Slides
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Earnings Call Rugvista Group AB ( publ ) Q3 2026
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Business Update
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Double digit organic growth ▪ Net revenue SEK 194.6 million (166.6) ▪ Order count 83.6K (80.6) ▪ New customers 63.9K (57.0) ▪ Average order value (AOV) on SEK 3,274 (2,952)
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Double digit organic growth ▪ Net revenue SEK 194.6 million (166.6) ▪ Order count 83.6K (80.6) ▪ New customers 63.9K (57.0) ▪ Average order value (AOV) on SEK 3,274 (2,952)
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5 Quarterly order development Number of Orders per quarter Thousand 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1 26-Q2 72 52 71 101 82 59 68 119 97 74 81 129 103 77 26-Q3 84 23-Q1 +19.4% +3.7% 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1 26-Q2 62 63 68 74 77 78 77 82 85 89 92 95 97 97 26-Q3 98R12 average number of orders per quarter Thousand
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Double digit organic growth ▪ Net revenue SEK 194.6 million (166.6) ▪ Order count 83.6K (80.6) ▪ New customers 63.9K (57.0) ▪ Average order value (AOV) on SEK 3,274 (2,952)
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Double digit organic growth ▪ Net revenue SEK 194.6 million (166.6) ▪ Order count 83.6K (80.6) ▪ New customers 63.9K (57.0) ▪ Average order value (AOV) on SEK 3,274 (2,952)
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8 Quarterly average order value development 1 Not adjusted for currency effects 2 Average Order Value (AoV) AoV2 development SEK 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1 26-Q2 3,602 3,568 3,172 3,199 2,957 3,044 2,957 2,868 2,864 2,833 2,952 2,937 2,874 3,115 26-Q3 3,274 23-Q1 +10.9% The positive currency impact on AoV was 0.5%.
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Strong gross margin and improved profitability ▪ Gross margin 68.1% (63.4%) ▪ Marketing spend 28.8% (29.9%) ▪ Sessions on site increased by 21% (38%) ▪ EBIT was SEK 34.6 (11.9) million representing an EBIT margin of 17.8% (7.2%)
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Strong gross margin and improved profitability ▪ Gross margin 68.1% (63.4%) ▪ Marketing spend 28.8% (29.9%) ▪ Sessions on site increased by 21% (38%) ▪ EBIT was SEK 34.6 (11.9) million representing an EBIT margin of 17.8% (7.2%)
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Strong gross margin and improved profitability ▪ Gross margin 68.1% (63.4%) ▪ Marketing spend 28.8% (29.9%) ▪ Sessions on site increased by 21% (38%) ▪ EBIT was SEK 34.6 (11.9) million representing an EBIT margin of 17.8% (7.2%)
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Strong gross margin and improved profitability ▪ Gross margin 68.1% (63.4%) ▪ Marketing spend 28.8% (29.9%) ▪ Sessions on site increased by 21% (38%) ▪ EBIT was SEK 34.6 (11.9) million representing an EBIT margin of 17.8% (7.2%)
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Market, customer and commercial development ▪ Some improvements in consumer confidence ▪ Customer journeys remain our priority ▪ TrustPilot on 4.5 for the quarter ▪ Autumn launches and extensions of established designs
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14 Business Update Somewhat improved consumer confidence Source: Trading Economics 83 82 82 83 83 85 87 86 85 86 88 89 91 90 91 90 90 89 91 92 95 94 90 89 92 93 92 91 88 88 89 87 88 90 89 90 89 91 89 84 82 84 86 86 86 0 20 40 60 80 100 2023-02 2023-03 2023-04 2023-05 2023-06 2023-07 2023-08 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 2023-01 2026-01 2026-02 2026-03 2026-04 2025-12 2026-06 2026-07 2026-08 2026-09 2026-05 62 64 66 67 71 72 75 72 71 72 74 75 83 83 88 89 91 93 96 97 100 101 101 97 98 95 90 82 84 86 90 91 93 96 97 96 95 96 95 92 92 94 97 98 102 0 20 40 60 80 100 120 -38 -34 -31 -29 -26 -24 -25 -25 -26 -27 -28 -28 -25 -30 -29 -27 -24 -21 -22 -19 -22 -21 -18 -23 -21 -23 -25 -24 -21 -20 -20 -22 -24 -23 -24 -23 -27 -24 -25 -28 -33 -30 -29 -29 -27 -50 -40 -30 -20 -10 0 Sweden Consumer confidence index across selected key markets GermanyFrance
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Market, customer and commercial development ▪ Some improvements in consumer confidence ▪ Customer journeys remain our priority ▪ TrustPilot on 4.5 for the quarter ▪ Autumn launches and extensions of established designs
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Market, customer and commercial development ▪ Some improvements in consumer confidence ▪ Customer journeys remain our priority ▪ TrustPilot on 4.5 for the quarter ▪ Autumn launches and extensions of established designs
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17 Trustpilot over time, rolling 4 quarters Trustpilot 12 month rolling average 4,8 4,8 4,8 4,8 4,8 4,8 4,8 4,7 4,7 4,7 4,7 4,6 4,6 4,6 4,6 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 23-Q1 23-Q2 23-Q3 23-Q4 24-Q1 24-Q2 24-Q3 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 26-Q1 26-Q2 26-Q3
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Market, customer and commercial development ▪ Some improvements in consumer confidence ▪ Customer journeys remain our priority ▪ TrustPilot on 4.5 for the quarter ▪ Autumn launches and extensions of established designs
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Financial Update
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2024Q3 2025Q3 2026Q3 144.8 166.6 194.6 +15.1% +16.8% 20 Financial Update Double digit organic growth 1 Reported net revenue does not include other income Note: Rounding differences may occur Group net revenue – Quarter1 SEK million Net revenue by region – Quarter SEK million 25.7 32.4 39.8 +26.4% +22.7% DACH Nordics Rest of World 38.3 42.9 53.5 +11.9% +24.9% 2024Q3 2025Q3 2026Q3 80.8 91.3 101.2 +13.0% +10.9% Organic growth, %x 16.3%
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Financial Update Product expenses - Rolling 12 months % 0 5 10 15 20 25 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 24.2 23.4 23.7 24.1 24.4 24.4 24.4 24.1 24.1 24.3 24.1 23.6 22.9 22.1 21.6 Product expenses - Quarterly % 0 21 22 23 24 25 26 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q2 25Q3 25Q4 26Q1 26Q2 26Q325Q1 23.1 22.9 24.1 24.2 23.2 23.9 24.0 24.6 22.9 23.2 21.2 20.8 20.6 23Q1 24.7 25.6 -2.3 ppts • Improvement mainly due to price increases as well as an overall lower average discount level in the quarter. Product expenses % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update Shipping & other selling expenses - Rolling 12 months % 0 5 10 15 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 14.014.1 14.1 14.2 14.2 14.3 14.4 13.9 13.3 13.1 13.1 13.2 13.7 13.5 13.0 Shipping & other selling expenses - Quarterly % 0 12 13 14 15 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 13.813.9 13.5 12.2 14.0 13.7 23Q2 13.8 14.6 13.4 11.5 14.214.4 23Q1 12.3 13.0 14.8 -2.3 ppts • Positively impacted by the price increases as well as the lower discount levels. Further, fuel surcharges in the period have partly been offset with work to optimize freight cost and mix. Shipping and other selling expenses % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update Gross margin - Rolling 12 months % 0 10 20 30 40 50 60 70 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 62.062.0 62.7 62.6 61.8 61.7 61.6 62.2 62.8 62.7 63.0 63.3 63.5 64.5 65.5 Gross margin - Quarterly % 62 64 66 68 70 0 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q323Q1 60.3 63.1 67.1 62.7 64.0 63.063.6 62.162.462.6 63.4 64.9 61.6 68.1 62.5 +4.7 ppts Gross margin % Note: Rounding differences may occur • Gross margin strengthened on strong commercial execution. The effect of price increases is not yet fully visible in COGS, as higher-cost inventory is still being phased in.
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Financial Update Other external expenses - Rolling 12 months % 0 5 10 15 20 25 30 35 40 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 36.536.1 35.8 37.0 37.1 37.0 36.7 37.0 36.4 36.5 36.6 36.3 37.1 36.7 36.1 Other external expenses - Quarterly % 35 36 37 38 39 0 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q323Q1 36.4 36.5 35.7 37.9 34.5 37.6 38.4 37.3 36.7 35.9 37.0 37.6 36.6 34.4 37.7 -2.6 ppts • Q3 2025 includes non-recurring moving costs of SEK -1.8 million, equivalent to -1.1 ppts. Remaining improvement in majority driven by a more efficient marketing spend. Other external expenses % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update Rolling 12 months % 0 2 4 6 8 10 12 14 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 10.411.1 10.7 10.3 10.8 11.8 13.2 13.6 13.6 13.2 12.6 12.5 12.3 12.1 11.9 Personnel expenses - Quarterly % 0 5 10 15 20 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 19.6 9.9 14.0 10.1 8.9 11.5 16.7 10.2 11.7 16.8 13.4 10.1 11.3 15.0 12.2 23Q1 -1.2 ppts • Economies of scale from higher net revenue. Personnel expenses % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update Other operating expenses % - Rolling 12 months 0.0 0.2 0.4 0.6 0.8 1.0 1.2 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 0.8 0.6 0.4 0.2 23Q1 0.8 0.5 0.4 0.8 0.4 0.6 0.9 0.8 1.2 1.1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 0.6 Other operating expenses % - Quarterly -2 -1 0 1 2 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 1.7 0.9 -0.3 1.2 1.1 0.1 0.9 -0.5 0.8 1.5 -1.0 0.7 1.2 0.8 0.3 23Q1 -0.4 ppts • Other operating expenses mainly contains the effect from the revaluation of assets and liabilities in foreign currency. Other operating expenses % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update D&A % - Rolling 12 months % 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 25Q3 25Q4 26Q1 26Q2 26Q3 1.71.8 1.8 1.7 1.8 23Q1 2.2 2.4 2.5 2.8 3.3 3.6 3.8 3.7 3.4 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 2.0 D&A % - Quarterly 0 1 2 3 4 5 6 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 5.2 1.7 2.3 1.9 1.3 2.0 3.1 3.3 1.9 2.5 4.3 2.9 3.5 3.8 3.5 23Q1 -1.8 ppts • Decrease explained by both operating leverage (-0.8 ppts) as well as lower D&A in absolute (-1.0 ppts). Depreciation & amortization % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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Financial Update EBIT-margin % - Rolling 12 months 0 5 10 15 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 11.4 12.5 14.1 13.7 12.2 10.1 8.9 8.7 9.5 9.8 9.9 10.0 9.4 10.8 13.1 EBIT-margin % - Quarterly 0 5 10 15 20 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 11.9 14.2 9.1 11.7 12.6 11.4 1.8 6.2 11.9 13.8 4.7 7.2 11.3 11.8 17.8 23Q1 +10.6 ppts • EBIT margin improved with positive contribution from several parts of the P&L. Commercial execution supported gross margin expansion, while cost control and topline growth created operating leverage. Q3 2025 was further impacted by non- recurring costs equivalent to 1.1 ppts. EBIT margin % of net revenue 1) 1 Reported net revenue does not include other income. Note: Rounding differences may occur
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29 Financial Update Inventory 1 Reported net revenue does not include other income Note: Rounding differences may occur Inventory value SEK million Inventory as share of LTM1 net revenue Percent 9/30/25 12/31/25 9/30/26 148 144 166 +18 +22 9/30/25 12/31/25 9/30/26 19.4 18.4 19.5 +1.1pp Inventory build up ahead of peak season Inventory as % of LTM net revenue well within target range of 17.5%-22.5%.
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9/30/25 12/31/25 9/30/26 180 242 167 -75 -14 30 Financial Update Strong cash position while preparing for peak season Cash flow from operating activities SEK million Cash position SEK million Cash flow from investing activities SEK million 2025 YTD -16.6 -42.5 40.8 99.9 2026 YTD Tangible 0.0Intangible -33.1Sub-total -33.1 2025 YTD 2026 YTD 0.0 -0.5 -0.5 Note: Rounding differences may occur SEK 104 (26) million dividend payout in Q2 EBITDA -23.9Interest, tax & other -5.6Working Capital 36.8Sub-total 66.3
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Q3 highlights ▪ 16.3% organic growth against strong comparatives ▪ Higher order value and continued order growth ▪ Strong profitability supported by commercial execution and cost control ▪ Continued focus on assortment, customer experience and demand building
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Q3 highlights ▪ 16.3% organic growth against strong comparatives ▪ Higher order value and continued order growth ▪ Strong profitability supported by commercial execution and cost control ▪ Continued focus on assortment, customer experience and demand building
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Q3 highlights ▪ 16.3% organic growth against strong comparatives ▪ Higher order value and continued order growth ▪ Strong profitability supported by commercial execution and cost control ▪ Continued focus on assortment, customer experience and demand building
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Q3 highlights ▪ 16.3% organic growth against strong comparatives ▪ Higher order value and continued order growth ▪ Strong profitability supported by commercial execution and cost control ▪ Continued focus on assortment, customer experience and demand building
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3 5 Q&A
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36 Rugvista Group AB (publ) Other information Rugvista Group AB (publ) Lodgatan 11 SE-211 24 Malmö Sweden Contact information Headquarters and visiting address Financial calendar Ebba Ljungerud CEO Ebba.Ljungerud@rugvista.com Gustaf Arlid CFO Gustaf.Arlid@rugvista.com Corporate & Investor information InvestorRelations@rugvistagroup.com www.rugvistagroup.com Phone +46 40 668 81 04 FNCA Sweden AB Certified advisor Activity Date Publication Conference call Year-end report 2026 9 February 2027 07:30 CET 09:00-10:00 CET Annual report 2026 14 April 2027 Interim report January– March 2027 4 May 2027 07:30 CEST 09:00-10:00 CEST AGM 2027 20 May 2027 Interim report January– June 2027 16 July 2027 07:30 CEST 09:00-10:00 CEST Interim report January– September 2027 4 November 2027 07:30 CET 09:00-10:00 CET Year-end report 2027 9 February 2028 07:30 CET 09:00–10:00 CET