Byggmax Group

Quarterly Report • Jul 12, 2024

BYGGMAX GROUP INTERIM REPORT 1 JANUARY – 30 JUNE 2024 01

INTERIM REPORT BYGGMAX GROUP Q2 ¹ JANUARY–30 JUNE 2024

"Byggmax deliver improved profitability and strengthened balance sheet during the important second quarter despite a continued cautious market. This year's focus on ensuring efficient operations and reducing net debt have a significant impact. At the same time, work to further improve the customer offering continues".

Karl Sandlund, President and CEO

THE SECOND QUARTER 2024

• Net sales amounted to SEK 2,082 M (2,203), a decrease of 5.5 percent.
• Exchange rate effects had a positive impact on net sales of 0.2 percent. The Group's like-for-like sales decreased by 6.7 percent.
• The comparable costs, i.e. costs excluding new and closed stores, decreased SEK 30 M (59).
• EBITA amounted to SEK 184 M (172), an EBITA-margin of 8.8 percent (7.8).
• Two (four) stores opened in Sweden and Norway during the period.
• Byggmax Group communicated updated financial targets on May 29, 2024.

Net sales R12 Share of

e-commerce R12

stores R12

Cash flow from operating activities R12

KEY PERFORMANCE INDICATORS

	April – June		January – June		12 months	Full year
SEK M	2024	2023	2024	2023	July 2023 – June 2024	2023
Net sales	2,082	2,203	2,948	3,155	5,905	6,113
Gross margin, %	33.6	32.0	33.7	32.7	34.0	33.4
EBITA	184	172	36	46	168	179
EBITA-margin, %	8.8	7.8	1.2	1.5	2.9	2.9
EBIT	170	158	8	18	112	123
EBIT-margin, %	8.2	7.2	0.3	0.6	1.9	2.0
Net profit/loss for the period	108	117	-38	-15	3	26
Earnings per share, SEK	1.85	2.00	-0.65	-0.26	0.06	0.44
Shareholder's equity per share, SEK	39.31	39.94	39.31	39.94	39.31	40.27
Cash flow from operating activities	675	895	759	797	744	781
Number of stores at the end of the period	213	210	213	210	213	209
Net debt	2,333	2,593	2,333	2,593	2,333	2,731
Net debt excl. IFRS 16	480	679	480	679	480	948

For more information, please contact:

Karl Sandlund, President and CEO, karl.sandlund@byggmax.se +46 76 11 90 184 Helena Nathhorst, CFO, helena.nathhorst@byggmax.se +46 76 11 90 040

MESSAGE FROM THE CEO

IMPROVED PROFITABILITY AND STRENGTHENED BALANCE SHEET

Byggmax deliver improved profitability and strengthened balance sheet during the important second quarter despite a continued cautious market. This year's focus on ensuring efficient operations and reducing net debt have significant impact. At the same time, work to further improve the customer offering continues.

As expected, the consumer market for building materials remained cautious in the second quarter of the year. In total, sales decreased by 5.5 percent compared to the second quarter of 2023. During the quarter, there have been significant differences in sales development between various categories. Product categories related to smaller projects and gardening performed better, while larger renovation projects continued to show weak development.

THIS YEAR'S PRIORITIES HAVE EFFECT

Despite lower sales, Byggmax is delivering improved profitability. EBITA for the second quarter amounted to SEK 184 M (172) with an EBITA-margin of 8.8 percent (7.8). The improved profitability is driven by successful cost control, where the adjustments of the administrative costs made during the winter have effect. In total, costs decreased by 7 percent compared to the second quarter of 2023, despite three additional stores in the portfolio.

In addition to lower costs, the improvement in earnings is explained by a high gross margin. Successful assortment and purchasing work, as well as the demand in the quarter being weighted more than usual towards products with higher margins, are behind the strong gross margin.

During the spring, we have focused extensively on preparing the stores for the high season. We have improved our processes concerning inventory build-up and carefully analysed the entire assortment to ensure the right inventory levels in all stores. This ensures that we do not run out of relevant and attractive products, while allowing for lower inventory levels of less frequently purchased items, resulting in both less restricted capital and opportunities for improved sales.

One of this year's priorities is to strengthen our balance sheet and reduce net debt by improved earnings, inventory optimisation, and adjustments of investment levels. New, more cost-effective, ways of opening new stores are one example of how investments have been reduced. In total, net debt excluding lease liabilities has been reduced by 29 percent compared to the corresponding quarter last year.

CUSTOMER OFFERING IMPROVEMENTS

During the quarter, we opened two new stores, one in Bergen, Norway, and one in Mellbystrand, Sweden. Byggmax now have a total of 213 stores in four Nordic markets. That is 33 more than we had three years ago. While opening new stores, we continuously work to make them more inspiring for our customers and ensuring efficient operations. The result of this is seen, among other things, in very high customer satisfaction in store during the quarter.

During the quarter, our e-commerce assortment performed well. This is a result of our investments in made to order products through e-commerce, and the

increased demand for smaller projects that we are observing. To further improve our e-commerce, we are analysing the assortment to offer relevant and attractive products.

CONTINUED HIGH SEASON

As expected, the first half of 2024 has seen cautious consumers when it comes to larger projects and renovations. Therefore, Byggmax has prioritised stability and profitability. Recently, consumer confidence has strengthened, and the number of housing transactions has increased, which in the long run leads to more DIY projects. Once the market recovers, Byggmax is ready for growth. We have a strong position as a discount retailer, with low costs and efficient logistics, making us well positioned for the future.

Byggmax has great potential, and we have a clear plan to achieve our goals. We see potential in simplicity and the elimination of complexity. The commercial investments made in recent years have significantly increased our revenue potential, and going forward we will ensure that we fully capitalize on these. We will also continue to improve our assortment and optimize our store portfolio.

We are now in Byggmax's high season. With a clear operational focus, upgraded stores and refilled inventories, we are well prepared. Byggmax's fantastic employees across the Nordic region work intensively to help our customers achieve their DIY dreams!

KARL SANDLUND President and CEO

BYGGMAX GROUP IN BRIEF

Byggmax Group offers building materials and related products of high-quality for DIYers at the market's best prices. Shopping with us is smart - easy, fast and sustainable.

Since the start in 1993, the Group has a strong low-price position in the DIY market and currently has operations in Sweden, Norway, Finland, and Denmark. We combine a carefully selected store assortment with a broader e-commerce assortment, which provides economies of scale in logistics and purchasing. Together with efficient store operations and small centralized support functions, this allows us to keep the lowest possible costs.

A strong corporate culture and committed employees contribute to the successful development of the business model and secure the industry's most satisfied customers.

1,283

EMPLOYEES

ENGAGEMENT

Of the Group's 213 stores 12 are the Right Price Tiles brand in Norway and four are Lavpris Træ in Denmark. Skånska Byggvaror complements its e-commerce sales with eight showrooms, four in Sweden, three in Norway and one in Finland.

SUSTAINABILITY TARGETS

• Reduce CO2 emissions from own operations by 90 percent by 2027 compared to 2020.
• Net zero value chain emissions (Scope 1, 2 & 3) by 2040.
• 70 percent reduction of CO2 relative to transported tons of goods by 2030 compared to 2010.

Targets according to Science Based reported in line with Greenhouse Gas Protocol Standard

FINANCIAL TARGETS

• Growth exceeding market, implying at least 5 percent annual sales increase over a business cycle.
• The EBITA-margin should be at least 7 percent per year.
• Net debt excl. IFRS 16/ EBITDA R12 shall not be more than 2.5x.
• Byggmax shall distribute at least 50 percent of net profit, considering the financial position.

STRATEGY

82

INDEX

• A strong low-price position with a good customer experience, a relevant product range together with flexible home delivery offerings.
• Committed employees, efficient processes, and a cost-conscious organization with high sustainability ambitions.
• An optimized store portfolio combined with a complementary e-commerce portfolio.

NET SALES AND EARNINGS

APRIL–JUNE 2024

NET SALES

The operation's net sales amounted to SEK 2,082 M (2,203), a decrease of 5.5 percent. Exchange rate effects had a positive impact on net sales of 0.2 percent. The Group's like-for-like sales decreased by 6.7 percent.

The gross margin was 33.6 percent, an increase compared to 32.0 percent in the corresponding quarter last year. The gross margin has been positively impacted by an improved product mix, a stronger product margin combined with utilization of cash discounts from suppliers.

GEOGRAPHIC NET SALES

Net sales in Sweden decreased by 4.9 percent and amounted to SEK 1,548 M (1,628) in the quarter. Net sales in other Nordic decreased by 7.0 percent and amounted to SEK 559 M (601) in the quarter.

STORES

The total number of stores at the end of the period amounts to 213, compared with 211 at the beginning of the quarter. Two (four) new stores were opened during the quarter, Mellbystrand in Sweden and Bergen in Norway. No stores were closed.

EARNINGS

SEK M

SEK M

EBIT amounted to SEK 170 M (158), with an EBIT-margin of 8.2 percent (7.2).

Discontinued operations of the associated company Morewood Sweden AB within Green Ventures had a negative impact on EBIT with a write-down of SEK 8 M in the quarter.

Personnel expenses and other expenses amounted to SEK 360 M (387), a decrease of SEK 27 M compared with the corresponding quarter last year. Costs for new stores amounted to SEK 4 M (12) and closed stores reduced costs by SEK 1 M (0) during the quarter. Comparable costs, i.e. costs excluding new and closed stores, decreased by SEK 30 M (59) during the quarter.

The costs for both in-store operations and central administration have continued to be reduced through optimized processes and adaption to lower sales volumes.

NET FINANCIAL ITEMS AND TAX

Net financial items amounted to SEK -29 M (-24). Net financial items for the quarter were impacted by exchange rate effects of SEK -3 M (10).

The profit before tax amounted to SEK 141 M (133). Income tax for the quarter amounted to SEK -33 M (-16).

NET PROFIT

Net profit for the quarter amounted to SEK 108 M (117). Earnings per share amounted to SEK 1.85 (2.00).

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Cash flow from operating activities, quarter Cash flow from operating activities, R12

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Cash flow from operating activities, quarter Cash flow from operating activities, R12

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SEK M

SEK M

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Net debt excl. IFRS 16

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Net debt excl. IFRS 16

NET SALES AND EARNINGS

JANUARY–JUNE 2024

NET SALES

The operation's net sales amounted to SEK 2,948 M (3,155), a decrease of 6.6 percent. Exchange rate effects had no impact on net sales. The Group's like-forlike sales decreased by 7.4 percent.

The gross margin was 33.7 percent, an increase compared to 32.7 percent in the corresponding period last year. The gross margin has been positively impacted by an improved product mix and a stronger product margin.

GEOGRAPHIC NET SALES

Net sales in Sweden decreased by 4.9 percent and amounted to SEK 2,172 M (2,284) in the period. Net sales in other Nordic decreased by 10.6 percent and amounted to SEK 808 M (904) in the period.

STORES

The total number of stores at the end of the period amounts to 213, compared with 209 at the beginning of the period. Four (six) new stores were opened during the period, Klippan, Mellbystrand, and Byggmax Studio, Umeå in Sweden and Bergen in Norway. No stores were closed.

EARNINGS

EBIT amounted to SEK 8 M (18), with an EBIT-margin of 0.3 percent (0.6).

Discontinued operations of the associated company Morewood Sweden AB within Green Ventures had a negative impact on EBIT with a write-down of SEK 9 M in the period.

Personnel expenses and other expenses amounted to SEK 654 M (708), a decrease of SEK 55 M compared with the corresponding period last year. Costs for new stores amounted to SEK 11 M (23) and closed stores reduced costs by SEK 3 M (0) during the period. Comparable costs, i.e. costs excluding new and closed stores, decreased by SEK 62 M (84) during the period.

Continued strong cost control, with expenses adapted to a lower sales volume, reduced central administration, and maintaining a low level of projects.

NET FINANCIAL ITEMS AND TAX

Net financial items amounted to SEK -57 M (-57). Net financial items for the period were impacted by exchange rate effects of SEK 0 M (3).

The profit before tax amounted to SEK -49 M (-39). Income tax for the period amounted to SEK 11 M (23).

NET PROFIT

Net profit for the period amounted to SEK -38 M (-15). Earnings per share amounted to SEK -0.65 (-0.26).

OUR GEOGRAPHIC MARKETS

		April–June			January–June		12 months
Net sales, SEK M	2024	2023	Change	2024	2023	Change	July 2023 –June 2024	July 2022 – June 2023 Change
Sweden	1,548	1,628	-4.9%	2,172	2,284	-4.9%	4,275	4,719	-9.4%
Other Nordic	559	601	-7.0%	808	904	-10.6%	1,682	1,951	-13.8%

CASH FLOW AND FINANCIAL POSITION

CASH FLOW

Cash flow from the operating activities amounted to SEK 675 M for the quarter, decrease SEK 220 M compared with the corresponding period last year. The change is entirely driven by lower accounts payable.

Cash flow from the operating activities amounted to SEK 759 M for the period, decrease SEK 38 M compared with the corresponding period last year. Cash flow is mainly driven by lower accounts payable and high tax payments in the corresponding period last year.

INVENTORY

At the end of the period, inventory amounted to SEK 1,422 M (1,711). Compared with the end of the corresponding period last year, two stores were closed, and five new stores were opened. The change in inventory referred to new stores amounted to SEK 18 M and for closed stores to SEK -9 M.

INVESTMENTS

0

0

Investments in intangible and tangible fixed assets during the quarter amounted to SEK 26 M (49), of which SEK 10 M (9) pertained to IT-investments, SEK 9 M (19) to investments in new stores, and SEK 7 M (19) to recuring investments in stores. EĞƚƌĞǀĞŶƵĞ /dĂŶĚDĂƌŐŝŶ EĞƚƌĞǀĞŶƵĞ /dĂŶĚDĂƌŐŝŶ SEK M

Investments in intangible and tangible fixed assets during the period amounted to SEK 51 M (107), of which SEK 13 M (11) pertained to IT-investments, SEK 18 M (35) to investments in new stores, and SEK 19 M (36) to recuring investments in stores. During the first half of 2023 most of the remaining investments were related to store upgrades. 1 500 3 000 4 500 6 000 7 500 9 000 500 1 000 1 500 2 000 2 500 3 000 SEK M 1 500 3 000 4 500 6 000 7 500 9 000 500 1 000 1 500 2 000 2 500 3 000

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Net revenue, quarter Net revenue, R12

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Net revenue, quarter Net revenue, R12

0

0

LIQUIDITY AND FINANCIAL POSITION

Consolidated net debt was SEK 2,333 M (2,593). The net debt excluding the effects of IFRS 16 amounted to SEK 480 M (679). The equity/assets ratio amounted to 36.3 percent (34.0). Unutilised credit facilities totalled SEK 1,000 M (1,109).

GOODWILL AND OTHER INTANGIBLE FIXED ASSETS

The Group's carrying amounts from intangible fixed assets amounted to SEK 2,282 M (2,345). The Group's goodwill amounted to SEK 2,019 M (2,024), the change is related to exchange rate effects. Other intangible fixed assets amounted to SEK 263 M (321) and primarily pertained to software, customer relationships and brands. Amortisation of customer relationships and brands related to acquisitions amounts to SEK -14 M (-14) for the quarter. Amortisation of customer relationships and brands related to acquisitions amounts to SEK -28 M (-28) for the period.

SHAREHOLDERS' EQUITY

Consolidated shareholders' equity amounted to SEK 2,304 M (2,341), which corresponds to SEK 39.31 (39.94) per share outstanding. As of 30 June 2024, there are warrant programmes outstanding encompassing 2,676,000 shares. 9 12 300 400 SEK M Percent 9 12 300 400 SEK M Percent

6

6

SEASONAL VARIATIONS 200 200

Byggmax Group has large seasonal variations. The second and third quarter have historically reported the highest net sales and the highest operating profit. Cash flow from operating activities is strongly affected by lower profitability during the low season and impacted by an accumulation of inventory during the first quarter before the high season begins. -6 -3 0 3 -200 -100 0 100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 EBITA, quarter EBITA-margin R12, % -6 -3 0 3 -200 -100 0 100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 EBITA, quarter EBITA-margin R12, %

NET DEBT (EXCL. IFRS 16) CASH FLOW FROM OPERATING ACTIVITIES

OTHER

ACCOUNTING POLICIES

Byggmax Group applies the International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee as adopted by the EU. This report has been prepared according to IAS 34 Interim Financial Reporting, the Swedish Financial Reporting Board's Recommendation RFR 1 Supplementary Rules for Consolidated Financial Statements and the Swedish Annual Accounts Act.

The Parent Company's accounts have been prepared pursuant to the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The same accounting policies have been applied as for the Group except in those cases stated in the Parent Company's accounting policies section in the 2023 Annual Report, Note 1.16.

The accounting principles and calculation methods applied in this report are unchanged from those used in the preparation of the annual and sustainability report and consolidated financial statements for 2023.

Refer to the Annual Report for the 2023 fiscal year, notes 1–3, for a more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report.

TRANSACTIONS WITH RELATED PARTIES

No transactions occurred between Byggmax Group and related parties that could significantly impact the company's position and results.

The 2019, 2021, 2022, 2023 and 2024 Annual General Meeting resolved to introduce warrant programmes for senior executives and other key staff at Byggmax Group. The warrants are priced at market value, which is based on a valuation made by an independent party. Each warrant entitles its holder to subscribe for one share in the company. The participants of the warrants programme have entered into a pre-emption agreement.

The 2019 warrant programme comprising 830,000 warrants expire on 9 December 2024, and can be exercised at a subscription price of SEK 47.40 from 10 June 2024.

The 2021 warrant programme comprising 480,000 warrants expire on 14 December 2026, and can be exercised at a subscription price of SEK 91.20 from 15 June 2026.

The 2022 warrant programme comprising 500,000 warrants expire on 13 December 2027, and can be exercised at a subscription price of SEK 82.00 from 14 June 2027.

The 2023 warrant programme comprising 466,000 warrants expire on 11 December 2028, and can be exercised at a subscription price of SEK 37.70 from 12 June 2028.

The 2024 warrant programme comprising 400,000 warrants expire on 10 December 2029, and can be exercised at a subscription price of SEK 48.00 from 11 June 2029.

THE SHARE

The total number of shares and votes outstanding at the end of the period amounts to 58,625,045. The share capital amounts to SEK 20,333,015.

PARENT COMPANY

The Parent Company constitutes a holding company where the Group CEO is employed. The Parent Company's net sales during the second quarter amounted to SEK 0 M (0). The net financial items include dividends from subsidiaries of SEK 22 M (65) in the quarter. The profit after financial items was SEK 0 M (28) for the quarter.

EMPLOYEES

The number of employees, (converted into full-time equivalents) totalled 1,283 (1,405) at the end of the period.

SIGNIFICANT RISKS AND FACTORS OF UNCERTAINTY

The Byggmax Group conducts business activities in the Swedish, Norwegian, Finnish and the Danish DIY market. In the short-term, the market is heavily impacted by weather related effects and the economic situation, as these factors comprise the prerequisites for consumers to wish to carry out home improvement projects.

Byggmax Group's significant risks and uncertainty factors are described in the 2023 Annual Report.

Just as other companies, Byggmax is faced with challenges related to changes in the macroeconomic situations and geopolitical circumstances. These changed macroeconomic or geopolitical circumstances, such as political instability may result in rapid changes in the business environment.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

No significant events have occurred since the end of the reporting period.

The Board of Directors and the President certify that the six-month report provides an accurate overview of the Group's and Parent Company's operations, position and performance, as well as describing significant risks and instability factors faced by the Parent Company and companies in the Group.

Stockholm July 11, 2024

ANDERS MOBERG Chairman of the Board ANDRÉAS ELGAARD Board member

LARS LJUNGÄLV Board member

GUNILLA SPONGH Board member

CATARINA FAGERHOLM Board member

DANIEL MÜHLBACH Board member

KARL SANDLUND President and CEO

KEY PERFORMANCE INDICATORS BY QUARTER

GROUP	2024		2023				2022
SEK M	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Earnings
Net sales	2,082	866	998	1,960	2,203	952	1,170	2,273	2,546
of which Sweden	1,548	624	703	1,401	1,628	656	798	1,638	1,855
of which Other Nordics	559	250	302	572	601	304	383	664	723
EBITA	184	-148	-77	210	172	-125	-28	288	254
EBIT	170	-162	-91	196	158	-139	-42	274	240
Profit/loss for the period	108	-147	-97	138	117	-133	-60	214	182
Change in net sales, %	-5.5	-9.0	-14.8	-13.8	-13.4	-25.1	-10.0	-5.3	-10.1
Like-for-like sales, %	-6.7	-9.1	-14.9	-15.5	-14.3	-26.8	-15.2	-11.4	-16.6
Gross margin, %	33.6	33.9	34.5	34.1	32.0	34.4	35.2	34.4	32.0
EBITA-margin, %	8.8	-17.1	-7.7	10.7	7.8	-13.2	-2.4	12.7	10.0
EBIT-margin, %	8.2	-18.7	-9.1	10.0	7.2	-14.6	-3.6	12.0	9.4
Balance sheet
Inventory	1,422	1,510	1,281	1,370	1,711	1,771	1,608	1,678	1,881
Net debt	2,333	2,863	2,731	2,499	2,593	3,214	2,851	2,457	2,442
Net debt excl. IFRS 16	480	991	948	630	679	1,421	1,183	904	891
Shareholders' equity	2,304	2,223	2,361	2,477	2,341	2,208	2,361	2,411	2,188
Capital employed	4,637	5,086	5,092	4,976	4,934	5,422	5,212	4,868	4,630
Investment in intangible and tangible
fixed assets	26	24	24	16	49	58	54	47	59
Inventory turnover rate	2.5	2.4	2.8	2.7	2.4	2.6	3.1	3.1	3.1
Net debt/EBITDA excl. IFRS 16	1.5	3.2	2.8	1.6	1.5	2.6	1.8	1.3	1.1
Return on equity , %	0.1	0.5	1.1	2.5	6.1	9.1	13.6	14.5	20.5
, Return on capital employed %	2.5	2.1	2.5	3.6	5.3	6.7	9.4	11.3	16.0
Equity/assets ratio, %	36.3	34.3	38.3	38.8	34.0	32.8	36.3	37.1	32.5
Cash flow
Cash flow from operating activities	675	84	-189	174	895	-98	-127	127	280
Other
Average number of employees	1,283	1,085	1,114	1,434	1,405	1,207	1,228	1,530	1,514
Number of stores	213	211	209	209	210	206	204	201	198
of which Sweden	141	140	138	138	137	134	134	130	128
of which Other Nordics	72	71	71	71	73	72	70	71	70

SHARE DATA	2024		2023				2022
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Average number of shares outstanding,
thousand	58,625	58,625	58,625	58,625	58,625	58,625	58,625	58,625	58,625
Earnings per share for the period, SEK	1.85	-2.50	-1.65	2.36	2.00	-2.26	-1.03	3.65	3.11
Equity per share, SEK	39.31	37.92	40.27	42.25	39.94	37.66	40.27	41.13	37.32
Cash flow from operating activities per
share, SEK	11.51	1.44	-3.23	2.96	15.26	-1.67	-2.17	2.16	4.77
Share price at the end of the period, SEK	35.02	36.00	37.94	29.48	28.92	36.80	49.74	37.30	53.10

CONSOLIDATED INCOME STATEMENT

	April–June		January–June		12 months	Full year
SEK M	2024	2023	2024	2023	July 2023 –June 2024	2023
Revenue
Net sales	2,082	2,203	2,948	3,155	5,905	6,113
Other operating income	9	3	15	15	39	39
Total revenue	2,090	2,207	2,963	3,170	5,944	6,152
Operating expenses
Cost of goods sold	-1,382	-1,498	-1,954	-2,123	-3,900	-4,069
Other external costs1	-145	-161	-266	-296	-458	-488
Personnel costs	-214	-225	-388	-412	-787	-811
Depreciation, amortisation and impairment of tangible and intangible fixed assets1	-171	-163	-338	-319	-677	-658
Share of income of equity accounted companies	-8	-1	-9	-1	-10	-3
Total operating expenses	-1,920	-2,049	-2,955	-3,152	-5,832	-6,029
EBIT	170	158	8	18	112	123
Net financial items1	-29	-24	-57	-57	-108	-109
Profit/loss before taxes	141	133	-49	-39	4	14
Income tax	-33	-16	11	23	-1	12
Net profit/loss for the period	108	117	-38	-15	3	26
Attributable to:
Parent Company shareholders	108	117	-38	-15	3	26
Earnings per share before dilution, SEK	1.85	2.00	-0.65	-0.26	0.06	0.44
Earnings per share after dilution, SEK	1.85	2.00	-0.65	-0.26	0.06	0.44
Average number of shares outstanding at end of period, thousand	58,625	58,625	58,625	58,625	58,625	58,625

1) During the quarter, other external costs decreased SEK 118 M (110), depreciation on tangible assets increased SEK 110 M (103) and financial expenses increased SEK 10 M (9) due to IFRS 16 Leases. During the period, other external costs decreased SEK 232 M (214), depreciation on tangible assets increased SEK 215 M (200) and financial expenses increased SEK 20 M (16) due to IFRS 16 Leases.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME GROUP

	April–June		January–June		12 months	Full year
SEK M	2024	2023	2024	2023	July 2023 –June 2024	2023
Net profit/loss for the period	108	117	-38	-15	3	26
Items that may be reclassified to profit or loss
Translation differences	1	16	9	-5	-13	-27
Other comprehensive income for the period	109	133	-29	-20	-9	-1

CONSOLIDATED BALANCE SHEET

SEK M	30 June 2024	30 June 2023	31 December 2023
Assets
Intangible fixed assets	2,282	2,345	2,306
Tangible fixed assets1	2,361	2,531	2,334
Financial fixed assets	30	36	34
Total fixed assets	4,673	4,912	4,674
Inventories	1,422	1,711	1,281
Current receivables	232	222	200
Cash and cash equivalents	20	34	10
Total current assets	1,674	1,967	1,491
Total assets	6,347	6,879	6,165
Shareholders' equity and liabilities
Shareholders' equity	2,304	2,341	2,361
Lease liabilities	1,414	1,489	1,363
Deferred tax liabilities	138	163	143
Other non-current liabilities	1	1	1
Total non-current liabilities	1,552	1,652	1,506
Borrowing from credit institutions	500	712	958
Lease liabilities	439	425	421
Accounts payables	1,101	1,295	588
Other current liabilities	451	452	331
Total current liabilities	2,491	2,885	2,298
Total shareholders' equity and liabilities	6,347	6,879	6,165

1) Tangible fixed assets include SEK 1,861 M (1,924) IFRS 16 Leases.

GROUP

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK M	30 June 2024	30 June 2023	31 December 2023
Opening balance at the beginning of the period	2,361	2,361	2,361
Comprehensive income
Translation differences	9	-5	-27
Profit/loss for the period	-38	-15	26
Total comprehensive income	-29	-20	-1
Transactions with shareholders
Dividend	-29	–	–
Warrants and new share issue	1	1	1
Total transactions with shareholders	-28	1	1
Shareholders' equity at the end of the period	2,304	2,341	2,361

CONSOLIDATED CASH FLOW STATEMENTS

	April–June		January–June		12 months	Full year
SEK M	2024	2023	2024	2023	July 2023 –June 2024	2023
Cash flow from operating activities
EBIT	170	158	8	18	112	123
Non-cash items;
Depreciation, amortisation and impairment of tangible and intangible fixed assets1	171	163	338	319	677	658
Other non-cash items	2	-1	3	6	6	8
Financial items	-29	-18	-57	-51	-108	-102
Tax paid	-9	14	-22	-174	16	-136
Cash flow from operating activities before changes in working capital	305	316	270	119	702	551
Change in inventories	91	79	-136	-99	271	308
Change in other current receivables	-10	-65	-25	-7	3	21
Change in other current liabilities	289	565	649	784	-233	-99
Cash flow from operating activities	675	895	759	797	744	781
Cash flow from investing activities
Investments in intangible fixed assets	-10	-10	-13	-19	-28	-35
Investments in tangible fixed assets	-17	-40	-38	-87	-62	-111
Investments in financial assets	–	-6	0	-9	-1	-10
Sale of tangible fixed assets	2	0	2	2	3	3
Cash flow from investing activities	-25	-55	-49	-114	-88	-153
Cash flow from financing activities
Change in overdraft facilities	-513	-753	-458	-490	-213	-245
Amortisation of lease liabilities	-108	-102	-212	-198	-425	-410
Issue of warrants	1	1	1	1	1	1
Dividend to shareholders	-29	–	-29	–	-29	–
Cash flow from financing activities	-649	-854	-698	-687	-666	-655
Cash flow for the period	1	-14	12	-4	-10	-26
Cash and cash equivalents at the beginning of
the period	22	44	10	19	34	19
Cash flow from the period	1	-14	12	-4	-10	-26
Exchange rate effect Cash and cash equivalents at the end of the period	-2 20	4 34	-2 20	19 34	-3 20	17 10

1) During the quarter, "Other non-cash items" includes a positive effect of SEK 110 (103) M from depreciation of tangible fixed assets due to IFRS 16 leases. During the period, "Other non-cash items" includes a positive effect of SEK 215 (200) M from depreciation of tangible fixed assets due to IFRS 16 leases.

PARENT COMPANY

INCOME STATEMENT

		April–June		January–June		Full year
SEK M	2024	2023	2024	2023	July 2023 –June 2024	2023
Revenue	0	0	0	0	14	14
Other external costs	-4	-5	-7	-6	-17	-17
Personnel costs	-3	-6	-5	-10	-10	-14
Total operating expenses	-7	-10	-12	-16	-27	-31
EBIT	-7	-10	-12	-16	-12	-17
Net financial items	7	39	-10	21	-1	30
Profit/loss before tax	0	28	-23	4	-13	13
Income tax	0	-6	6	-1	-4	-10
Profit/loss for the period	0	22	-17	3	-17	3

PARENT COMPANY

BALANCE SHEET

SEK M	30 June 2024	30 June 2023	31 December 2023
Assets
Financial fixed assets	1,218	1,700	1,218
Current assets	10	5	448
Cash and cash equivalents	2	0	0
Total assets	1,230	1,704	1,666
Shareholders' equity and liabilities
Shareholders' equity	471	518	518
Untaxed reserves	16	–	16
Current liabilities	743	1,187	1,133
Total shareholders' equity and liabilities	1,230	1,704	1,666

NOTE 1 REVENUE SPLIT

In the geographical information, revenues are reported based on the customers location.

REVENUE SPLIT PER GEOGRAPHY

		April–June		January–June
SEK M	2024	2023	2024	2023
Net sales	2,082	2,203	2,948	3,155
of which Sweden	1,548	1,628	2,172	2,284
of which Other Nordic	559	601	808	904
of which group functions	-25	-25	-32	-33
EBIT	170	158	8	18
Amortisation of intangible fixed assets
related to acquired surplus values	14	14	28	28
EBITA	184	172	36	46

ALTERNATIVE PERFORMANCE MEASURES AND DEFINITIONS

Byggmax Group uses certain financial measures that are not defined in accordance with IFRS. Byggmax Group believes that these key ratios are relevant to users of the financial report as a supplement for assessing Byggmax Group's financial performance, describe the operations' underlying profitability and to improve comparability between reporting periods. These financial measures

Capital employed

Shareholders' equity plus net debt.

Cash flow from operating activities per share

Cash flow from operating activities divided by the average number of shares outstanding.

Earnings per share

Earnings for the period divided by the average number of shares outstanding.

EBITA

Earnings before interest, taxes, and amortisation and impairment of intangible fixed assets related to acquired surplus values.

EBITDA

Earnings before interest, tax, depreciation, amortisation and impairment of tangible and intangible fixed assets excluding IFRS 16.

EBITA-margin

EBITA divided by net sales.

EBIT-margin

EBIT divided by net sales.

Equity/assets ratio

Shareholders' equity divided by total assets.

Equity per share

Equity divided by the average numbers of shares outstanding.

Gross margin

Net sales reduced by the cost of goods sold divided by net sales.

are not always comparable with the measures used by other companies since not all companies calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a replacement for measures defined according to IFRS. The measures not defined according to IFRS are presented below, unless otherwise stated.

Inventory turnover rate

Cost of goods sold rolling 12 months divided by average of opening and closing inventory.

Like-for-like sales

Like-for-like sales pertains net sales to stores that have been in operation for more than 12 months. Like-for-like sales is currency adjusted. All e-commerce is assessed as like-for-like.

New stores

Stores that have been in operation less than 12 months.

Net debt

Interest-bearing liabilities less cash and cash equivalents.

Net debt excl. IFRS 16

Interest-bearing liabilities excluding IFRS 16 less cash and cash equivalents.

Online sales

Net sales generated by online orders placed via any of our e-commerce sites, as well as all net sales from Skånska Byggvaror.

R12

Rolling twelve months.

Return on capital employed

EBIT plus financial income rolling 12 months divided by average of opening and closing capital employed.

Return on equity

Net profit/loss for the period rolling 12 months divided by average of opening and closing shareholders' equity.

All amounts are stated in million Swedish kronor (SEK M) unless stated otherwise. Where the underlying amount is rounded to 0 it is noted as SEK 0 M. Rounding differences in tables of SEK +/-1 M may occur. Both Swedish and English versions of this report have been prepared. In the case of any discrepancy between the two, the Swedish takes precedence.

This is information that Byggmax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that Byggmax Group AB (publ) is obliged to make public pursuant to the Securities Market Act. The information was submitted for publication on 12 July 2024 at 08:00 am.

Byggmax Group AB (publ)

Box 30006, SE-104 25 Stockholm Visit address: Lindhagensgatan 112 Tel: +46 (0)8-514 930 60 E-mail: info@byggmax.se

Corporate registration number: 556656-3531 Registered office: Stockholm

Background information about Byggmax and press images are available at www.byggmax.se