Slides
Page 1
Q3NEW WAVE GROUP ABInterim report January 1 – September 30, 2025 “Despite a persistently weak market, we continued to grow by 8.3% throughout the third quarter with an organic growth of 4.1% and an additional 4.2% from acquisitions. Although the market remains weak, we are seeing increased optimism among part of our customer base.”- Torsten Jansson
Page 2
Own purchasing offices Sales operations in own subsidiaries THIS IS NWGNew Wave Group is a growth-oriented international company with high decentralization that creates, acquires, and develops brands and products within the business segments of Corporate, Sports & Leisure, and Gifts & Home Furnishings.New Wave Group strives for sustainable and profitable sales growth through expansion within the three business segments. The growth target over an economic cycle is 10–20% per year, of which 5–10% is organic growth, with an operating margin of 20%. In addition, New Wave Group has a solvency target of at least 40% over a business cycle. 2,513EMPLOYEES 25COUNTRIES 3SEGMENTS THIS IS NWG 2025 2
Page 3
OUR OPERATING SEGMENTS AND SALES CHANNELS 3 i CORPORATE SPORTS & LEISURE GIFTS & HOME FURNISHINGS TRADEMARKS NWG Our brands are categorized according to which of our three operating segments it belongs to: Corporate, Sports & Leisure or Gifts & Home Furnishings. The brands are distributed in both the promo market and the retail market to achieve good risk diversification.
Page 4
CORPORATEThe vision for the Corporate operating segment is to become Europe's leading supplier of promotional products for businesses, as well as one of the leading suppliers in the United States. This will be achieved by offering customers a wide range of products, strong brands, excellent knowledge and service, and a superior comprehensive concept. SEGMENTS 2025 4
Page 5
SPORTS & LEISUREThe vision for the Sports & Leisure operating segment is to establish Craft as a world-leading sportswear brand and Cutter & Buck as a world-leading golf apparel brand.Auclair is envisioned to become a leading glove brand in Europe, while Paris Glove’s robust distribution platform will be utilized to introduce the Group’s other brands in Canada.Overall, our goal is to be one of the foremost sports suppliers in Sweden, across European markets, and in the United States. Ultimately, our portfolio of brands aims to position us among the largest sports suppliers globally. SEGMENTS 2025 5
Page 6
GIFTS & HOME FURNISHINGSThe vision for Gifts & Home Furnishing is to make Orreforsand KostaBodaworld-leading suppliers of glass and crystal.Part of the vision also includes using innovative and playful designs to establish Sagaformas a prominent player in the Nordic profile and retail markets. THE SEGMENTS 2025 6
Page 7
EVENTS THIRD QUARTER EVENTS THIRD QUARTER 2025 7 On the 1st of September New Wave Group acquired 100% of the shares in the Austrian textile wholesaler Cotton Classic HandelsGmbH. Due to the U.S. Department of Justice ongoing investigation of PPP loans received by the Group’s U.S. subsidiary during the COVID-19 pandemic, the following assessment has been made that the loans will need to be repaid. As a result, the operating profit for the quarter has been charged by an amount of USD 7 million (SEK 65.5 million) relating to previously forgiven loans, together with interest, and other related costs. This non-recurring cost is reported under other operating costs. The quarter is continuously negatively affected by currency fluctuations, with the Swedish krona strengthening against other currencies within the Group compared to the same quarter previous year.
Page 8
THE QUARTER IN BRIEF THE QUARTER IN BRIEF 2025 8
Page 9
THE QUARTER 2025 9 THE QUARTER The quarter's net sales increased by 8.3 % in local currencies, of which 4.2 percentage points came from acquisitions and 4.1 percentage points from organic growth. The Profile sales channel increased by 7.2 %. Retaildecreased by 1.9 %. Both channels were affected by negative currency effects totaling –4.8 %. All regions show growth in local currencies The operating profit is impacted by a non-recurring cost of SEK 66 million related to the repayment of previously forgiven PPP loans. Operating profit amounted to SEK 253(313) million and the operating marginto 10.6% (13.6).
Page 10
FINANCIAL INFORMATION FINANCIAL INFORMATION 2025 10 July – September
Page 11
a 11 JULY - SEPTEMBER Total sales amounted to SEK 2,390 (2,308) million Sales increased by 3.6 % Currency translation effects impacted by –4.8 %, resulting in sales growth in local currencies of 8.3%, of which 4.2 % came from acquisitions and 4.1 % from organic growth. Promoincreased its sales by 7.2 %, Retail decreased sales by 1.9 %. NET SALES FINANCIAL INFORMATION 2025 PROMORETAIL SEK million 1,4851,386 905 923 0 500 1,000 1,500 2,000 2,500 3,000 3 months Jul-Sep 20253 months Jul-Sep 2024
Page 12
12 NET SALES PER OPERATING SEGMENTCORPORATE -3% FINANCIAL INFORMATION 2025 SPORTS & LEISURE -5%GIFTS & HOME FURNISHINGS -6% PROMORETAIL 3 months Jul-Sep 20253 months Jul-Sep 2024 3 months Jul-Sep 20253 months Jul-Sep 2024 3 months Jul-Sep 20253 months Jul-Sep 2024 1,1341,067 314289 36 29 68 731741 1691740 200 400 600 800 1,000 1,200 CURRENCY-4.8%
Page 13
JULY - SEPTEMBER 0100200300400500600700 NET SALES PER GEOGRAPHIC AREA FINANCIAL INFORMATION 2025 MSEK Jul-Sep2025Jul-Sep2024North America576616Sweden 493466Benelux 354324Nordic countries excl. Sweden253253Rest of Europe587524Other countries127124Group 2,3902,308 Q3 SALES 2025Q3 SALES 202413 North AmericaSwedenBeneluxNordic countries excl SwedenRest of EuropeOthercountries All regions are growing in local currencies -7%6%9%0% 12% 2%
Page 14
14 FINANCIAL INFORMATION 2025 JULY - SEPTEMBER The gross profit margin amounted to 50.0% (48.8)•The product mix and a lower share of Tradingpositively impacted the quarter's margin, while acquisitions had a negative effect. Excluding acquisitions, the quarter's gross profit margin was 51.1 %. External costs and personnel costs amounted to a total of SEK 796 (738) million.•SEK 18 million of the increase relates to a translation effect that arose during the previous year, and an additional SEK 9 million comes from acquisitions. The remaining SEK 32 million includes, among other things, higher IT costs and personnel expenses due to more employees and general salary increases. Operating profit amounted to SEK 253 (313) million and is negatively impacted by a non-recurring cost of SEK 66 million. Acquisitions contributed with SEK 14 million.•Adjusted for the non-recurring effect, the adjusted operating profit amounts to SEK 318 million. Net result amounted to SEK 166 (204) million. MSEK Jul - Sep2025Jul - Sep2024Net sales 2,3902,308Goods for resale-1,195-1,181Gross profit1,196 50.0%1,12848.8% Other operating income18 23External costs -435-396Personnel costs-361-342Depreciation and write-downs of tangible and intangible fixed assets-86 -86Other operating costs-79 -12Share of associated companies' result0 -1Operating result25310.6%31313.6%Net financial items-28 -37Result before tax225276Tax on result for the period-59 -72Result for the period166204Result per share (SEK) 1,251,54
Page 15
15 FINANCIAL INFORMATION 2025 JULY - SEPTEMBER Corporate –Sales increased by 6.0 % compared to last year, with acquisitions contributing with SEK 98 million or 4.2 percentage points. In addition, our profile business for giveaways and tech products has shown consistent growth. –Costs are comparatively higher due to expansions and investments in technological development, as well as a one-time adjustment for lease accounting in 2024. Sports & Leisure–Sales increased by 1.4% compared to previous year.–The operating profit is negatively impacted by one-off costs of SEK 63 million for the repayment of former PPP loans in the U.S., and compared to the previous year, also by a one-time adjustment for lease accounting. Gifts & Home Furnishings–Improved operating profit primarily within Orrefors Kosta Boda–The operating profit is negatively affected by the non-recurring cost of SEK 3 million for the repayment of former PPP loans in the U.S. OPERATING RESULT PER OPERATING SEGMENT Q3 2025Q3 2024 -20020406080100120140160180142145 104 170 6–3CORPORATESPORTS & LEISUREGIFTS & HOME FURNISHINGS
Page 16
16 JULY - SEPTEMBERCASH FLOW FINANCIAL INFORMATION 2025 MSEK Jul - Sep2025Jul - Sep2024 Cash flow from operating activities before changes in working capital258334Change in working capital-507-143Cash flow from operating activities-249191Investing activities -411-39Cash flow after investing activities-660152 Financial activities 802-162Cash flow for the period142 -9
Page 17
FINANCIAL INFORMATION FINANCIAL INFORMATION 2025 17 January -September
Page 18
18 JANUARY - SEPTEMBER Total sales amounted to SEK 6,874 (6,701) Million Sales increased by 2.6 % Promo increasedsales by 5.0 %, Retail decreased sales by -1.6%. NET SALES PROMORETAIL FINANCIAL INFORMATION 2025 4,4504,239 2,424 2,463 0500100015002000250030003500400045005000 9 months Jan-Sep 20259 months Jan-Sep 2024 CURRENCY-3.3%
Page 19
19 NET SALES PER OPERATING SEGMENTCORPORATE 3.6% FINANCIAL INFORMATION 2025 SPORTS & LEISURE 2.1%GIFTS & HOME FURNISHINGS -1.0% PROMORETAIL 9 months Jan-Sep 20259 months Jan- Sep2024 9 months Jan-Sep 20259 months Jan-Sep 2024 9 months Jan-Sep 20259 months Jan-Sep 2024 3,3833,262 965880 102 97 2022 1,9431,969 46147205001,0001,5002,0002,5003,0003,5004,000
Page 20
JANUARY - SEPTEMBERNET SALES PER GEOGRAPHIC AREA FINANCIAL INFORMATION 2025 020 040 060 080 01,0 001,2 001,4 001,6 001,8 00 20 MSEKJan-Sep2025Jan-Sep2024North America1,6781,763Sweden1,3951,351Benelux1,014954Norden countries excl. Sweden780771Rest of Europe1,5831,544Other Countries424318Group 6,8746,701 -5%3%6%1% 3% 33% North AmericaSwedenBeneluxNordic countries excl SwedenRest of EuropeOthercountries 9 month Jan-Sep 20259 month Jan-Sep 2024 ORGANIC GROWTH in all regions
Page 21
21 FINANCIAL INFORMATION 2025 JANUARY - SEPTEMBER Gross profit margin amounted to 49.3 % (49.2)•Sports & Leisure increased marginally compared to the previous year. Corporate and Gifts & Home Decor had a lower margin than last year.Key drivers are productmix and a higher share of Trading. Before the result from acquisitions, the gross profit margin amounts to 49.6 % External costs and personnel costs amounted to a total of SEK 2,396 (2,292)million.•In addition to a non-comparable translation effect from 2024 of SEK 18 million, the increase is mainly related to higher IT and sales costs as well as general salary increases. Operating profit amounted to SEK 706 (800) million•Acquisitions contributed SEK 14 million, while a non-recurring cost had a negative impact of SEK 66 million. Net result amounted to SEK 477 (536) million MSEKJan - Sep2025Jan - Sep2024Net sales 6,8746,701Goods for resale-3,487-3,408Gross profit3,38749.3%3,29449.2% Other operating income75 62External costs-1,290-1,246Personnel costs-1,106-1,046Depreciation and write-downs of tangible and intangible fixed assets-245-230Other operating costs-115-32Share of associated companies' result0 -3Operating result70610.3%80011.9%Net financial items-76 -101Result before tax629698Tax on result for the period-153-163Result for the period477536Result per share (SEK)3.59 4.04
Page 22
22 FINANCIAL INFORMATION 2025 JANUARY - SEPTEMBER Corporate SEK -6 million–Within Corporate, we have grown in the profile business for giveaways and tech products, our trading operations in Asia, as well as through acquisitions, totaling SEK 49 million of which SEK 14 million comes from acquisitions. Clique and BTC, however, decreased by a total of SEK 50 million compared to last year. There is also a negative currency translation effect. Sports & Leisure SEK -83 million–Compared to the previous year, the main impact comes from a non-recurring cost of SEK 63 million and negative currency effects. In addition, we have declined in our U.S. operations, particularly within Ahead. Gifts & Home Furnishings–Impacted by a non-recurring cost of SEK 3 million. Otherwise in line with the previous year. OPERATING PROFIT PER OPERATING SEGMENT Q3 2025Q3 2024 -100 0 100 200 300 400 500461467 281364 –36–32CORPORATESPORTS & LEISUREGIFTS & HOME FURNISHINGS
Page 23
23 STRONG BALANCESHEET FINANCIAL INFORMATION 2025 MSEK 30 Sep202530 Sep2024Equity 6,6536,589Equity ratio. % 52.060.7Net debt. SEK million 2,9421,914Net debt to credit institutes. SEK million2,0581,241 Equity per share. SEK 50.149.6 CURRENCY EFFECTS Have impactedthe equity ratio by-2.0 percentage points
Page 24
24 JANUARY - SEPTEMBERCASH FLOW FINANCIAL INFORMATION 2025 MSEK Jan - Sep2025Jan - Sep2024 Cash flow from operating activities before changes in working capital682715Change in working capital-563 17Cash flow from operating activities119733Investing activities -634-164Cash flow after investing activities-515568 Financial activities 580-471Cash flow for the period65 97
Page 25
25 FINANCIAL INFORMATION 2025 ROLLING 12 MONTHS On a rolling 12-month basis, we reached net sales of SEK 9,702 million and an operating profit of SEK 1,168million The operating margin for the period amounts to 12.1%. MSEK Rolling 12 months Net sales 9,702Goods for resale-4,902Gross profit 4,79949.4% Other operating income108External costs-1,793Personnel costs-1,491Depreciation and write-downs of tangible and intangible fixed assets-323Other operating costs-132Share of associated companies' result0Operating result1,16812.1% Net financial items-104Result before tax1,065Tax on result for the period-244Result for the period821Result per share (SEK)6.2
Page 26
CEO COMMENTS”The gross profit for the year is very stable at 49.3%, which is 0.1% higher than the previous year. During Q3, it amounted to 50% –this despite the acquisition of Cotton Classic having a negative impact on the Group's gross margin.”- Torsten Jansson, CEO CEO COMMENTS 2025 26
Page 27
27