Komplett ASA

Earnings Release • Apr 28, 2022

Q1-22: Improved competitive advantage

Q1-22: Improved competitive advantage

Sandefjord, 28 April 2022: In the first quarter of 2022, Komplett Group

succeeded in sustaining a stable revenue of NOK 2 606 million despite a softer

B2C market and following record-strong growth in the first quarter of 2021.

While revenue in the B2C segment declined by 14.6 per cent compared with the

first quarter last year, the B2B and Distribution segments grew revenues by 20.5

per cent and 19.8 per cent, respectively. This demonstrates the attractiveness

of the Group's multi-segment business model.

"This first quarter of 2022 has been an eventful period for Komplett with robust

and sustained double-digit revenue growth across the B2B and Distribution

segments on top of solid progress in 2021. In recent months, growth in the B2C

electronics market has levelled off following a period of unmatched growth.

Coupled with intense campaign activity this translated into top-line decline in

B2C. From a long-term perspective, the electronics market fundamentals remain

strong, and the favourable online migration continues, but we expect the softer

market conditions to continue in the coming quarters," said Lars Olav Olaussen,

CEO of Komplett.

Efficient operation and good cost control led to a net decline in operation

expenses excluding Ironstone, but lower gross margins and currency effects drove

the adjusted EBIT result down to NOK 37 million, corresponding to an adjusted

EBIT margin of 1.4 per cent.

During the quarter, the Group also made solid progress on key strategic

initiatives, including completing the combination with NetOnNet.

"In February, we announced the decision to join forces with NetOnNet, a Swedish

-based e-commerce company with a highly recognised and appreciated consumer

brand and a long track record of profitable and sustainable growth. The

transaction is an important milestone on the way to our long-term targets, along

with organic growth initiatives," added Lars Olav Olaussen.

Please find enclosed the interim report for the first quarter and the

presentation material.

A presentation of the results will be held by CEO Lars Olav Olaussen and CFO

Krister Pedersen on 28 April 2022 at 09.00 CEST at Haakon VIIs gate 2, Oslo.

The event will also be available via a live webcast at the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20220428_1/

Questions will be addressed towards the end of the presentation.

A recorded version of the webcast will be available shortly after the webcast

has concluded.

For further inquiries, please contact:

Kristin Hovland, Head of Communication

Kristin.Hovland@komplett.com

Krister A. Pedersen, CFO

Krister.Pedersen@komplett.com

About Komplett ASA

Komplett Group is a leading online-first electronics and IT products retailer,

operating in Norway, Sweden and Denmark. Serving customers in the B2C, B2B and

distribution markets, the Group is deeply focused on delivering best in class

customer experience, built through decades of knowhow, expertise and deep

customer commitment. Komplett Group operates an efficiency and scalable business

model that supports costs leadership and enables a competitive product offering.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.