REPORT FOR THE THIRD QUARTER 2024

HIGHLIGHTS

KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

| HIGHLIGHTS

^X Limited improvements in market dynamics and core gaming and IT segments resulted in a sales decline of 3.1 per cent YoY to NOK 3 755 million (-5.8 per cent in constant currency)
^X Gross margin of 12.7 per cent (-0.8 pp), resulting from campaign activities and price investments to meet strong competition and defend positions in key categories
^X Ongoing cost savings measures continue to offset cost inflation, marketing investments and growth initiatives in constant currency (+0.6 per cent)
X EBIT adj. of negative NOK 46 million, driven both by lower sales and margin pressure, as well as higher depreciation on past IT investments
X Working capital continues to benefit from disciplined inventory management, while being further supported by improved supplier terms
^X Continued solid and improved liquidity as well as good headroom against financial covenants in the quarter
^X Outlook supported by improved household economics, product cycles and sales initiatives complemented by accelerated cost benefits from consolidation

REVENUE PER SEGMENT

REVENUE PER COUNTRY

REVENUE PER CHANNEL

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

Amounts in NOK million unless stated otherwise	Q3 2024	Q3 2023	YTD 2024	YTD 2023	FY 2023
Operating revenue	3 755	3 874	10 419	11 127	15 861
Growth (%) ²	(3.1%)	2.4%	(6.4%)	11.7%	8.5%
Gross profit ¹	476	524	1 410	1 547	2 211
Gross margin (%) ¹	12.7%	13.5%	13.5%	13.9%	13.9%
Operating expenses (ex dep) (adj.) ¹	(422)	(403)	(1 245)	(1 250)	(1 738)
Depreciation and amortisation	(99)	(82)	(289)	(249)	(335)
Total operating expenses (adj.) ¹	(521)	(485)	(1 534)	(1 499)	(2 073)
Operating cost percentage ¹	(13.9%)	(12.5%)	(14.7%)	(13.5%)	(13.1%)
EBIT (adj.) ¹	(46)	39	(124)	48	139
EBIT margin (adj.) (%) ¹	(1.2%)	1.0%	(1.2%)	0.4%	0.9%
One-off costs	(5)	(13)	(12)	(29)	(41)
Impairment	-	-	-	-	(983)
EBIT	(51)	26	(136)	19	(885)
Net financials	(43)	(41)	(131)	(125)	(164)
Profit before tax	(94)	(15)	(267)	(106)	(1 050)
Profit for the period	(74)	(21)	(213)	(91)	(1 038)
Investments (capex)	31	39	109	128	212
Net interest bearing debt ¹	1 378	1 187	1 378	1 187	1 178
Operating free cash flow ¹	180	131	134	342	410

1) Alternative performance measure (APMs).

2) Year-over year growth rates from 2023 were impacted by the consolidation of NetOnNet from 1 April 2022.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

| CEO COMMENTS

Over the past quarter, we have continued to take action to address the challenging market situation, while maintaining high levels of customer satisfaction. In parallel, we are making good progress with our strategic initiatives to expand in selected categories and segments, optimise our cost base and leverage our economies of scale in anticipation of a market recovery.

MEASURES TO OVERCOME CHALLENGING MARKETS STILL REQUIRED

Three quarters into 2024, the purchasing power among consumers is starting to improve, but the retail market remains challenged by low consumer demand, in particular for capital goods and durables.

The market in Sweden remains particularly soft, whilst the demand in Norway has fluctuated between categories. The monthly development within the quarter has also been volatile. Demand has remained weak for a longer period than originally anticipated in some of our core categories, such as computing and gaming, although with easing headwinds and increasing effects from our own sales initiatives.

In parallel, competition to attain and retain customers remains intense, and we have taken action to protect our market positions by maintaining our aggressive price adjustments and high campaign activity. These measures demonstrate our ability to adapt quickly to market challenges, but they have also had a negative impact on our gross margins. While we expect this impact to alleviate somewhat over the coming quarters, it will also continue to reflect a tough competitive environment. Brand recognition is key in our industry, and as planned, we have invested in select marketing tools to support our strong brands and remain top of mind among consumers.

In the quarter, we have worked proactively to optimise our cost base, and these initiatives have offset increased costs arising from inflation and growth measures. Currency effects had a significant impact on our cost base in the quarter, but in constant currency, our operating expenses remained relatively stable.

Customer satisfaction remains our core priority, and across our B2C brands, we have continued to improve the customer journey from already high levels.

EXCITING PRODUCT LAUNCHES AHEAD

In our industry, the timing of product launches impacts demand cycles. For Komplett Group, this impact is perhaps even more pronounced than the industry average, given our high exposure to these exciting high-tech segments. Many of our customers are tech-savvy and willing to wait for the newest graphic cards and PC processors when buying new PCs and gaming equipment. As we begin to firm up plans for the final quarter of the year, we are optimistic that the launch of exciting new computing products will contribute meaningfully to support consumer demand in Q4 2024 and Q1 2025. In parallel, we are proactively managing our product assortment to ensure successful campaigns for the coming peak season.

GOOD PROGRESS ON STRATEGIC AGENDA

We are also progressing well on the strategic agenda presented at our Capital Markets Day in February. Most visibly, and in terms of optimising our store network, NetOnNet's reopening in Stavanger earlier this year has been off to a good start. The NetOnNet concept is gaining ground in the Norwegian market and stood out as a positive growth driver in the quarter. Later this year, NetOnNet will open new stores in Bergen and Södertälje. The new Webhallen concept introduced in Gothenburg and Stockholm has been well received among customers. The refined concept for Webhallen includes mobile subscriptions, a wider private label range, in addition to an extended components range, which was launched this quarter.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

Across our business areas, we are streamlining our product range in prioritised categories. We are expanding our supplier network in order to provide a wider range of products and services in adjacent categories, such as home appliances and telecom. In computer and gaming, we are expanding the product range, while sharpening the concept and reducing the number of SKUs in non-core categories.

In parallel, we continue to grow our private label offering. We have rebuilt the assembly line in Sandefjord and significantly increased the in-house production capacity for our private label Komplett PC range. As well as shipping to all our internal brands, we have also made the first shipments outside the group as part of a new agreement with a larger third-party retailer outside our core markets.

We launched a new loyalty program in B2B in August, which has been greatly appreciated by our customers, both in Sweden and Norway. We see a tendency that loyalty club members shop more frequently than other customers, and their basket size is bigger.

BUILDING A FUTURE-PROOF PLATFORM

At our Capital Markets Day earlier this year, we reiterated our cost-leadership ambition, and have further accelerated our efforts to use scale to achieve cost benefits.

By negotiating new, group-wide agreements, we have achieved better commercial terms and payment conditions from suppliers and aligned them more closely with industry peers. These agreements are gradually coming into force and contribute to a well-managed liquidity position, with good headroom against our financial covenants in the quarter.

In line with our operating model, we are advancing efforts to centralise key functions to leverage our group structure fully. Recently, we decided to consolidate our warehouse operations in Sweden. This move will enhance the utilisation of our logistics facilities while continuing to uphold our industry-leading delivery service.

CONSISTENTLY IMPROVING THE SHOPPING EXPERIENCE

As the largest online-first electronics retailer in the Nordics, we are committed to offering the best shopping experience to our customers across our brands.

Our new eCommerce platform, launched for Komplett last year, provides us with a robust, future-proof IT infrastructure. This allows us to continuously enhance the customer journey and seamlessly integrate add-on features, such as services and components, into the shopping experience.

We are simultaneously working closely with key suppliers to secure the availability of the right products under the most favourable terms. Looking ahead, we remain committed to our long-term strategic initiatives, leveraging our efficient and scalable platform to drive growth.

The group is well-positioned in attractive channels and categories, backed by strong, fundamental market drivers. This progress keeps us aligned with our strategic objectives and ensures we are well-prepared for the future.

Yours sincerely

Jaan Ivar Semlitsch President & CEO

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

| QUARTERLY SUMMARY

The results for the third quarter continued to be impacted by the prolonged market weakness from cautious consumer spending, intense competition and limited new product launches. In this challenging market environment, Komplett Group managed to further improve its working capital and liquidity position, as well as making good progress on its strategic agenda, while the continued sales and margin weakness negatively affected operating results.

In line with expectations, the economic environment and the financial situation of the consumers are improving across Komplett Group's key markets, but it has taken longer than expected to translate into increased spending in the group's product categories. This is particularly visible in the Swedish market, which is critical for the B2C business, where demand remains weak. In core categories, such as gaming and IT, demand has continued to decline as a result of extended phasing of product cycles and innovations, but where there are tangible signs that the headwinds are alleviating.

Competition remained intense throughout the quarter, reflecting the challenging demand environment. Although the development varied across segments and geographies, this necessitated continued price investments and campaign activities to defend market positions. Moreover, select inventory sell-downs in relation to establishing new category assortments across the group, impacted gross margins negatively, and in sum these effects offset the positive impact from the continued commercial efforts and strengthened supplier partnerships from centralising the commercial function.

Despite a nominal increase, the group succeeded with its efforts to stabilise its cost base in light of continued strong inflationary pressures, increased marketing intensity and support for strategic expansion measures. Currency translation effects were significant in the quarter, and in constant currency, the year-over-year development in operating costs was relatively stable.

In line with the strategy stated at the Capital Markets Day, further measures to ensure the intended cost degression, now also in a more challenging short term demand environment, are being executed. During the quarter, the group decided to consolidate its logistics set-up in Sweden. This move will enhance the efficiency of its warehouse facilities, while maintaining a market leading delivery service. Further, measures to accelerate the benefits from scale and consolidation are being addressed, and will further benefit from expected moderating cost inflation into the coming periods.

Inventory levels remained stable compared with last year's levels and have been actively managed in light of the market weakness, while also being calibrated to ensure high availability in the upcoming peak season. Combined with the effects of improved commercial terms by suppliers as part of the group harmonisation efforts, the operating working capital has been further reduced. This contributed to a continued solid liquidity position of NOK 1.2 billion.

At the close of the third quarter of 2024, the group's leverage ratio, defined as NIBD / LTM EBITDA (adjusted for certain exceptional items), was 3.9x. This represents a good headroom against the group's financial covenants in the quarter. NIBD increased in the quarter, due to a reclassification of debt into long-term liabilities, as a consequence of being granted an extended repayment plan over 36 months on the Swedish tax deferral scheme.

Looking ahead, improved consumer sentiment and more favourable product cycles are anticipated to gradually translate into increased demand. Additionally, the impact of the group's strategic initiatives, renegotiated supplier agreements, and cost-saving measures are expected to gain importance over time.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

| FINANCIAL REVIEW

PROFIT AND LOSS

Total operating revenue decreased by 3.1 per cent in the third quarter of 2024, from NOK 3 8 74 million to NOK 3 755 million. In constant currency, revenue declined by 5.8 per cent, and the decline was most pronounced in the Swedish entities. The decline was mainly driven by weak demand in the group's core categories, gaming and IT, as a result of phasing of product cycles and innovations as well as general market weakness.

Cost of goods sold was NOK 3 280 million in the third quarter, representing a 2.1 per cent decline from NOK 3 350 million in the same period last year on the back of lower sales. The positive impact from better supplier terms is expected to become more meaningful as new supplier agreements are gradually entering into force.

Gross profit was NOK 476 million in the third quarter, compared with NOK 524 million last year. Although the group's commercial and sourcing efforts are generating positive results, the gross margin reached 12.7 per cent in the third quarter, corresponding to a decline of 0.8 percentage points from 13.5 per cent in the same period of 2023. As in the preceding quarter, the margin decline was impacted by campaign activities and price investments to maintain market positions in key categories, in light of the competitive situation, especially in the Swedish market. The margin pressure was most pronounced in the B2C segment, and within select categories.

Operating expenses (excluding one-off costs, depreciation and amortisation) totalled NOK 422 million in the third quarter, compared with NOK 403 million in the same period of 2023. Most of the year-over-year increase was driven by currency effects, and in constant currency, the group's operating expenses increased by 0.6 per cent. Increased expenses driven by general inflation, increased marketing spend, and growth initiatives were largely offset by cost reductions. The group remains committed to its ambition of maintaining an industry leading cost position and continues to align its cost base to reflect the ongoing market environment.

Depreciation and amortisation accounted for NOK 99 million, of which NOK 13 million were related to the amortisation of acquired customer value as part of the earlier NetOnNet transaction. In the same period last year, depreciation and amortisation expenses totalled NOK 82 million. About half of the increase from last year was driven by currency translation effects, and the rest was largely related to the new SAP ERP solution and eCommerce infrastructure, which successfully went live in the Komplett brand in October 2023.

EBIT adj. amounted to negative NOK 46 million in the third quarter of 2024, compared with a profit of NOK 39 million in the same period of 2023. The decline was mainly driven by weak sales development in core categories, in combination with margin effects from proactive campaign activities to meet competition. This resulted in an EBIT adj. margin of negative 1.2 per cent in the third quarter, compared with positive 1.0 per cent in the same quarter last year.

One-off costs totalled NOK 5 million in the quarter and were mainly related to organisational changes and restructuring.

The operating result (EBIT) for the third quarter amounted to negative NOK 51 million, compared with a profit of NOK 26 million in the same period of 2023.

Net financial expenses in the third quarter totalled NOK 43 million, compared with NOK 41 million in the same period last year. Interest on the group's credit facilities and factoring costs were the main components of the financial expenses.

The group booked a tax income of NOK 21 million in the third quarter, compared with a tax expense of NOK 6 million in the same period last year.

Loss for the period ended at NOK 74 million, corresponding to a decline of NOK 53 million compared with a loss of NOK 21 million in the same period last year.

FINANCIAL POSITION AND LIQUIDITY

Non-current assets amounted to NOK 3 891 million at the end of the third quarter of 2024, compared with NOK 4 592 million at the end of the third quarter 2023. The year-over-year decline is due to the goodwill impairments of NOK 932 million which were made in the fourth quarter 2023, on goodwill directly or indirectly attributed to the NetOnNet acquisition.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

Current assets amounted to NOK 3 184 million at the end of the third quarter of this year, compared with NOK 3 078 million in the same period last year. Inventories represented NOK 2 108 million at the end of September, which is on a par with NOK 2 108 million one year earlier but represents a build-down from NOK 2 194 million at year-end 2023. The inventory composition continues to be actively managed to avoid undue risks considering the demand environment, while maintaining service levels and ensuring adequate availability in the upcoming peak season.

Cash and cash equivalents tototalled NOK 256 million at the end of the quarter, versus NOK 168 million at the end of September last year.

Equity amounted to NOK 2 586 million at the end of the third quarter of 2024, compared with NOK 3 519 million in the same period last year. The difference is mainly attributed to the impact from changes in other equity stemming from the impairment charges made in the fourth quarter 2023.

This yields an equity ratio of 36.6 per cent at the end of the third quarter, compared with 45.9 per cent at the end of September 2023.

Total liabilities amounted to NOK 4 488 million at the end of the third quarter of 2024, compared with NOK 4 151 million at the end of the third quarter 2023.

Since Q2 2023, the Swedish subsidiaries have partly utilised the extension of the Swedish tax deferred payment rules with a total of NOK 455 million as of 30 September 2024. As a consequence of being granted an extended repayment plan over 36 months, two-thirds of the total amount, NOK 304 million, have been reclassified to be included in the group's long-term liabilities. The remaining NOK 152 million, which matures in less than 12 months, continue to be shown as part of other current liabilities.

Total equity and liabilities amounted to NOK 7 074 million at the end of the third quarter, compared with NOK 7 670 million in the same period last year.

LIQUIDITY

The group's total credit facilities include a revolving credit facility in the amount of NOK 1 300 million and an overdraft facility in the amount of NOK 400 million. The latter will increase to NOK 500 million in the fourth quarter.

At 30 September 2024, NOK 800 million of the revolving credit facility was utilised. Including available cash of NOK 256 million, the liquidity reserve was NOK 1 156 million at the end of the third quarter. The liquidity position has benefited from new, group-wide supplier agreements renegotiated with improved credit and payment conditions. The liquidity reserve at 30 September 2023 was NOK 1 149 million, including a now superfluous and hence discontinued facility of SEK 100 million. Further details on the credit facilities may be found in note 8 to the financial statements.

KOMPLETT ASA

THIRD QUARTER 2024

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

NET INTEREST-BEARING DEBT

Net interest-bearing debt at 30 September was NOK 848 million, excluding IFRS 16, and NOK 1 378 million including IFRS 16. The increase from the previous quarter is attributed to the Swedish tax deferral, of which NOK 304 million have been reclassified into long-term liabilities following the grant of an extended repayment plan over 36 months.

The leverage ratio, defined as NIBD / LTM EBITDA (adjusted for certain exceptional items), was 3.9x at the close of the third quarter of 2024. The group has a covenant trajectory allowing for a leverage ratio up to 4.5x for the end of the third quarter and 4.0x at year-end, before returning to original levels of 3.5x and 3.0x in 2025.

CASH FLOW

Operating activities generated a net cash flow of NOK 283 million in the third quarter, compared with NOK 186 million in the same period last year. The cash flow from operations was positively impacted by an increase in trade payables of NOK 358 million, while a build-up of inventory of NOK 205 million and an increase in trade receivables of NOK 39 million had the opposite effect. In the same period last year, the cash flow from operating activities was positively affected by an increase in trade payables of NOK 276 million, countered by an increase in inventory of NOK 212 million.

Cash flow used in investing activities was NOK 31 million, which were invested in property, plant and equipment for a new store and improvements of the IT infrastructure, of which a majority was used for upgrades to the IT systems. The comparable figure from last year was NOK 39 million.

Cash flow used in financing activities was NOK 103 million during the third quarter, compared with NOK 321 million in the same quarter prior year. Financing activities in the quarter mainly consisted of principal and interest paid on lease liabilities as well as net interest paid on loans.

EVENTS AFTER QUARTER-END

In October, it was decided and announced that the group's warehouse operations in Sweden shall be consolidated. This move will enhance the utilisation of our logistics facilities while continuing to uphold our industry-leading delivery service. It is expected that a restructuring provision will be booked during the fourth quarter.

| SUSTAINABILITY

The group continues to make good progress with its efforts to prepare the organisation for the Corporate Sustainability Reporting Directive (CSRD) as defined by the European Sustainability Reporting Standards (ESRS). As part of the preparations, the group is in process of streamlining its systems for gathering data and to measure and report progress. Effective from 1 October, the group's internal resources have been further strengthened with the recruitment of a new Sustainability Manager.

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| RISKS AND UNCERTAINTIES

Komplett Group is subject to several risks, including market and competition risks, operational and financial risks, such as currency, interest, credit, and liquidity risks, as well as IT security risks. The board and executive management are continuously monitoring the group's risk exposure, and the group strives to take an active approach to risk management and internal control processes. Below is a summary of the key risks for the group over the coming period.

There is a risk that consumer sentiment and spending expectations remain low due to macroeconomic uncertainty, which in turn may impact demand for capital intensive goods, such as electronics.

Market headwinds and unpredictability may lead to inventory build-up, resulting in increased price pressure in the market. Temporary fluctuations in the long-term growth trajectory of online retail trade may impact the group's performance in the short term.

The group operates in an intensely competitive industry, and entry of new market players or changes in the market dynamics may impact its competitive position.

Geopolitical risk has risen following the outbreak of wars, political unrest, and trade sanctions. Risks from regulatory changes, trade barriers, tariffs, and restrictive government actions could impact the group's operations and results.

Due to its online first business model, Komplett Group is less exposed to cost inflation than many of its peers, but its cost base is nevertheless subject to market inflation and currency effects.

As the group operates online, it is vulnerable to hacking and cybercrimes on critical applications and its websites. Although the group has systems in place to identify and block external attacks, the group will likely be subject to new and smarter attempts at unauthorised access that expose a risk to the business.

As previously noted, the group's balance sheet carries intangible assets, including goodwill, which are subject to risk of impairment and other factors that may contribute to a loss in value. The impairment risk associated with the intangible assets, including goodwill, has however been significantly reduced following the balance sheet adjustment made in the fourth quarter of 2023.

Risks and uncertainties must be considered when looking at the outlook comments below.

Reference is made to note 4 to the company's Annual and Sustainability Report for 2023 for additional explanations regarding risks and uncertainties.

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| SUMMARY AND OUTLOOK

Innovation-led product cycles, weak markets and strong competition had a significant impact on the results for the third quarter, and these factors have shown to extend beyond the duration anticipated earlier in the year. In this challenging environment, which also involves continued high cost inflation, Komplett Group has managed to maintain a stable cost base in constant currency. Furthermore, the group's commercial efforts have translated into improved operating working capital and liquidity, while remaining in compliance with its financial arrangements.

The group expects continued good progress from its commercial and strategic initiatives. The new central commercial organisation continues in refining core assortments, extending the supplier base as well as improving commercial terms. Again, the gains were invested to face off strong competition, but nevertheless contributed to an improved working capital position and is expected continue supporting the underlying margin development going forward.

In line with the group's selective store expansion plan, NetOnNet opened a new store in Stavanger in April replacing the previous store in Sandnes. The Stavanger outlet is now the brand's biggest store in Norway and also improves logistics capabilities for online sales in the region. The positive development in these locations support our belief in the strength of the concept also in the Norwegian market. Looking ahead, NetOn-Net will continue to develop its omnichannel concept with new store openings in Bergen and Södertälje, which are expected to already contribute during the peak season.

Moving into peak season, Komplett Group has calibrated its product assortment and made strong plans for successful Black week campaigns. Customer satisfaction rates remain high across the group's brands, and marketing tools are being deployed selectively in order to remain top of mind amongst consumers. In parallel, the group continues to proactively control and manage its cost base and overall financial position.

In the coming two quarters, the headwinds in the gaming and IT segments are expected to alleviate due to market driven launches and innovations. AI led technology is also expected to gradually be a positive driver on demand, especially as an increasing share of computers and equipment is approaching the need for replacement, and end of support of Windows 10 PCs in 2025. In parallel, the group's internal strategic initiatives are increasingly contributing to stabilising the development. The extended assortment in computing to address a wider customer audience, has been complemented by new launches around the "Komplett PC-line" (System Integration), which is now gradually also being shipped to third parties.

Moving forward, the competitive environment is likely to remain strong, also in the core segments, and the group's brands will continue to selectively apply price driven campaigns in a disciplined but still competitive manner to support demand and defend core positions. The volatility seen over the third quarter, makes it difficult to predict the timing of a pronounced market recovery, but improved consumer sentiment is expected to gradually translate into increased demand and a more positive trading environment.

Komplett Group remains committed to maintaining its industry-leading cost position, and to leverage the group's efficient and scalable platform for growth as laid out by its strategic priorities. The group's brands remain well-positioned in fundamentally attractive channels and categories supported by strong underlying drivers.

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| SEGMENT REVIEW

| BUSINESS TO CONSUMER (B2C)

^X Easing headwinds in core categories

REVENUE

Operating revenue for the B2C segment was NOK 2 543 million, representing a 2.0 per cent decline from NOK 2 594 million in the same period in 2023. In constant currency, the year-over-year decline in the quarter was 5.9 per cent.

In Norway, revenues declined by 3.4 per cent, compared with 10.8 per cent growth in the prior-year period when the group made good progress on the back of improved product availability compared to last year, recovered activity in the gaming segment as well as selective brand and demand investments. In Sweden, revenues in local currency declined by 8.0 per cent. In Denmark, which represents approximately 2.9 per cent of the B2C revenue, revenues increased by 28.7 per cent in local currency.

The demand environment in Sweden remains weak, and although household economics are improving in line with expectations, this has not yet translated into increased spending. In Norway, market parameters indicate a gradual improvement in the trading environment, supported by growing disposable income and improved spending intention among consumers.

It is too early to see a consistent trend as the monthly sales development within the quarterly period has been somewhat volatile. Product groups that are core to Komplett Group, such as PC and gaming, are however experiencing less year-over-year headwind than in recent preceding periods.

GROSS PROFIT

The overall gross profit for the B2C segment amounted to NOK 376 million in the third quarter, compared with NOK 412 million in the same quarter in 2023. The gross margin ended at 14.8 per cent, representing a decline of 1.1 percentage points from 15.9 cent in the same quarter of 2023. Campaign activities and price investments to meet competition, particularly in certain exposed categories, such as Telecom, had a negative impact on the gross margin. In addition, the gross margin was weakened by actions to manage and rebalance inventories, also in preparation for renewed assortment ahead of peak season, which in sum offset the positive impact from commercial efforts and good supplier partnerships.

OPERATING EXPENSES

B2C operating expenses were NOK 404 million in the third quarter, compared with NOK 377 million for the same period in 2023. The increase in operating expenses was driven by currency effects. Cost increases related to store openings and expansions in NetOnNet as well as marketing investments have been effectively countered by measures to reduce cost across the group, which had a meaningful impact on the cost level in the quarter. Operating expenses included total depreciation and amortisation costs of NOK 28 million in the period, compared with NOK 19 million in the same quarter in 2023. The increase in depreciation costs from last year is largely related to the new SAP ERP solution and eCommerce plaform launched for the Komplett brand in October 2023.

Despite cost savings and good cost control, the operating cost percentage increased to 15.9 per cent on lower sales volumes, from 14.5 per cent in the same quarter of last year.

EBIT

EBIT in the third quarter amounted to negative NOK 28 million, compared with a profit of NOK 35 million in the third quarter of 2023. For the third quarter, the EBIT margin came in at negative 1.1 per cent compared with a positive margin of 1.3 per cent in the prior-year period.

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B2C – KEY FIGURES

Amounts in NOK million	Q3 2024	Q3 2023	YTD 2024	YTD 2023	FY 2023
Operating revenue		2 594		7 682	11 195
Growth (%) ²	2 543 (2.0%)	2.6%	7 200 (6.3%)	20.5%	14.4%
Gross profit¹	376	412	1 112	1 210	1 757
Gross margin (%) ¹	14.8 %	15.9 %	15.4 %	15.8 %	15.7 %
Operating expenses (ex. dep)	(376)	(358)	(1 118)	(1 096)	(1 529)
Depreciation and amortisation	(28)	(19)	(77)	(58)	(78)
Total operating expenses (adj.) ¹	(404)	(377)	(1 194)	(1 154)	(1 607)
Operating cost percentage ¹	(15.9%)	(14.5%)	(16.6%)	(15.0%)	(14.4%)
EBIT	(28)	35	(82)	56	150
EBIT margin (%) ¹	(1.1%)	1.3%	(1.1%)	0.7%	1.3%

1) Alternative performance measure (APMs).

2) Year-over year growth rates from 2023 were impacted by the consolidation of NetOnNet from 1 April 2022.

-17

Q1 Q2 Q3 Q4

-38 -28

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