REPORT FOR FIRST QUARTER 2024

HIGHLIGHTS

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

| HIGHLIGHTS

^X Continued challenging markets with deterioration in core categories resulting in a revenue decline of 10.3 per cent year-over-year to NOK 3 245 million
^X Gross margin of 15.0 per cent, representing sustained progress (+0.9 pp year-overyear) despite intensifying price competition in the quarter
X Cost inflation largely counteracted through cost measures leading to relatively stable operating costs year-over-year
^X Difficult start to the year resulted in an EBIT adj. of negative NOK 40 million
^X Slower, yet positive, build-down of inventory levels due to weaker sales impacted working capital negatively in the quarter
^X Good progress on commercial efforts and cost reduction initiatives, expected to have an increasingly positive effect throughout the year
^X Liquidity and financial position remain controlled, yet with a temporarily elevated leverage ratio being closely monitored

REVENUE PER SEGMENT

REVENUE PER COUNTRY

REVENUE PER CHANNEL

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

KEY FIGURES
Amounts in NOK million unless stated otherwise	Q1 2024	Q1 2023	FY 2023
Operating revenue	3 245	3 618	15 861
Growth (%) ²	(10.3%)	38.8%	8.5%
Gross profit ¹	488	511	2 211
Gross margin (%) ¹	15.0%	14.1%	13.9%
Operating expenses (ex dep) (adj.) ¹	(433)	(420)	(1 738)
Depreciation and amortisation	(95)	(81)	(335)
Total operating expenses (adj.) ¹	(528)	(502)	(2 073)
Operating cost percentage ¹	(16.3%)	(13.9%)	(13.1%)
EBIT (adj.) ¹	(40)	9	139
EBIT margin (adj.) (%) ¹	(1.2%)	0.3%	0.9%
One-off costs	(6)	(13)	(41)
Impairment	-	-	(983)
EBIT	(46)	(4)	(885)
Net financials	(43)	(48)	(164)
Profit before tax	(89)	(53)	(1 050)
Profit for the period	(72)	(43)	(1 038)
Investments (capex)	42	49	212

Net interest bearing debt ¹ 1 478 1 438 1 178 Operating free cash flow ¹ (245) 57 410

1) Alternative performance measure (APMs).

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

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| CEO COMMENTS

In the first quarter, we made good progress with our long-term growth and profitability initiatives, but challenging markets continue to impact our financial performance in the short term. Indications of improved consumer confidence are expected to have a positive impact in the second half of the year, and our cost measures and commercial initiatives are expected to have an increasing effect throughout the year.

CHALLENGING DEMAND ENVIRONMENT

The slow-down in sales in the second half of December 2023 has, as previously communicated, continued into the first quarter, and, as we highlighted at our Capital Markets Day in February, we were expecting markets to remain difficult with limited room for growth in the first half of 2024. In Sweden, the consumer electronics market remained weak across most categories. In Norway, the overall market conditions in retail have shown some signs of improvement, although with significant variations between categories, and unfortunately with challenges in several of our core categories such as gaming consoles and components. Weak sales have led to prolonged build-down of elevated inventories, and the price competition in the industry has intensified further.

We are on track with our communicated cost savings for 2024 and have introduced additional cost measures across the group.

CENTRAL COMMERCIAL TEAM IN PLACE

Our sourcing and commercial efforts have been reinforced by the establishment of a central commercial team, which went live 1 March. The team is already well underway with negotiations of several new, group-wide supplier agreements where we utilise our scale to achieve better terms. We have also made great progress in terms of introducing new suppliers and products into our assortment lately, and this will have a positive impact both online and in our stores. Even in this challenging environment, we have succeeded in upholding gross margin progress.

AN EFFICIENT AND SCALABLE PLATFORM FOR GROWTH

In parallel with handling a continued challenging market, we have also made good progress with our strategic ambitions to secure the longerterm potential for the group. At our Capital Markets Day in February, we presented an updated strategic growth path and financial targets for the medium term. For the period 2026-2028, the group aims to outgrow the market and to be among the most profitable players in the industry.

Central to our strategic platform are our independent, differentiated brands, with concepts, product offerings and sales strategies tailored to specific customer segments and needs. The benefits of brand autonomy will be combined with shared functions and capabilities in a focused manner, including the central commercial team, a shared supply chain network and common tech, analytics and data-infrastructure. This provides us with an efficient and scalable platform for growth, while enabling a sustained cost leadership position.

Our path to growth consists of four key levers, including further expansion into adjacent categories, such as home appliances and telecom, as well as further growth in core categories such as gaming and gaming-related products. We will also use our platform to expand our service and subscription offerings, and to grow our product portfolio and customer base in B2B and Distribution. Moreover, we will continue our selective store expansion plan in line with NetOnNet's omnichannel concept, as demonstrated by our new store opening in Stavanger 11 April, and the signing of another contract for a new store opening before peak season.

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Our targeted EBIT margin will be achieved by utilising scale to gain improved purchasing terms, operational leverage and cost measures to maintain an industry-leading cost position. We also aim to capture positive mix effects from increasing the share of sales from private label and services, and from other high-margin categories.

As we expected markets to remain challenging in the first half of 2024, we have intensified our efforts to protect sales and margins in the shortterm. In parallel, our initiatives to drive growth and profitability towards 2026-2028 are well underway, and we will report on our progress going forward.

COMMITTED TO SUSTAINABILITY

Together with new financial targets, the group also updated its sustainability strategy and set clear goals for offering more circular products and services, reducing emissions and being an inclusive and attractive employer. In our annual report published in March, we have for the first time used the European Sustainability Reporting Standards (ESRS) to guide our reporting, being early adopters to the new requirements applicable to the group from the fiscal year 2024.

WELL-POSITIONED IN FUNDAMENTALLY ATTRACTIVE MARKETS

To counteract short-term impact from softer demand and cost inflation, we are reinforcing our measures to identify pockets of growth, improve supplier terms and control costs. We are also in progress of executing our strategic initiatives to optimise our store footprint and product range, increase the share of private label, improve the shop front and delivery service and to use marketing more efficiently. The positive effects from these measures are expected to have a more meaningful impact as we move into the second half of the year.

Despite the ongoing market headwinds, we rest assured that our markets are indeed fundamentally attractive in a longer-term perspective. There are also signs that the market will turn more positive during the second half of 2024, driven by lower inflation, increased purchasing power among the consumers, as well as indications of reduced interest rates over time.

We are mindful of making the right choices not only in a short-term perspective to protect our margins, but also to strengthen our position in the longer term. As online-first pioneers with presence in categories with short innovation and replacement cycles, we are well-positioned in the fastest growing sales channels and categories.

Yours sincerely

Jaan Ivar Semlitsch President & CEO

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| QUARTERLY SUMMARY

The financial results for the first quarter have been impacted by declining demand and increasing competition across the group's key markets and categories. Nevertheless, Komplett Group made good progress with its commercial initiatives and measures to reduce cost.

In the first quarter, the group's operating result (EBIT adj.) declined by NOK 49 million or a revenue decline of 10.3 per cent. In Sweden, the market for consumer electronics remained weak. While there have been some signs of improvement in the Norwegian markets, several categories which are core to Komplett Group have developed negatively, on the back of lower demand and less effects from product launches compared to last year.

During the period, the competitive environment in the industry has intensified further across markets leading to increased campaign activity and margin pressure. Despite this challenging market environment, Komplett Group maintained its overall gross margin progress.

Actions to improve operational and financial performance have been reinforced across the group in order to proactively manage the negative impact from volume shortfall, continued inflationary pressure as well as costs associated with expansion and store openings. The impact from these measures is expected to increase throughout the year.

Weak sales have resulted in prolonged builddown of elevated inventory levels, and although the inventory composition is being proactively managed, this has impacted working capital negatively.

At the close of the first quarter of 2024, the leverage ratio, defined as NIBD / LTM EBITDA (adjusted for certain exceptional items), was 3.3x. In light of the challenging start to the year, and to better match seasonality of the business, the group has obtained a revised covenant trajectory for the year, allowing a leverage ratio up to 3.5x for the first quarter.

Although the market is expected to remain challenging for the first half of 2024, indicators and economic projections still suggest a stabilisation and improvement in conditions during the second half of the year, and the group remains confident that the longer-term market fundamentals remain attractive.

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| FINANCIAL REVIEW

PROFIT AND LOSS

Total operating revenue decreased by 10.3 per cent in the first quarter of 2024, from NOK 3 618 million to NOK 3 245 million. Adjusted for currency translation effects, revenue declined by 11.8 per cent. The decline was driven by continued market challenges, with subdued demand and challenges in several of the group's core categories, restraining revenue growth across all the group's segments and markets. The sales were to a limited extent affected by changes in trading days from the phasing of Easter holidays compared to last year.

Cost of goods sold was NOK 2 757 million in the first quarter, compared with NOK 3 108 million in the same period last year. The group has progressed well with its sourcing initiatives and continues to renegotiate payment terms and agreements with key suppliers. These initiatives, combined with strong supplier relations, contributed to mitigate many of the negative effects from higher input costs driven by cost inflation compared to last year. The group's sourcing and commercial efforts were further progressed during the first quarter with the newly established central commercial team which went live 1 March 2024.

Gross profit was NOK 488 million in the first quarter, compared with NOK 511 million last year. The gross margin continued to improve and reached 15.0 per cent in the first quarter, corresponding to an increase of 0.9 percentage points from 14.1 per cent in the same period of 2023. Through its commercial and sourcing efforts, the group has succeeded in maintaining the positive margin trend from the preceding quarters, despite increased price pressure in the industry and delayed build-down of augmented inventory levels following muted demand.

Operating expenses (excluding one-off costs, depreciation and amortisation) totalled NOK 433 million in the first quarter, compared with NOK 420 million in the same period of 2023. Adjusted for currency effects, the operating expenses remained relatively stable. Higher marketing investments year-over-year and general cost inflation were largely counteracted by measures to proactively manage the cost base with the aim of maintaining the industry leading cost position. The process of closing five Webhallen shops was completed in January 2024. Further cost savings are being executed both in Norway and in Sweden to offset the impact from volume shortfall and continued inflationary pressure.

Depreciation and amortisation accounted for NOK 95 million, of which NOK 13 million were related to the amortisation of acquired customer value. In the same period last year, depreciationand amortisation expenses totalled NOK 81 million. The increase from last year is partly 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 40 million in the first quarter of 2024, compared with NOK 9 million in the same period of 2023. Sales decline driven by challenging markets, in combination with a cost inflationary environment, were the main drivers of the decline. This resulted in an EBIT adj. margin of negative 1.2 per cent in the first quarter, compared with a profit of 0.3 per cent in the same quarter of last year.

One-off costs totalled NOK 6 million in the quarter related to organisational changes and restructuring in some of the business units.

The operating result (EBIT) for the first quarter amounted to negative NOK 46 million, compared with a loss of NOK 4 million in the same period of 2023.

Net financial expenses in the first quarter totalled NOK 43 million, compared with NOK 48 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. Financial expenses in the prior-year period included NOK 10 million in establishment costs related to the refinancing process.

The group had a tax income of NOK 17 million in the first quarter, compared with a tax income of NOK 10 million in the same period last year.

Loss for the period, came in at NOK 72 million, compared with a loss of NOK 43 million in the same period last year.

FINANCIAL POSITION AND LIQUIDITY

Non-current assets amounted to NOK 3 931 million at the end of the first quarter of 2024, compared with NOK 4 780 million in the end of the first 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,

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that were directly or indirectly attributed to the NetOnNet acquisition.

Current assets amounted to NOK 2 935 million at the end of the first quarter of this year, compared with NOK 3 326 million in the same period last year. Inventories represented NOK 2 062 million at the end of March, compared with NOK 2 129 million one year earlier. The weakness in sales has resulted in a slower but still positive builddown of inventory , and the composition continues to be actively managed to avoid undue risks, while maintaining service levels.

Cash and cash equivalents totalled NOK 114 million at the end of the quarter, versus NOK 485 million at the end of March last year.

Equity amounted to NOK 2 657 million at the end of the first quarter of 2024, compared with NOK 3 688 million in the same period last year. The difference is mainly attributed to the impact from changes in other equity stemming from the aforementioned impairment charges made in the fourth quarter last year.

This yields an equity ratio of 38.7 per cent at the end of the first quarter, compared with 45.5 per cent at the end of March 2023.

Total liabilities amounted to NOK 4 209 million at the end of the first quarter of 2024, compared with NOK 4 419 million in the same period last year. Since Q2 2023, the Swedish subsidiaries have partly utilised the extension of the Swedish tax deferred payment rules with a total of NOK 444 million, which are shown as part of other current liabilities. This temporary tax deferral matures in September 2024, with an option to apply for an instalment plan of up to 36 months after this date.

Total equity and liabilities amounted to NOK 6 866 million at the end of the first quarter, compared with NOK 8 107 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 may at the company's request be increased to NOK 500 million in the fourth quarter of each year.

At 31 March 2024, NOK 900 million of the revolving credit facility, and NOK 67 million of the overdraft facility, were utilised. Including available cash of NOK 114 million, the liquidity reserve was NOK 847 million at the end of the first quarter. The liquidity reserve continues to be positively affected by the utilisation of the Swedish tax deferment scheme. At the end of the first quarter 2023, the reported liquidity reserve was NOK 975 million, including a now discontinued facility of NOK 100 million. Further details on the credit facilities may be found in note 11 to the financial statements.

Net interest-bearing debt at 31 March was NOK 853 million, excluding IFRS 16, and NOK 1 478 million including IFRS 16. The leverage ratio, defined as NIBD / LTM EBITDA (adjusted for certain exceptional items), was 3.3x at the close of the first quarter of 2024.

CASH FLOW

Operating activities generated a net cash flow of negative NOK 147 million in the first quarter, compared with NOK 189 million in the same period last year. Operating cash flow in the first quarter was positively affected by a decrease in inventory of NOK 131 million and a decrease in trade receivables of NOK 81 million, countered by a reduction in accounts payable of NOK 349 million. Cash flow from the same period last year was primarily driven by an inventory decrease of NOK 201 million.

Cash flow used in investing activities was NOK 42 million, which were invested in property, plant and equipment for a new store and improvements of the IT infrastructure. The comparable figure from last year was 45 million.

Cash flow from financing activities was NOK 74 million during the first quarter, compared with NOK 193 million in the prior-year period. The cash flow during the first quarter 2023 was impacted by new loan agreements.

EVENTS AFTER QUARTER-END

On 11 April, NetOnNet opened a new store in Stavanger which became the brand's biggest store in Norway. This store replaces the store located in Sandnes and increases both physical presence in the area and improves logistics capabilities for online sales. In addition, a contract has been signed to open another NetOnNet store before peak season in a large city in Norway.

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| SUSTAINABILITY

The group's sustainability strategy was renewed in 2023. Integrated in the group's strategic roadmap is the ambition to continue the drive for sustainable development, and the group has defined targets for offering more circular products and services, reducing emissions and being an inclusive and attractive employer.

Circular business model:

X 15 per cent of group revenues from circular products and services by 2028 Climate neutral:

| CORPORATE EVENTS

CAPITAL MARKETS DAY

The group hosted a capital markets day on 29 February 2024 where an updated strategic direction and new financial targets were presented to the market. Central to the group's strategy is a continued commitment to the portfolio of strong Nordic retail brands targeting distinct segments while utilising the commercial and cost advantages through a shared platform. Along with its refined strategic direction, the group presented new financial targets at the capital markets day in February 2024. These aim for revenues of at least NOK 18-20 billion and an EBIT margin gradually increasing to 3-4 per cent and beyond in the 2026-2028 period.

2030 X Net zero by 2040

X Scope 1 & 2 GHG reduction of 42 per cent by

Attractive & inclusive employer:

X Industry leading employee temperature
X Gender balance in leadership positions

ANNUAL AND SUSTAINABILITY REPORT 2023

On 20 March 2024, Komplett Group published its annual and sustainability report for 2023.

GENERAL MEETING

The annual general meeting will be held 8 May 2024. Participation will be digital. The notice of the annual general meeting and appendices are available at:

https://www.komplettgroup.com/investor-relations/as-an-investment/general-meetings

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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, regulatory changes or changes in market dynamics may impact its competitive position.

The current geopolitical situation may also impact the costs and availability of raw materials and other input factors. Due to its online first business model, the 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

The slow-down in sales starting in December 2023 continued, as anticipated, into the first quarter, with falling demand across key markets and categories. In Sweden, the market decline observed over recent periods continued, and in Norway, the development was mixed, although with deterioration and challenges within categories that are core to Komplett Group. The weak development impacted both the B2C and the B2B segments, as well as end users in the Distribution segment.

Reflecting weaker demand, the competitive

environment has intensified, especially in Sweden, but also in Norway, leading to more intense pressure on pricing and margins. Despite this challenging market environment, Komplett Group achieved a gross margin of 15.0 per cent, corresponding to a year-over-year improvement of 0.9 percentage points.

Komplett Group's sourcing and commercial efforts have been reinforced by the establishment of a central commercial team which went live 1 March. The group is also progressing well with measures to manage its cost base with

the aim of offsetting the negative impact from volume shortfall and continued inflationary pressures. The group is also in progress of executing the strategic initiatives to optimise its store footprint and product range, increase the share of private label, improve the shop front and delivery service and to use marketing more efficiently.

In sum, while markets remained challenging in the first quarter, the group made good progress with commercial efforts and cost reductions. Lower profitability has led to a temporarily elevated leverage ratio for the group, but liquidity and the financial position remain controlled. The positive effects from measures to improve supplier terms, identify pockets of growth and control costs are expected to have a more meaningful impact into the second half of the year.

As previously communicated, markets are expected to remain challenging for the first half of 2024. Looking into the second half of the year, indications of improved consumer confidence are expected to have a growing positive impact.

Komplett Group remains confident in the longer-term potential for the group, and firmly believes in the strong underlying market fundamentals for consumer electronics and appliances as well as the long-term growth trajectory for online retail. Initiatives to drive growth and profitability towards 2026-2028 are well underway, and the group continues to scale up its competitive advantages by building on its strong, differentiated brands and cost-efficient, scalable business model.

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| SEGMENT REVIEW

| BUSINESS TO CONSUMER (B2C)

^X Gross margin improvement in a challenging demand and competitive environment

REVENUE

Operating revenue for the B2C segment was NOK 2 265 million, compared with NOK 2 503 million for the same period in 2023. This year, both Webhallen and NetOnNet celebrate 25 years in business, and this has been marked by anniversary campaigns with attractive offers in the first quarter.

The reported revenue decline of 9.5 per cent was slightly impacted by currency translation effects, corresponding to a year-over-year decline of 11.5 per cent in constant currency terms for the quarter. In local currency, revenues declined by 9.4 per cent in Norway and by 12.5 per cent in Sweden. In Denmark, which represents approximately 2.6 per cent of the B2C revenue, revenues declined by 9.5 per cent.

The demand environment for consumer electronics in Sweden remained challenging across most categories. In Norway, the overall market has shown signs of improvement, albeit with substantial variations between categories. In the categories that are core to Komplett Group, the slow-down in demand observed in the second half of December 2023 has continued into 2024 and had a significant impact on sales in the period. The sales decline was also partly explained by the effects of less product launches in core categories this year.

GROSS PROFIT

The overall gross profit for the B2C segment amounted to NOK 387 million in the first quarter, compared with NOK 392 million in the same quarter in 2023. The gross margin ended at 17.1 per cent, representing an improvement of 1.4 percentage points from 15.7 per cent in the same quarter of 2023. More intense price competition in the industry was offset by commercial efforts and good supplier partnerships.

OPERATING EXPENSES

B2C operating expenses were NOK 404 million in the first quarter, compared with NOK 380 million for the same period in 2023. The increase reflects increased marketing and competitive pressures year-over-year, as well as overall cost inflation, partly offset by the cost initiatives which have been implemented in NetOnNet. Operating expenses included total depreciation and amortisation costs of NOK 24 million in the period, compared with NOK 18 million in the same quarter in 2023.

Despite cost savings and good cost control, the operating cost percentage increased to 17.8 per cent, from 15.2 per cent in the same quarter of last year.

EBIT

EBIT in the first quarter amounted to negative NOK 17 million, compared with a profit of NOK 12 million in the first quarter of 2023. For the first quarter, the EBIT margin came in at negative 0.7 per cent compared with a positive margin of 0.5 per cent in the prior-year period.

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B2C – KEY FIGURES

Amounts in NOK million	Q1 2024	Q1 2023	FY 2023

Operating revenue	2 265	2 503	11 195
Growth (%) ²	(9.5%)	86.4%	14.4%
Gross profit¹	387	392	1 757
Gross margin (%) ¹	17.1 %	15.7 %	15.7 %
Operating expenses (ex. dep)	(380)	(362)	(1 529)
Depreciation and amortisation	(24)	(18)	(78)
Total operating expenses (adj.) ¹	(404)	(380)	(1 607)
Operating cost percentage ¹	(17.8%)	(15.2%)	(14.4%)
EBIT	(17)	12	150
EBIT margin (%) ¹	(0.7%)	0.5%	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.

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