Slides
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0 Q4 2025 – Presentation of the Year-end Report February 26, 2026 THE LEADING NORDIC SPECIALIST GROUP IN SPORTS & LEISURE EQUIPMENT
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1 TIM HOLMLUND MEIER CFO NIKLAS HAMMAR COO & Co-founder Joining for Q&A. Today’s Presenters TED SPORRE CEO 1
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2 Agenda 1. Introduction to WS WeSports Group 2. Summary of the Quarter & Business Update 3. Financial Update 4. Key Takeaways 5. Q&A 2
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3 EXAMPLE BRANDS & DESTINATIONS THE LEADING NORDIC SPECIALIST GROUP IN SPORTS & LEISURE EQUIPMENT Leading market positions in the most attractive sport categories → Focus on selected equipment-heavy and fragmented categories; cycling, running, fitness, skiing, hockey, floorball, golf and outdoor → Specialist value proposition based on expertise and unmatched assortment, with high share of own and controlled brands Large and fragmented market, fueled by megatrends → SEK 80+ BN Nordic sports & leisure consumer market (excl. B2B) driven by underlying health trend → AI and online shift creating the best informed consumer ever – favoring specialist players vs generalists → Fragmented market ready for consolidation, with hundreds of potential M&A targets Introduction to WS WeSports Group SEK 3,073M Net Sales FY ’25 SEK 187M Adj. EBITA FY ’25 29% Net Sales CAGR ’21-’25 130 Championship medals won by employees
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4 WELL-DEFINED STRATEGY TO REACH NEXT LEVEL OF GROWTH & PROFITABILITY Introduction to WS WeSports Group → Vertical integration with own brands → Growing share of own and controlled quality brands, accelerating profitability → Value chain control and top-class customer experience via own retailers, brands and distributors → Combining organic growth with M&A → Organic growth via successful business development, such as geographical- and category expansion → Disciplined M&A agenda with 40 acquisitions until today – cementing leading category positions → Maintaining owner mentality → Subsidiaries driven by founders and entrepreneurs who remain shareholders in their companies → Decentralized model with lean group function, accounting for ~1% of group fixed costs → Scale effects and best practice across group companies → Proven track-record of achieving synergies and support for subsidiaries → Structured process to identify and benchmark improvement opportunities within the group MEDIUM TERM Financial Targets SEK 10BN Net Sales 2031 7-8% Adj. EBITA Margin, medium term 1-2 x Net Debt in relation to LTM EBITDAaL THE WESPORTS MODEL
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5 Agenda 1. Introduction to WS WeSports Group 2. Summary of the Quarter & Business Update 3. Financial Update 4. Key Takeaways 5. Q&A 5
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6 Q4 2025 SUMMARY: A Strong ending to a great year Summary of the QUARTER → Net Sales increased by 34% to SEK 901M (673) → 15% organic growth, driven by e.g. running and bike → High activity during campaign period, strong finish in December → Consolidation of Thevea Brands Group and Sportsmaster → Adjusted EBITA increased to SEK 45M (3), with an adjusted EBITA margin of 4.8% (0.5) → Adjusted gross margin 36.3% (33.4) → Focused profit improvement initiatives and changed margin mix from new acquisitions → SEK 100M cash flow from operating activities & net cash position at end of quarter → Continued market share gains, strong performance from specialists 34% Net Sales Growth (Q4 ’25, YoY) 4.8% Adj. EBITA Margin (Q4 ’25) 673 901 Q4 '24 Q4 '25 Net Sales (SEK m) 3 45 Q4 '24 Q4 '25 Adj. EBITA (SEK m) + SEK 229M +SEK 41M
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7 Q4 Highlights Business Update → Focused campaign period – both November and December → Early preparations and balanced discounting strategy → Strong performance from own brands → Increased ownership share in several successful companies – part of capital allocation strategy → RunningXpert – leading Nordic online running specialist → Thevea Brands Group – managing e.g. Tretorn → EvoSport / Oxdog – leading edge floorball and padel equipment → Acquisition of NordicaGolf – new platform for expansion in attractive golf market → Leading Nordic specialist in customized golf equipment → Strong strategic fit; equipment-focused sport category and positive contribution to EBITA margins → Consolidation from Jan 2026, with clear path to majority ownership and up to 90.1% over time → Listing on Nasdaq First North Growth Market In the picture: Professional padel player Alejandro Ruiz, ranked 21st in the world, sponsored by WeSports’ padel brand Oxdog.
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8 FULL YEAR 2025: High Growth & RECORD Profitability Business Update 8 42 55 3 20 56 67 45 1.8% 7.1% 8.5% 0.5% 3.1% 7.4% 8.6% 4.8% Q1 ´24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Adj. EBITA (SEK m) Adj. EBITA margin 425 594 651 673 633 761 777 901 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '24 Q2 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 SEK 3,073M (2,343) Net Sales FY ’25 (FY ’24) 31% Net Sales Growth FY ’25, YoY SEK 187M (109) Adj. EBITA FY ’25 (FY ’ 24) 6.1% (4.7) Adj. EBITA Margin FY ’25 (FY ’24) + SEK 229M + SEK 41M (SEK m)
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9 KEY INVESTMENT CRITERIA & POTENTIAL Overarching criteria: Potential to reach sustainable profitability and contribute to category dominance Self-sufficient organization/management with proven track-record and personal fit with WeSports’ ambition Entrepreneurs who partner with own shareholding – ensuring motivation and limiting risk Long-term growth potential with limited exposure to trends/cyclical demand Attractive multiple (EV/EBITA 5-7x) with performance-based earn out ~7,000 companies within sport & leisure in the Nordics, 100’s of potential targets 2025 M&A EXAMPLES BENY NORDICA GOLF BENY LOCAL Benefit bikes Sportsmaster Fitness SKICOM Skiing (Bromma Skidsport / Udéns Sport) NORDICAGOLF Golf Disciplined M&A AT THE CORE OF OUR STRATEGY Business Update
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10 13% 19% 2% 16% 22% 2.4% -0.7% -0.4% -1.7% 0.3% ENTERING 2026 WITH A STRONG FOUNDATION Business Update YoY sales growth (%) WeSports organic growth Sports- and leisure retail market2 2021 2022 2023 2024 2025 1Figures prepared for illustrative purposes to show how acquisitions made until the report date would have contributed, had they been part of the Group throughout FY 2025. The figures have not been audited. 2Source: HUI Research (‘21-’24, Nordic market), Sportindex (‘25, Swedish market) → Robust balance sheet and cash flow, enabling accelerated execution of our strategy → Clear strategy and proven model to build the strongest and most profitable position in each sport → 2025 including illustrative effect from acquisitions: SEK ~3,790M net sales and SEK ~220M adj. EBITA1 → Continued trend in sports and health FOUNDATION & MARKET WESPORTS ORGANIC GROWTH VS MARKET GROWTH History of growth and market share gains, regardless of economic climate
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11 Agenda 1. Introduction to WS WeSports Group 2. Summary of the Quarter & Business Update 3. Financial Update 4. Key Takeaways 5. Q&A 11
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12 HEALTHY MIX OF ORGANIC GROWTH & M&A Financial Update Reported net sales, SEK m FY '24 FY '25 3,7901 Illustrative impact from acquisitions1 Net Sales GROWTH 425 633 594 761 651 777 673 901 FY '24 FY '25 3,073 Q1 Q2 Q3 Q4 Reported net sales, SEK m 2,343 3,073 2,343 1Figures prepared for illustrative purposes to show how acquisitions made until the report date would have contributed, had they been part of the Group throughout FY 2025. The figures have not been audited. → Net sales for Q4 amounted to SEK 901M, 34% growth compared to same quarter last year → Organic sales growth 15% → Q4 growth driven by → Running – continued high demand and successful assortment strategy → B2B – Oxdog as well as addition of Thevea and Sportsmaster → Market share gain in bikes overall → FY ‘25 growth of 31% → Organic sales growth 22%, healthy mix vs acquired growth → Strong growth in all quarters, Q1 stands out with 49%
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13 109 187 3 45 FY '24 FY '25 Q4 '24 Q4 '25 4.7% 6.1% 0.5% 4.8% Own brands & LEVERAGE FROM MODEL driving PROFIT GENERATION Financial Update Adjusted ebita developmentCOGS, Operating costs & D&A development, % of total sales 64.6% 64.9% 18.3% 17.0% 11.9% 11.0% 4.2% 3.9% FY '24 FY '25 69.0% 64.7% 20.3% 17.7% 11.5% 11.4% 4.5% 4.1% Q4 '24 Q4 '25 Other external expenses Personnel costs -0.1p.p. -2,6p.p. D&A -0.4p.p. COGS -0.9p.p. -1.3p.p. -0.3p.p. -4.3p.p.+0.3.p.p. Reported adj. EBITA, SEK m Reported adj. EBITA margin (%) Illustrative impact from acquisitions1 → Adj. Gross margin 36.3% (33.4) in the quarter and 36.0% (36.4) FY ‘25 → Driven by margin mix from acquisitions that are particularly strong in Q4, balanced discounting in the campaign period and increase in own & controlled brands → Q4 balancing FY effect where previous quarters had increased share of distribution → Cost control and strong leverage as sales increase → Personnel costs in relation to sales down with 0.1 p.p. in the quarter and 0.9 p.p. FY → Other external expenses, incl. e.g. marketing, in relation to sales decreased with 2.6 p.p. in the quarter and 1,3 p.p. FY → Adjusted EBITA of SEK 45M (3) in the quarter, corresponding to a margin of 4.8% (0.5) in the quarter → Adjustments of SEK 9.2M for the quarter, of which SEK 7.5M IPO-related costs → Adjusted EBITA of SEK 187M (109) for full year, corresponding to a margin of 6.1% (4.7) → FY adjustments of SEK 35.6M, mainly driven by IPO-related costs and restructuring to strengthen and improve efficiency in the outdoor and cross-country skiing businesses ~2201 1Figures prepared for illustrative purposes to show how acquisitions made until the report date would have contributed, had they been part of the Group throughout FY 2025. The figures have not been audited.
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14 259 -62 197 -19 -22 157 Adj. EBITDA Adjustments for IFRS16 Adj. EBITDAaL Change in NWC Maintenance Capex Adj. operating cash flow HEALTHY Cash GENERATION Financial Update CASH CONVERSION → Decrease in quarterly working capital driven by successful inventory management during campaign season and improvement in account receivables → Cash conversion in relation to EBITDAaL of 79.5% for FY 2025 → Solid cash flow a good base to drive M&A, also long-term FY ‘25, SEK m 79.5%
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15 ROBUST FINANCIAL POSITION Financial Update → Net debt / EBITDAaL of -0.9x, with financial target of 1-2x → Unused credit facilities of SEK 350M at year end 2025 → Strong position for continued investment in growth and M&A OVERVIEW – YEAR END 2025 SEK m 31 DEC 2025 Non-current interest-bearing liabilities 346 Current interest-bearing liabilities 143 Total interest-bearing liabilities 489 Cash and cash equivalents (312) Adjustment for leasing liabilities (170) Contingent consideration liabilities (83) Minority options (128) Short-term acquisition related liabilities 27 Reported net debt (178) Adj. RTM EBITDAaL 197 Reported net debt / Adj. RTM EBITDAaL (0.9x)
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16 Agenda 1. Introduction to WS WeSports Group 2. Summary of the Quarter & Business Update 3. Financial Update 4. Key Takeaways 5. Q&A 16
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17 KEY TAKEAWAYS: record-breaking year & ON RIGHT PATH FORWARD Key Takeaways Record-numbers in sales and profitability, both in Q4 and FY 2025 → Above 30% growth in quarter and FY → Over 6% adj. EBITA margin for FY , driven by own and controlled brands, new acquisitions and scalability Successful new acquisitions and significant M&A potential → Strengthening existing positions and entering a new sport → Hundreds of potential targets in the Nordics Right foundation towards financial targets → Solid cash flow and financial position to drive continued growth → Resilient trend in sports and health
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18 Agenda 1. Introduction to WS WeSports Group 2. Summary of the Quarter & Business Update 3. Financial Update 4. Key Takeaways 5. Q&A 18
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19 TIM HOLMLUND MEIER CFO NIKLAS HAMMAR COO & Co-founder Q&A TED SPORRE CEO 19
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20 Keep up to date Follow us on LinkedIn LinkedIn App White icon SVG Vector PNG Free Download | UXWing Communication, internet, site, url, web, website, world icon - Download on Iconfinder wesportsgroup.com Email Envelope White Icon SVG Vector PNG Free Download | UXWing ir@wesportsgroup.com
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21 THE LEADING NORDIC SPECIALIST GROUP IN SPORTS & LEISURE EQUIPMENT