Slides
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Q3 2026 Results Presentation Jesper Gylling Olsen, CEO Rasmus Laursen, CFO
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Introduction 2 The strength of our brands is not reflected in our financial performance – important steps taken to build a stronger Nobia • Focus on resetting the operating model to reduce cost and strengthen value creation and profitability as a Nordic group • New group structure announced – next step in organisational transformation communicated 3 November • Nobia Park stabilised – review of supply chain consolidation roadmap ongoing 2
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Q3 financial highlights 3 • Positive sales development in B2B • Negative organic growth rate mainly related to the restructuring in Finland • Gross margin improvement continues • Profitability remains the key challenge Net sales (SEKm) 2026 Q3 1,275 2025 Q3: 1,262 Organic growth 2026 Q3 -1% 2025 Q3: 1% Adj. gross margin 2026 Q3 37.9% 2025 Q3: 36.8% Adj. EBIT (SEKm) / margin 2026 Q3 47 / 3.7% 2025 Q3: 69 / 5.5% Comments and numbers relate to continuing operations, unless otherwise stated3 Adjusted refers to excluding Items affecting comparability
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The Nordic kitchen market remains volatile. Low housing construction and subdued consumer demand. No rapid rebound is expected. Business to business • B2B sales increased in the quarter • Driven by HTH, Invita and Sigdal Business to consumer • B2C sales below last year • Weaker consumer demand across all markets The Nordic kitchen market 4 B2C 34% B2B 66% Share of R12 sales by channel B2C 21% B2B 79% Share of R12 volume by channel Housing starts per quarter 0 5 000 10 000 15 000 Norway Denmark Finland Sweden
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Commercial highlights – strengthening our brands and customer offering • Opened three new stores in the quarter • Celebrated its 60th anniversary • Introduced a new store concept, visual identity and product offering • Roll-out planned to begin during 2027 • Marbodal, Sigdal and Invita launched the Within Wood concept and an updated store design • Focused on premium wooden kitchens and an enhanced customer journey • New concepts and customer experiences supporting growth and brand strength 5 BILD HTH expands its Nordic platform Accelerating commercial initiatives • Marbodal, Sigdal and Norema launched an AI-powered design tool across their dealer networks • Improved customer experience through increased customisation • Supports more efficient sales processes and stronger dealer engagement Digital innovation across local brands
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Strategic priorities 6 Current position • Strong brands and customer relationships is a solid foundation for future growth • Profitability constrained by supply chain transformation and an operating model not yet fully adapted to the Nordic market Priority 1: Reset the operating model • New group structure and organisational transformation • Assessment of the Nordic supply chain operating model, including the Nobia Park ramp-up and supply chain consolidation roadmap • Align costs and capacity with current needs and market demand Priority 2: Invest in our strong brands • Scale the proven HTH franchise model • Position the brand portfolio • Invest in product development and product mix
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7 Update: Resetting the operating model STEP 1 New Group structure Announced 12 August 2026 • New organisational design presented • Consolidated, brand-agnostic Group functions • Decentralised business units with full commercial accountability • Two main hubs: Nobia Park and Aarhus • New leadership and changes to Executive Committee STEP 2 Implement new Nordic organisation and ways of working Announced 3 November • Implementation of new Nordic organisation • Closure of non-Nordic support functions in Shanghai and Vilnius • Office footprint optimisation • Adjustment of production capacity • Introduce new ways of working across the Group • Annual cost savings of SEK 150m from Q4 2027 STEP 3 Supply chain consolidation Initiated • Nobia Park production volumes and delivery performance stabilised • Assessment of the Nordic supply chain- ongoing. • A consolidated, brand-agnostic supply chain is a critical foundation for Nobia’s future success. • Next step: Updated roadmap to be communicated in early 2027
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A simpler Nordic operating model to leverage scale and our strong Nordic brands 8 BRAND PORTFOLIO SHARED NORDIC FUNCTIONS Operations | Finance & TED | People & Culture | Category, Sourcing & Sustainability SHARED NORDIC SUPPLY CHAIN NOBIA PARK AARHUS Two main hubsBrand-agnostic consolidated Nordic supply chain ONE NORDIC NOBIA
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Financial performance Q3 2026
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10 Q3 financial highlights Q3 2025 Q3 2026 Net sales (SEKm) 1,262 1,275 Organic growth, (%) 1 -1 Adjusted gross margin (%) 36.8 37.9 Adjusted SG&A margin (%) -26.0 -26.3 Adjusted EBIT (SEKm) 69 47 Adjusted EBIT margin (%) 5.5 3.7 Cash flow from operating activities (SEKm) 182 -46 Net sales in line with LY • Increase in net sales driven by positive currency effects • Positive B2B development offset by weaker B2C sales • Negative organic growth mainly related to restructuring in Finland Continued gross margin improvement • Improved gross margin supported by higher average order values and lower production costs Decrease in adj. EBIT • Adj. EBIT negatively impacted by inflation, cost pressure on gross margin, continued investment in brand and marketing Adjusted refers to excluding Items affecting comparability
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Financial update 11 Update on IAC • Items affecting comparability (IAC) amounted to SEK -33m (-280) • Primarily related to the transfer of production in Sweden from Tidaholm to Nobia Park in Jönköping Update on cost saving initiative announced in Q4 2025 • Estimated run-rate saving of SEK 80m from Q3 2026, mainly based on FTE reductions and organisational measures • Savings realised in FTE reductions – but offset by salary increases, brand and marketing investments, and increased cost pressure New measures announced 3 Nov – organisational transformation • Expected annual savings of SEK 150m from Q4 2027, but with initial effects from Q4 2026
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Financial position 12 Cash flow (SEKm) 2025 Q3 2026 Q3 Cash flow from operating activities 182 -46 Free cash flow 12 -157 Of w. operating profit* -211 14 Of w. change in working capital -22 -166 Of w. investments in fixed assets -83 -72 Net debt (SEKm) 30 Sep 2025 30 Sep 2026 Financial Net Debt** 2,645 2,039 Financial Net Debt/Equity 1.28 0.95 IFRS 16 lease liabilities 2,231 1,470 Net pension debt 107 49 Net debt 4,983 3,558 Net debt/Equity 2.41 1.65 • Cash flow from operating activities was SEK -46m (182), reflecting working capital seasonality and timing effects from the stronger- than-normal Q2 • Free cash flow was SEK -157m (12). Investments in fixed assets amounted to SEK 72m (83) • Financial net debt** amounted to SEK 2,039m, down from SEK 2,645m in September 2025 • IFRS 16 lease liabilities decreased by SEK 761m to SEK 1,470m (2,231) • Current credit facility SEK 2,500m will be reduced by SEK 500m upon expiry by end of June 2027 *Continuing operations, incl. items affecting comparability **Net debt excl. IFRS16 lease liabilities and pensions Cash flow figures relate to total operations, except operating profit
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Building a stronger Nordic platform 13 Key takeaways from Q3 • Positive sales development in B2B • Negative organic growth rate mainly related to restructuring in Finland • First steps taken to build a stronger Nobia for the future Priorities going forward • Complete assessment of the Nordic supply chain network - and present the roadmap in early 2027 - Implement the new Nordic organisation and strengthen value creation • Invest in our brands and customer experience Strong brands provide the foundation. Our priority now is to translate that strength into sustainable profitability.