Slides
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1 Q2 2026
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2 Today’s presenters Karin Lidén CFO Johan Andgren CEO Wall&decò: Eunoia Waves 2
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3 Continued focus on channel diversification Q2 2026 • -5% organic sales decline, -1% from exchange rates, Total sales decline -6% • Weak sales in traditional retail sales, while Direct to Consumer shows strong growth from a small base • Strategic focus areas of Direct to Consumer, international expansion, and hospitality channel started to deliver results and investments to drive long-term growth continued. • Cole & Son renewed commercial focus with new MD in place from end April. • Gross Margin improved with 0.4 p.p to 62.3% (61.9), primarily driven by increased Direct to Consumer sales and product mix. • EBITA Margin 12.6% (13.5). • Operating Cash Flow improved to 21 MSEK (16) Net sales, MSEK 181 (193) EBITA, MSEK 23 (26) EBITA Margin 12.6% (13.5) Boråstapeter: Midsummer Eve
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4 Sales Q2 2026 • Boråstapeter -7%. Challenging Swedish retail market during the quarter. Direct to Consumer sales accelerated with the launch of the new e-commerce platform in April. • Cole&Son -12%. The previously communicated UK sales channel restructuring to better support long-term positioning for the brand continued to impact short term sales • Wall&decò -14%. Facing tough retail situation in key home market Italy. The Group is actively supporting commercial efforts to return to growth. • Pappelina +27%. Growth through the new e-commerce platform accelerated, supported by good start with new commercial focus in North America. • Artscape -20%. The comparison numbers include a refresh with a major customers which wasn’t repeated in the quarter. Efforts to diversify sales channels continued, and Direct to Consumer growth accelerated. • Borås Tapetfabrik +14%. Growth during the quarter was driven by increased revenue from existing and new customers in both digital and traditional printing. 4 Cole & Son: Frutto Proibito MSEK April- June 2026 April- June 2025 ∆ Jan- June 2026 Jan- June 2025 ∆ R12 FY 2025 Boråstapeter 61 66 -7% 144 145 -1% 285 287 Cole & Son 30 34 -12% 62 73 -16% 122 134 Wall&decò 19 23 -14% 40 46 -13% 81 87 Pappelina 14 11 27% 26 22 19% 48 44 Artscape 27 34 -20% 52 59 -12% 106 113 Borås Tapetfabrik 30 26 14% 58 50 17% 109 101 EMBELLENCE GROUP 181 193 -6% 382 396 -3% 751 765
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5 Strategic investments for a more diversified channel mix continue Q2 2026 Accelerating DTC growth across all brands Continue to expand internationally Investments in hospitality offering to drive growth and diversification • Strong DTC growth across all brands in H1, reflecting the impact of investments in new e- commerce platforms, enhanced capabilities and a more commercial approach. • Boråstapeter launched on a new e-commerce platform in end of April, completing the platform upgrade roadmap for the year • Focus shifting towards driving growth through enhanced consumer experience, assortment development and data-driven conversion efforts. • Continued international focus for all Brands, primarily where our brands have the strongest growth opportunities • Growth for all of our major export markets, US included • Continued optimization of sales network, reviewing and replacing selected distributors, retailers and agents • New distribution model for Pappelina in US – starting off well • Continued investments in new materials, print technologies and expanded design offerings strengthen our ability to serve larger and more complex hospitality projects • Increased collaboration across brands broadens the customer base and supports a more diversified sales portfolio
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• Window film launched as a new product category, featuring a curated selection of popular wallpaper designs adapted for glass surfaces • Expanded murals with the Soft Blur collection, created for the growing demand for calm and harmonious interiors, and Bluebell Magic, a hand- painted mural designed especially for children's rooms Window film: Rosenvinge Soft Blur: Dawn Forest Bluebell Magic
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AW26 Collection MIMI 3daysofdesign COPENHAGEN • More proactive marketing efforts to strengthen brand awareness and stakeholder engagement through physical activations, industry collaborations and participation in international design events. • Participated in several fairs among them 3 days of design in Copenhagen • Building on the success of our most iconic designs VERA, through the mini launch of six new colorways. Vera POP Mini launch SS26: Pale Orange
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• Expanded window film offering with three new designs and nine new Bird Deflector designs, enhancing both functionality and design-led solutions for glass surfaces. • Launched Light Effects line Tropical Series: Bird Deflectors Metropolis Sunshine What birds seeWhat you see
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10 Artscape: Wildflower 0,0 0,5 1,0 1,5 2,0 2,5 0 25 50 75 100 125 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating cash flow R12 Net debt/EBITDA R12 Operating cash flow and net debt Q2 2026 FINANCIALS 10 Operating Cash Flow R12 (MSEK) & Net Debt/EBITDA • Operating Cash flow for Q2 at 21 MSEK (16). • Working capital increased by 3 MSEK (14), as accounts receivables decreased, while inventories increased in line with seasonal patterns • Dividend payment in the quarter of 35 MSEK (-29) • Leverage (Net Debt/EBITDA) 0.7x (0.9) 1.5 1.0 0.0 0.5 2.0 2.5
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1111 Summary & Looking ahead 11 Q2: Continued focus on channel diversification • Total sales decline -6% • Continued double digit growth for Pappelina and Manufacturing while weaker quarter for the other brands. • High exposure to traditional retail which is affected by challenging market dynamics • Investments in growth areas beginning to deliver results: 130% growth for Pappelina in DTC channel and Boråstapeter live wth new platform end of April. • New Managing Director in place for Cole&Son since end of April Looking ahead • Continued focus on our three strategic focus areas • Accelerate Direct to Consumer sales • Continue to expand internationally • Increase presence in the Hospitality channel Pappelina: Lea Potato
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12 Q&A Boråstapeter: Hildasholm