Slides
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1 Q4 2025
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2 Today’s presenters Karin Lidén CFO Johan Andgren CEO Boråstapeter: Dahlia Garden Grand 2
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3 Stable quarter with continued strategic investments Q4 2025 • +1% organic sales growth, -4% from Exchange rates, total sales growth of -3% • Gross Margin improves to 61.8% (60.7), driven by mix effects, pricing and efficiency improvements • EBITA Margin 13.2% (13.9). Strategic initiatives to drive long-term growth in targeted DTC channel with improved technology platforms, broadened sales presence in international markets and hospitality impact EBITA margin. • The Board of Directors propose a dividend of SEK 1.50 per share (1.25) Net sales, MSEK 195 (202) EBITA, MSEK 26 (28) EBITA Margin 13.2% (13.9) Wall&decò: Niveum
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4 Sales highlights Q4 2025 • Boråstapeter growth of +9% with improved DtC offer with broadened Print on Demand offer. Fourth consecutive quarter with growth. • Cole&Son -16% and Wall&decò -15%. Both are still facing tough retail situation in key home markets Uk and Italy respectively. Significant negative currency impact. • Artscape -25% compared with extremely strong one-off Q4 previous year as previously communicated and also significant negative currency impact. Underlying growth levels satisfactory. • Pappelina +1% gaining traction within DtC with +40% growth in that channel in Q4 vs same period PY • Borås Tapetfabrik (manufacturing sales to other brands) growth of +19% thanks to continued market share wins 4 Cole & Son: Soli
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5 Sales details 2025 MSEK Oct- Dec. 2025 Oct- Dec. 2024 ∆ FY 2025 FY 2024 ∆ BRANDS 166 178 -6% 664 693 -4% Boråstapeter 79 72 9% 287 273 5% Cole & Son 30 36 -16% 134 141 -5% Wall&decò 20 24 -15% 87 94 -8% Pappelina 10 10 1% 44 46 -5% Artscape 27 36 -25% 113 139 -19% MANUFACTURING 29 24 19% 101 85 19% EMBELLENCE GROUP 195 202 -3% 765 778 -2% • Boråstapeter: Growth in all quarters, with contributions from most markets and strongest development internationally. • Cole & Son: Decrease in sales mainly due to FX effects and soft demand in the UK market. • Wall&decò: Weak sales development, mainly in Italian retail market. Positive sales development in the US market and Hospitality channel • Pappelina: Signs of stabilization and improving sales. Sales through the new e-commerce platform continues to grow rapidly. • Artscape: Sales development significantly impacted by negative FX effect and a tougher comparison period during 2024. • Borås Tapetfabrik: Strong growth continues, with increased sales from customers in both digital and traditional printing. Efficiency improvements with new color kitchen
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6 Good progress on our strategic focus areas FY 2025 Accelerate Direct to Consumer sales Continue to expand internationally Increase presence in the Hospitality channel • DtC growth of 15% (18% currency adjusted) • 8% (7%) of brand sales • Implementation of new online sales platforms in Pappelina Q3, Artscape Q3 and Cole & Son Q4. Boråstapeter to launch 1HY 2026 • Artscape & Pappelina implemented first; shows +40% development in Q4 • More DTC targeted products added to the portfolio and more to come in 2026 seasonal launches • Strengthened organization • Growth for all of our major export markets, US included • Strengthening of international sales teams • Stronger control and increased forward integration in several markets • Continued international focus for all Brands. • Enhanced focus leads to growth • Reinforced organization • Improved service offering • Increased cooperation between brands
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• 2025Q4 launches focused on broadened offer within digital print-on demand portfolio • Co-op designs with broad appeal launched in the quarter: • Iconic Finnish designer Alvar Aalto x Boråstapeter • Swedish curtain atelier Gotain x Boråstapeter with wallpapers in The Cottage Collection • Swedish renowned nature photographer Marie Karlsson x Boråstapeter capturing Nordic nature on wallpaper 7 Alvar Aalto Marie Mattson Björkdimma Sweet Pea
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SS26 TOM SS26 LEA • Broadened offer within reversible styles, woven in the Leksand factory Sweden. Positive reception of SS2026 styles ANYA, TOM and LEA • More focus on international trade with participation at new fairs where we have not exposed in past years, like Maison Objet in Paris, in January and Ambiente 2026 in Frankfurt, Germany in February 8
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9 2025 FY: Stable full year performance with continued strategic investments 2025 FULL YEAR • +1% organic sales growth, -2% from Exchange rates, total sales growth of -1% • Gross margin improved 1.7 p.p. to 61.6%, driven by product & channel mix effects and efficiency improvements • EBITA 108 MSEK (112) • EBITA Margin of 14.1% (14.4) • Operational Cash Flow of 91 MSEK (113) Net sales, MSEK 765 (778) EBITA, MSEK 108 (112) EBITA Margin 14.1% (14.4) Boråstapeter: Ellen
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10 Continued negative exchange rate effect 2025 FULL YEAR 10 9.5 11.0 2025-04-01 11.5 2025-01-01 12.0 2025-10-01 12.5 2025-07-01 13.0 2026-01-01 0.0 10.0 14.0 10.5 13.5 GBP USD EUR 1% -3% -3% -4% Currency impact on net sales • The negative impact from the strengthened SEK increased in Q4 and will continue to impact negatively with current exchange rates trends 40% 20% 21% 17% SEK EUR GBP USD 2% Others 2025 net sales split by currency
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11 Artscape: Heritage 0,0 0,5 1,0 1,5 2,0 2,5 0 25 50 75 100 125 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Operating cash flow R12 Net debt/EBITDA R12 Operating cash flow and net debt Q4 2025 FINANCIALS 11 Operating Cash Flow (MSEK) & Net Debt/EBITDA • Operating Cash flow for Q4 at 42 MSEK (39), driven by lower working capital. • Leverage (Net Debt/EBITDA) reduced to 0.5x (0.7) • Board recommends dividend of 1.50 SEK/share, corresponding to just above 50% of Net Income 1.5 1.0 0.0 0.5 2.0 2.5
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1212 Summary & Looking ahead 12 Q4 2025: Stable quarter with continued strategic investments • Comparison figures affected by large positive one-off effects from Artscape in Q4 2024 • Strong SEK causes negative impact from currency, FX adjusted organic growth of 1% • Investments in growth areas beginning to deliver results • New Direct to Consumer platforms implemented for Pappelina, Artscape and Cole&Son, Boråstapeter 1HY 2026 Looking ahead • Strong SEK will impact negatively also in Q1 2026 • New MD for Cole & Son will start in May • Continued focus on our three strategic focus areas • Accelerate Direct to Consumer sales • Continue to expand internationally and • Increase presence in the Hospitality channel Boråstapeter: Kultmarken
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13 Q&A