Interim report
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Simplifying people’s lives through technology Interim Report Q2 2026
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Interim Report Q2 2026 2 The period in summary Second quarter Net sales 574.3 (529.7) Net sales growth 8.4% (-10.9%) Gross profit 248.5 (223.7) Adjusted EBITA 5.1 (-9.2) Operating profit (EBIT) -5.7 (-14.5) Net profit -12.6 (-20.9) Period Jan-jun Net sales 1,061.6 (1,091.0) Net sales growth -2.7% (-8.0%) Gross profit 467.5 (459.8) Adjusted EBITA -8.2 (-11.5) Operating profit (EBIT) -30.4 (-26.2) Net profit -47.4 (-41.6) Amounts in MSEK unless otherwise stated Significant events during and after the end of the quarter • Kjell Group held its Annual General Meeting on 20 May 2026. The Meeting elected Göran Wester- berg as new Chairman of the Board and Pål Wibe as a new member of the Board. David Zaudy, Ola Burmark, Ebba Ljungerud and Adeline Sterner were re -elected, and the Board thus comprises six members. • Andreas Thaler was appointed Chief Purchasing Officer (CPO) during the quarter, with overall re- sponsibility for planning, assortment and the Company's sourcing office in Shanghai. Thaler has more than 20 years of experience in assortment, purchasing and in ternational sourcing, most re- cently from Europris AS and NetOnNet . Gross margin Adjusted EBITA-margin Active members in loyalty club, thousand 43.3% 0.9% 1,968 Performance measures Jul-Jun Jan-Dec MSEK 2026 2025 2026 2025 25/26 2025 Net Sales 574.3 529.7 1,061.6 1,091.0 2,349.7 2,379.1 Sales growth, % 8.4% -10.9% -2.7% -8.0% -5.6% -7.9% Comparable growth, % 7.1% -9.9% -3.3% -7.7% -5.6% -7.5% Gross profit 248.5 223.7 467.5 459.8 940.5 932.7 Gross margin, % 43.3% 42.2% 44.0% 42.1% 40.0% 39.2% Adjusted EBITA 5.1 -9.2 -8.2 -11.5 46.2 43.0 Adjusted EBITA-margin, % 0.9% -1.7% -0.8% -1.1% 2.0% 1.8% Operating profit (EBIT) -5.7 -14.5 -30.4 -26.2 -376.8 -372.6 Cash flow from operating activities -28.7 -136.1 -155.9 -127.5 138.6 167.0 Equity ratio 43.7% 48.0% 43.7% 48.0% - 36.2% Basic earnings (loss) per share, SEK -0.13 -0.36 -0.57 -0.94 - -7.49 Members in loyalty club, thousand 3,890 3,531 3,890 3,531 3,890 3,736 Active members in loyalty club, thousand 1,968 1,900 1,968 1,900 1,968 1,928 Q2 Jan-Jun
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Interim Report Q2 2026 3 CEO letter The trend break is the beginning, not the goal When I wrote in our previous quarterly re- port that, despite many red figures, we were in a better place than in a long time, I did so with some hesitation. Not because I didn't mean it, but because ultimately it's the numbers that matter in a quarterly re- port. This quarter looks different. With growth of 8 per- cent and significantly improved profitability, I can once again say that we are in a better place than be- fore, but this time with greater confidence in my words. The quarter began cautiously positive and then grew stronger and stronger. We are seeing growth in both Sweden and Norway, strong online development, and improved profitability compared to the previous year. Even the hard-pressed AV-Cables showed growth in June. Naturally, this makes us happy. At the same time, it's important to hold two thoughts in mind at once. We have broken a negative trend. Inventory availa- bility is better, which is reflected in both the balance sheet and the income statement. More structured work on pricing and campaigns has begun to have an effect. We have continued working to create the con- ditions for a more focused and relevant product range and have begun preparations for the important fourth quarter. This has created a sense of calm internally and greater confidence that we are working on the right things. That is important. But we are not there yet. The comparative figures were weak, and the cus- tomer experience is still not much better than it was a year ago. We can also become significantly more effi- cient in how we run the business. The quarter is still burdened by costs that I consider too high. Partly because our execution capability is not yet where we want it to be. Partly because change takes time. That is frustrating at times, but also a natural part of the journey we are on. Now that we are showing growth, it is natural to ask whether this means the path forward will become easier. I believe that is a simplified view of reality. Over the past few quarters, much of our work has fo- cused on identifying what isn't working. Prioritizing what we must fix first. All of this has been necessary. But none of it is really the goal in itself. The long-term goal is to build a stronger company. A company that creates value. Customer value and shareholder value. A company that our employees are proud of. That is why more and more of our discussions today are not just about which problems we need to solve here and now, but about how we build the conditions for a business that continues to develop over time. How we ensure that we have a relevant customer of- fering. Work more efficiently. Make better decisions. Promote leadership characterized by accountabilit y and commitment. A corporate culture where devel- opment continues even when conditions change. That is where our transformation is actually happen- ing. Not just in individual major decisions, but in how well many smaller parts work together and reinforce one another. This creates better results today, but also better conditions for the future. Ultimately, this is what will lead us to transform po- tential into value. In addition, during the autumn we are entering a phase of more labor-intensive preparations ahead of an upcoming ERP upgrade, where we intend to carry out the first implementation phase during the first half of 2027. With both this and the all -important fourth quarter ahead of us, we therefore have every reason to feel both humility and confidence. Humility in the face of the work that still remains, but confidence because we see that the changes we are implementing no w are increasingly translating into concrete results. Now it's about continuing to build, continuing to pri- oritize, and continuing to execute . Malmö, Sandra Gadd, CEO
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Interim Report Q2 2026 4 Summary of the Group’s financial performance During the quarter, the Group returned to net sales growth, while work to simplify the operations, strengthen profitability and improve cash generation continued. The result for the period was also affected by items of a one-off nature and costs re- lated to ongoing transformation initia- tives. Net sales Net sales increased by 8.4% to MSEK 574.3 (529.7) in the quarter. For the period January through June, net sales decreased by -2.7% to MSEK 1,061.6 (1,091.0). Currency-adjusted growth amounted to 7.3% in the quarter and -2.8% for the period. A stronger Nor we- gian krone had a positive currency effect of approxi- mately MSEK 6 in the quarter, while a slightly weaker Danish krone had a marginally negative impact. For the period, the total currency effect was close to neu- tral. Comparable growth amounted to 7.1% ( -9.9%) in the quarter and -3.3% (-7.7%) for the period. Sales development in the quarter was primarily driven by significantly improved inventory availability within the core assortment. In addition, an assortment well adapted to seasonal demand, together with well - planned and effectively executed campaign acti vities, contributed to positive development in both traffic and sales. In parallel, structured work is ongoing to develop the assortment further in line with customer demand. Continuous new product launches within our main categories, combined with relevant brands and con- tinued investment in private-label products, ensure that we are building a sustainable, long -term ability to remain relevant to our customers. The development for the period is explained by a weak first quarter, characterised by limited product availa- bility and the warehouse relocation. Net sales per segment In Sweden, sales increased in the quarter, primarily as a result of strong online growth together with positive development in service points. Online growth was driven by a strong increase in the number of transac- tions, where an improved conversion rate, r esulting from improved inventory availability and campaign execution, more than compensated for a somewhat lower number of visitors. Growth in service points is explained by an improved average value per purchase occasion, which compensated for a marginall y lower number of transactions. For the period, sales in Sweden were in line with the previous year, where growth in the second quarter nearly compensated for the decline in the first quar- ter. In Norway, sales increased in the quarter, with growth in both service points and online, mainly driven by im- proved inventory availability. The number of transac- tions continued to increase, now combined with a higher average value per purchase occasion, re sulting in significantly stronger development than the previ- ous year. Sales in Norway increased for the period, driven by the strong growth in the second quarter. In Denmark, sales continued to develop negatively in the quarter, primarily as a result of fewer transactions due to lower customer traffic, partly affected by the migration to a new e-commerce platform. The decline was partly offset by a significantly hig her average value per purchase occasion. Development improved gradually during the quarter, and in June the Danish segment showed growth for the first time in two years. Sales in Denmark decreased for the period, as well as during the quarter, as a result of lower customer traf- fic and the warehouse relocation during the first quar- ter. Gross profit Gross margin increased to 43.3% (42.2%) in the quar- ter. The improvement was driven by higher product margins as a result of renegotiated supplier agree- ments, an improvement assessed to be structural. At the same time, the quarter was characterised by high campaign activity, which increased the share of ex- ternal brands in the sales mix, with a dampening ef- fect on the gross margin as a result. Gross margin increased to 44.0% (42.1%) for the pe- riod. The improved gross margin is explained by an assortment mix with a higher share of private label during the first quarter, as well as structurally higher product margins throughout the period . MSEK 2026 2025 ∆ SEK ∆ Local 426.5 396.2 7.7% 7.7% 113.2 93.0 21.8% 15.1% 34.5 40.5 -14.9% -14.2% 574.3 529.7 8.4% n/a 568.9 531.0 7.1% n/a Q2 Sweden Norway Denmark Total Comp. sales MSEK 2026 2025 ∆ SEK ∆ Local Sweden 800.2 802.9 -0.3% -0.3% Norway 199.6 186.5 7.0% 5.4% Denmark 61.7 101.6 -39.2% -37.4% 1,061.6 1,091.0 -2.7% n/a 1,053.6 1,089.8 -3.3% n/a Jan-jun Total Comp. sales MSEK 2026 2025 ∆ 248.5 223.7 11.1% 43.3% 42.2% 1.0%p Gross profit Gross margin Q2 MSEK 2026 2025 ∆ 467.5 459.8 1.7% 44.0% 42.1% 1.9%p Jan-jun Gross profit Gross margin Net sales (MSEK) Net sales per segment (%), period Sales1 per channel (%), R12 1 Sales before deduction for customer loyalty bonuses 0 500 1,000 1,500 2,000 2,500 3,000 0 200 400 600 800 1,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 R12MSEK Quarter R12 75% 19% 6% Sweden Norway Denmark 63% 11% 25% 1% Stores Click&Collect Online Other
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Interim Report Q2 2026 5 Operating expenses The cost base continues to contain inefficiencies that are being addressed within the ongoing transfor- mation projects. The transformation projects cur- rently underway aim to simplify the operations, in- crease productivity and improve resource utilisation. Compared with the previous year, operating expenses increased for both the quarter and the period. Under- lying personnel expenses are developing positively, but one-off effects in the previous year affect the com- parison, while the outsourcing of warehouse p erson- nel resulted in these costs being recognised as other external costs instead of personnel expenses, in both the quarter and the period. Depreciation and amortisation decreased in the quar- ter and for the period as a result of one -off impair- ments in the third quarter of 2025, which are partly offset by capitalisation related to the new central warehouse. Total currency effects in the quarter amounted to MSEK -2.5 ( -2.5). For the period, currency effects amounted to MSEK -1.9 (4.0). Items affecting comparability in EBITDA Items affecting comparability in the quarter mainly relate to restructuring costs attributable to changes within Group management and the centralisation of white-collar functions in the Norwegian subsidiary. In addition, this includes relocation -related costs relat- ing to the former central warehouse in Malmö, as well as costs for incentive programmes. Items affect- ing comparability for the period include, in addition to the items mentioned above, transformation costs in connection with the system review . Net profit Adjusted EBITA The Group's adjusted EBITA margin amounted to 0.9% (-1.7%) in the quarter and -0.8% ( -1.1%) for the period. Operating profit The Group's operating margin amounted to -1.0% ( - 2.7%) in the quarter and -2.9% (-2.4%) for the period. Net financial items Net financial items amounted to MSEK -9.0 (-8.0) in the quarter and MSEK -18.6 (-16.9) for the period. Net financial items include MSEK 4.3 (2.8) in the quarter and MSEK 8.8 (5.6) for the period relating to interest expenses attributable to lease liabilitie s. Cash flow Cash flow from operating activities amounted to MSEK -28.7 (-136.1) in the quarter. The improvement compared with the previous year was primarily driven by a more favourable development of net working capital, where in particular a positive development of operating liabilities offset the effect of a continued build-up of inventory. Excluding changes in net work- ing capital, cash flow from operating activities amounted to MSEK 23.8 (25.0) . MSEK 2026 2025 ∆ Personnel cost -127.7 -122.2 4.5% Other ext. expenses -81.9 -69.0 18.8% Other operation expenses -2.1 -2.3 -6.7% D&A -42.5 -44.7 -5.0% Operating profit -5.7 -14.5 -60.5% Q2 MSEK 2026 2025 ∆ Personnel cost -248.7 -251.9 -1.3% Other ext. expenses -159.8 -148.8 7.4% Other operation expenses -2.6 - n/a D&A -88.4 -89.5 -1.3% Operating profit -30.4 -26.2 16.0% Jan-jun MSEK 2026 2025 ∆ -6.2 -0.6 973.0% Incentives programme -0.8 - n/a Financing fees - 2.7 n/a Relocation costs -2.4 - n/a Other - -2.9 n/a -9.4 -0.8 1100.9% Q2 Extraordinary items Reorganisation costs MSEK 2026 2025 ∆ -6.6 -2.4 171.2% Consultancy fees -2.4 - n/a Incentives programme -1.5 - n/a Financing fees - -0.3 n/a Relocation costs -6.1 - n/a Other - -2.9 n/a -16.6 -5.7 192.5% Jan-jun Extraordinary items Reorganisation costs MSEK 2026 2025 ∆ Adjusted EBITA 5.1 -9.2 n/a Extraordinary items -9.4 -0.8 1100.9% -1.4 -4.5 -68.4% Operating profit -5.7 -14.5 -60.5% Net financial items -9.0 -8.0 12.0% Corporate tax 2.1 1.6 31.3% Net profit -12.6 -20.9 -39.8% Q2 Amortisation of acquisition related MSEK 2026 2025 ∆ Adjusted EBITA -8.2 -11.5 -28.3% Extraordinary items -16.6 -5.7 192.5% -5.6 -9.1 -38.8% Operating profit -30.4 -26.2 16.0% Financial net -18.6 -16.9 9.7% Corporate tax 1.6 1.6 1.8% Net profit -47.4 -41.6 14.0% Jan-jun Amortisation of acquisition related MSEK 2026 2025 ∆ Operating activities -28.7 -136.1 -78.9% Investment activities -5.8 -51.2 -88.7% Financing activities -33.1 152.2 n/a Cash flow -67.6 -35.1 92.7% Q2 MSEK 2026 2025 ∆ Operating activities -155.9 -127.5 22.3% Investment activities -19.2 -79.2 -75.7% Financing activities 0.5 105.3 -99.5% Cash flow -174.6 -101.3 72.3% Jan-jun Adjusted EBITA (MSEK) Adjusted EBITA-margin 0 10 20 30 40 50 60 70 80 90 -20 0 20 40 60 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 R12MSEK Quarter R12 -4% -2% 0% 2% 4% 6% 8% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 %
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Interim Report Q2 2026 6 Cash flow from investing activities amounted to MSEK -5.8 ( -51.2) in the quarter. The deviation com- pared with the previous year is mainly explained by higher investments in the new central warehouse dur- ing the comparative period. Cash flow from financing activities amounted to MSEK -33.1 (152.2) in the quarter. The comparative figures for the previous year were positively impacted by a rights issue of MSEK 185.6, while this year's cash flow mainly relates to repayments of loans and lease liabilities. Cash flow for the quarter thus amounted to MSEK -67.6 (-35.1), and cash and cash equivalents at the end of the period amounted to MSEK 106.5 (72.1). Cash flow from financing activities for the period amounted to MSEK 0.6 (105.3). During the period, the Group's bank financing was refinanced through the full repayment of existing bank financing in connec- tion with the Group entering into a new three -year fi- nancing agreement with Nordea for long-term bank fi- nancing of MSEK 500. The Group also received pro- ceeds from the rights issue amounting to MSEK 202.9 after transaction costs during the period. The improved development of net working capital during the period reflects the measures being imple- mented to create a more capital - and cash -flow-effi- cient business. Although this work is still at an early stage, the Company is seeing initial effects from initia- tives within inventory management and more effi- cient use of net working capital. Work to strengthen the balance sheet continues. Financial position The Group's cash and cash equivalents amounted to MSEK 106.5 at the end of the reporting period, com- pared with MSEK 271.2 at the beginning of the year. Long- and short -term interest -bearing liabilities amounted to MSEK 347.8 (486.5) at the end of the quarter, and lease liabilities amounted to MSEK 267.3 (202.8). The Group's net financial debt amounted to MSEK 241.3 at the end of the quarter, compared with MSEK 212.8 at the beginning of the year, corresponding to net financial debt in relation to rolling 12 -month ad- justed EBITDAaL of 3.5 (6.1). The Group's equity amounted to MSEK 947.0 at the end of the reporting period, compared with MSEK 782.3 at the beginning of the year . Core working capital, comprising inventory, trade re- ceivables and trade payables, decreased compared with the previous year and amounted to MSEK 199.0 (296.7). The decrease compared with the same period last year is a result of lower inventory levels and i n- creased trade payables. Core working capital as a per- centage of net sales R12 decreased to 8.5% (11.9%). The comparative figures for the previous year were impacted by increased inventory levels as a result of larger purchases during the spring to secure good availability, as well as lower trade payables. Since then, the Group has strengthened its inventory man- agement and achieved a better balance between in- ventory, purchasing and trade payables, which has contributed to more efficient net working capital . Significant events during and after the quarter • Kjell Group held its Annual General Meeting on 20 May 2026. The Meeting elected Göran Westerberg as new Chairman of the Board and Pål Wibe as a new member of the Board. David Zaudy, Ola Burmark, Ebba Ljungerud and Ade- line Sterner were re-elected, and the Board thus comprises six members. • Andreas Thaler was appointed Chief Purchasing Officer (CPO) during the quarter, with overall responsibility for planning, assortment and the Company's sourcing office in Shanghai. Thaler has more than 20 years of experience in assort- ment, purchasing and in ternational sourcing, most recently from Europris AS and NetOnNet . Financial targets Sales Net sales growth is to exceed 5 percent. Profitability Adjusted EBITA-margin in the range of 6 -8 percent. Financial position Net debt in relation to adjusted EBITDA, rolling 12 months (excluding the effects of IFRS 16) is to be a multiple of less than two (2). Dividend policy Dividends are to comprise at least 60 percent of earn ings per share after tax, taking into account the Group’s financial position and growth potential.
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Interim Report Q2 2026 7 Parent company The object of the Parent company’s operation is to own and manage shares in subsidiaries and to provide intra-Group services. Net sales The Parent Company's net sales amounted to MSEK 9.5 (6.0) for the quarter and MSEK 17.0 (12.4) for the period, and relate entirely to intra -group invoicing Operating expenses Operating expenses for the quarter amounted to MSEK 11.4 (3.2) and MSEK 20.1 (13.8) for the period. Personnel expenses increased and totalled MSEK 9.4 (4.1) for the quarter and MSEK 16.5 (10.3) for the period. The increase in personnel expenses for the quarter is attributable to a change in the composition of the management team. Other external expenses amounted to MSEK 1.8 ( -1.0) for the quarter and MSEK 3.1 (3.2) for the period. Other operating expenses amounted to MSEK 0.2 (0.2) for the quarter and MSEK 0.4 (0.2) for the period. Interest expenses for the Group's credit facility amounted to MSEK 5.2 (4.9) for the quarter and MSEK 9.7 (10.9) for the period. Profit after financial items amounted to MSEK -5.0 ( -0.8) for the quarter and MSEK -9.4 ( -10.6) for the period. Net profit Profit for the quarter amounted to MSEK -5.0 (-0.8). Financial position Financial non-current assets amounted to MSEK 1,625.5 (1,621.6). Current receivables amounted to MSEK 164.1 (97.8), largely consisting of intra -group balances. The Parent Company's equity amounted to MSEK 1,494.3 at the end of the reporting period, compared with MSEK 1,299.7 at the beginning of the year. Long- and short-term interest-bearing liabilities amounted to MSEK 347.7 (426.8) at the end of the quar- ter. Other operating liabilities mainly relate to intra -group balances.
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Interim Report Q2 2026 8 The share Kjell Group AB's (publ) share is listed on Nasdaq First North Growth Market under the ticker symbol KJELL, with the ISIN code SE0028354936. The highest and lowest closing prices during the quar- ter were SEK 14.50 and SEK 8.52, recorded on 30 June and 9 April, respectively. During the quarter, 14,929,258 shares were traded, corresponding to a turnover rate of 15.7% over the measurement period. As of 30 June 2026, Kjell Group AB (publ) had ap- proximately 5,300 shareholders, of which the largest were Cervantes Capital (11.59%), Göran Westerberg (10.85%), Jofam AB (10.32%), Familjen Eklund (10.13%) and Nordea Fonder (5.80%). As of 30 June 2026, the total number of issued shares was 95,336,699. For more information, please visit www.kjellgroup.com 0 2 4 6 8 10 12 14 16 18 0 100 200 300 400 500 600 700 800 900 1,000 Volume Price
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Interim Report Q2 2026 9 Condensed consolidated statement of profit or loss Jan-Dec TSEK Note 2026 2025 2026 2025 2025 Operating income Net sales 4 574,250 529,677 1,061,618 1,091,004 2,379,118 Other operating income - - 1,530 4,329 4,287 574,250 529,677 1,063,148 1,095,333 2,383,405 Operating expenses Goods for resale -325,774 -305,992 -594,147 -631,248 -1,446,377 Personnel costs -127,666 -122,212 -248,672 -251,933 -511,690 Other external expenses -81,941 -68,981 -159,781 -148,840 -344,305 Other operating expenses -2,123 -2,275 -2,626 - - Depreciation/amortisation of tangible and intangible assets -42,455 -44,686 -88,358 -89,542 -453,590 Operating profit -5,710 -14,469 -30,436 -26,230 -372,557 Financial items Financial income 296 537 910 878 1,944 Financial expenses -9,274 -8,556 -19,507 -17,826 -37,317 Net financial items -8,978 -8,019 -18,597 -16,948 -35,373 Profit (loss) before tax -14,688 -22,488 -49,033 -43,178 -407,930 Income tax 2,130 1,623 1,613 1,585 19,800 Net profit (loss) for the period -12,558 -20,866 -47,420 -41,593 -388,130 Net profit (loss) for the period attributable to: Parent Company's shareholders -12,558 -20,866 -47,420 -41,593 -388,130 Net profit (loss) for the period -12,558 -20,866 -47,420 -41,593 -388,130 Earnings (loss) per share Basic earnings (loss) per share, SEK 5 -0.13 -0.36 -0.57 -0.94 -7.49 Diluted earnings (loss) per share, SEK 5 -0.13 -0.36 -0.57 -0.94 -7.49 Q2 Jan-Jun
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Interim Report Q2 2026 10 Condensed consolidated statement of profit or loss and other comprehensive income Jan-Dec TSEK 2026 2025 2026 2025 2025 Net profit (loss) for the period -12,558 -20,866 -47,420 -41,593 -388,130 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Exchange differences of foreign operations 2,098 10,849 7,928 -14,621 -22,897 Other comprehensive income for the period 2,098 10,849 7,928 -14,621 -22,897 Total comprehensive income for the period -10,460 -10,017 -39,492 -56,214 -411,027 Comprehensive income for the period attributable to: Parent Company's shareholders -10,460 -10,017 -39,492 -56,214 -411,027 Total comprehensive income for the period -10,460 -10,017 -39,492 -56,214 -411,027 Q2 Jan-Jun
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Interim Report Q2 2026 11 Condensed consolidated statement of financial position 31 Dec TSEK Not 2026 2025 2025 Assets Intangible assets 1,018,138 1,314,623 1,033,270 Tangible assets 150,430 133,275 137,358 Right-of-use assets 279,041 220,456 308,050 Deferred tax assets 2,422 498 483 Total non-current assets 1,450,031 1,668,852 1,479,161 Inventory 491,797 519,169 312,281 Tax assets 30,280 27,767 25,769 Accounts receivable 23,771 26,333 24,308 Prepaid expenses and accrued income 61,216 49,922 47,129 Other receivables 2,648 405 342 Cash and cash equivalents 106,460 72,144 271,196 Total current assets 716,172 695,740 681,025 Total assets 2,166,203 2,364,592 2,160,186 Equity Share capital 1,576 978 978 Other contributed capital 861,567 649,219 650,262 Reserves 34,178 34,526 26,250 Retained earnings including net profit (loss) for the period 49,661 451,392 104,856 Equity attributable to Parent Company's shareholders 946,982 1,136,115 782,346 Total equity 946,982 1,136,115 782,346 Liabilities Non-current interest-bearing liabilities 6 347,771 473,471 - Non-current lease liabilities 176,053 108,200 195,153 Deferred tax liabilities 85,460 109,458 87,731 Total non-current liabilities 609,284 691,129 282,884 Current interest-bearing liabilities 6 - 12,987 483,956 Current lease liabilities 91,289 94,575 104,983 Accounts payable 316,612 248,806 313,475 Tax liabilities - 688 - Other liabilities 6 47,305 45,670 69,729 Accrued expenses and deferred income 147,185 126,849 115,507 Provisions 7,546 7,773 7,306 Total current liabilities 609,937 537,348 1,094,956 Total liabilities 1,219,221 1,228,477 1,377,840 Total equity and liabilities 2,166,203 2,364,592 2,160,186 30 Jun
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Interim Report Q2 2026 12 Condensed consolidated statement of changes in equity TSEK Share capital Other contributed capital Translation reserve Hedge reserve Retained earnings incl. net profit (loss) for the period Total equity Balance at 1 jan 2026 978 650,262 26,250 - 104,856 782,346 Transactions with owners of the company Bonus issue 22 7,753 -7,775 - New share issue 576 202,328 - - - 202,904 Incentive programme - 1,224 - - - 1,224 Adjustment Comprehensive income for the period Net profit (loss) for the period - - - - -47,420 -47,420 Other comprehensive income for the period - - 7,928 - - 7,928 Total comprehensive income for the period - - 7,928 - -47,420 -39,492 Closing balance 30 Jun 2026 1,576 861,567 34,178 - 49,661 946,982 Balance at 1 jan 2025 515 462,707 49,147 - 492,985 1,005,354 Transactions with owners of the company New share issue 463 185,183 - - - 185,646 Incentive programme - 1,329 - - - 1,329 Comprehensive income for the period Net profit (loss) for the period - - - -41,593 -41,593 Other comprehensive income for the period - - -14,621 - - -14,621 Total comprehensive income for the period - - -14,621 - -41,593 -56,214 Closing balance 978 649,219 34,526 - 451,392 1,136,115 Equity attributable to Parent Company's shareholders
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Interim Report Q2 2026 13 Condensed consolidated statement of cash flows Jan-Dec TSEK 2026 2025 2026 2025 2025 Cash flow from operating activities Profit (loss) before tax -14,688 -22,488 -49,033 -43,178 -407,930 Adjustments for non-cash items 42,498 53,155 88,911 94,073 539,709 Income tax paid -4,014 -5,707 -2,940 -12,596 -14,439 23,796 24,960 36,938 38,299 117,340 Increase (-)/decrease (+) in inventories -71,324 -50,188 -179,516 -42,337 86,704 Increase (-)/decrease (+) in operating receivables -7,436 -1,827 -15,251 27,025 31,590 Increase (+)/decrease (-) in operating liabilities 26,217 -109,051 1,955 -150,446 -68,585 Cash flow from operating activities -28,748 -136,106 -155,874 -127,459 167,049 Investing activities Acquisition of tangible assets -2,938 -46,149 -14,342 -72,329 -87,003 Acquisition of intangible assets -2,828 -5,052 -4,886 -6,844 -15,202 Cash flow from investing activities -5,766 -51,201 -19,228 -79,173 -102,205 Financing activities New share issue - 185,646 202,904 185,646 185,646 Proceeds of loans 56,202 - 347,375 - - Repayment of loans -56,769 -1,531 -484,569 -14,397 -17,344 Repayment of lease liabilities -32,498 -31,876 -65,160 -65,941 -130,046 Cash flow from financing activities -33,065 152,239 550 105,308 38,256 Cash flow for the period -67,578 -35,068 -174,552 -101,324 103,100 Cash and cash equivalents at the beginning of the period 172,288 106,605 271,196 178,826 178,826 Exchange rate differences in cash and cash equivalents 1,750 608 9,816 -5,358 -10,730 Cash and cash equivalents at the end of the period 106,460 72,144 106,460 72,144 271,196 Q2 Jan-Jun
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Interim Report Q2 2026 14 Condensed notes to the financial statements Note 1. General information Kjell Group AB (publ) ("the Company"), registration number 559115 -8448, is a company domiciled in Malmö. This consolidated interim report for the Group ("the interim report") for the period January to June 2026 covers the Company and its subsidiaries, collectively referred to as "the Group". The Group's reporting currency is SEK. All amounts are stated in thousands of SEK (TSEK) unless otherwise indicated . Note 2. Accounting principles This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as well as ap- plicable provisions of the Swedish Annual Accounts Act, and should be read in conjunction with the Group's annual report for 2025. The interim report for the parent company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Report. This interim report does not contain all the information required for a complete set of fi- nancial statements in accordance with IFRS. However, explanatory notes are included to describe events and transactions that are material to an understanding of the changes in the Group's financial position and re- sults. The accounting policies applied in this interim report are consistent with those applied in the 2025 annual report for both the Group and the parent com- pany. The Group has not early adopted any new IFRS standards or interpretations published by the IFRS In- terpretations Committee. Standards and interpreta- tions issued but not yet effective are not expected to have a material impact on the Group. IFRS 18 – Presentation and Disclosure in Financial Statements will become effective on 1 January 2027 and has been adopted by the IASB. For Kjell Group, IFRS 18 will affect the Company's financial reporting and the disclosures provided in connection with its re- porting. The Company has begun evaluating the po- tential effects on the financial statements and is on track with its planning to report in accordance with IFRS 18 for the period ending 31 March 2027, as well as for the annual report for the period end ing 31 De- cember 2027. Note 3. Important estimates and judgements Group management makes estimates and assump- tions about the future, and assesses which accounting policies should be applied in the preparation of the fi- nancial statements. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are considered reasonable under the circumstances. The accounting estimates that re- sult from this process will, by definition, seldom equal the actual outcome. The significant estimates made by management in applying the Group's accounting poli- cies and the key sources of estimation uncertainty are the same as those described in note 33 of the Group's annual report for 2025.
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Interim Report Q2 2026 15 Note 4. Revenue and operating segments The Group's operations are divided into operating segments based on the parts of the business moni- tored by the Company's chief operating decision maker, known as the management approach. For the Company, this means that the Group's operations are divided i nto three segments: Sweden, Norway and Denmark, corresponding to the operations in each re- spective country. The segments comprise sales through service points in Sweden and Norway and online-generated sales in all countries. The Danish segment includes Dan ish online sales generated through Sweden. The Swedish segment includes costs for Group -wide functions, including the purchasing organisation in Shanghai, as this reflects how the seg- ments are monitored internally within the Group. Seg- ment revenues are att ributable in their entirety to sales to external customers. The same accounting pol- icies have been applied to the segments as to the Group. The reported performance measure for the segments is Adjusted EBITA. Information regarding each reportable segment i s set out below. Apr-Jun TSEK 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 426,548 396,222 113,234 92,964 34,468 40,491 574,250 529,677 Depreciation excl.amortisation on intangible assets related to business combinations 32,427 31,745 8,373 7,931 230 502 41,030 40,178 Adjusted EBITA 1,091 -9,655 8,585 1,110 -4,581 -637 5,095 -9,182 Amortisation on intangible assets related to business combinations -1,426 -4,508 Items affecting comparability -9,379 -779 Operating profit -5,710 -14,469 Net financial items -8,978 -8,019 Profit (loss) before tax -14,689 -22,488 Jan-Jun TSEK 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 800,248 802,896 199,631 186,541 61,739 101,567 1,061,618 1,091,004 Depreciation excl.amortisation on intangible assets related to business combinations 65,781 63,144 16,563 16,304 456 1,015 82,800 80,463 Adjusted EBITA -14,526 -11,529 14,171 -3,339 -7,883 3,383 -8,237 -11,485 Amortisation on intangible assets related to business combinations -5,559 -9,079 Items affecting comparability -16,640 -5,666 Operating profit -30,436 -26,230 Net financial items -18,597 -16,948 Profit (loss) before tax -49,033 -43,178 Sweden Norway Denmark Total Sweden Norway Denmark Total
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Interim Report Q2 2026 16 Note 5. Earnings per share Earnings per share are calculated by dividing the profit for the period by the weighted average number of shares outstanding during the period . Note 6. Fair value of financial in- struments The fair value of the liabilities under the Group's credit facility is assessed to amount to SEK 350,000 (487,518) thousand, compared to the carrying amount of SEK 347,771 thousand (486,494). The fa- cility carries a variable interest rate plus a margin. In management's assessment, there has been no change in credit margins since the loan agreement was en- tered into that would have a material impact on the fair value of the loans. The difference between fair value and carrying amount is therefore primarily at- tributable to the fact that the carrying amount of the loan includes transaction costs not yet amortised as part of the effective interest rate on the bank loans. Fair value is classified within level 2 of the fair value hierarchy. The carrying amount of all other financial li- abilities and financial assets is considered a reasona- ble approximation of their respective fair values. The interest -bearing liabilities are classified as long - term. During the period, Kjell Group entered into a new three-year financing agreement with Nordea for long-term bank financing of SEK 500 million . Note 7. Seasonal variations The Group's operations are affected by seasonal vari- ations in demand, and the Group's revenues exhibit seasonality whereby the fourth quarter of the finan- cial year normally reports higher sales and earnings figures compared to the other quarters . Note 8. Risks and uncertainties The development of the Group is significantly influ- enced by consumer behaviour in the markets in which it operates. To ensure a continuously attractive cus- tomer offering and thereby safeguard the Company's competitiveness, it is necessary to understand and monitor developments in the external environment. The Group works continuously to identify, measure and manage risks that may arise in the external envi- ronment, the industry and the Company, with the aim of avoiding and minimising the impact of risk -related events. The Group conducts ongoing work to assess its risk situation by systematically identifying strategic, oper- ational and financial risks. Risks are identified, evalu- ated and addressed based on a priority order reflect- ing the most significant negative impact factors for the business. The risk assessment forms an integral part of the Group's governance, both at a strategic and oper- ational level. Strategic risks, both in the short and long term, relate primarily to risks associated with changes in the exter- nal environment and increased competition, techno- logical shifts and customer purchasing behaviour, market positioning, assortment and offering, and growth. Operational risks relate primarily to risks as- sociated with purchasing, inventory, sustainability, IT systems, logistics and transportation, personnel, lease agreements, shrinkage and regulatory risks. Financial risks comprise risks related to currency exposure, in- terest rate exposure and capital availability. The Group's board and management have continu- ously monitored developments in these material risks and uncertainties. A more detailed description is pro- vided in the annual report for 2025. At the time of is- suing this interim report, the external environment continues to be characterised by geopolitical turbu- lence. The Group has no direct exposure to these mar- kets. However, the potential negative impact on de- mand for the Group's products is continuously evalu- ated, through a possible deterioration in consumer sentiment as a result of indirect effects such as higher energy prices, higher interest rates, increased infla- tion and tariffs. Note 9. Other disclosures Long -term incentive programme At the Annual General Meeting on 20 May 2026, it was resolved to adopt the board's proposal to intro- duce a long -term incentive programme (2026) in the form of a performance share savings plan. In order to participate in the long -term incentive programme, participants are required to acquire shares in Kjell Group AB, referred to as "savings shares". Partici- pants who retain their savings shares during the vest- ing period of approximately three years and remain an employee of Kjell & Company throughout the enti re vesting period will be entitled to receive performance shares free of charge, on the condition that a perfor- mance criterion is met. The performance criterion re- fers to the total shareholder return for the Company's share during the vesting period of app roximately three years, known as a "TSR criterion". Assuming maximum outcome, the Performance Share Programme 2026 is now estimated to result in a dilu- tion of approximately 1.92% of the total number of outstanding shares. The board's original proposal to the Annual General Meeting estimated the dilution at full utilisation at approximately 2.02%. The costs for the long -term incentive programme are now esti- mated at approximately MSEK 5.6, excluding social security contributions of approximately MSEK 4.4. The board's initial calculations in the proposal to the Annual General Meeting amounted to approximately MSEK 4.9, excluding social security contributions of approximately MSEK 6.8 (assuming a total return of 60 percent). The long -term incentive programme is recognised in accordance with IFRS 2 Share -based Payment. Ac- cordingly, the cost for the programme is recognised over the vesting period of approximately three years. For more information about the Performance Share Programme 2026, refer to the minutes of the Annual General Meeting at www.kjellgroup.com. Kjell Group has three previously ongoing perfor- mance share programmes (2025, 2024 and 2023), adopted earlier. The total IFRS 2 cost for Kjell Group's performance share programmes is recognised under Equity. Note 10. Significant events after the reporting date • No significant events after the end of the period .
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Interim Report Q2 2026 17 Condensed Parent Company income statement Jan-Dec TSEK 2026 2025 2026 2025 2025 Net sales Net sales 9,496 6,042 17,049 12,414 26,045 9,496 6,042 17,049 12,414 26,045 Operating expenses Other external expenses -1,813 1,028 -3,139 -3,238 -6,615 Personnel costs -9,358 -4,064 -16,529 -10,293 -25,673 Other operating expenses -213 -196 -389 -246 -260 Depreciation of tangible assets -3 -5 -5 -10 -16 Operating profit -1,890 2,804 -3,013 -1,373 -6,519 Financial items Financial income 2,139 1,294 3,322 1,660 4,531 Financial expenses -5,212 -4,893 -9,720 -10,930 -22,893 Profit (loss) after financial items -4,962 -795 -9,411 -10,643 -24,881 Profit (loss) before tax -4,962 -795 -9,411 -10,643 -24,881 Income tax - - - - 3,875 Profit (loss) for the period -4,962 -795 -9,411 -10,643 -21,006 Q2 Jan-Jun
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Interim Report Q2 2026 18 Condensed Parent Company balance sheet 31 Dec TSEK Not 2026 2025 2025 Assets Non-current assets Tangible assets Machinery and equipment 6 18 12 Total Tangible assets 6 18 12 Financial non-current assets Participation in group companies 1,611,638 1,611,517 1,611,533 Deferred tax assets 13,819 10,045 13,819 Total financial non-current assets 1,625,457 1,621,562 1,625,352 Total non-current assets 1,625,463 1,621,580 1,625,364 Current assets Current receivables from group companies 151,623 85,673 131,532 Prepaid expenses and accrued income 2,110 1,844 1,264 Other receivables - - - Tax receivables 10,393 10,233 7,131 Total current receivables 164,126 97,750 139,927 Cash and cash equivalents 81,516 45,035 144,958 Total current assets 245,642 142,785 284,885 Total assets 1,871,105 1,764,365 1,910,249 30 Jun
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Interim Report Q2 2026 19 Condensed Parent Company balance sheet, cont. 31 Dec TSEK Not 2026 2025 2025 Equity and liabilities Equity Restricted equity Share capital 1,576 978 978 Non-restricted equity Share premium reserve 1,486,695 1,276,616 1,276,616 Retained earnings 15,396 42,022 43,064 Profit (loss) for the period -9,411 -10,643 -21,006 Total equity 1,494,256 1,308,973 1,299,652 Untaxed reserves Tax allocation reserves 13,575 13,575 13,575 Total untaxed reserves 13,575 13,575 13,575 Liabilities Non-current liabilities Non-current interest-bearing liabilities 6 347,740 417,576 - Total non-current liabilities 347,740 417,576 - Current liabilities Current interest-bearing liabilities 6 - 9,200 427,186 Accounts payable 268 276 27,456 Current liabilities to group companies - 6,124 127,230 Other current liabilities 3,367 1,418 7,584 Tax liabilities - 1,397 - Accrued expenses and deferred income 11,899 5,826 7,566 Total current liabilities 15,534 24,241 597,022 Total equity and liabilities 1,871,105 1,764,365 1,910,249 30 Jun
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Interim Report Q2 2026 20 The Board of Directors and CEO give their assurance that the interim report provides a fair review of the development of the Group’s and Parent Company’s operations, profit and financial position and describes the material risks and uncertainty factors faced by the Parent Company and the companies included in the Group. The information in this interim report has not been re viewed by the company’s auditors . Malmö 17 August 2026 Göran Westerberg Chairman of the Board David Zaudy Board member Ola Burmark Board member Ebba Ljungerud Board member Adeline Sterner Board member Pål Wibe Board member Sandra Gadd CEO
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Interim Report Q2 2026 21 Selected financial information Quarterly data Jul-Jun Jan-Dec MSEK 2026 2025 2026 2025 25/26 2025 Members in loyalty club, thousand 3,890 3,531 3,890 3,531 3,890 3,736 Active members in loyalty club, thousand 1,968 1,900 1,968 1,900 1,968 1,928 Net sales 574.3 529.7 1,061.6 1,091.0 2,349.7 2,379.1 Sales growth, % 8.4% -10.9% -2.7% -8.0% -5.6% -7.9% Comparable growth, % 7.1% -9.9% -3.3% -7.7% -5.6% -7.5% Gross profit 248.5 223.7 467.5 459.8 940.5 932.7 Gross margin, % 43.3% 42.2% 44.0% 42.1% 40.0% 39.2% Adjusted EBITA 5.1 -9.2 -8.2 -11.5 46.2 43.0 Adjusted EBITA margin, % 0.9% -1.7% -0.8% -1.1% 2.0% 1.8% Items affecting comparability 9.4 0.8 16.6 5.7 138.4 127.4 Cash flow from operating activities -28.7 -136.1 -155.9 -127.5 138.6 167.0 Working capital 91.1 193.8 91.1 193.8 91.1 -96.2 Core working capital 199.0 296.7 199.0 296.7 199.0 23.1 Financial net debt 241.3 414.3 241.3 414.3 241.3 212.8 Financial net debt/Adjusted EBITDAaL 3.5 6.1 3.5 6.1 3.5 3.4 Equity ratio, % 43.7% 48.0% 43.7% 48.0% 43.7% 36.2% Investments -5.8 -51.2 -19.2 -79.2 -42.3 -102.2 Number of outstanding shares before dilution 95,336,699 59,187,876 95,336,699 59,187,876 95,336,699 59,187,876 Number of outstanding shares after dilution 95,336,699 59,187,876 95,336,699 59,187,876 95,336,699 59,187,876 Average number of outstanding shares before dilution 95,336,699 57,339,325 82,554,795 57,339,325 68,225,082 57,339,325 Average number of outstanding shares after dilution 95,336,699 57,339,325 82,554,795 57,339,325 68,225,082 57,339,325 Q2 Jan-Jun MSEK Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net sales 561.3 529.7 590.9 697.2 487.4 574.3 Gross profit 236.1 223.7 171.7 301.3 219.0 248.5 Gross margin, % 42.1% 42.2% 29.1% 43.2% 44.9% 43.3% Adjusted EBITA -2.3 -9.2 16.7 37.8 -13.3 5.1 Adjusted EBITA margin, % -0.4% -1.7% 2.8% 5.4% -2.7% 0.9% Cash flow from operating activities 8.6 -136.1 103.2 191.3 -127.1 -28.7 Working capital 32.6 193.8 59.8 -96.2 35.9 91.1 Core working capital 148.2 296.7 148.1 23.1 163.6 199.0 Investments -28.0 -51.2 -10.6 -12.4 -13.5 -5.8
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Interim Report Q2 2026 22 Reconciliation of alternative performance measures Certain figures in this report used by management and analysts to assess the Group's performance have not been prepared in accordance with IFRS (International Financial Reporting Standards). Management consid ers that these measures facilitate analysis of the Group's performance for the reasons set out below. These measures are not a substitute for, or superior to, reported financial results under IFRS and should be presented alongside them. Note that the Group's def initions of these measures may differ from other com- panies' definitions of the same terms. Investors are cautioned not to place undue reliance on these alter- native performance measures . Adjusted EBITA Management presents the performance measure ad- justed EBITA as it monitors this measure at Group level and considers it relevant to an understanding of the Group's financial performance. Adjusted EBITA is calculated by adjusting the profit for the period to exclude the impact of tax, net finan- cial items, amortisation and impairment of intangible assets arising from business combinations, and items affecting comparability. Items affecting comparability Revenue and cost items recognised separately due to their nature and amount. Items affecting comparabil- ity are used by management to explain movements in historical performance. In the quarter, items affect- ing comparability amounted to MSEK 9.4 (0.8), rela t- ing to relocation costs associated with the move to the new central warehouse, incentive programmes in accordance with IFRS 2, and restructuring costs Operating profit (EBIT), EBIT-margin, EBITA, adjusted EBITA, adjusted EBITA-margin, EBITDA, adjusted EBITDA and adjusted EBITDAaL Jul-Jun Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Profit (loss) for the period -12,558 -20,866 -47,420 -41,593 -393,957 -388,130 Income tax -2,130 -1,623 -1,613 -1,585 -19,828 -19,800 Net financial items 8,978 8,019 18,597 16,948 37,022 35,373 Operating profit (EBIT) -5,710 -14,469 -30,436 -26,230 -376,763 -372,557 Amortisation on intangible assets related to business combinations 1,426 4,508 5,559 9,079 284,598 288,118 EBITA -4,284 -9,961 -24,877 -17,151 -92,165 -84,439 Depreciation excl. amortisation on intangible assets related to business combinations 41,030 40,178 82,800 80,463 167,809 165,472 EBITDA 36,746 30,217 57,923 63,312 75,644 81,033 EBITA -4,284 -9,961 -24,877 -17,151 -92,165 -84,439 Items affecting comparability 9,379 779 16,640 5,666 138,388 127,414 Adjusted EBITA 5,095 -9,182 -8,237 -11,485 46,223 42,975 EBITDA 36,746 30,217 57,923 63,312 75,644 81,033 Items affecting comparability 9,379 779 16,640 5,666 138,388 127,414 Adjusted EBITDA 46,125 30,996 74,563 68,978 214,032 208,447 Depreciation right-of-use assets -32,584 -32,029 -60,841 -64,003 -129,040 -132,202 Interest on lease liabilities -4,338 -2,795 -8,799 -5,564 -16,865 -13,630 Adjusted EBITDAaL 9,203 -3,828 4,923 -589 68,127 62,615 Net sales 574,250 529,677 1,061,618 1,091,004 2,349,732 2,379,118 EBIT-margin, % -1.0% -2.7% -2.9% -2.4% -16.0% -15.7% Adjusted EBITA margin, % 0.9% -1.7% -0.8% -1.1% 2.0% 1.8% Q2 Jan-Jun
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Interim Report Q2 2026 23 Net sales growth Comparable growth Jul-Jun Jan-Dec % 2026 2025 2026 2025 25/26 2025 Net sales current period 574,250 529,677 1,061,618 1,091,004 2,349,732 2,379,118 Net sales preceeding period 529,677 594,406 1,091,004 1,185,789 2,488,785 2,583,570 Net sales growth, % 8.4% -10.9% -2.7% -8.0% -5.6% -7.9% Q2 Jan-Jun Jul-Jun Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Comparable sales comparative period Recognised net sales comparative period 529,677 594,406 1,091,004 1,185,789 2,488,785 2,583,570 Adjustment for returns and loyalty programme comparative period 1,271 -628 -986 1,390 7,424 9,802 Revenue new and closedservice points and other channels 2 1,065 -194 -3,972 -3,223 -7,002 Total comparable sales comparative period 530,950 594,843 1,089,824 1,183,207 2,492,986 2,586,370 Comparable sales current period Recognised net sales current period 574,250 529,677 1,061,618 1,091,004 2,349,732 2,379,118 Costs for returns and loyaly programme current period 2,996 1,293 1,660 -954 9,467 6,853 Revenue new and closed service points and other channels -3,454 -2,910 -8,449 -8,176 -16,437 -16,163 Currency effects -4,904 7,882 -1,231 10,437 11,154 22,823 Total comparable sales current period 568,888 535,942 1,053,598 1,092,311 2,353,916 2,392,631 Total comparable sales comparative period 530,950 594,843 1,089,824 1,183,207 2,492,986 2,586,370 Total comparable sales current period 568,888 535,942 1,053,598 1,092,311 2,353,916 2,392,631 Comparable growth, % 7.1% -9.9% -3.3% -7.7% -5.6% -7.5% Q2 Jan-Jun
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Interim Report Q2 2026 24 Gross profit and gross margin Net debt, financial net debt and financial net debt/adjusted EBITDAaL Jul-Jun Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Net sales 574,250 529,677 1,061,618 1,091,004 2,349,732 2,379,118 Goods for resale -325,774 -305,992 -594,147 -631,248 -1,409,276 -1,446,377 Gross profit 248,476 223,685 467,471 459,756 940,456 932,741 Gross profit 248,476 223,685 467,471 459,756 940,456 932,741 Net sales 574,250 529,677 1,061,618 1,091,004 2,349,732 2,379,118 Gross margin, % 43.3% 42.2% 44.0% 42.1% 40.0% 39.2% Q2 Jan-Jun 31 Dec TSEK 2026 2025 2025 Non-current interest bearing liabilities 347,771 473,471 - Current interest bearing liabilities - 12,987 483,956 Interest bearing liabilities 347,771 486,458 483,956 Cash and cash equivalents -106,460 -72,144 -271,196 Net financial debt 241,311 414,314 212,760 Non-current lease liabilities 176,053 108,200 195,153 Current lease liabilities 91,289 94,575 104,983 Lease liabilities 267,342 202,775 300,136 Total interest bearing liabilities 347,771 486,458 483,956 Total lease liabilities 267,342 202,775 300,136 Total financial liabilites 615,113 689,233 784,092 Cash and cash equivalents -106,460 -72,144 -271,196 Net debt 508,653 617,089 512,896 Net financial debt 241,311 414,314 212,760 Adjusted EBITDAaL, R12 68,127 68,281 62,615 Net financial debt/Adjusted EBITDAal, times 3.5 6.1 3.4 30 Jun
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Interim Report Q2 2026 25 Working capital Core working capital Investments Equity /Assets-ratio 31 Dec TSEK 2026 2025 2025 Current assets 716,172 695,740 681,025 Cash and cash equivalents -106,460 -72,144 -271,196 Current liabilities excl. interest bearing liabilities and lease liabilities -518,648 -429,786 -506,017 Working capital 91,064 193,810 -96,188 Current liabilities excl. interest bearing liabilities and lease liabilities Accounts payable 316,612 248,806 313,475 Tax liabilities - 688 - Other liabilities 47,305 45,670 69,729 Accrued expenses and deferred income 147,185 126,849 115,507 Provisions 7,546 7,773 7,306 Total 518,648 429,786 506,017 30 Jun 31 Dec TSEK 2026 2025 2025 Inventory 491,797 519,169 312,281 Accounts receivable 23,771 26,333 24,308 Accounts payable -316,612 -248,806 -313,475 Core working capital 198,956 296,696 23,114 30 Jun Jul-Jun Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Acquisition of tangible assets -2,938 -46,149 -14,342 -72,329 -29,016 -87,003 Acquisition of intangible assets -2,828 -5,052 -4,886 -6,844 -13,244 -15,202 Investments -5,766 -51,201 -19,228 -79,173 -42,260 -102,205 Q2 Jan-Jun 31 Dec % 2026 2025 2025 Total equity 946,982 1,136,115 782,346 Total assets 2,166,203 2,364,592 2,160,186 Equity ratio, % 43.7% 48.0% 36.2% 30 Jun
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Interim Report Q2 2026 26 Definitions – Alternative performance measures Earnings measures Definition Reason why the earnings measure is used Gross margin, % Gross profit divided by net sales. The gross margin shows the company’s profitability after the costs of goods for resale, which facilitates a comparison of the average gross margin on goods sold over time. Gross profit Net sales less costs of goods for resale. The company’s gross profit shows the amount that remains for financing other expenses after goods for resale have been sold. Core working capital Inventories plus accounts receivable less accounts payable. This performance measure shows the business’s tied -up capital for sales of goods. EBIT-margin, % EBIT divided by net sales. The performance measure shows the company’s profitability generated by the operating activities after amortisation, depreciation and impairment. EBITA Operating profit before amortisation and impairment of intangible assets arising in connection with business combinations. EBITA provides an overview of the profit generated in the operations before amortisation and impairment of intangible assets arising in connection with business combinations, which provides a more comparable performance measure over time. EBITDA Profit before tax, financial items, amortisation, depreciation and impairment. EBITDA provides an overview of the profit generated in the operations before amortisation, depreciation and impairment, which provides a more comparable performance measure over time. Financial net debt Net debt excluding current and non -current lease liabilities. Used to monitor the debt trend and evaluate the level of refinancing requirements. Financial net debt/Adjusted EBITDAaL (multiple) Financial net debt in relation to 12 months’ adjusted EBITDAaL. This performance measure illustrates the company’s capacity to repay its debts. Management uses the performance measure to monitor the level of financial gearing. Investments Acquisitions of tangible and intangible assets This performance measure describes the company’s continuous investments in the operations. Adjusted EBITA EBITA excluding items affecting comparability. Management has presented the performance measure of adjusted EBITA because it monitors this performance measure and believes that this measure is relevant for understanding the Group’s financial results. The measure shows the financial results of the operations without the effect of material cost or income items that impact comparability over time, as described under the heading “Items affecting comparability.” Adjusted EBITA-margin, % EBITA excluding items affecting comparability divided by net sales. This performance measure shows the company’s profitability from the operating activities excluding items affecting comparability and amortisation and impairment of intangible assets arising in connection with business combinations, which enables a comparis on with the underlying operating profitability. Adjusted EBITDA EBITDA excluding items affecting comparability. This measure indicates the company’s underlying profit generated by the operating activities before amortisation, depreciation and impairment excluding items affecting comparability, which provides a more comparable performance measure over time. Adjusted EBITDAaL Adjusted EBITDA less amortisation, depreciation and interest expenses related to leases under IFRS 16 plus adjusted EBITDAaL for the periods in which acquired companies were not included in the Group’s consolidated financial statements for the relevant per iod. Adjusted EBITDAaL is used as the denominator in financial net debt/adjusted EBITDAaL for monitoring financial gearing. Comparable growth, % The change in comparable sales between the current and comparative period in which comparable sales are sales in comparable units and channels, excluding currency translation effects. Comparable units and channels are sales units and channels that were ope rational for the current and the comparative period. The measure facilitates a comparison of net sales over time by excluding revenue from sales units and channels that were not operational for corresponding periods, adjusted for currency effects. The measure makes it possible to evaluate sales growth in exi sting channels.
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Interim Report Q2 2026 27 Earnings measures Definition Reason why the earnings measure is used Items affecting comparability Income and cost items that are presented separately due to their nature and amounts. All items that are included are larger and material in certain periods and smaller or non-existent in other periods. Items affecting comparability are used by management to explain fluctuations in historical profitability. Presenting and specifying items affecting comparability separately makes it possible for readers of the financial statements to understand and evaluate the adjustments made by management when presenting adjusted EBITA. Taking into account items affecting comparability increases comparability and thus understanding of the Group’s financial performance. Net sales growth, % Net sales for the current period less net sales for the relevant comparative period, in relation to net sales for the relevant comparative period, expressed as a percentage. The measure makes it possible to analyse the Group’s total net sales growth and compare it in relation to the market as a whole and competitors. Net debt The total of current and non-current interest-bearing liabilities and current and non-current lease liabilities less cash and cash equivalents. Net debt illustrates the company’s total indebtedness. Working capital Total current assets excluding cash and cash equivalents, less total current liabilities excluding interest -bearing and lease liabilities. The measure is used to analyse the company’s short -term tied-up capital. Operating profit (EBIT) Operating profit (EBIT) refers to the company’s net sales and other operating income less goods for resale, personnel costs, other external expenses, other operating expenses, and depreciation, amortisation and impairment of tangible and intangible assets. The measure indicates the company’s underlying profit generated by the operating activities. Equity/assets ratio, % Total equity divided by total assets. This performance measure describes the company’s long -term payment capacity. Definitions – Operational performance measures Operational measures Definition Number of loyalty club members Number of unique individuals who actively choose to be a member of Kjell & Company’s customer club. Active members in loyalty c lub Number of loyalty club members that have made a purchase within the last twelve months .
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About us Kjell Group, which offers one of the market’s most comprehensive product ranges in electronic accessories. The company operates online in Sweden, Norway, and Denmark as well as through 148 service points, including 117 in Sweden and 31 in Norway. Headquart ered in Malmö, the Group gener ated SEK 2.4 billion in revenue in 2025. With Kjell & Company’s customer club, which boasts over three million members, and its wholly owned Danish subsidiary AV-Cables, the Group has a unique understanding of people’s technology needs. Approximately 1,250 employees work every day to improve live s through technology. Sandra Gadd, CEO +46 10 680 25 35 sandra.gadd@kjell.com Fredrick Sjöholm, CFO +46 10 680 25 65 fredrick.sjoholm@kjell.com Webcast in connection with the publication of the interim re- port Sandra Gadd, CEO, and Fredrick Sjöholm, CFO, will host a webcast on 17 August 2026 at 10:00 CEST in connection with the publication of the interim report . Participate via webcast: https://events.inderes.com/kjell -group/q2-report-2026 Participate via teleconference : https://events.inderes.com/kjell -group/q2-report-2026/dial-in The presentation material is available on the Grou p’s website : kjellgroup.com/investerare/ finansiella-rapporter/ Reports This interim report for and earlier reports are available on www.kjellgroup.com Financial calendar Third quarter 2026 2026-10-22 This is the type of information that Kjell Group AB (publ) is ob ligated to disclose pursuant to the EU Market Abuse Regula tion. The information was issued for publication through the agency of the contact persons on 17 august 2026 at 07:00 CEST. . 0