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Q2 report 10 December 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 Q2 ✓ Q2 total sales 3,009 MSEK, organic +9% ✓ Q2 operating profit at 410 MSEK ✓ operating margin +13.6% ✓ Strong B2C online sales growth in Q2 ✓ H1 operating cash flow 552 MSEK (530) ✓ Solid financial position: net debt/EBITDA -0.7* ✓ EPS: 4.85 SEK (3.63) ✓ +6% organic growth in November *Excl IFRS 16
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4 Business update
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Strategic position 5 • Differentiate and focus on multiple niches • Develop scalable and efficient operating model that is cost competitive with discounters • Generate strong free cash flow that can be re - invested into ABC In each niche provide customers with quality, value and knowledge with a circular mindset. Manifested through five consumer m iss ions: Createa conscious home environment.Light up your home. Tidy up your home. Connect & enjoy your home. Fix your home. • A ssortment • B rand • C ustomer meeting Competitive advantages Leveraging competitive advantages
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A strong organisation and sustainability integrated into the business model. Strategy execution – overview Q2 25/26 6 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 ✓ Overall strong development B2C ✓ Increased online footprint with Phonelife/Teknikmagasinet and Reservdelaronline ✓ Strong LFL development ✓ Very high customer satisfaction ✓ 3 new stores opened in Q2 Efficient customer communication. - Club Clas reached 6 million members. Continued strong digital marketing performance A competitive cost base. - Continuous work to make the organisation competitive. Long-term investment in more efficient logistics - Big step towards becoming a spare parts destination through the acquisition of Reservdelaronline
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Customer relevance and satisfaction 7 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, November 2025 5% 4% 54% 62% 41% 34% 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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8 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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9 Financial development
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10 Sales development above targets Total sales, MSEK • Total sales up 7% to 3,009 MSEK, of which 9% organic, currency effects -2% • Online sales up 8% to 572 MSEK Online sales, MSEK Online share of total sales (R12), % Q2 • Total sales up 7% to 5,824 MSEK, of which 9% organic, currency effects -2% • Online sales up 9% to 1,114 MSEK • The store network increased by 3 stores during Q1-Q2 Q1-Q2 2,460 2,801 3,009 Q2 23/24 Q2 24/25 Q2 25/26 297 527 572 Q2 23/24 Q2 24/25 Q2 25/26 4,653 5,424 5,824 Q1-Q2 23/24 Q1-Q2 24/25 Q1-Q2 25/26 81 19 Stores Online (incl. Spares)
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1,056 1,097 1,214 Q2 23/24 Q2 24/25 Q2 25/26 MSEK Positive development in all home markets 11 Sweden Norway Finland Organic growth: Q2: +9% Q1-Q2: +9% Q2: +14% Q1-Q2: +15% Q2: +4% Q1-Q2: +4% 1,102 1,291 1,410 Q2 23/24 Q2 24/25 Q2 25/26 MSEK 302 309 313 Q2 23/24 Q2 24/25 Q2 25/26 MSEK
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12 Macro trends with business impact 9.14 9.43 8 8.5 9 9.5 10 10.5 11 11.5 2022 2023 2024 2025 USD/SEK* 94.0 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 • Currency 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 • Positive mix effects Significantly improved gross margin 13 44.9% 48.2% 46.1% 48.7% 43% 44% 45% 46% 47% 48% 49% Q2 2022/23 Q2 2023/24 Q2 2024/25 Q2 2025/26
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Financial overview 14 Q2 Q2 Q1-Q2 Q1-Q2 MSEK 25/26 24/25 25/26 24/25 Operating profit 410 307 688 510 Profit after financial items 396 292 662 479 Profit for the period 308 230 516 376 EPS before dilution, SEK 4.85 3.63 8.13 5.93 180MSEK (187 MSEK) Depreciation/amortisation of tangible and intangible assets, Q2 589MSEK (551 MSEK) Personnel expenses, Q2 285MSEK (243 MSEK) Other external expenses, Q2 13.6% (11.0%) EBIT margin, Q2
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15 Well balanced inventory • Inventory level: 2,866 MSEK (2,869) at the end of the period MSEK 2,869 2,324 2,415 2,508 2,866 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26
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Q1-Q2 Q1-Q2 MSEK 25/26 24/25 Cash flow from operating activities, before change in working capital 926 795 Change in working capital -375 -265 Cash flow from operating activities 552 530 Cash flow from investing activities -82 -79 Cash flow from financing activities -490 -410 Cash flow for the period -20 41 16 Solid cash flow and financial position -0.7x (-0.2x) Net debt/EBITDA excl. IFRS 16 600MSEK Of which utilised 0 MSEK Approved credit facilities 202MSEK (176 MSEK) Free cash flow Q1-Q2
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17 Events after the reporting period
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18 Increasing our presence with two add-on acquisitions in key areas 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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• Phonelife/Teknikmagasinet shows rapid growth in product niche Connect & enjoy your home • Offers 26,000 products in tech and tech accessories in the Nordics + additional European markets Phonelife/Teknikmagasinet Reservdelaronline 19 Acquisitions of two profitable and growing online retailers • Reservdelaronline has built a solid position in a highly specialised niche in spare parts • More than 8,000 spare parts available from own distribution centre and +100,000 spare parts available on demand
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Phonelife transaction overview 20 • Clas Ohlson acquires 70% of Phonelife AB from company management • The acquisition strengthens Clas Ohlson’s presence in prioritised product niche Connect & enjoy your home • The transaction values Phonelife at 184 MSEK enterprise value, including an estimated earn-out for the period September to December 2025 – The implied EV/EBITA multiple corresponds to 10x • Phonelife has forecast net sales at 207 MSEK and EBITA of 18.4 MSEK for 2025 • Remaining 30% of shares to be acquired after 3 years at 10x EBITA based on 2028 actuals, subject to a put and call option Transaction highlights • The transaction will be fully financed with existing cash • The transaction is expected to be earnings accretive immediately post closing Transaction financing Governance • Phonelife AB to be included in Spares Group and run decentralized under the leadership of CEO Julius Jansson Sleth • A combination of Spares’ & Clas Ohlson’s management teams acting as BoD of Phonelife AB
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Reservdelaronline transaction overview 21 • Clas Ohlson acquires 70% of ReservdelarOnline AB from company management • The acquisition strengthens Clas Ohlson’s presence in spare parts • The transaction values ReservdelarOnline at 45 MSEK enterprise value – The implied EV/EBITDA multiple corresponds to 6x • ReservdelarOnline has forecast net sales at 59 MSEK and EBITDA of 7.5 MSEK for 2025 • Remaining 30% of shares to be acquired after 3 years at 8x EBITDA based on 2028 actuals, subject to a put and call option Transaction highlights • The transaction will be fully financed with existing cash • The transaction is expected to be earnings accretive immediately post closing Transaction financing Governance • ReservdelarOnline AB to be included in Spares Group and run decentralized under the leadership of CEO Jonas Breander. • A combination of Spares’ and Clas Ohlson’s management teams acting as BoD of ReservdelarOnline AB
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Long-term logistics investment • Investment of approx. 400-450 MSEK in current distribution centre to secure capacity for future growth through higher degree of automation • Planned project timeline March 2026 to second half of 2027 • Increased capacity to handle larger product volumes at a lower cost ‒ expected pay back in approximately four years after the automation is fully implemented • The investment cost is expected to mainly impact the fiscal year 2026/27 • Investment financed with existing cash 22
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23 November sales development • Total sales up 3% to 1,399 MSEK, of which 6% organic and currency effects -3% ‒ Sweden +6% organic ‒ Norway +5% organic ‒ Finland +10% organic ‒ Other markets -27% organic • Store network increased by 6 stores compared to end of November last year MSEK T otal 1196 1361 1399 Nov 23/24 Nov 24/25 Nov 25/26
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24 Summary
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Clas Ohlson’s current market opportunity: ~340 BSEK*, and growing 25 ~3.4% market share ~ 86% brand awareness ~ 340 bnSEK TAM ~22m population ~6m Club Clas members * source: Eidra Consulting (formerly Cupole)
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Clear path to continued growth and value creation 26 Needs-driven product assortment and high customer satisfaction. Well positioned in large and growing product niches. Central store locations, full-scale e-commerce and effective marketing. Strong financial position and focus on increasing earnings per share over time. ~340 BSEK market size ~86% brand awareness ~30% annual assortment renewal 57 NPS (scale -100 to 100) 4.3 average product reviews score (scale 1-5) 244 stores 19% share of online sales 16% annual online growth* since 2022/23 (CAGR) 268 395* 1,114 22/23 23/24 24/25 8.8 20.9 30.7 22/23 23/24 24/25 2.85 8.03 13.91 1.50 4.25 7.00 22/23 23/24 24/25 Free cash flow Return on capital employed, % Earnings per share/ dividend per share, SEK *) free cash flow affected by acquisition of Spares of -436 MSEK *) excluding Spares
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27 Q&A
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