Slides
Page 1
Q3 2026 29 OCTOBER 2026
Page 2
Today’s presenters John Thomasgaard CEO Krister Pedersen CFO
Page 3
Agenda 01 Q3 2026 highlights 02 This is Bohus 03 Q3 2026 business and financial review 04 Outlook and summary 05 Q&A
Page 4
Q3 2026 highlights • Acquisition of 55 franchisees during 2025. Comparisons use 2025 management information • 16.7% YoY revenue growth to NOK 1,033.1 million • Like-for-like growth of 12.2% • Adjusted gross margin of 49.1% (Q3 2025: 48.5%) • Adjusted EBIT of NOK 136.0 million and an EBIT margin of 13.2% (11.4%) • No stores added in Q3. Five new stores signed for 2027, including one franchise store • Cash flow from operating activities of NOK 258.7 million For definitions of APMs and 2025 management information, please refer to page 23-24 in the Q3 2026 interim report.
Page 5
This is Bohus
Page 6
Background and text Accent 72 Number of stores including 6 franchise ~1,300 Employees Automated Central warehouse covering +30,000m2 6 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 21% LTM market share among furniture chains per Sept 2026 639k Customer club members October 2026 9.2% Revenue CAGR 2023 – 2025 NOK 1.033.1m revenue Q3 2026 49.1% Adj. gross margin Q3 2026 13.2% Adj. EBIT margin Q3 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 7
Background and text Accent 7 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 8
Background and text Accent Financial crisis Covid-19 8 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 9
Background and text Accent 9 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 10
Background and text Accent 10 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 11
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 12
Q3 2026 business review
Page 13
Q3 growth across core categories Bedroom and living room drive approximately 70% of growth The upgraded bedroom collection and continued category development supported demand across core categories. Solid core category development Like-for-like growth of 12.2%. Online revenue represented 16.2% of the total, up from 15.0% in Q3 2025. Store network and pipeline No stores added in Q3. Four added in 2026. Five new stores signed for 2027, including one franchise store 13 Bilde byttes
Page 14
18.4% 18.8% 19.1% 19.4% 19.4% 19.6% 19.7% 20.3% 20.6% 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 Q3 2026 Industry Bohus Continuing market overperformance in 2026, capturing shares 12-month rolling revenue and market share, sampled at each calendar quarter-end, Q3 2024–Q2 2026 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 15
• Four stores added so far in 2026 • No new stores added in the quarter • 66 fully owned stores at quarter - end • 6 franchise stores in the network • Like-for-like growth of 12.2% • Bedroom and living room drove approximately 70% of growth following category optimisation • 1/3 of total growth from stores opened LTM with online outperformance Q3 2026 revenue growth of 16.7% 885.4 1033.1 Q3 2025 Q3 2026 Revenue (mNOK)
Page 16
• Adjusted gross margin of 49.1%, versus 48.5% last year • Operational and value chain improvements • Price optimisation • Favourable category development and currency effects Q3 2026 gross margin uplift to 49.1% 48.5 % 49.1 % Q3 2025 Q3 2026 Gross Margin
Page 17
• Adjusted opex ratio of 28.7%, down from 29.7% driven by scale effect • Adjusted opex increased 13.0% to NOK 296.9 million • Underlying growth and more stores • Considering increased temporary logistics capacity to handle growth and reduce risk Lower adjusted opex ratio 29.7 % 28.7 % Q3 2025 Q3 2026 OPEX adj./revenue
Page 18
• Adjusted EBIT margin increased by 1.8 percentage points • Adjusted EBIT of NOK 136.0 million versus NOK 100.7 million on a comparable basis • Revenue growth and improved gross margin supported profitability Q3 2026 EBIT margin of 13.2% 11.4 % 13.2 % Q3 2025 Q3 2026 Adj. EBIT margin
Page 19
Financials
Page 20
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 Q3 reported figures Acquired stores and change of structure 2025 Mgtm. Figures Growth 2026 Q2 reported figures 1 033.1 854.9 30.5 885.4 147.7 16.7% Key financials are adjusted for comparable analysis Group revenue
Page 21
• Revenue grew 16.7% to NOK 1,033.1 million versus Q3 2025 management information • Adjusted gross margin of 49.1% (48.5%) and adjusted EBIT margin of 13.2% (11.4%) • Items affecting comparability of NOK 1.6 million, relating to stock exchange and advisory fees • Net financial expense of NOK 31.2 million, including positive currency effects of NOK 2.9 million • Profit for the period of NOK 79.7 million -526.2 Cogs Gross profit -296.9 Income tax Profit for the period -23.4 Profit before tax Net financials -31.2 EBITCost imp. comparability -1.6 EBIT adj.Depr -74.0 OPEX 79.7 506.9 136.0 134.4 103.2 Revenue 49.1% 13.2% +16.7% Profit & loss breakdown
Page 22
(in NOK million) Cash-flow for Q3 25 25 102 157 22 236 Cash 30 June 26 Change in NWC Operating cash flow ex NWC change Investment cash flow Financing cash flow Cash 30 Sept 26 Driven by operating profit Store upgrades, IT and logistics NOK 200m RCF repayment, offset by NOK 45.9m overdraft drawdown Interest NOK 30.7m and lease payments NOK 50.5m Seasonal release of working capital
Page 23
• NOK 600 million RCF replaced the existing loan in June 2026 • Liquidity reserve of NOK 624.3 million at 30 September 2026 • Cash of NOK 25.2 million, undrawn overdraft of NOK 199.1 million and undrawn RCF of NOK 400 million • RCF drawdown reduced by NOK 200 million to NOK 200 million during Q3 RCF facility and liquidity reserve 25 624 199 400 Cash and eqvivalents Undrawn overdraft facility Unutilized RCF Liquidity reserve 25 624 199 400 25 624 199 400
Page 24
• Net debt excluding IFRS 16 reached NOK 218.5 million, up NOK 73.5 million from year -end 2025 • Mainly driven by financing cash flows and seasonal working capital changes • Q3 leverage ratio excluding IFRS 16: 0.4x • Net debt including IFRS 16 reached NOK 1,730.7 million, up NOK 207.5 million from year -end 2025 • Lease liabilities rose NOK 134.0 million, reflecting new leases, CPI adjustments and lease extensions Net interest-bearing debt 145 219 31.12.2025 30.09.2026 1.523 1.731 Incl. IFRS 16 Excl. IFRS 16
Page 25
Summary & Outlook
Page 26
Summary: Ticking the IPO boxes Y oY revenue growth of 16.7% and 12.2% like-for-like growth Adj. EBIT margin of 13.2%, up from 11.4% Cash flow of NOK 258m from operating activities Signed five new stores for 2027 Liquidity reserve of NOK 624m and covenant headroom
Page 27
Reiterating financial targets 27 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 28
Q&A