquidity reserve 25 470 245 200 Cash and eqvivalents Undrawn overdraft facility Unutilized RCF Liquidity reserve 20
Page 21
• Net interest -bearing debt excluding IFRS 16 increased by NOK 228 million from the end of 2025 • Mainly driven by cash -flow from financing activities • Leverage ratio of 0.8x on comparable basis, excluding IFRS 16 which applies to the RCF facility agreement • NIBD Including IFRS 16 increased by NOK 384 million • where of the additional NOK 156 million increase is mainly related to leasing agreements from new stores Net interest-bearing debt 145 373 31.12.2025 30.06.2026 1.523 1.907 Incl. IFRS 16 Excl. IFRS 16 21
Page 22
22