Slides
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Third Quarter 2026 Vebjørn Torsetnes, CEO Thomas Røkke, CFO 22 October 2026
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This presentation has been prepared by Komplett ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This presentation 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. Disclaimer 2
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Agenda 01 Highlights for Q3-26 02 Operational update 03 Financial performance 04 Summary and outlook 05 Appendix 3
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Highlights for Q3-26 01 Vebjørn Torsetnes, CEO
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Underlying positive developments overshadowed by volume shortfalls in gaming Gross margin performance reflected margin pressure in the components and gaming categories Controlled financial position, with continued improvement YoY in leverage and solid liquidity Opex reductions driven by cost reduction measures, cost discipline and favourable FX Navigating continued headwinds Highlights NOK 3 642 million Q3-25: NOK 3 842 million Operating revenue: 13.3 per cent Q3-25: 13.9 per cent Gross margin: NOK -49 million Q3-25: NOK 33 million Net working capital: 2.4x Q3-25: 3.0x NIBD/EBITDA: 13.6 per cent Q3-25: 13.8 per cent Opex share incl. depreciation: NOK -9 million Q3-25: NOK 3 million EBIT (adj.): 5
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Operational update 02 Vebjørn Torsetnes, CEO
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• Celebrating 30 years as a Nordic e-commerce pioneer, with anniversary campaigns • Continued category rebalancing while maintaining disciplined sales management • Strengthening our position in core categories through activities for gaming enthusiasts • New in-house technology drives efficiency and automation and expands refurbishment capacity 7 Celebrating 30 years – engagement and efficiency Komplett
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• Continued rollout of upgraded store concept and MDA departments • Service offering expanded through launch of new customer financing solutions • Further improvements to the digital customer journey and omnichannel functionality • Continued assortment and space optimisation and cost discipline 8 Continued development of stores and customer experience NetOnNet
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• Online marketing continues to deliver improved efficiency and return on investment • Further enhancement of the service offering across both online and retail channels • Five-year warranty offering successfully added to the online checkout process • Continued expansion of private label portfolio, driving growth in both assortment and sales Commercial progress in marketing, services and private label Webhallen 9 Photo: Bjørn Wad
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Financial performance 03 Thomas Røkke, CFO
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11 Managing category headwinds Key financials 534 486 Q3-25 Q3-26 -9.0% 531 495 Q3-25 Q3-26 -6.8% Q3-25 Q3-26 3 842 3 642 -5.2% 3 -9 Q3-25 Q3-26 -12 Gross profit Operating expenses (adj.) Revenue EBIT (adj.) • Revenue decline of 5.2 per cent (-1.7 per cent LFL), reflecting negative phasing and continued headwinds in gaming - Additional impact from a weaker product launch cycle than last year, as well as negative sales phasing during summer months - Weaker demand in component-related categories partly offset by sales growth in B2B, while Distribution delivered stable revenues • Gross margin declined by 0.6 percentage points to 13.3 per cent - 0.6 pp decline driven by margin pressure and product mix effects in categories most exposed to higher memory prices - Stable underlying margin development outside the affected categories • Operating cost reduction of 6.8 per cent, helped by FX - Effects from cost reduction measures complemented by favourable currency translation effects - Additional impact from continued cost discipline • EBIT adj. decline of NOK 12 million year-over-year - Lower gross profit more than offset the reduction in operating expenses - One-off costs of NOK 12 million, reflecting severance and other related expenses Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency.
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Cost discipline amid headwinds B2C Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency. 12 16.0% Q3-25 15.2% Q4-25 16.3% Q1-26 15.8% Q2-26 15.3% Q3-26 2 686 3 896 2 350 2 557 2 440 7 99 -28 14 -7 0.3% Q3-25 2.5% Q4-25 -1.2% Q1-26 0.5% Q2-26 -0.3% Q3-26 Revenue (NOK million) Gross margin (%) EBIT (NOK million) EBIT margin (%) • Revenues down 9.2 per cent YoY (-4.6 per cent LFL) - Operations in Norway had a decline of 8.8 per cent, while revenues declined by 1.6 per cent in Sweden and by 24.4 per cent in Denmark (LFL, YoY) - Underlying growth in consumer electronics, telecom and home outweighed by phasing and decline in components and gaming • Gross margin declined 0.7 percentage points to 15.3 per cent - Primarily reflecting margin pressure in the components and gaming categories and selective tactical price-volume balancing - Gross profit of NOK 373 million, compared with NOK 429 million in Q3-25 • EBIT margin of -0.3 per cent (-0.6 pp) - Operating expenses reduced by NOK 43 million from NOK 422 million in Q3-25, to NOK 379 million in Q3-26 - EBIT development driven by lower gross profit, partly offset by significant reductions in operating expenses
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B2B Sales and profit improvement Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency. 13 436 412 387 351 478 15.4% Q3-25 18.9% Q4-25 20.4% Q1-26 19.5% Q2-26 Q3-26 15.7% 23 28 31 28 25 5.2% Q3-25 6.7% Q4-25 8.0% Q1-26 7.9% Q2-26 Q3-26 5.3% Revenue (NOK million) Gross margin (%) EBIT (NOK million) EBIT margin (%) • Revenue increase of 9.7 per cent (+10.5 per cent LFL) - Growth driven by stronger performance in Norway with 11.2 per cent growth, 3.1 per cent in Sweden (LFL, YoY) - Stable underlying demand supported by increased sales of educational PCs and new IT service agreements • Gross margin improved to 15.7 per cent (+0.3 pp) - Driven by margin and campaign management supported by product and service mix effects - Gross profit of NOK 75 million, up from NOK 67 million in Q3-25 • EBIT margin of 5.3 per cent (+0.1 pp) - Operating expenses increased to NOK 50 million (+NOK 6 million), reflecting sales activities and scaling up IT service capacity - The increase in gross profit more than offset the higher operating cost base
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Distribution Steady progress Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency. 14 720 824 664 667 725 5.3% Q3-25 5.8% Q4-25 5.6% Q1-26 4.9% Q2-26 Q3-26 5.3% 8 14 7 8 10 1.1% Q3-25 1.8% Q4-25 1.1% Q1-26 1.2% Q2-26 Q3-26 1.3% EBIT (NOK million) EBIT margin (%) Revenue (NOK million) Gross margin (%) • Revenue growth of 0.7 per cent (+1.1 per cent LFL) - Revenue decline of 0.1 per cent in Norway, while Sweden had an increase of 23.9 per cent (YoY, LFL) - Year-over-year development in Norway supported by demand from large accounts • Gross margin at 5.3 per cent (on par with Q3-25) - Gross margin reflects sales mix and increased sales to large accounts - Gross profit of NOK 38 million, on par with Q3-25 • EBIT margin of 1.3 per cent (+0.2 pp) - Operating expenses of NOK 29 million, a reduction of NOK 2 million resulting from ongoing cost discipline - EBIT improvement reflecting reduced operating expenses combined with a stable gross profit
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Cash flow Q3-26 Q3-25 YTD-26 YTD-25 FY-25 Net cash flow from operating activities 127 267 -210 44 757 Net cash used in investing activities -33 -25 -97 -94 -129 Net cash used in financing activities -120 -141 -380 -407 -540 Net change in cash and cash equivalents -26 101 -688 -457 88 Net working capital Q3-26 Q3-25 Inventory 1 967 2 022 Trade receivables – regular 265 189 Trade payables -1 892 -1 818 Other assets and liabilities -390 -360 Net working capital -49 33 • Net cash flow from operations reflected an increase in trade payables of NOK 150 million, countered by an increase in accounts receivables of NOK 86 million and an increase in inventories of NOK 21 million from Q2-26 • Net cash flow used in investing activities invested in property, plant and equipment for IT infrastructure, of which the majority was used for upgrades to the IT systems • Net cash used in financing activities primarily consisted of principal and interest payments on lease liabilities, interest on loans and overdrafts, as well as repayment of NOK 36 million relating to the Swedish deferred tax scheme • Inventory levels decreased by NOK 55 million YoY, reflecting a controlled stockholding combined with continued maintenance of precautionary positions in select categories • Net working capital year-over-year benefitted from active inventory management and higher trade payables offsetting phasing of trade receivables Improved working capital through active inventory management Cash flow and working capital 15
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Controlled financial position Financial position Leverage ratio Q3-25 Q3-26 1 205 1 174 -31m Q3-25 Q3-26 1 169 1 027 -142m Net interest-bearing debtLiquidity reserve NIBD/LTM EBITDA • Continued solid liquidity reserve of NOK ~1.0 bn - Comprises available cash of NOK 127 million and undrawn credit facilities • Net interest-bearing debt relatively stable - Reduced by NOK 31 million to NOK 1 174 million (incl. IFRS 16) - Net interest-bearing debt excl. IFRS 16 was NOK 673 million, compared with NOK 686 million last year - Reflects reduced liabilities related to the Swedish tax deferral scheme • Leverage ratio at 2.4x in line with financial arrangements - Down from 3.0 x in the same period last year, reflecting reduced tax deferral liabilities and improved underlying LTM profitability YoY • Revolving credit facility renewed - Renewed for two years, with an option to extend for another year, subject to lenders’ approval, providing visibility to 2030 - Temporary additional covenant headroom through Q3 2027 16 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3.0x 1.4x 2.8x 2.4x 2.4x -0.6x
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Summary and outlook Vebjørn Torsetnes, CEO 04
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Mitigating headwinds while advancing long-term priorities Summary and outlook • EBIT adj. decline of NOK 12 million, driven by headwinds and phasing of sales, partly offset by cost reductions • Prepared for a successful peak season, supported by targeted campaigns and strengthened customer proposition • Elevated memory prices remain a key source of uncertainty, affecting availability, pricing and demand patterns • Actions in progress to mitigate market headwinds and support volumes and profitability • Renewed revolving credit facility, providing increased visibility and more headroom in the covenant trajectory • Unlocking long-term potential through faster execution, operational improvements and cost discipline 18
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Appendix 05
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Alternative Performance Measures (APMs) 20
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Photo credits Bjørn Wad | Pages 3, 4, 5, 6, 10, 17, 19 and 21 Komplett Group | Pages 5, 7, 8, 9, 10, 18 iStock | Page 1