Slides
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Q3 REPORT 2026 1 Gustaf Öhrn , CEO Jesper Flemme , CFO
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Strong growth and three years of continuous profitability improvements Double digit sales growth and + 3 2 % profitability increase. Q3 Continued to execute on our strategy – AI delivers measurable gains in customer experience and efficiency.
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SALES SEK 2,901m +11.7% vs. LY Organic growth: +9.3% vs. LY Earnings SEK 122.1m + 29 .8m vs. LY +32.3%. vs. LY Cash flow SEK 91.6 m Net Sales (SEK) Adj. EBIT (SEK) Cash flow from operating activities (SEK) + 39 .6 vs. LY We see strong growth, improved margins and continued improved cash flow 3 Strong growth and significantly improved Adj. EBIT margin , +0.7p.p Strong Cash Flow
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0% 2% 4% 6% 8% 10% 12% 14% 16% 4 0.5% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 8.2% 5.4% 13.4% 10.7% 4.2% 9.3% Organic Growth 8 th consecutive quarter of organic growth Once again , strong growth rate in the quarter – driven by all segments Sales were especially strong in Norway , Denmark and Eastern Europe We expect continued market growth and rising online penetration , further driven by AI 9.6% Q3 2026
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0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5% 0 50 100 150 200 250 300 350 400 450 500 Adj. EBIT R12 (SEKm) Adj. EBIT% R12 5 Our strategy is working – long term trend is intact Q1 2024 Q2 2024 Q3 2024 Q4 2023 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Three years of consecutive profitability improvement YoY On track towards 5% Adj. EBIT – our short - term financial target 4 .1% LTM Q3 2026
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6 Growth with cost discipline – operating leverage Each data point shows the percentage change in LTM net sales and organisational costs relative to LTM Q4 2024 Sales have grown ~7x faster than organisational costs Change from Q4 2024 to Q3 2026 (LTM) + 12.5 % Net sales +1.7% Organisational costs 12,5% 1,7% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% Net sales LTM Organisational Cost LTM Organisational costs defined as Personnel costs Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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We’ve continued to execute on our strategic plan AI Deployed agents provide quantifiable, measurable results Examples: Bygghemma product guidance: “Fråga BO” ~ 3.5x conversion AI search visibility A single group - wide standard – 22 criteria in four areas – that every company is measured against monthly Bygghemma - Winner of 2026 Swedish SEO Awards in category AI Search Visibility Nordic Nest customer service: “Nestor” ~ >40% of tickets handled Product onboarding and product enrichment Unique assortment Differentiation through uniqueness M&A Focus on bolt - on acquisitions to existing platforms The acquisition of Hillerstorp strengthened an important product category, adding a well - known Swedish brand and an attractive outdoor furniture assortment Taking out the middlemen – driving entry gross margin Avoiding price matching – driving end margin Strategically securing a unique position and offering Ways of working – better decisions and improved efficiency
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0% 2% 4% 6% 8% 10% 12% 14% 16% - 500 1 000 1 500 2 000 2 500 3 000 3 500 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Strong growth in the third quarter 8 Home Improvement Value Home Premium Living BHG Group 0% 2% 4% 6% 8% 10% 12% 14% 16% - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0% 5% 10% 15% 20% 25% - 100 200 300 400 500 600 700 800 900 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% - 100 200 300 400 500 600 700 800 900 1 000 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Sales and organic growth % 9% 10% 4% 11% 13% 4% 9% 6% 12% 14% 10% 16% 4% 10% 21% 14% 5% - 1% 9% 10% Growth driven by all three segments – double - digit organic growth in Value Home and Premium Living All major markets grew – sales especially strong in Norway, Denmark and Eastern Europe
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Significant Adj. EBIT improvement driven by all segments 9 Q3 24 Q3 25 Q3 26 52.5 (2.2%) 92.3 (3.6%) 122.1 (4.2%) Home Improvement Value Home Premium Living BHG Group Adj.EBIT and Adj.EBIT% Q3 24 Q3 25 Q3 26 37.7 (3.0%) 62.5 (4.6%) 67.1 (4.6%) Q3 24 Q3 25 Q3 26 24.8 (4.0%) 37.6 (5.5%) 50.9 (6.0%) Q3 24 Q3 25 Q3 26 3.4 (0.7%) 12.1 (2.2%) 23.1 (3.8%) Adj. EBIT% improved by 0.7 p.p. – an important step towards our short - term target of 5% Adjusted EBIT increased by SEK 29.8m – driven by all segments
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Growth translated into improved profitability Adj. EBIT margin Q3 '25 Product margin Inventory handling Last-mile & Other DSC Marketing Organisational cost Depreciation & Amortization Adj. EBIT margin Q3 '26 10 EBIT margin in the quarter improved by 0.7 percentage points compared to last year We continue to see operational leverage in organisational costs – proving our scalable model Last mile cost negatively impacted by fuel prices 3.6% 4.2% Product margi n stable in the quarter despite currency headwinds
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Strong Cash Flow 11 379,9 (159,1) (67,3) Q4 2025 Cash and cash equivalents CF from operating activities CF to investing activities CF to financing activities* Q3 2026 Cash and cash equivalents (12.3) (115.0) EBITDA and Adjustments for items not included in cash flow Income tax paid Change in working capital Cash flow from operating activities Jul - Sep 2026 ( SEKm ) * Including translation differences 218.8 91.6 Jan - Sep 2026 ( SEKm ) 300.5 454.0 Working capital development in line with seasonal pattern Liquidity development driven by operating Cash Flow
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0,0x 0,5x 1,0x 1,5x 2,0x 2,5x 3,0x 3,5x 4,0x 0 500 1 000 1 500 2 000 2 500 Q3 - 2025 Q4 - 2025 Q1 - 2026 Q2 - 2026 Q3 - 2026 Interest - bearing liabilities, Cash & Leverage Bank debt Leasing liabilities Acquisition related liabilities Cash Leverage Leverage significantly below last year 12 EBITDAaL LTM Net debt = 2.13x 1,046m 489.9m Leverage ratio of 2.13x at the end of the quarter, compared with 3.36x at the same time last year Unutilised facilities of SEK 800m 2.03x 2.62x 2.39x 3.36x 2.13x
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13 Profitable growth, AI at work and ready for Black Month Profitable growth - growth and higher Adj. EBIT in all three segments Three years of consecutive YoY Adj. EBIT improvement – 8 th consecutive quarter of organic growth Operating leverage - growth is flowing through to profit Sales are growing significantly faster than our cost base – scale is lifting our margins AI is delivering We are executing on our strategy – and AI is already delivering measurable results in growth, efficiency and customer experience Ready for Black Month Black Month marks the start of one of our most important trading periods – we enter it well prepared and confident in our ability to execute
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14 The leading consumer E-commerce company in the Nordics