Slides
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Q1 report 10 September 2025 Kristofer Tonström President & CEO Pernilla Walfridsson CFO 1
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Agenda • Business update • Financial development • Events after the reporting period • Summary • Q&A 2
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3 Highlights Q1 2025/26 ✓ Q1 total sales 2,814 MSEK, organic +10% ✓ Q1 operating profit at 278 MSEK ✓ operating margin +9.9% ✓ Operating cash flow 468 MSEK (413) ✓ Solid financial position: net debt/EBITDA -1.0* ✓ EPS: 3.27 SEK (2.30) ✓ Solid start to Q2 with +7% organic growth in August *Excl IFRS 16
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4 Business update
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Strategic position 5 • • • Createa conscious home environment.Light up your home. Tidy up your home. Connect & enjoy your home. Fix your home. • • • Competitive advantages Leveraging competitive advantages
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6 5% Clas Ohlson targets to achieve an organic sales growth of 5% per year Sales * i.e incl IFRS16 Financial targets and framework 7-9% The company is targeting a reported operating margin* of 7-9% per year Operating margin >50% Dividends are to comprise at least 50% of earnings per share after tax, with consideration for the company’s financial position Dividend policy Net debt in relation to EBITDA is to be below two times. Investments are to be made in line with the company’s financial position, cash flow and credit facility Net debt/EBITDA* <2x *excl IFRS 16
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Strategy execution – overview Q1 25/26 7 A profitable and growing online business. A relevant assortment all year round via prioritised niches. Building and operating a robust store network. Sustainability ✓ Continued high pace in assortment renewal ✓ Strong performance across all prioritised product niches ✓ Flexible purchasing enabled strong sales of seasonal products ✓ All B2C channels show positive development ✓ Online sales growth 28% at clasohlson.com ✓ Successful and growing online only assortment ✓ Strong LFL development ✓ Very high customer satisfaction ✓ Preparations for new and rebuilt stores to open in Q2 Efficient customer communication. - Efficient digital marketing key to online growth A competitive cost base. - Continuous work to make the organisation competitive A strong organisation and sustainability integrated into the business model. - Strong growth for spare parts and other products supporting a more sustainable business model
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Customer relevance and satisfaction 8 Q: How affordable do you think the following brands are? Source: Clas Ohlson survey, January 2024Q: How affordable do you think the following brands are? Source: Clas Ohlson surveys, August 2025 5% 3% 54% 61% 41% 36% Low price competitors average Clas Ohlson Not affordable Neither affordable nor expensive Affordable 0 50000 100000 150000 200000 3 3,5 4 4,5 5 No of reviews Score 1-5 Product reviews Affordability Net promoter score 40 45 50 55 60 NPS
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9 All prioritised niches are growing Createa conscious home environment. Light up your home. Tidy up your home. Connect & enjoy your home. Fix your home. Spare parts Adjacent product segments
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10 Financial development
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11 • ✓ ✓ ✓ • Up to and including Q4 2024/25, costs related to handling and distributing products at DC, in stores and at HQ have been included in cost of goods sold. As from Q1 2025/26, these costs are allocated to: o personnel expenses o other external expenses o depreciation/amortisation of tangible and intangible assets Changes to our reporting as from Q1 2025/26
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12 Sales development well above targets Total sales, MSEK • T otal sales up 7% to 2,814 MSEK, of which 10% organic, currency effects -3% • Online sales up 10% to 542 MSEK Online sales, MSEK Online share of total sales (R12), % Q1
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Positive development in all home markets 13 Sweden Norway Finland Organic growth: Q1: +9% Q1: +17% Q1: +4%
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14 Macro trends with business impact 9.14 9.59 8 8,5 9 9,5 10 10,5 11 11,5 2022 2023 2024 2025 USD/SEK* 94.5 80 85 90 95 100 105 110 2022 2023 2024 2025 NOK/SEK* 103.4 Factors impacting Clas Ohlson: • Container shipping costs and raw material and commodity prices • Translation/transaction effects - sales instant effects and purchasing with a time lag • Hedging policy/effects • Pricing effects * Monthly average, The Riksbank/Nasdaq Proactive measures: • Pricing – continuously optimising prices • Sourcing – diversified sourcing strategy • Flexible freight contracts • Optimise sales mix – private label, product and category mix • Products and packaging * Shanghai Containerised Freight Index Spot prices for 40t containers from Asia to Gothenburg $- $2 000 $4 000 $6 000 $8 000 $10 000 $12 000 $14 000 $16 000 $18 000
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• Lower purchasing costs • Slightly positive currency effects Significantly improved gross margin 15 42% 43% 44% 45% 46% 47% Q1 2022/23 Q1 2023/24 Q1 2024/25 Q1 2025/26
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Financial overview 16 Q1 Q1 MSEK 25/26 24/25 Operating profit 278 203 Profit after financial items 265 187 Profit for the period 208 146 EPS before dilution, SEK 3.27 2.30 181MSEK (187 MSEK) Depreciation/amortisation of tangible and intangible assets, Q1 566MSEK (536 MSEK) Personnel expenses, Q1 261MSEK (237 MSEK) Other external expenses, Q1 9.9% (7.7%) EBIT margin, Q1
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17 Well balanced inventory • Inventory level: 2,508 MSEK (2,606) at the end of the period
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Q1 Q1 MSEK 25/26 24/25 Cash flow from operating activities, before change in working capital 378 346 Change in working capital 90 67 Cash flow from operating activities 468 413 Cash flow from investing activities -31 -33 Cash flow from financing activities -131 -133 Cash flow for the period 306 247 18 Strong cash flow and solid financial position -1.0x (-0.4x) Net debt/EBITDA excl. IFRS 16 758MSEK Ofwhichutilised0 MSEK Approved credit facilities* 306MSEK (247 MSEK) Free cash flow Q1
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19 Events after the reporting period
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20 August sales development • T otal sales up 5% to 1,017 MSEK, of which 7% organic, currency effects -2% ‒ Sweden +8% organic ‒ Norway +8% organic ‒ Finland +0% organic ‒ Other markets -12% organic • Store network increased by 9 stores compared to end of August last year MSEK T otal
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21 Summary
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Clas Ohlson’s current market opportunity: ~340 BSEK*, and growing 22 ~3.4% market share ~ 86% brand awareness ~ 340 bnSEK TAM ~22m population ~5.9m Club Clas members * source: Eidra Consulting (formerly Cupole)
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23 • Well positioned in large and growing product niches ‒ Profitable growth in all product niches and sales channels • Needs-driven product assortment and high customer satisfaction ‒ Continued renewal of assortment • Central store locations, full-scale e-commerce and effective marketing ‒ Strong online development ‒ Continued development of the store network • Continued cost focus to enable growth initiatives Clear path to continued growth and value creation
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24 Q&A
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