Slides
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9 149 10 441 9 500 9 709 8 570 10 018 9 005 8 843 8 473 10 000 20 000 30 000 40 000 50 000 60 000 70 000 6 000 7 000 8 000 9 000 10 000 11 000 12 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Net sales, SEKm Rolling 12 monts, SEKm
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-6 124 127 -463 86 385 189 262 106 -10,0 -8,0 -6,0 -4,0 -2,0 0,0 2,0 4,0 6,0 8,0 10,0 -1 000 -800 -600 -400 -200 0 200 400 600 800 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Operatin income, SEKm Operating margin, Rolling 12 monts, %
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95,1% 93,7% 94,2% 93,2% 95,5% 93,4% 94,4% 93,8% 94,3% 80,0% 85,0% 90,0% 95,0% 100,0% 80,0% 85,0% 90,0% 95,0% 100,0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Quarter Rolling 12 months
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4 607 5 541 4 931 4 915 4 631 0 1 2 3 4 5 6 7 8 9 10 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, % • • • • • •
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• • • • • • 1 682 2 072 1 766 1 697 1 610 -7,0 -6,0 -5,0 -4,0 -3,0 -2,0 -1,0 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 0 500 1 000 1 500 2 000 2 500 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, %
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1 128 1 258 1 149 1 134 1 076 -10,0 -8,0 -6,0 -4,0 -2,0 0,0 2,0 4,0 6,0 0 200 400 600 800 1 000 1 200 1 400 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, % 323 353 301 310 320 -6,0 -4,0 -2,0 0,0 2,0 4,0 6,0 0 100 200 300 400 500 600 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, % • • • • • • • • • • Capacity expansion in the company's own distribution network has continued, while maintenance of terminal capacity has resulted in temporarily increased costs
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• • • • • • • • The improvement in sales and earnings is mainly explained by the acquisition of 21grams 659 791 658 761 664 -6,0 -4,0 -2,0 0,0 2,0 4,0 6,0 0 200 400 600 800 1 000 1 200 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, % 484 534 546 608 724 0,0 2,0 4,0 6,0 8,0 10,0 12,0 0 100 200 300 400 500 600 700 800 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, %
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720 750 693 685 656 -4,0 -2,0 0,0 2,0 4,0 6,0 8,0 0 200 400 600 800 1 000 Q3 Q4 Q1 Q2 Q3 2025 Net sales, MSEK Adjusted operating margin, % • • • • The improved income is mainly explained by ongoing initiatives to adapt warehouse capacity and cost levels to the lower demand Q3 2025 Q3 2024 Change Net sales, SEKm 8,473 8,570 -2% LFL, adjusted for currency effects Operating income, SEKm 106 86 Operating margin, % 1.3 1.0 Adjusted operating income, SEKm 166 104 Adjusted operating margin, % 2.0% 1.2% Net profit for the period, SEKm 51 67 Cash flow from operating activities SEKm 438 1 142 Return on capital employed (ROCE), % 6,6 -0.8