Slides
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Results presentation Q2 2026
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Q2 2026 in summary ➢ Strong organic and like-for-like growth in all markets. For the Group, organic growth amounted to 9.8% (Q1: 5.6) and like-for-like growth amounted to 8.0% (Q1: 3.8). ➢ Increased market share and improved EBIT, which amounted to 290 MSEK (267) ➢ Positive development in both the subscription and cash business ➢ Synsam Lifestyle subscription business increased to 1 104 MSEK (947), an increase of 16.6% ➢ Net sales cash business increased to 944 MSEK (894), an increase of 5.6% ➢ Earnings per share, before and after dilution, increased to 1.35 SEK (0.79) ➢ Strong cash flow and Net debt/Adjusted EBITDA was reduced to 1.81 (1.89) ➢ Establishments according to plan – 82 new stores since the start of 2024 (goal 90 new stores 2024-2026) Q2 2026 RESULTS 2|
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| Q2 overview 3 ▪ Net sales increased to 2 049 MSEK (1 841), an increase of 11.3% ▪ Organic growth amounted to 9.8% and growth like-for- like was 8.0% ▪ Gross margin increased to 73.6% (73.1) ▪ EBIT increased to 290 MSEK (267) ▪ EBIT margin amounted to 13.9% (14.2) ▪ EBITDA increased to 513 MSEK (470) ▪ EBITDA margin amounted to 24.6% (25.0) ▪ Earnings per share, before and after dilution, increased to 1.35 SEK (0.79) Q2 2026 RESULTS | Net Sales MSEK 2 049 Organic growth Q2 +9.8% Gross margin Q2 73.6% Q2 EBIT margin Q2 +13.9% EBIT MSEK Q2 290
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| 273 Stores 114 Stores 75 Stores 138 Stores Organic growth Q2 Like for like Q2 EBITDA Q2 EBIT Q2 +8.9% +7.2% 323 MSEK (276) 240 MSEK (203) SWEDEN 1 DENMARK 2 NORWAY 2 FINLAND 3 Organic growth Q2 Like for like Q2 EBITDA Q2 EBIT Q2 +13.9% +10.2% 31 MSEK (33) 0 MSEK (1) 4 Note: Market position as per 2024. Q2 2026 RESULTS Organic growth Q2 Like for like Q2 EBITDA Q2 EBIT Q2 +8.8% +8.8% 64 MSEK (63) 36 MSEK (35) Organic growth Q2 Like for like Q2 EBITDA Q2 EBIT Q2 +10.0% +7.3% 123 MSEK (102) 88 MSEK (73) Strong organic and like-for-like growth in all markets
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| 5 Q2 2026 RESULTS Store Opening/Upgrade month Sales EBITDA* Comment Synsam Norrmalmstorg 2019-03 83 31 Synsam Hötorget** 2021-12 39 13 Profil Optik Odense 2021-04 16 5 Synsam Aleksi 2021-08 36 7 Synsam Täby** 2021-04 55 19 Synsam Mall Of Scandinavia** 2024-07 46 10 Profil Optik Nørreport 2025-01 13 -1 NK Eyewear & Optics 2025-05 15 3 B I G C I T Y Store Opening/Upgrade month Sales EBITDA* Comment Profil Optik Roskilde** 2022-12 12 3 Synsam Söderköping 2023-03 7 3 Synsam Östersund** 2021-04 17 6 Synsam Tierp 2020-12 12 6 Synsam Säffle 2022-12 9 4 Synsam Kalix 2022-12 8 3 Synsam Lycksele 2022-12 8 3 Synsam Molde 2023-02 6 2 Synsam Askersund 2023-10 7 3 Synsam Åre 2023-11 7 2 Synsam Sigtuna 2023-12 4 1 Synsam Narvik 2023-12 6 2 Synsam Malung 2024-01 6 2 Synsam Vara 2024-03 4 1 Synsam Mariefred 2024-04 5 1 Synsam Hultsfred 2024-06 4 2 Synsam Hemse 2024-07 6 2 Synsam Ånge 2024-10 5 1 Synsam Skillingaryd 2024-11 6 2 Synsam Kisa 2025-06 5 2 Synsam Ekerö 2026-05 1 0 2 months S M A L L C I T Y *EBITDA measured including the effect of the IFRS16 standard. Includes a degree of estimates **Refers to upgrade Rolling 12-months actuals (MSEK) – selected stores New stores – profitability is achieved quickly - 82 of 90 established since 2024
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| *Cash sales comprises net sales from the categories of in -store sales, contact lens subscriptions and online sales, meaning all net sales aside from Synsam Lifestyle spectacles subscriptions 2411 2251 2533 2663 2897 3024 3298 3355 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 6Q2 2026 RESULTS Net sales cash - continued positive development Long term strong development in net sales cash*, which amounted to 3 355 MSEK LTM Q2 2026. In the quarter, net sales amounted to 944 MSEK (894), an increase of 5.6%. ▪ Net sales cash (MSEK)
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| 7Q2 2026 RESULTS 542 572 595 620 645 667 683 703 718 730 741 756 770 782 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 +12 1330 1555 2136 2614 3008 3411 3767 3981 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 Synsam Lifestyle – positive growth of 16.6% in the quarter +29 Customer growth remains stable Active customer base Synsam Lifestyle (thousands) +24 +24 +25 +22 +16 +20 +15 +12 Net sales Synsam Lifestyle (MSEK) +10 +15 +14
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| 1,95% 1,87% 1,81% 2,08% 2,15% 2,32% 2,37% 2,65% 2,73% 2,74% 2,62% 2,82% 2,72% 2,72% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 2,17% 1,86% 2,04% 2,28% 2,33% 2,51% 2,60% 2,69% 2,84% 2,91% 2,88% 2,97% 3,04% 3,05% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Churn Sweden 8Q2 2026 RESULTS Churn - positive trend in Sweden Total churn
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| 12% 14% 17% 19% 21% 20% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Synsam EyeView adds optician capacity Of the total eye examinations* during the quarter, 20% were carried out using Synsam EyeView in Sweden, and 21% were carried out using Synsam EyeView in Norway. Increased accessibility of own opticians in Q2 have temporarily reduced the need of EyeView. ▪ Share of Synsam EyeView examinations in Sweden: ▪ Share of Synsam EyeView examinations in Norway: Q2 2026 RESULTS 9 20% 20% 20% 22% 23% 21% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 *Total number of eye examinations that can be performed by opticians
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FINANCIAL DEVELOPMENT
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| 3 380 3 741 3 806 4 669 5 277 5 905 6 435 7 065 7 337 +14% +11% +2% +23% +13% +12% +9% +10% +9%* -+120% -+100% -+80% -+60% -+40% -+20% +0% +20% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2018 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 262 397 402 633 552 696 819 862 897 643 984 948 1 274 1 217 1 440 1 595 1 689 1 757 7,7% 10,5% 10,4% 13,4% 10,3% 11,6% 12,6% 12,0% 12,0% 7,0% 13,0% 19,0% 25,0% 0 200 400 600 800 1000 1200 1400 1600 1800 2018 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 18% Net sales development Profitability development Long term financial development – continued strong trend Q2 2026 RESULTS 11 Net Sales (MSEK) YoY growth EBIT (MSEK) Adjusted EBITDA (MSEK)EBIT margin IFRS -16 Average annual growth rate: *LTM growth corresponds to growth compared to the previous year’s LTM
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| Strong cash flow and lower Net debt/Adjusted EBITDA ▪ Cash flow from operating activities before changes in working capital increased to 415 MSEK (401) in the quarter ▪ Cash flow from operating activities increased to 435 MSEK (413) in the quarter ▪ Cash flow from investment activities amounted to -143 MSEK (-95), driven by Synsam’s initiatives ▪ Net debt amounted to 3 180 MSEK (3 040) at the end of the period. Net debt/Adjusted EBITDA was reduced to 1.81 (1.89). Repurchase during the first half of the year 86 MSEK (102). Dividends of 256 MSEK (260) in the second quarter. 12Q2 2026 RESULTS 401 415 1243 1396 2025 2026 2025 2026 Q2 LTM Q2 413 435 1003 1352 2025 2026 2025 2026 Q2 LTM Q2 -95 -143 -398 -353 2025 2026 2025 2026 Q2 LTM Q2 Cash flow from operating activities before changes in working capital Cash flow from operating activities Cash flow from investing activities
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SUMMARY
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| ➢ Strong growth as well as strengthened EBIT and market position during the quarter: ➢ Organic growth increased to 9.8% (Q1: 5.6) ➢ Like-for-like growth increased to 8.0% (Q1: 3.8) ➢ EBIT increased to 290 MSEK (267) ➢ Strong development in the subscription business, increased 16.6% ➢ Strong cash flow and Net debt/Adjusted EBITDA was reduced to 1.81 (1.89) ➢ Establishments according to plan – goal 90 new stores 2024–2026, of which 82 stores have been established as of Q2 2026 ➢ Profit after tax increased to 192 MSEK (114) in the quarter ➢ The collaboration with Erling Haaland has strengthened Synsam’s brand and reached new target groups ➢ Strong Q2! 14 Q2 2026 RESULTS Strong growth and increased market share in the Nordic region
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