Interim report
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Simplifying people’s lives through technology Interim Report Q3 2026
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Interim Report Q3 2026 2 The period in summary Third quarter Net sales 639.0 (590.9) Net sales growth 8.1% (-5.4%) Gross profit1 267.3 (171.7) Adjusted EBITA 40.0 (16.7) Operating profit (EBIT) 35.5 (-340.2) Net profit 28.8 (-344.5) Period Jan-Sep Net sales 1,700.6 (1,681.9) Net sales growth 1.1% (-7.1%) Gross profit 734.8 (631.4) Adjusted EBITA 31.7 (5.2) Operating profit (EBIT) 5.0 (-366.4) Net profit -18.6 (-386.1) Amounts in MSEK unless otherwise stated Significant events during and after the end of the quarter • No significant events during or after the quarter. 1 Excluding one-off inventory write-downs of MSEK 74.2, the normalised gross profit for the quarter amounted to MSEK 245.9, correspond- ing to a gross margin of 41.6%. Including the write-downs, the gross margin amounted to 29.1% Gross margin Adjusted EBITA margin Active members in loyalty club, thousands 41.8% 6.3% 1,991 Performance measures Oct-Sep Jan-Dec MSEK 2026 2025 2026 2025 25/26 2025 Net Sales 639.0 590.9 1,700.6 1,681.9 2,397.8 2,379.1 Sales growth, % 8.1% -5.4% 1.1% -7.1% -2.3% -7.9% Comparable growth, % 6.2% -4.7% 0.0% -6.7% -3.0% -7.5% Gross profit 267.3 171.7 734.8 631.4 1,036.1 932.7 Gross margin, % 41.8% 29.1% 43.2% 37.5% 43.2% 39.2% Adjusted EBITA 40.0 16.7 31.7 5.2 69.5 43.0 Adjusted EBITA-margin, % 6.3% 2.8% 1.9% 0.3% 2.9% 1.8% Operating profit (EBIT) 35.5 -340.2 5.0 -366.4 -1.1 -372.6 Cash flow from operating activities 7.4 103.2 -148.5 -24.3 42.8 167.0 Equity ratio 45.9% 39.0% 45.9% 39.0% - 36.2% Basic earnings (loss) per share, SEK 0.30 -5.82 -0.21 -7.83 - -7.49 Members in loyalty club, thousand 3,970 3,621 3,970 3,621 3,970 3,736 Active members in loyalty club, thousand 1,991 1,914 1,991 1,914 1,991 1,928 Q3 Jan-Sep
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Interim Report Q3 2026 3 CEO comment A wide windscreen, a small rear-view mirror and the pedal to the metal Where much of our work over the past year has focused on stabilising, priori- tising and dealing with both planned and unforeseen situations, the third quarter was instead characterised by something best described as a sense of calm. At least compared with what had gone before. Everything is relative, af- ter all. The momentum we carried forward from the second quarter continued into a strong July, helped by a weak comparative month in the previous year. Growth re- mained broad-based across all channels and countries in August and September. In Sweden, we grew by around 5% in the quarter, in Norway by 13% in local currency, and in Denmark we recorded quarterly growth for the first time in two years. This is a clear sign that the measures we have taken are beginning to have an effect there as well. The supplier negotiations completed towards the end of last year continued to contribute positively to gross margin development during the quarter. At the same time, growth in the quarter was driven by external brands, which carry a lower margin than our p rivate- label products, partly offsetting the improvement. Ex- cluding the one -off impairment charged in the third quarter of the previous year, the gross margin there- fore increased slightly, despite the share of private-la- bel products being several percentag e points lower year-on-year. Private-label products are an important part of our long-term journey towards greater profitability and an area where we see significant potential. At the same time, it is only natural that the effects of supplier negotiations emerge more quickly than thos e of extensive work on assortment development, sourcing and product development. Over the past year, we have made several important changes to create better conditions for the future, and we expect the main ef- fects of this work to materialise gradually during 2027. For now, our focus is therefore on gross profit in abso- lute terms. After all, it is not the margin percentage that finances the transformation, but gross profit. And during the quarter, it continued to develop strongly as a result of the commercial initiat ives we have imple- mented. When I described the turning point in the second quarter a few months ago as the beginning, not the destination, it was to emphasise how much work still remained. That is still the case. The difference is that the turning point has energised the organisation. Con- fidence in the future gives people the courage to de- velop, improve and think beyond next week. Most of our focus remains on building strong founda- tions — a business that is robust, scalable and less de- pendent on individual people. We are investing in ways of working, expertise, systems and processes that will make us stronger over time. This means t hat we are currently carrying costs that have not yet been fully converted into improved earnings. Against this backdrop, we are particularly proud to have more than doubled Adjusted EBITA in the quar- ter, to MSEK 40 from MSEK 17 in 2025. In fact, you have to go back to 2023 to find a third quarter that was both larger and more profitable than the one we have just completed. I sometimes think of it as renovating a house while you are still living in it. Everyday life has to carry on. Cus- tomers must receive the same service as always, and sales must continue to develop. At the same time, we are rebuilding parts of the structure beneath our feet. This means that some solutions are temporary. One example is that a larger share of the increase in gross profit currently comes from our strong external brand suppliers rather than from private -label products. That is not our long -term destination, but it allows us to keep developing, investing and financing the reno- vation while the work is under way. An important part of building stronger, more scalable foundations is the investment we are making in our systems and processes. Preparations for our ERP transition intensified during the quarter. Most people who have been involved in such a project know th at the road is rarely as straight or simple as initially hoped, but we are meeting an organisation that is ex- ceptionally positive about the change. Many have been waiting a long time for this transition, and the de- termination to succeed is strong. The same long -term perspective shapes the work at our central warehouse in Staffanstorp. During Octo- ber, the rebuilding of the packaging machine that has not performed as intended since start -up will be com- pleted. The modification is being financed by the sup- plier and means that we will now have a functioning solution. Together with the ERP investment, this is an- other example of how we are building the stable foun- dations required to create a more efficient, scalable and less person-dependent Kjell. Since the turning point in the second quarter, one question has been put to me more often than any other: When will we see the full effect? It is a natural question. As the organisation finds greater calm and we gain more scope to lift our gaze, we are also approaching the point when we can de- scribe our long-term outlook more clearly. We are not quite there yet, but we are getting closer. For now, the focus is elsewhere.
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Interim Report Q3 2026 4 If the second quarter was about breaking a trend, and the third about creating a sense of calm, the fourth is about delivering. When I met our service -point managers a few weeks ago ahead of the most important period of the year, a few words came up time and again when they described the feeling they took home with them: “Fired up”, “Inspiring”, “The future”. That is the energy and confidence in the future that we are taking into the most important quarter of the year. I recently heard Dogge Doggelito say that he lives by the motto of keeping a small rear -view mirror, a wide windscreen and the pedal to the metal. That describes our situation rather well. We have learned a great deal from what lies behind us. But it is the road ahead that deserves most of our attention. Only a few final training sessions remain before it is time to take to the field with the pedal to the metal. Malmö, 22 October 2026 Sandra Gadd, CEO
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Interim Report Q3 2026 5 Summary of the Group’s financial performance The Group delivered continued growth and improved operating profit in the third quarter. Net sales in- creased by 8.1%, with positive sales development across all markets and in both stores and online. Im- proved commercial execution and good inventory availability contributed to the development, while fa- vourable currency effects strengthened reported growth. The improvement in earnings was mainly driven by higher sales and implemented efficiency measures. The share of private -label products was lower than in the previous year, primarily due to slower assortment development following the restructuring of the sourc- ing organisation in China. Net sales Net sales increased by 8.1% to MSEK 639.0 (590.9) in the quarter. For the period January through Septem- ber, net sales increased by 1.1% to MSEK 1,700.6 (1,681.9). Currency -adjusted growth amounted to 6.7% in the quarter and 0.5% for the period. Compara- ble growth amounted to 6.2% ( -4.7%) in the quarter and 0.0% (-6.7%) for the period. Sales development in the quarter was supported by continued improvement in inventory availability and strengthened commercial execution, with clearer fol- low-up and more effective campaign execution. Inven- tory levels have been increased ahead of the fourth quarter to ensure availability of prioritised products and support planned campaign activities. Work to develop the assortment continues. The focus is on establishing more structured and scalable pro- cesses, particularly in the development of private -la- bel products. The financial effects of this work have not yet been realised. While sales of private -label products were stable year -on-year in absolute terms, their share decreased as a result of a stronger offering and execution of external brands. Net sales per segment In Sweden, sales increased in the quarter, with strong online growth and positive development in stores. Online growth was driven by more transactions, as a higher conversion rate more than offset somewhat lower traffic. The development was supported by good availability of external brands and effective cam- paign execution. In stores, the average value per pur- chase occasion increased, offsetting a marginally lower number of transactions. For the period, sales increased slightly, as growth in the second and third quarters more than offset the de- cline in the first quarter. In Norway, higher sales in the quarter were attributa- ble to strong online growth and positive development in stores, reinforced by favourable currency effects. Online growth was driven by more visitors, a higher conversion rate and a higher average value per pur- chase occasion. Customer traffic increased in stores, while a slightly lower conversion rate meant that the number of transactions was in line with the previous year. Growth in store sales was therefore driven by a higher average value per purchase occasion. Sales increased for the period, primarily due to strong online development in the second and third quarters. In Denmark, sales development turned positive in the quarter for the first time since the third quarter of 2024, mainly due to a higher average value per pur- chase occasion in connection with campaign activities. Continued lower traffic was partly offset by an im- proved conversion rate as optimisation of the new e - commerce platform progresses. Sales in Denmark decreased for the period due to lower customer traffic during the migration to a new e-commerce platform. Gross profit Gross margin increased to 41.8% (29.1%) in the quar- ter. The comparative figure includes an inventory im- pairment of MSEK 74.2 in the previous year. The nor- malised gross margin in the previous year was 41.6% for the quarter and 42.0% for the period. Campaign activity in the quarter increased the share of external brands in the sales mix, which had a damp- ening effect on the gross margin. Gross margin increased to 43.2% (37.5%) for the pe- riod. The improvement is primarily explained by struc- turally higher product margins and an assortment mix with a higher share of private -label products in the first quarter. MSEK 2026 2025 ∆ SEK ∆ Local 477.8 454.8 5.1% 5.1% 122.6 101.2 21.1% 12.5% 38.5 34.9 10.4% 10.8% 639.0 590.9 8.1% 6.7% 629.6 592.5 7.8% 6.2% Q3 Sweden Norway Denmark Total Comp. sales MSEK 2026 2025 ∆ SEK ∆ Local Sweden 1,278.1 1,257.7 1.6% 1.6% Norway 322.3 287.8 12.0% 8.0% Denmark 100.2 136.4 -26.5% -25.3% 1,700.6 1,681.9 1.1% 0.5% 1,683.2 1,682.4 1.2% 0.0% Jan-sep Total Comp. sales MSEK 2026 2025 ∆ 267.3 171.7 55.7% 41.8% 29.1% 12.8%p Gross profit Gross margin Q3 MSEK 2026 2025 ∆ 734.8 631.4 16.4% 43.2% 37.5% 5.7%p Jan-sep 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 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 R12MSEK Quarter R12 75% 19% 6% Sweden Norway Denmark 63% 11% 26% 1% Stores Click&Collect Online Other
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Interim Report Q3 2026 6 Operating expenses Operating expenses, excluding depreciation, amorti- sation and impairment, decreased in the quarter com- pared with the previous year. The development was mainly explained by lower personnel expenses follow- ing previously implemented restructuring measures and increased efficiency at the new central ware- house. The outsourcing of warehouse personnel resulted in these costs being recognised as other external ex- penses instead of personnel expenses, affecting the comparative figures for the quarter and the period. Depreciation, amortisation and impairment de- creased in the quarter and for the period as a result of one-off impairments in the third quarter of 2025, partly offset by capitalisation related to the new cen- tral warehouse. Total currency effects in the quarter amounted to MSEK 3.6 ( -0.5). For the period, currency effects amounted to MSEK 1.7 (3.5). Items affecting comparability in EBITDA Items affecting comparability in the quarter mainly re- late to restructuring costs attributable to personnel changes in the white -collar organisation of the Swe- dish company and costs for incentive programmes. In addition, they include relocation -related cos ts relat- ing to the former central warehouse in Malmö and costs related to transformation work in connection with the assortment review. Items affecting comparability for the period include, in addition to the items mentioned above, restructuring costs related to changes in Group management and the centralisation of white-collar functions in the Nor- wegian subsidiary, as well as transformati on costs in connection with the system review. Net profit for the quarter and period Adjusted EBITA The Group's adjusted EBITA margin amounted to 6.3% (2.8%) in the quarter and 1.9% (0.3%) for the pe- riod. Operating profit The Group's operating margin amounted to 5.6% ( - 57.6%) in the quarter and 0.3% (-21.8%) for the period. Net financial items Net financial items amounted to MSEK -7.0 ( -7.8) in the quarter and MSEK -25.5 (-24.7) for the period. Net financial items include MSEK 4.5 (2.6) in the quarter and MSEK 13.2 (8.1) for the period relating to interest expenses attributable to lease liabilit ies. Cash flow In the quarter, cash flow from operating activities be- fore changes in net working capital improved to MSEK 71.9 (42.1). Changes in net working capital affected cash flow by MSEK -64.5 (61.1), mainly due to in- creased capital tied up in inventory ahead of th e fourth quarter and a decrease in operating liabilities, primarily trade payables. Cash flow from operating ac- tivities amounted to MSEK 7.4 (103.2) in the quarter. Cash flow from investing activities amounted to MSEK -16.8 ( -10.6) in the quarter. The increase com- pared with the previous year was mainly due to invest- ments in a new point -of-sale system, electronic shelf labels and a new ERP system. MSEK 2026 2025 ∆ Personnel cost -114.0 -121.8 -6.4% Other ext. expenses -78.3 -73.9 6.0% Other operation expenses - - n/a D&A -43.6 -316.6 -86.2% Operating profit 35.5 -340.2 n/a Q3 MSEK 2026 2025 ∆ Personnel cost -362.6 -373.7 -3.0% Other ext. expenses -238.1 -222.7 6.9% Other operation expenses -0.7 - n/a D&A -132.0 -406.1 -67.5% Operating profit 5.0 -366.4 n/a Jan-sep MSEK 2026 2025 ∆ -0.3 -5.2 -94.5% Consultancy fees -0.6 - n/a Incentives programme -1.6 - n/a Inventory write-down - -74.2 n/a Relocation costs -1.9 - n/a Other - -1.7 n/a -4.5 -81.1 -94.5% Q3 Items affecting comparability Reorganisation costs MSEK 2026 2025 ∆ -6.9 -7.7 -10.0% Consultancy fees -3.0 - n/a Incentives programme -3.1 - n/a Financing costs - -0.3 n/a Inventory write-down - -74.2 n/a Relocation costs -8.0 - n/a Other - -4.6 n/a -21.1 -86.8 -75.7% Jan-sep Items affecting comparability Reorganisation costs MSEK 2026 2025 ∆ Adjusted EBITA 40.0 16.7 139.3% IAC -4.5 -81.1 -94.5% Amortisation of acq -0.1 -275.7 -100.0% Operating profit 35.5 -340.2 n/a Net financial items -7.0 -7.8 -10.5% Corporate tax 0.3 3.4 -90.8% Net profit 28.8 -344.5 n/a Q3 MSEK 2026 2025 ∆ Adjusted EBITA 31.7 5.2 507.7% IAC -21.1 -86.8 -75.7% Amortisation of acq -5.6 -284.8 -98.0% Operating profit 5.0 -366.4 n/a Financial net -25.5 -24.7 3.4% Corporate tax 1.9 5.0 -61.3% Net profit -18.6 -386.1 -95.2% Jan-sep MSEK 2026 2025 ∆ Operating activities 7.4 103.2 -92.8% Investment activities -16.8 -10.6 58.4% Financing activities -82.6 -32.0 158.3% Cash flow -92.0 60.6 n/a Q3 MSEK 2026 2025 ∆ Operating activities -148.5 -24.3 512.0% Investment activities -36.0 -89.8 -59.9% Financing activities -82.1 73.3 n/a Cash flow -266.6 -40.7 554.7% Jan-sep Adjusted EBITA (MSEK) Adjusted EBITA margin -10 10 30 50 70 90 -20 0 20 40 60 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 R12MSEK Quarter R12 -4% -2% 0% 2% 4% 6% 8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 %
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Interim Report Q3 2026 7 Cash flow from financing activities amounted to MSEK -82.6 ( -32.0) in the quarter. The change com- pared with the previous year was mainly due to a MSEK 49.6 reduction in the utilisation of the revolving credit facility (RCF). At the end of the period, total un- utilised RCF capacity amounted to MSEK 200. Other items mainly comprised repayments of lease liabilities of MSEK -33.0 (-30.5). Cash flow for the quarter thus amounted to MSEK -92.0 (60.6). For the period, cash flow from operating activities be- fore changes in net working capital improved to MSEK 108.8 (80.4). Changes in net working capital affected cash flow by MSEK -257.3 (-104.7), mainly due to the build-up of inventory ahead of the fourth quarter. Cash flow from investing activities amounted to MSEK -36.0 ( -89.8), with the decrease primarily at- tributable to investments in the automated central warehouse in the corresponding period of the previ- ous year. In addition to the investments mention ed above for the quarter, the period mainly included in- vestments in IT, new payment terminals and other in- vestments in stores. Cash flow from financing activities for the period amounted to MSEK -82.1 (73.3). During the period, the Group's bank financing was refinanced through the full repayment of existing bank financing in con- nection with the Group entering into a new three-year financing agreement with Nordea for MSEK 500. The Group also received proceeds from the rights issue of MSEK 202.9 after transaction costs. Other items in fi- nancing activities comprised repayments of lease lia- bilities of MSEK -98.2 (-96.4). Cash and cash equivalents amounted to MSEK 28.6 (132.2) at the end of the period. The Group aims to maintain a low cash balance and instead use the credit facility flexibly to minimise interest expenses. Net fi- nancial debt, excluding lease liabilities, amo unted to MSEK 269.3 (353.0). Financial position The Group's cash and cash equivalents amounted to MSEK 28.6 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 297.9 (485.2) at the end of the quarter, and lease liabilities amounted to MSEK 269.6 (181.7). The Group's net financial debt amounted to MSEK 269.3 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 3.0 (5.6). Net working capital amounted to MSEK 148.1 (59.8) at the end of the period, corresponding to 6.2% of roll- ing 12 -month net sales. The increase compared with the previous year was mainly due to higher inventory, which amounted to MSEK 546.3 (395.4). The comp ar- ative period was affected by an inventory impairment of MSEK 74.2 in September 2025. Adjusted for this impairment, inventory increased by MSEK 76.7. The increase in inventory value reflects planned pur- chases, with inventory levels gradually built up to en- sure good product availability and optimal sales po- tential ahead of the fourth quarter, the year's most im- portant sales period. The focus remains on b alancing high availability with efficient use of capital and a stronger balance sheet. Trade payables increased to MSEK 321.3 (283.4), and net working capital has increased by MSEK 244.2 since the beginning of the year, mainly reflecting the seasonal pattern whereby inventory is built up during the year and subsequently reduced in the fourth quar- ter. The Group's equity amounted to MSEK 984.0 at the end of the reporting period, compared with MSEK 782.3 at the beginning of the year. Significant events during and after the quarter • No significant events during o r after the quar- ter. 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 Q3 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 16.70 and SEK 12.70, recorded on 13 July and 24 July, respectively. During the quarter, 23,057,167 shares were traded , corresponding to a tu rnover rate of 24.2% over the measurement period. As of 30 September 2026, Kjell Group AB ( publ) had approximately 6,000 shareholders, of which the larg- est were Göran Westerberg (12.02%), Cervantes Cap- ital (11 .77%), Jofam AB (10 .32%), the Eklund family (10.13%) and Nordea Fonder (5.80%). As of 30 September 202 6, the total number of issued shares was 95 ,336,699, all of which were ordinary shares. 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 Volym Kurs
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Interim Report Q3 2026 9 Condensed consolidated statement of profit or loss Jan-Dec TSEK Note 2026 2025 2026 2025 2025 Operating income Net sales 4 638,955 590,880 1,700,573 1,681,884 2,379,118 Other operating income 4,033 417 3,685 4,746 4,287 642,988 591,297 1,704,258 1,686,630 2,383,405 Operating expenses Goods for resale -371,617 -419,215 -965,764 -1,050,463 -1,446,377 Personnel costs -113,968 -121,787 -362,640 -373,720 -511,690 Other external expenses -78,281 -73,865 -238,062 -222,705 -344,305 Other operating expenses - - -748 - - Depreciation/amortisation of tangible and intangible assets -43,649 -316,581 -132,007 -406,123 -453,590 Operating profit 35,473 -340,151 5,037 -366,381 -372,557 Financial items Financial income 219 403 1,129 1,281 1,944 Financial expenses -7,171 -8,168 -26,678 -25,994 -37,317 Net financial items -6,952 -7,765 -25,549 -24,713 -35,373 Profit (loss) before tax 28,521 -347,916 -20,512 -391,094 -407,930 Income tax 313 3,396 1,926 4,981 19,800 Net profit (loss) for the period 28,834 -344,520 -18,586 -386,113 -388,130 Net profit (loss) for the period attributable to: Parent Company's shareholders 28,834 -344,520 -18,586 -386,113 -388,130 Net profit (loss) for the period 28,834 -344,520 -18,586 -386,113 -388,130 Earnings (loss) per share Basic earnings (loss) per share, SEK 5 0.30 -5.82 -0.21 -7.83 -7.49 Diluted earnings (loss) per share, SEK 5 0.30 -5.82 -0.21 -7.83 -7.49 Q3 Jan-Sep
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Interim Report Q3 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 28,834 -344,520 -18,586 -386,113 -388,130 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Exchange differences of foreign operations 6,655 -2,221 14,583 -16,842 -22,897 Other comprehensive income for the period 6,655 -2,221 14,583 -16,842 -22,897 Total comprehensive income for the period 35,489 -346,741 -4,003 -402,955 -411,027 Comprehensive income for the period attributable to: Parent Company's shareholders 35,489 -346,741 -4,003 -402,955 -411,027 Total comprehensive income for the period 35,489 -346,741 -4,003 -402,955 -411,027 Q3 Jan-Sep
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Interim Report Q3 2026 11 Condensed consolidated statement of financial position 31 Dec TSEK Note 2026 2025 2025 Assets Intangible assets 1,020,061 1,036,676 1,033,270 Tangible assets 158,551 134,994 137,358 Right-of-use assets 278,897 198,413 308,050 Deferred tax assets 2,566 498 483 Total non-current assets 1,460,075 1,370,581 1,479,161 Inventory 546,250 395,384 312,281 Tax assets 33,914 32,667 25,769 Accounts receivable 37,988 36,160 24,308 Prepaid expenses and accrued income 36,039 56,966 47,129 Other receivables 1,662 503 342 Cash and cash equivalents 28,614 132,232 271,196 Total current assets 684,467 653,912 681,025 Total assets 2,144,542 2,024,493 2,160,186 Equity Share capital 1,576 978 978 Other contributed capital 863,057 649,800 650,262 Reserves 40,833 32,305 26,250 Retained earnings including net profit (loss) for the period 78,495 106,872 104,856 Equity attributable to Parent Company's shareholders 983,961 789,955 782,346 Total equity 983,961 789,955 782,346 Liabilities Non-current interest-bearing liabilities 6 297,924 - - Non-current lease liabilities 172,661 96,027 195,153 Deferred tax liabilities 85,270 105,737 87,731 Total non-current liabilities 555,855 201,764 282,884 Current interest-bearing liabilities 6 - 485,194 483,956 Current lease liabilities 96,961 85,678 104,983 Accounts payable 321,307 283,419 313,475 Tax liabilities - 2,984 - Other liabilities 6 63,523 62,830 69,729 Accrued expenses and deferred income 115,698 104,785 115,507 Provisions 7,237 7,884 7,306 Total current liabilities 604,726 1,032,774 1,094,956 Total liabilities 1,160,581 1,234,538 1,377,840 Total equity and liabilities 2,144,542 2,024,493 2,160,186 30 Sep
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Interim Report Q3 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 - 2,714 - - - 2,714 Adjustment Comprehensive income for the period Net profit (loss) for the period - - - - -18,586 -18,586 Other comprehensive income for the period - - 14,583 - - 14,583 Total comprehensive income for the period - - 14,583 - -18,586 -4,003 Closing balance 30 Sep 2026 1,576 863,057 40,833 - 78,495 983,961 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 - 1,910 - - - 1,910 Comprehensive income for the period Net profit (loss) for the period - - - -386,113 -386,113 Other comprehensive income for the period - - -16,842 - - -16,842 Total comprehensive income for the period - - -16,842 - -386,113 -402,955 Closing balance 30 Sep 2025 978 649,800 32,305 - 106,872 789,955 Equity attributable to Parent Company's shareholders
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Interim Report Q3 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 28,521 -347,916 -20,512 -391,094 -407,930 Adjustments for non-cash items 46,956 392,867 135,867 486,940 539,709 Income tax paid -3,578 -2,827 -6,518 -15,423 -14,439 71,899 42,123 108,837 80,422 117,340 Increase (-)/decrease (+) in inventories -54,452 47,678 -233,968 5,341 86,704 Increase (-)/decrease (+) in operating receivables 12,497 -17,004 -2,754 10,021 31,590 Increase (+)/decrease (-) in operating liabilities -22,531 30,402 -20,576 -120,044 -68,585 Cash flow from operating activities 7,413 103,199 -148,461 -24,260 167,049 Investing activities Acquisition of tangible assets -13,159 -6,687 -27,501 -79,016 -87,003 Acquisition of intangible assets -3,637 -3,920 -8,523 -10,764 -15,202 Cash flow from investing activities -16,796 -10,607 -36,024 -89,780 -102,205 Financing activities New share issue - - 202,904 185,646 185,646 Proceeds of loans - - 297,750 - - Repayment of loans -49,625 -1,493 -484,569 -15,890 -17,344 Repayment of lease liabilities -33,001 -30,491 -98,161 -96,432 -130,046 Cash flow from financing activities -82,626 -31,984 -82,076 73,324 38,256 Cash flow for the period -92,009 60,608 -266,561 -40,716 103,100 Cash and cash equivalents at the beginning of the period 106,460 72,144 271,196 178,826 178,826 Exchange rate differences in cash and cash equivalents 14,163 -520 23,979 -5,878 -10,730 Cash and cash equivalents at the end of the period 28,614 132,232 28,614 132,232 271,196 Q3 Jan-Sep
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Interim Report Q3 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 September 2026 covers the Company and its subsidi- aries, 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 policies 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 financial statements in accordance with IFRS. How- ever, explanatory notes are included to describe events and transactions that are material to an under- standing of the changes in the Group's financial posi- tion and results. 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 Company. The Group has not early adopted any new IFRS standards or interpretations published by the IFRS Interpretations Committee. Standards and inter- pretations issued but not yet effective are not ex- pected 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 ending 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 Q3 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 into three segments: Sweden, Norway and Denmark, corresponding to the operations in each re- spective country. The segments comprise sales through stores in Sweden and Norway and online - generated sales in all countries. The Swedish segment includes costs for Group-wide functions, including the purchasing organisation in Shanghai, as this reflects how the segments are monitored internally within the Group. Segment revenues are attributable in their en- tirety to sales to external customers. The same ac- counting policies have been applied to the segments as to the Group. The reported performance measure for the segments is Adjusted EBITA . Information re- garding each reportable segment is set out below. Jul-Sep TSEK 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 477,820 454,762 122,637 101,242 38,498 34,876 638,955 590,880 Depreciation excl.amortisation on intangible assets related to business combinations 34,323 30,996 9,036 7,658 235 2,215 43,594 40,869 Adjusted EBITA 25,386 29,965 14,522 -8,680 71 -4,577 39,978 16,708 Amortisation on intangible assets related to business combinations -54 -275,713 Items affecting comparability -4,451 -81,146 Operating profit 35,473 -340,151 Net financial items -6,952 -7,765 Profit (loss) before tax 28,521 -347,916 Jan-Sep TSEK 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 1,278,068 1,257,658 322,268 287,783 100,237 136,443 1,700,573 1,681,884 Depreciation excl.amortisation on intangible assets related to business combinations 100,104 94,140 25,599 23,962 691 3,230 126,394 121,332 Adjusted EBITA 10,860 18,436 28,693 -12,019 -7,812 -1,194 31,741 5,223 Amortisation on intangible assets related to business combinations -5,613 -284,792 Items affecting comparability -21,091 -86,812 Operating profit 5,037 -366,381 Net financial items -25,549 -24,713 Profit (loss) before tax -20,512 -391,094 Sweden Norway Denmark Total Sweden Norway Denmark Total
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Interim Report Q3 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 instruments The fair value of the liabilities under the Group's credit facility is assessed to amount to SEK 300,000 (479,970) thousand, compared with the carrying amount of SEK 297,924 thousand (485,206). The fa- cility carries a variable interest rate plus a margin. I n 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 a t- 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 MSEK 500. 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 financial year normally reports higher sales and earn- ings figures compared with 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. To partici- pate in the long -term incentive programme, partici- pants are required to acquire shares in Kjell Group AB, referred to as "savings shares". Participants who re- tain their savings shares during the vesting period of approximately three years and remain employed by Kjell & Company throughout the vesting period will be entitled to receive performance shares free of charge, provided that a performance criterion is met. The per- formance criterion relates to the total shareholder re- turn for the Company's share during the vesting pe- riod of approximately three years, known as a "TSR criterion". Assuming maximum outcome, the Performance Share Programme 2026 is now estimated to result in dilu- tion of approximately 1.92% of the total number of outstanding shares. The board's original proposal to the Annual General Meeting estimated dilution at full utilisation at approximately 2.02%. The costs for the long-term incentive programme are now estimated at approximately MSEK 5.6, excluding social sec urity contributions of approximately MSEK 4.4. The board's initial calculations in the proposal to the Annual Gen- eral Meeting amounted to approximately MSEK 4.9, excluding social security contributions of approxi- mately MSEK 6.8, assuming a total return of 60%. The long -term incentive programme is recognised in accordance with IFRS 2 Share -based Payment. Ac- cordingly, the cost of 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. During the quarter, the Performance Share Pro- gramme 2023 expired. The performance criterion was not met and no shares will be allotted. Kjell Group has two previously adopted performance share programmes in progress, from 2025 and 2024. The total IFRS 2 cost for Kjell Group's performance share programmes is recognised in Equity. Note 10. Significant events after the reporting date • No significant events after the reporting date.
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Interim Report Q3 2026 17 Condensed Parent Company income statement Jan-Dec TSEK 2026 2025 2026 2025 2025 Net sales Net sales 4,925 8,231 21,970 20,645 26,045 4,925 8,231 21,970 20,645 26,045 Operating expenses Other external expenses -1,041 -1,144 -4,180 -4,382 -6,615 Personnel costs -4,953 -10,071 -21,482 -20,364 -25,673 Other operating expenses 0 -148 -385 -394 -260 Depreciation of tangible assets -3 -3 -8 -13 -16 Operating profit -1,072 -3,135 -4,085 -4,508 -6,519 Financial items Financial income 2,747 1,615 6,069 3,275 4,531 Financial expenses -3,179 -5,578 -12,899 -16,508 -22,893 Profit (loss) after financial items -1,504 -7,098 -10,915 -17,741 -24,881 Profit (loss) before tax -1,504 -7,098 -10,915 -17,741 -24,881 Income tax - 100 - 100 3,875 Profit (loss) for the period -1,504 -6,998 -10,915 -17,641 -21,006 Q3 Jan-Sep
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Interim Report Q3 2026 18 Condensed Parent Company balance sheet 31 Dec TSEK Note 2026 2025 2025 Assets Non-current assets Tangible assets Machinery and equipment 4 14 12 Total Tangible assets 4 14 12 Financial non-current assets Participation in group companies 1,612,415 1,611,649 1,611,533 Deferred tax assets 13,819 10,044 13,819 Total financial non-current assets 1,626,234 1,621,693 1,625,352 Total non-current assets 1,626,238 1,621,707 1,625,364 Current assets Current receivables from group companies 167,644 88,147 131,532 Prepaid expenses and accrued income 1,212 16,195 1,264 Other receivables - 2,431 - Tax receivables 12,082 12,039 7,131 Total current receivables 180,938 118,812 139,927 Cash and cash equivalents 10,368 107,447 144,958 Total current assets 191,306 226,259 284,885 Total assets 1,817,544 1,847,966 1,910,249 30 Sep
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Interim Report Q3 2026 19 Condensed Parent Company balance sheet, cont. 31 Dec TSEK Note 2026 2025 2025 Equity and liabilites Equity Resticted equtiy Share capital 1,576 978 978 Non-restricted equity Share premium reserve 1,486,695 1,276,616 1,276,616 Retained earnings 16,180 42,602 43,064 Profit (loss) for the period -10,915 -17,641 -21,006 Total equity 1,493,536 1,302,555 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 6 297,885 - - Total non-current liabilities 297,885 - - Current liabilities Current interest-bearing liabilities 6 - 426,981 427,186 Accounts payable 111 19,270 27,456 Current liabilities to group companies - 72,098 127,230 Other current liabilities 4,761 1,632 7,584 Tax liabilities - 1,433 - Accrued expenses and deferred income 7,676 10,422 7,566 Total current liabilities 12,548 531,836 597,022 Total equity and liabilities 1,817,544 1,847,966 1,910,249 30 Sep
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Interim Report Q3 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 22 October 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 Q3 2026 21 Selected financial information Quarterly data Oct-Sep Jan-Dec MSEK 2026 2025 2026 2025 25/26 2025 Members in loyalty club, thousand 3,970 3,621 3,970 3,621 3,970 3,736 Active members in loyalty club, thousand 1,991 1,914 1,991 1,914 1,991 1,928 Net sales 639.0 590.9 1,700.6 1,681.9 2,397.8 2,379.1 Sales growth, % 8.1% -5.4% 1.1% -7.1% -2.3% -7.9% Comparable growth, % 6.2% -4.7% 0.0% -6.7% -3.0% -7.5% Gross profit 267.3 171.7 734.8 631.4 1,036.1 932.7 Gross margin, % 41.8% 29.1% 43.2% 37.5% 43.2% 39.2% Adjusted EBITA 40.0 16.7 31.7 5.2 69.5 43.0 Adjusted EBITA margin, % 6.3% 2.8% 1.9% 0.3% 2.9% 1.8% Items affecting comparability 4.5 81.1 21.1 86.8 61.7 127.4 Cash flow from operating activities 7.4 103.2 -148.5 -24.3 42.8 167.0 Working capital 148.1 59.8 148.1 59.8 148.1 -96.2 Financial net debt 269.3 353.0 269.3 353.0 269.3 212.8 Financial net debt/Adjusted EBITDAaL 3.0 5.6 3.0 5.6 3.0 3.4 Equity ratio, % 45.9% 39.0% 45.9% 39.0% 45.9% 36.2% Investments -16.8 -10.6 -36.0 -89.8 -48.5 -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 96,035,029 59,187,876 96,035,029 59,187,876 96,035,029 59,187,876 Average number of outstanding shares before dilution 95,336,699 57,339,325 86,831,094 57,339,325 79,886,791 57,339,325 Average number of outstanding shares after dilution 96,035,029 57,339,325 87,064,729 57,339,325 80,062,809 57,339,325 Q3 Jan-Sep MSEK Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 529.7 590.9 697.2 487.4 574.3 639.0 Gross profit 223.7 171.7 301.3 219.0 248.5 267.3 Gross margin, % 42.2% 29.1% 43.2% 44.9% 43.3% 41.8% Adjusted EBITA -9.2 16.7 37.8 -13.3 5.1 40.0 Adjusted EBITA margin, % -1.7% 2.8% 5.4% -2.7% 0.9% 6.3% Cash flow from operating activities -136.1 103.2 191.3 -127.1 -28.7 7.4 Working capital 193.8 59.8 -96.2 35.9 91.1 148.1 Investments -51.2 -10.6 -12.4 -13.5 -5.8 -16.8
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Interim Report Q3 2026 22 Reconciliation of alternative performance measures Certain information in this report used by manage- ment and analysts to assess the Group's development has not been prepared in accordance with Interna- tional Financial Reporting Standards (IFRS). Manage- ment believes that this information facilitates inves- tors' analysis of the Group's development for the rea- sons set out below. These measures are not a substi- tute for, or superior to, financial results reported in ac- cordance with IFRS and should be presented together with them. The Group's definitions of these measures may differ from those used by other companies. Inves- tors are advised not to place undue reliance on these alternative performance measures. Adjusted EBITA Management presents Adjusted EBITA because it monitors this performance measure at Group level and considers it relevant to an understanding of the Group's financial performance. Adjusted EBITA is calculated by adjusting profit for the period to exclude the effects of tax, net financial items, amortisation and impairment of intangible as- sets arising from business combinations, and items af- fecting comparability. Items affecting comparability Income and expense items that are reported sepa- rately due to their nature and amounts. Items affect- ing comparability are used by management to explain movements in historical earnings. The quarter in- cludes items affecting comparability of MSEK 4.5 (81.1), relating to relocation costs connected with the move to the new central warehouse, incentive pro- grammes under IFRS 2 and restructuring costs. Operating profit (EBIT), EBIT margin, EBITA, Adjusted EBITA, Adjusted EBITA margin, EBITDA, Adjusted EBITDA and Adjusted EBITDAaL Oct-Sep Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Profit (loss) for the period 28,834 -344,520 -18,586 -386,113 -20,603 -388,130 Income tax -313 -3,396 -1,926 -4,981 -16,745 -19,800 Net financial items 6,952 7,765 25,549 24,713 36,209 35,373 Operating profit (EBIT) 35,473 -340,151 5,037 -366,381 -1,139 -372,557 Amortisation on intangible assets related to business combinations 54 275,713 5,613 284,792 8,939 288,118 EBITA 35,527 -64,438 10,650 -81,589 7,800 -84,439 Depreciation excl. amortisation on intangible assets related to business combinations 43,594 40,869 126,394 121,332 170,534 165,472 EBITDA 79,121 -23,569 137,044 39,743 178,334 81,033 EBITA 35,527 -64,438 10,650 -81,589 7,800 -84,439 Items affecting comparability 4,451 81,146 21,091 86,812 61,693 127,414 Adjusted EBITA 39,978 16,708 31,741 5,223 69,493 42,975 EBITDA 79,121 -23,569 137,044 39,743 178,334 81,033 Items affecting comparability 4,451 81,146 21,091 86,812 61,693 127,414 Adjusted EBITDA 83,572 57,577 158,135 126,555 240,027 208,447 Depreciation right-of-use assets -35,280 -31,466 -96,121 -95,469 -132,854 -132,202 Interest on lease liabilities -4,450 -2,570 -13,249 -8,134 -18,745 -13,630 Adjusted EBITDAaL 43,842 23,541 48,765 22,952 88,428 62,615 Net sales 638,955 590,880 1,700,573 1,681,884 2,397,807 2,379,118 EBIT-margin, % 5.6% -57.6% 0.3% -21.8% 0.0% -15.7% Adjusted EBITA margin, % 6.3% 2.8% 1.9% 0.3% 2.9% 1.8% Q3 Jan-Sep
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Interim Report Q3 2026 23 Net sales growth Comparable growth Oct-Sep Jan-Dec % 2026 2025 2026 2025 25/26 2025 Net sales current period 638,955 590,880 1,700,573 1,681,884 2,397,807 2,379,118 Net sales preceeding period 590,880 624,343 1,681,884 1,810,132 2,455,322 2,583,570 Net sales growth, % 8.1% -5.4% 1.1% -7.1% -2.3% -7.9% Q3 Jan-Sep Oct-Sep Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Comparable sales comparative period Recognised net sales comparative period 590,880 624,343 1,681,884 1,810,132 2,455,322 2,583,570 Adjustment for returns and loyalty programme comparative period 2,756 2,233 1,770 3,623 7,947 9,802 Revenue new and closedservice points and other channels -1,105 -1,435 -1,298 -5,408 -2,893 -7,002 Total comparable sales comparative period 592,531 625,141 1,682,356 1,808,347 2,460,376 2,586,370 Comparable sales current period Recognised net sales current period 638,955 590,880 1,700,573 1,681,884 2,397,807 2,379,118 Costs for returns and loyaly programme current period 2,826 2,769 4,486 1,815 9,524 6,853 Revenue new and closed service points and other channels -4,138 -2,385 -12,587 -10,560 -18,190 -16,163 Currency effects -8,082 4,432 -9,313 14,869 -1,360 22,823 Total comparable sales current period 629,561 595,696 1,683,159 1,688,008 2,387,781 2,392,631 Total comparable sales comparative period 592,531 625,141 1,682,356 1,808,347 2,460,376 2,586,370 Total comparable sales current period 629,561 595,696 1,683,159 1,688,008 2,387,781 2,392,631 Comparable growth, % 6.2% -4.7% 0.0% -6.7% -3.0% -7.5% Q3 Jan-Sep
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Interim Report Q3 2026 24 Gross profit and gross margin Net debt, financial net debt and financial net debt/adjusted EBITDAaL Oct-Sep Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Net sales 638,955 590,880 1,700,573 1,681,884 2,397,807 2,379,118 Goods for resale -371,617 -419,216 -965,764 -1,050,464 -1,361,677 -1,446,377 Gross profit 267,338 171,664 734,809 631,420 1,036,130 932,741 Gross profit 267,338 171,664 734,809 631,420 1,036,130 932,741 Net sales 638,955 590,880 1,700,573 1,681,884 2,397,807 2,379,118 Gross margin, % 41.8% 29.1% 43.2% 37.5% 43.2% 39.2% Q3 Jan-Sep 31 Dec TSEK 2026 2025 2025 Non-current interest bearing liabilities 297,924 - - Current interest bearing liabilities - 485,194 483,956 Interest bearing liabilities 297,924 485,194 483,956 Cash and cash equivalents -28,614 -132,232 -271,196 Net financial debt 269,310 352,962 212,760 Non-current lease liabilities 172,661 96,027 195,153 Current lease liabilities 96,961 85,678 104,983 Lease liabilities 269,622 181,705 300,136 Total interest bearing liabilities 297,924 485,194 483,956 Total lease liabilities 269,622 181,705 300,136 Total financial liabilites 567,546 666,899 784,092 Cash and cash equivalents -28,614 -132,232 -271,196 Net debt 538,932 534,667 512,896 Net financial debt 269,310 352,962 212,760 Adjusted EBITDAaL, R12 88,428 63,364 62,615 Net financial debt/Adjusted EBITDAal, times 3.0 5.6 3.4 30 Sep
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Interim Report Q3 2026 25 Working capital Investments Equity-ratio 31 Dec TSEK 2026 2025 2025 Current assets 684,467 653,912 681,025 Cash and cash equivalents -28,614 -132,232 -271,196 Current liabilities excl. interest bearing liabilities and lease liabilities -507,765 -461,902 -506,017 Working capital 148,088 59,778 -96,188 Current liabilities excl. interest bearing liabilities and lease liabilities Accounts payable 321,307 283,419 313,475 Tax liabilities - 2,984 - Other liabilities 63,523 62,830 69,729 Accrued expenses and deferred income 115,698 104,785 115,507 Provisions 7,237 7,884 7,306 Total 507,765 461,902 506,017 30 Sep Oct-Sep Jan-Dec TSEK 2026 2025 2026 2025 25/26 2025 Acquisition of tangible assets -13,159 -6,687 -27,501 -79,016 -35,488 -87,003 Acquisition of intangible assets -3,638 -3,920 -8,524 -10,764 -12,962 -15,202 Investments -16,797 -10,607 -36,025 -89,780 -48,450 -102,205 Q3 Jan-Sep 31 Dec % 2026 2025 2025 Total equity 983,961 789,955 782,346 Total assets 2,144,542 2,024,493 2,160,186 Equity ratio, % 45.9% 39.0% 36.2% 30 Sep
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Interim Report Q3 2026 26 Definitions – Alternative performance measures Performance measure Definition Reason for use of performance measure Gross margin, % Gross profit divided by net sales. Gross margin indicates the Company's profitability after the cost of goods for resale, enabling comparison of the average gross margin on goods sold over time. Gross profit Net sales less the cost of goods for resale. The Company's gross profit indicates the amount remaining to finance other expenses after goods have been sold. EBIT margin, % EBIT divided by net sales. The measure indicates the Company's profitability generated by operating activities after depreciation, amorti- sation and impairment. EBITA Operating profit before amortisation and impairment of intangible assets aris- ing from business combinations. EBITA provides an overall view of earnings generated by operating activities before amortisation and impair- ment of intangible assets arising from business combinations, providing a more comparable performance meas- ure over time. EBITDA Profit before tax, financial items, depreciation, amortisation and impairment. EBITDA provides an overall view of earnings generated by operating activities before depreciation, amortisation and impairment, providing a more comparable performance measure over time. Net financial debt Net debt excluding current and non -current lease liabilities. Used to monitor debt development and assess the level of refinancing needs. Net financial debt/Adjusted EBITDAaL, multiple Net financial debt in relation to rolling 12 -month Adjusted EBITDAaL. The measure describes the Company's capacity to repay its debt. Management uses the measure to monitor the level of financial leverage. Investments Acquisitions of property, plant and equipment and intangible assets. The measure describes the Company's ongoing investments in the business. Adjusted EBITA EBITA excluding items affecting comparability. Management presents Adjusted EBITA because it monitors this performance measure and considers it relevant to an understanding of the Group's financial performance. The measure shows the financial performance of the business excluding material income or expense items that affect comparability over time, as described under “Items affecting comparability”. Adjusted EBITA margin, % EBITA excluding items affecting comparability divided by net sales. The measure indicates the Company's profitability generated by operating activities, excluding items affecting comparability and amortisation and impairment of intangible assets arising from business combinations, ena- bling comparison of underlying operatin g profitability. Adjusted EBITDA EBITDA excluding items affecting comparability. The measure indicates the Company's underlying earnings generated by operating activities before deprecia- tion, amortisation and impairment, excluding items affecting comparability, providing a more comparable per- formance measure over time. Adjusted EBITDAaL Adjusted EBITDA less depreciation and interest expenses related to leases un- der IFRS 16, plus Adjusted EBITDAaL for periods when acquired companies were not included in the Group's consolidated financial statements for the rel- evant period. Adjusted EBITDAaL is used as the denominator in Net financial debt/Adjusted EBITDAaL to monitor financial leverage. Comparable growth, % Change in comparable sales between the current and comparative periods, where comparable sales comprise sales in comparable units and channels, ad- justed for currency translation effects. Comparable units and channels are sales units and channels that were operational in both the current and compar- ative periods. The measure facilitates comparison of net sales over time by excluding revenue from sales units and channels that were not operational during the corresponding periods and by adjusting for currency effects. It enables as- sessment of sales growth in existing channels.
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Interim Report Q3 2026 27 Performance measure Definition Reason for use of performance measure Items affecting comparability Income and expense items reported separately due to their nature and amounts. All included items are larger and material in certain periods and smaller or non-existent in others. Items affecting comparability are used by management to explain movements in historical earnings. Separate presentation and specification enable readers of the financial statements to understand and assess the adjust- ments made by management when reporting Adjusted EBITA. Considering items affecting comparability in- creases comparability and thereby improves understanding of the Group's financial development. Net sales growth, % Net sales for the current period less net sales for the relevant comparative pe- riod, divided by net sales for the relevant comparative period, expressed as a percentage. The measure enables analysis of the Group's total net sales growth in relation to the market as a whole and com- petitors. Net debt Total current and non -current interest-bearing liabilities and current and non - current lease liabilities, less cash and cash equivalents. Net debt indicates the Company's total indebtedness. Net working capital Total current assets excluding cash and cash equivalents, less total current lia- bilities excluding interest -bearing liabilities and lease liabilities. The measure is used to analyse the Company's short -term capital tied up in operations. Operating profit (EBIT) Operating profit (EBIT) comprises the Company's net sales and other operating income less goods for resale, personnel expenses, other external expenses, other operating expenses, and depreciation, amortisation and impairment of property, plant and equipmen t and intangible assets. The measure indicates the Company's underlying earnings generated by operating activities. Equity/assets ratio, % Total equity divided by total assets. The measure describes the Company's long -term solvency. Definitions – Operational key performance indicators Operational key performance indicator Definition Number of members in the loyalty club Number of unique individuals who actively choose to be part of Kjell & Company's loyalty club. Number of active members in the loyalty club Number of loyalty-club members who made a purchase in the past 12 months.
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About us Kjell Group offers one of the market’s most comprehensive product ranges in electronic accessories. The company operates online in Sweden, Norway and Denmark and through 148 stores, including 117 in Sweden and 31 in Norway. Headquartered in Malmö, the Group generated SEK 2.4 billion in revenue in 2025. With Kjell & Company’s customer club, which has over three million mem- bers, 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 lives t hrough 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 report Sandra Gadd, CEO, and Fredrick Sjöholm, CFO, will host a webcast on 22 October 2026 at 10:00 CEST in connection with the publication of the interim report. Participate via webcast: https://events.inderes.com/kjell -group/q3-report-2026 Participate via teleconference : https://events.inderes.com/kjell -group/q3-report-2026/dial-in The presentation material is available on the Group’s website : kjellgroup.com/en/investors/financial -reports/ Interim reports Previous reports are available at: www.kjellgroup.com Financial calendar Fourth quarter 2026 2027 -02-11 Annual report 2026 2027 -04-14 First quarter 2027 2027 -04-22 This is the type of information that Kjell Group AB (publ) is obligated to disclose pursuant to the EU Market Abuse Regulation. The information was issued for publication through the agency of the contact persons on 22 October 202 6 at 7:00 a.m. CEST. 0