Komplett ASA

Earnings Release • Apr 30, 2025

Q1-25: Stable performance in improving markets

Q1-25: Stable performance in improving markets

Sandefjord, 30 April 2025: More positive market dynamics and initial effects of

new product launches coming online in computing and gaming, resulted in sales

growth and stable gross margins in the first quarter. Operating expenses

remained relatively stable, while the impact from recent cost and efficiency

measures is gradually taking effect.

Operating revenue increased by 3.8 per cent in the first quarter of 2025, from

NOK 3 245 million to NOK 3 370 million (+2.5 per cent in constant currency). The

progress was supported by more positive market dynamics, in both Norway and in

Sweden.

The gross margin reached 15.0 per cent in the first quarter, reflecting a stable

development from 15.0 per cent in the same period of 2024. The margin

performance was impacted by commercial initiatives, positive mix effects, and

margin management, which were partly offset by a continued competitive market.

Operating expenses increased by 2.4 per cent (+0.7 per cent in constant

currency), as the ongoing measures were offset by general cost inflation,

commercial expansion measures and select marketing investments. The cost and

restructuring measures are proceeding as planned, and the positive effects are

expected to increase gradually into 2025.

EBIT adj. amounted to negative NOK 39 million in the first quarter of 2025 and

remained stable compared with negative NOK 40 million in the same period of

At the end of March, the group's leverage ratio, defined as NIBD / LTM EBITDA

(adjusted for certain exceptional items), was 3.4x. Net debt levels were

supported by continued solid liquidity at the end of the quarter, primarily

driven by better payment terms. The measured leverage remains well below the

covenant levels previously agreed with the group's financing partners for H1

The group is seeing positive results from its strategic initiatives, with the

benefits of new cost-saving measures expected to increase throughout 2025

supported by more positive innovation cycles.

Over the past months, global uncertainty has increased substantially. This has

already led to a more cautious consumer sentiment, while the potential impact

from these geopolitical shifts on the overall trading environment has become

increasingly hard to predict.

"The first quarter of 2025 showed signs of market improvement and a more

positive outlook, though consumer sentiment remained cautious across our key

markets in Norway and Sweden. Significant cost saving measures were carried out

during the quarter along with strategic commercial initiatives, in line with our

long-term ambitions." says Jaan Ivar Semlitsch, President and CEO of Komplett

ASA.

"Looking ahead, we will continue our efforts to leverage our scalable and

efficient platform while implementing further cost measures across the group. In

addition, we expect positive effects from many new launches within several

categories with good availability in Q2 and beyond," Semlitsch adds.

The presentation material and report for the first quarter of 2025 are attached

to this notice.

A presentation of the results will be held by CEO Jaan Ivar Semlitsch and CFO

Thomas Røkke at 09:00 CEST in Storstua at Sommerro, Sommerrogata 1, Oslo.

The event will also be made available via a live webcast. Please use the

following link to register and view the webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20250430_4/

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:

Thomas Røkke, CFO

Thomas.Rokke@komplett.com

Kristin Hovland, Head of Communication

Kristin.Hovland@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 efficient and scalable business

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

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

announcement was published by Elise Heidenreich, Investor Relations adviser, at

the date and time as set out above.