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Second quarter 2026 28 August 2026
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This presentation has been prepared by Dellia Group ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Disclaimer 2
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21 9 36 29 Q2 2025A Q2 2026A H1 2025A H1 2026A 159 167 280 382 Q2 2025A Q2 2026A H1 2025A H1 2026A Financial highlights • Revenue reached NOK 167 million in Q2 2026, up 5% y-o-y. • Strong Q1 purchasing increased retailer inventories and reduced Q2 orders. • H1 revenue was NOK 382 million, up 36% y-o-y. • Gross profit margin was 41%, up from 35% last year, driven by reduced air freight and favourable currency effects. • EBIT was NOK 9 million, with a margin of 5%. Financial consultants and Kirirom expenses amounted to NOK 7.8 million in Q2 and NOK 12.5 million in H1. 1 • Continue building organisation and internal capabilities. Operational highlights • Record 5.8 million units sold out of major grocery stores in the Nordics, up 29% y-o-y. • Tesco 6-week trial in June/July resulted in new 3-month trial in 290 stores and Sainsbury’s confirmed listings in up to 490 stores, both from Q4. • Roll-out in 500 REWE stores in Germany during July/August and secured listings in 500 EDEKA stores from Q4 and 100 HIT stores from September. • Expecting closing of the Kirirom transaction in September 2026. Q2 revenue up 5% from last year, and H1 2026 revenue up 36% 3 (1) In Q2 2026, financial consultants amounted to NOK 5.4 million and Kirirom expenses to NOK 2.4 million. In Q1 2026, financial consultants amounted to NOK 3.4 million and Kirirom expenses to NOK 1.3 million. From the first quarter of 2026, the Group has discontinued using adjusted EBIT and adjusted EBIT margin as APMs, as management considers EBIT and EBIT margin to provide a sufficiently transparent and representative measure of operating performance. Q2 at a glance Key financials +5% -57% Revenues EBIT and EBIT margin NOK million NOK million 5%13% 8%13% 36% -19%
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Company update Second quarter 2026
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3.9 4.5 4.8 4.4 5.5 5.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 52 105 262 581 ~650 2022A 2023A 2024A 2025A 2026E Reduced the outlook for the Nordic segment to approximately NOK 650m from NOK 810m in FY 2026 due to retailer inventory levels and market conditions 5 Quarterly revenue million units +100% +149% +122% +12% Retailer inventory levels and order patterns impacting quarterly revenue Growth expected to moderate to ~12% in 2026 from a significantly larger base Annual revenue Record consumer demand with 5.8 million units sold out-of-store Nordics Units sold out of major groceries1 114 147 183 136 194 144 Q1 2025A Q2 2025A Q3 2025A Q4 2025A Q1 2026A Q2 2026A (1) Unit data does not include non-grocery, convenience and travel retail. | Source: Nielsen IQ (Norway, Sweden and Denmark); Combined S Group and Kesko data, which constitute ~84% of total grocery sales in Finland. Nielsen IQ is not available in Finland. NOK million NOK million +29% Y-o-y growth +41% -2% Y-o-y growth +70% Y-o-y growth
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233 288 318 343 549 651 680 615 777 792 1,200 1,569 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 1.4 1.7 2.0 2.3 3.9 4.5 4.8 4.4 5.5 5.8 8.4 11.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 Despite reduction in FY 2026 revenue outlook, Nordic consumer demand remains strong 6 Dellia volume sold out of major Nordic groceries (excluding non-grocery, convenience and travel retail) million units tonnes (1) The data represents units sold out-of-store and indicates underlying consumer demand. The sales volumes are not directly linked to Dellia’s reported revenues, which are recognised upon delivery to retail customers and distribution partners. H1 2026 volume represents 65% of FY2025 volume of 17.5 million units 35% Y-o-y growth H1 2026 29% Y-o-y growth Q2 2026 31% Y-o-y growth H1 2026 22% Y-o-y growth Q2 2026 H1 2026 volume represents 63% of FY2025 volume of 2,494 tonnes
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192 0.3 23 215 Sales Q2 2025 Dellia All others Sales Q2 2026 8.6 0.6 0.6 9.8 Sales Q2 2025 Dellia Finland Other Sales Q2 2026 66 78 6 6 Sales Q2 2025 Dellia All others Sales Q2 2026 129 148 28 -9 Sales Q2 2025 Dellia All others Sales Q2 2026 Driving the category growth in Norway, Denmark and Finland Contribution to category growth in Q2 2025 vs. Q2 2026 7 (1) Data shows Q2 2025 adjusted for VAT from 12% to 6% to harmonise with the new VAT of 6% in Sweden from 1 April 2026. | Source: Nielsen IQ (Norway, Sweden and Denmark); Combined S Group and Kesko data, which constitute ~84% of total grocery sales in Finland. Nielsen IQ is not available in Finland. 54% Dellia's share of category growth 147% Dellia's share of category growth 1% Dellia's share of category growth 50% Dellia's share of category growth Other dried fruit and datesOther dried fruits and dates1 All dried fruits and berriesOther dried fruits and dates NOKm SEKm DKKm EURm
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4% 7% 10% 6% 14%16%18% 11% 20%20% 0.0 4.0 8.0 12.0 16.0 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 13% 18% 22%21% 28% 36%33% 28%30%32% 0 50 100 150 200 250 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 15% 22% 25% 13% 26% 36% 40% 21% 31% 38% 0 45 90 135 180 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Taking market shares in the last two quarters in all Nordic countries by maintaining our premium price position Market share by total sales value in the Nordics (defined by the respective geography’s category definition) (1) Data up to Q2 2026 is adjusted for VAT from 12% to 6% to harmonise with the new VAT of 6% in Sweden from 1 April 2026. | Source: Nielsen IQ (Norway, Sweden and Denmark); Combined S Group and Kesko data, which constitute ~84% of total grocery sales in Finland. Nielsen IQ is not available in Finland.8 Dellia market shareDellia out-of-store sales value (local currency) Remaining category sales value (local currency) Other dried fruit and datesOther dried fruits and dates1 All dried fruits and berriesOther dried fruits and dates NOKm SEKm DKKm EURm 38%40% 33%34% 42%44% 52% 43% 52% 57% 0 70 140 210 280 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
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Improve visibility and placement in store New distribution beyond grocery Expanding the category with new products Brand building This is how we plan to grow the Nordic segment 9 Grow distribution 2 3 41
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Building the Sunshine Delights brand in the Nordics 10 Marketing investments across different channels • TV • Digital and YouTube • Outdoor • Point of sale • Social media
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6 20 30 3 17 50 H1 2025A H1 2026A H2 2026E 2024A 2025A 2026E Commercial progress is positioning Europe as an additional growth engine 11 Revenue development in Europe Building Europe as an additional growth engine Strongest traction is currently in • UK • DACH region (Germany, Switzerland and Austria) • Benelux (Belgium, Netherlands and Luxembourg) While building step-by-step across other European markets Multiple commercial wins in the quarter New listings secured in • Tesco and Sainsbury’s (UK) • EDEKA and HIT (Germany) • Billa (Austria) • Dirk (Netherlands) 50 - 100 NOK million 30 - 80 outlook +250%
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The 6-week trial in Tesco was a great success, which has led to a 3- month trial from October 2026 12 290 stores 3-month trial listing from October 2026 Largest grocery retailer in the UK with 3,800 stores • Successful 6-week test launch with Tesco in June and July 2026 resulted in 3-month trial listing from October 2026 • Placement on shelf in the dried fruit section in Fresh
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Secured mandatory listing in Sainsbury’s for Q4 2026 13 250-490 stores Centrally mandatory listing from Q4 2026 Second largest grocery retailer in the UK with 1,500 stores • Placement in the snacking section • Listings across 250-490 stores depending on SKU
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Dellia weekly retail sales in Morrisons UK (Feb-25 to June-26) GBP thousand +741% Strong development in Morrisons, now working on gaining secondary placements in Fresh 14 355 stores Centrally mandatory listing (currently rolling) Source: ELM data • Placement on shelf in the dried fruit section in Fresh • Working on gaining secondary placements in Fresh • Step-by-step campaign activations increasing base level sales Fifth largest grocery retailer in the UK with 1,800 stores
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Germany has rolled-out in 500 REWE stores during July and August 15 500 stores Centrally mandatory listing from Q3 2026 • Placement in main entrance and cash zone, with selected stores having secondary placements • 15 dedicated field agents for Dellia • Most stores are > 4,000 square meters and located in cities with > 200,000 habitants • Beyond the 4 mandatory SKUs, individual REWE stores can order additional products Second largest retailer in Germany with 6,000 stores • Hamburg • Berlin • Frankfurt • Köln • München • Düsseldorf Example cities
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New listings in EDEKA, HIT and BILLA, making the foundation for our new Hamburg office managing the DACH region 16 Largest retailer in Germany with 7,000 stores 500 stores (North and West region) Centrally mandatory listing from Q4 2026 Second largest grocery retailer in Austria with 1,300 stores 300 stores Centrally mandatory listing from November 2026 Four major grocery retailers In Suisse 1,000 stores Centrally mandatory listing (currently rolling) Hypermarket operator Large format grocery 100 stores Centrally mandatory listing from September 2026
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Proof of concept secured in Netherlands, planning new office to cover the Benelux region 17 290 stores Centrally mandatory listing from Q2 2026
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Iberia Italy Slovenia Step-by-step development across other European markets and US trademark registration secured 18 Current chainsRegion Markets under development Operational update New country manager in Iberia working on setting up distribution in Portugal and Spain France Ongoing test launches, working on central listings New country managers working on central listings in Italy China New retail sales manager and e- commerce manager Launching in 160 SPAR stores from Q4 with up to 5 SKUs US trademark registration secured Establishing the foundation for future market entry
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7 2610 12 17 38 ~50 2024A 2025A 2026E 1.3 1.4 1.6 1.7 1.8 2.9 2021 2022 2023 2024 2025 2031E 8% Kirirom is the heart of Dellia’s integrated and scalable business model 19 Kirirom revenue1 Global dried mango market2 (1) Reflects Kirirom’s estimated full-year revenue as a standalone business. (2) Source: Global Dried Mango Report 2025 by Cognitive Market Research Revenues (USD billion) Access to agricultural resources, including 12,000 tonnes of dried mango capacity p.a. Diversified snacking production platform, combining Oslo Food Innovation Lab, Shanghai sourcing/logistics, and Kirirom production platform Global commercial team that can efficiently scale products across markets Kirirom external revenue expected to more than double in 2026 Kirirom external revenue positioned in a growing global dried mango market Dellia revenue (USD million) External revenue (USD million) Vertically integrated platform CAGR 2025E-2031E Approximately 50/50 Dellia / external revenue mix in 2026E
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Financial performance Second quarter 2026
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Revenues Revenues Revenues by operating segment (1) Consists of UK, Germany, Switzerland, France, Italy, Portugal and Spain21 Revenues (NOKm) YoY growth (%) 158.5 167.1 280.1 381.5 Q2'25 Q2'26 YTD Q2'25 YTD Q2'26 +5.4% +36.2% Segment NOKm Q2'25 Q2'26 Δ (%) YTD Q2'25 YTD Q2'26 Δ (%) Norway 43.0 46.4 8.0% 78.0 119.5 53.2% Sweden 62.2 46.4 -25.4% 101.4 104.0 2.5% Denmark 32.7 38.9 19.0% 62.6 86.6 38.3% Finland 9.1 12.3 34.3% 19.0 28.0 47.1% Pan-Europe¹ 3.4 9.8 187.4% 5.7 19.8 247.3% Asia 8.1 13.4 65.0% 13.3 23.7 77.7% Total 158.5 167.1 5.4% 280.1 381.5 36.2% • Revenues in Q2 2026 reached NOK 167.1 million, up 5.4% y-o-y, and NOK 381.5 million YTD, up 36.2%. • Growth in Norway, Denmark and Finland was offset by lower revenue in Sweden, which also faced a strong Q2 2025 comparable and has been affected by more brands and products entering the market, while shelf space have remained limited. • Outside the Nordics, Asia grew 65.0% and Pan-Europe 187.4%.
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Gross profit Gross profit by reporting segments 22 Gross profit Gross profit (NOKm) YoY growth (%) Gross profit margin (%) 55.6 68.7 92.7 140.7 Q2'25 Q2'26 YTD Q2'25 YTD Q2'26 35.1% 41.1% 33.1% 36.9% +23.5% +51.7% Segment NOKm Q2'25 Q2'26 Δ (%) YTD Q2'25 YTD Q2'26 Δ (%) Nordics 43.7 57.4 31.3% 80.3 121.8 51.7% Pan-Europe 1.0 3.7 289.2% 1.8 9.5 422.6% Asia 10.9 6.0 -45.2% 15.8 11.9 -24.6% Eliminations/ Adjustments 0.0 1.6 n/a -5.3 -2.6 -50.5% Total 55.6 68.7 23.5% 92.7 140.7 51.8% • Gross profit in Q2 2026 was NOK 68.7 million, up 23.5% y-o-y, and NOK 140.7 million YTD, up 51.8%. • The gross margin improved from 35.1% to 41.1% in the quarter and to 36.9% YTD, driven by a lower USD purchase rate and no air freight costs, against NOK 4.2 million in Q2 2025. • Investments in brand building and retailer collaboration contributed negatively.
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EBIT EBIT EBIT by reporting segments 23 Note: From the first quarter of 2026, the Group has discontinued using adjusted EBIT and adjusted EBIT margin as APMs, as management considers EBIT and EBIT margin to provide a sufficiently transparent and representative measure of operating performance without the need for adjustments. EBIT (NOKm) YoY growth (%) EBIT margin (%) 20.8 8.9 36.3 29.3 Q2'25 Q2'26 YTD Q2'25 YTD Q2'26 13.2% 5.3% 13.0% 7.7% -57.4% -19.2% Segment NOKm Q2'25 Q2'26 Δ (%) YTD Q2'25 YTD Q2'26 Δ (%) Nordics 12.8 9.1 -28.7% 30.3 32.4 6.7% Pan-Europe -2.7 -3.7 40.2% -4.3 -5.1 19.8% Asia 5.0 -0.0 -100.5% 7.5 2.2 -70.9% Eliminations/ Adjustments 5.7 3.5 -38.4% 2.7 -0.2 -106.3% Total 20.8 8.9 -57.5% 36.3 29.3 -19.3% • EBIT in Q2 2026 was NOK 8.9 million, down 57.5% y-o-y, and NOK 29.3 million YTD, down 19.3%. • The EBIT margin declined from 13.1% to 5.3% in the quarter and to 7.7% YTD, as operating expenses increased NOK 25.0 million against gross profit growth of NOK 13.1 million. • Reflects planned investments in brand, retail execution and organisational capacity.
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Consolidated statement of financial position CommentsKey items 24 NOKm 31.12.2025 31.03.2026 30.06.2026 Total non-current assets 16.9 17.1 26.2 Total current assets 580.5 558.7 507.0 Total assets 597.4 575.8 533.2 Total equity 387.2 373.1 380.1 Total non-current liabilities 9.8 10.1 16.5 Total current liabilities 200.4 192.5 136.6 Total liabilities 210.2 202.7 153.1 Total equity and liabilities 597.4 575.8 533.2 • Total assets were NOK 533.2 million per 30 June 2026, down from NOK 597.4 million per 31 December 2025. • Non-current assets increased to NOK 26.2 million, mainly the right-of-use asset for the extended office premises in Oslo. • Current assets decreased to NOK 507.0 million, reflecting a lower cash balance after the dividend paid in Q1 and lower trade receivables in Q2. • Equity was NOK 380.1 million, an equity ratio of 71.3% against 64.8% at year-end. The movement reflects the dividend of NOK 24.8 million, partly offset by the profit of NOK 23.2 million. • Total liabilities decreased to NOK 153.1 million from NOK 210.2 million, mainly on lower utilisation of supplier financing and a reduction in factoring.
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Consolidated statement of cash flow CommentsKey items 25 NOKm Q2'25 Q2'26 YTD Q2'25 YTD Q2'26 Cash flow from operating activities 12.7 14.1 -3.5 5.4 Cash flow from investing activities -1.3 -0.8 -1.8 1.1 Cash flow from financing activities -2.1 -28.9 24.0 -48.8 Net change in cash 9.3 -15.6 18.6 -42.3 Cash beginning of period 16.9 237.1 7.4 263.7 Net foreign exchange difference 0.1 6.6 0.3 6.7 Cash at 30 June 26.3 228.1 26.3 228.1 • Cash flow from operating activities was NOK 14.1 million in the quarter and NOK 5.4 million YTD, against NOK -3.5 million last year. • Cash flow from investing activities was NOK 1.1 million YTD, as interest received exceeded investments in property, plant and equipment. • Cash flow from financing activities was NOK -48.8 million YTD, mainly the dividend of NOK 24.8 million, a NOK 17.7 million net reduction in factoring, and interest paid of NOK 4.8 million. • Cash at 30 June 2026 was NOK 228.1 million.
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Key takeaways Second quarter 2026
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Key takeaways from Q2 2026 27 Thailand • Strong consumer demand with record 5.8 million units sold out-of-store in the Nordics • Continued market share gains across the last two quarters in all Nordic markets • Nordic revenue outlook revised to approximately NOK 650m with growth expected to moderate from a significant larger base • 2026 is an investment year, where we expect results from the first quarter in 2027 • Europe is developing into the next growth engine, with strong progress in the UK, DACH and Benelux • Kirirom is the heart of Dellia’s integrated and scalable business model 1 2 3 4 5 6 27
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Q&A Second quarter 2026