Slides
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Q2 2025 presentation Magnus Larsson, President and CEO Claes Wenthzel, CFO July 17 Stockholm, Sweden
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Pricer in brief 350+ Million Labels Deployed 70+ Countries 40 Million Labels installed 2024 Vision The preferred partner for in-store communication and digitalization. 70+ Countries 200 Employees 5,000+ Stores on Plaza 11 Office Locations 28,000+ Stores 36+ Million Labels on Plaza
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Q2 2025
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Market development and Q2 highlights The global ESL market is expected to grow by 15% annually until 2030, although overall market growth in 2024 was likely below 5% The need and interest for digitalization in the retail and grocery sectors remain strong, with larger chains seeing it as a matter of when, not if, to invest The geopolitical situation and macroeconomic uncertainty continued to impact the retail sector in several of our key markets in the quarter Tender processes paused among several retail chains in the USA due to the current market uncertainty Low activity in Nordics and Baltics, with planned purchases delayed to H2 as customers transition from distributor to direct agreements Order intake in the European market grew 20% year-on-year and by 9% compared to Q1, positively contributing to the slightly higher order intake and a growing order book in the quarter +0.6% Order intake +34.8% Order book -30.3% Net sales 19.0% Gross margin -4.5% EBIT margin
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Profit & Loss statement Amounts in SEK M Q2 2025 Q2 2024 6m 2025 6m 2024 Rolling 12m Full-year 2024 Net sales 448.7 644.0 977.0 1 314.2 2 220.7 2 558.0 Cost of goods sold -363.4 -496.8 -768.8 -1 038.9 -1 724.7 -1 994.8 Gross profit 85.3 147.2 208.2 275.3 496.0 563.2 Gross margin 19.0% 22.8% 21.3% 21.0% 22.4% 22.0% Operating expenses -109.5 -94.8 -212.0 -189.9 -393.5 -371.4 Other income and expenses 3.9 -3.9 -3.7 -8.2 3.3 -1.3 Operating profit/loss -20.3 48.5 -7.5 77.2 105.8 190.5 Operating margin -4.5% 7.5% -0.8% 5.9% 4.8% 7.1% Comments Order intake slightly higher, while the order book increased 34.8 percent Net sales decreased 30.3 percent, due to the cautious market development Gross margin decreased to 19.0 percent (22.8) Operating profit was -20.3 MSEK (48.5), impacted by restructuring charges in France of 7.9 MSEK (-)
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6 Cash flow from operating activities Amounts in SEK M 30 June 2025 30 June 2024 Full-year 2024 Full-year 2023 Cash flow from operating activities before changes in working capital 31.6 123,1 268,7 84,2 Increase(-)/decrease(+) inventories 27,5 -29,1 -13,4 9,6 Increase(-)/decrease(+) trade receivables 40,3 -14,5 -122,2 4,8 Increase(-)/decrease(+) other current receivables -65,7 -70,8 52,6 68,2 Increase(+)/decrease(-) trade payables -30,5 13,8 -148,7 -241,1 Increase(+)/decrease(-) other current liabilities 56,7 29,1 21,0 -1,9 Cash flow from changes in working capital 28,3 -71,5 -210,7 -160,4 Cash flow from operating activities 59,9 51,6 58,0 -76,2 Comments Higher cash flow from operating activities as a result of improved working capital Lower trade receivables and reduced inventory levels impacting working capital positively Cash and cash amounted to 240.7 MSEK (254.9) as of 30 June Net debt of 59.9 MSEK (14.4) at the end of the period
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Sales and gross margin development 678 523 668 972 498 532 916 457 501 2 661 2 408 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Order intake Order intake R12M Order intake Net Sales Gross Profit 687 622 801 670 644 614 630 528 449 2 737 2 221 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Net sales Net sales R12M 110 112 142 128 147 136 152 123 85 529 496 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Gross profit Gross profit R12M
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EBIT & Net profit R12 21 23 15 50 102 159 191 181 106 -2 -10 -7 8 52 108 132 111 33 3% 2% 1% 2% 4% 6% 7% 8% 5% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 EBIT (SEKm) Net Profit (SEKm) EBIT margin %
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99 Industry insights & macro trends Sources: IHL, Experience Unleashed, Savanta, McKinsey & Company, 2024 1. Market growth & strategic digitalization 2. Rising operational cost pressures 3. Inventory accuracy & on-shelf availability 4. Evolution of in-store experience 5. Sustainability as a competitive advantage 6. Tech transformation & personalization
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10 Business model and positioning End-to-end solution provider Pricer delivers a comprehensive platform for shelf-edge automation, combining proprietary ESL hardware, cloud-based software (Pricer Plaza), and integrated services for pricing, store efficiency and communication. SaaS and recurring revenue model Transitioning from a primarily hardware-based business to a recurring-revenue model through cloud subscriptions, analytics, and digital services, and by that creating predictable income and long-term customer relationships. Installed-base monetization With over 350 million ESLs deployed globally, Pricer has a strong foundation for upselling software, support, and system upgrades. Positioned as a strategic partner Pricer is not just a technology supplier but a long-term partner to retailers. The company’s solutions are embedded into customers’ operations and increasingly viewed as mission-critical infrastructure. Focused on profitable markets and segments Pricer targets large grocery, DIY, and pharmacy chains in developed markets where automation needs and ROI are high, prioritizing Northern Europe, Southern Europe, North America, and the UK for direct sales engagement. Scalable and flexible architecture The solution’s modular design and interoperability with retailers’ existing systems enable fast deployment and adaptability to diverse store formats and IT environments.
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Strategic direction Purposeful innovation that sets the new standard for retail tech Continuous development of Pricer Avenue, next generation IoT and shelf communication system Sustainability through solution design and new materials An extensive patent portfolio to protect our customers Continue to develop solutions that deliver real customer value & ROI Pricer Avenue, combining traditional ESL with merchandise ESL systems that deliver in- store performance and reliability better than anyone Deep partnership with market leaders in ComputerVision, AI and Retail Media Further strengthen customer engagement and partnership Building a Customer advisory board program for our global Tier 1 customers Co-creation of solutions with select strategic customers Moving from customer support to customer success
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Summary Net sales and profitability clearly impacted by the geopolitical situation and macroeconomic uncertainty Slightly higher cash flow from operations as a result of improved working capital management Tender processes paused among several retail chains in the USA, due to the current market uncertainty Purchases in the Nordics and the Baltics pushed to H2 as customers moved from distributors to direct deals with Pricer Order intake in the European market grew 20% year-on-year and by 9% compared to Q1, with Carrefour France positively contributing to the growth Pricer has a strong position to capitalize on the growing demand for digital in-store solutions and automation in retail
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13 Q&A