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ER - Q2-25: Stabilt salg med god marginfremgang i et bedre marked - Attachment: Komplett_Q2_2025_Presentation.pdf

Company: Komplett ASA Date: 2025-07-17 Language: English Register to download
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# Second

Jaan Ivar Semlitsch, CEO Thomas Røkke, CFO

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01 Highlights for Q2-25

02 Operational update

03 Financial performance

04 Summary and outlook

05 Appendix

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# Highlights for 02-25

Jaan Ivar Semlitsch, CEO

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# 02-25 Highlights Improved market environment

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- Continued market progress across both Sweden and Norway
	- Gradual recovery reflected in key indicators
	- -

#### · Positive impulse from new products launches

- -
- -
- Effect expected to increase as more products become available

#### •

- -
- -

#### •

- -
- -
- -

## Q2-25 Key financials Steady sales with margin uplift

Operating revenue:

### NOK 3 431 million

02-24: NOK 3 418 million

Gross margin:

14.6 per cent Q2-24: 13.1 per cent

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Stable sales rising 0.4 per cent including positive FX

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Gross margin uplift driven by a rebalanced campaign and price policy, and mix effects

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Continued solid liquidity reserve and financial position in line with covenants

Opex share incl. depreciation:

EBIT (adj.):

15.2 per cent

Q2-24: 14.2 per cent

NOK -22 million

02-24: NOK -38 million

Net working capital:

NOK 192 million

02-24: NOK 255 million

#### NIBD/EBITDA:

3.8x 02-24: 3.0x

Costs continue being actively managed but significant FX effects

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# Operational update

Jaan Ivar Semlitsch, CEO

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## Komplett Commercial measures and cost initiatives implemented

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- · Komplett.no rated among Norway's top 10 brands with most satisfied customers - again!
- Continued strong momentum from expanded supplier range and product offering, both within core and adjacent categories
- Cost programme including workforce reductions completed as planned, with full effect from H2
- Good growth among smaller enterprises driven . by B2B loyalty programme

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## Webhallen Warehouse and back-office consolidation progressing as planned

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- · Successful relocation of Solna store in April with upgraded store concept
- Growth fuelled by successful launch of Nintendo Switch 2
- Webhallen's two Stockholm warehouses closed during the quarter and logistics fully moved to NetOnNet's central warehouse in Borås
- · Consolidation of back-office functions across Webhallen and NetOnNet in process and being completed during Q3

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# NetOnNet Measures ongoing to reposition brand and commercial strategy

# net mnet

- · Repositioning of brand profile and price communication
- · Revamped MDA assortment and private label expansion in the home categories
- Strong momentum in seasonal categories on expanded assortment and sales window
- New store openings progressing largely as planned, and improved customer journey online
- · Measures to accelerate profitability from newly opened stores in Norway being launched

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# Financial performance

Thomas Røkke, CFO

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# Key financials Stable sales and margin growth

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KOMPLETT®GROUP

- Stable sales up 0.4 per cent in improved markets
	- -
	- -

#### · Gross profit increase of 12.3 per cent (+8.3 per cent LFL)

- -
- Improvement reflects a rebalanced campaign and price policy, positive mix effects and a more normalised pricing environment

#### · Operating expenses increased in 02, measures progressing

- Currency effects amplified the impact of underlying cost inflation, expansion measures, marketing investments and project costs
- measures and warehouse consolidation in Sweden
- Cost and restructuring measures progressing as planned, with effects expected to increase in H2 2025

#### •

- EBIT adj. amounted to negative NOK 22 million in Q2 2025, compared to negative NOK 38 million in Q2 2024
- negative 1.1 per cent in 02 2024

Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency.

12

# B2C Solid growth in Norway

KOMPLETT®GROUP

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- · Revenue up 4.9 per cent YoY (+0.8 per cent LFL)
	- -
	- (LFL, YoY)
	- Growth in Norway supported by strong online demand and new store openings, while Sweden impacted by repositioning and operational adjustments, including warehouse consolidation

#### · Gross margin improvement

- increase to 16.2 per cent (+1.6 pp)
- Progress reflects a rebalanced price and campaign policy, as well as a more normalised pricing environment

#### • EBIT improvement supported by gross profit

- and marketing investments
- Cost measures progressing as planned, with further efficiency initiatives underway

# B2B Improved profitability

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KOMPLETT®GROUP

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- decline in Sweden of -7.1 per cent in local currency
- Sales supported by the loyalty programme and reinforced sales team targeting larger SMEs, helping to offset fewer sales days due to Easter timing
- Windows 11, expected to strengthen in coming quarters

#### · Gross margin improvement (+0.9 pp)

- Positively impacted by campaign and margin management
- Partly offset by a less favourable product mix compared to prioryear period

#### · EBIT margin improved to 6.9 per cent (+1.2 pp)

- Operating expenses reduced to 11.8 per cent of revenue (from 12.1 per cent in Q2-24), because of cost efficiency measures
- EBIT uplift of NOK 4 million from improved gross profit and cost reductions

Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency.

## Distribution Delayed customer demand

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### Gitegra

KOMPLETT®GROUP

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- timing of sales among larger accounts
- Norway revenue declined by 16.7 per cent, while Sweden had a growth of 11.9 per cent in local currency
- market outlook

#### · Gross margin improvement (+0.2 pp) despite lower revenue

- -
- and positive mix effects

#### · EBIT margin decreased to 1.3 per cent (-0.4 pp)

- Operating expenses decreased slightly, driven primarily by personal cost reduction
- reflecting lower gross profit partially offset by cost reductions

Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency.

15

### Cash flow and working capital

# Net working capital reflecting improved commercial terms

| Cash flow                               | 02-25 | 02-24 | FY-24 |
|-----------------------------------------|-------|-------|-------|
| Net cash flow from operating activities | -25   | 235   | 11078 |
| Net cash used in investing activities   | -24   | -30   | -163  |
| Net cash used in financing activities   | -137  | -260  | -419  |
| Net change in cash and cash equivalents | -184  | -7    | 496   |

| Net working capital          | 02-25  | 02-24  |
|------------------------------|--------|--------|
| Inventory                    | 2 169  | 1 903  |
| Trade receivables - regular  | 210    | 153    |
| Trade payables               | -1 903 | -1 324 |
| Other assets and liabilities | -283   | -477   |
| Net working capital          | 192    | 255    |

- · Net operating cash flow in the period was impacted by delayed build-down of inventory and a NOK 112 million increase in trade receivables, and countered by an increase in trade payables of NOK 67 million vs. the previous quarter
- related to property, plant and equipment for new stores and IT infrastructure upgrades
- · Net cash used in financing activities primarily used for lease payments and loan interest, as well as Swedish tax repayments of NOK 39 million
- Inventory levels increased by NOK 266 million YoY, reflecting a controlled but slightly elevated position, mainly due to warehouse consolidation in Sweden
- Net working capital improved vs. last year, reflecting improved credit and payment terms and higher payables from elevated inventory levels in the period

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# Financial position Continued solid liquidity

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Leverage ratio

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- Continued solid liquidity reserve of NOK 1.1bn at the end of the quarter
	- Structurally improved by better supplier terms and payment conditions

#### · Net interest-bearing debt at NOK 1 352 million (incl. IFRS 16)

- The increase from last year includes NOK 193 million reclassified to long-term liabilities following the extended Swedish tax repayment
- Partly offset improvements to working capital and other changes strengthening the liquidity position
- Net interest-bearing debt NOK 826 million (excl. IFRS 16)

#### · Leverage ratio of 3.8x, in line with covenants

- of 4.0x in 02 2025
- -

#### •

Compared to 38.5 per cent at the end of 02-24

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# Summary and outlook

Jaan Ivar Semlitsch, CEO

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### Key takeaways Ongoing measures progressing as planned in improving markets

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- rebalancing and consolidation measures, in an improved market environment
- Gross profit growth of 12.3 per cent, driven by optimised . commercial execution and supported by FX effects
- Higher operating expenses as the impact from cost . inflation, expansion measures, marketing and project costs was amplified by FX effects
- ° office integration progressing in the third quarter of 2025
- terms, and financial position in line with agreed covenants

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## Outlook Increasing effects from new launches and cost measures

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- commercial initiatives
- · as higher volumes and more innovations become available
- · initiatives in Sweden and Norway
- for implementation in the coming quarters
- the overall trading environment remains a source of uncertainty

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# Appendix

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# | Alternative Performance Measures (APMs)

#### The APMs used by Komplett Group are defined as set out below:

Gross profit: Total operating revenue less cost of goods sold. The group has presented this item because it considersit to be auseful measure to show the management's view on the overall picture of profit generation before operating expenses in the group's operations.

Gross margin: Gross profit as a percentage of total operatingrevenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency of gross profit generation of the group's operations as a percentage of total operating revenue.

| Reconciliation          |         |         |        |        |          |
|-------------------------|---------|---------|--------|--------|----------|
|                         | 02      | 02      | YTD    | YTD    | FY       |
| Amounts in NOK million  | 2025    | 2024    | 2025   | 2024   | 2024     |
| Total operating revenue | 3431    | 3 418   | 6 801  | 6664   | 15 301   |
| Cost of goods sold<br>- | (2 930) | (2 972) | (5795) | (5729) | (13 211) |
| = Gross profit          | 502     | 447     | 1006   | ਰੇਡਵ   | 2090     |
| Gross margin            | 14.6%   | 13.1%   | 14.8%  | 14.0%  | 13.7%    |

 Total operating expenses (adjusted): Total operating expenses less cost of goods sold and oneoff cost. The group has presented this item because the management considers it to be auseful measure of the group's efficiency in operating activities.

Operating cost percentage (adj.): Total operating expenses less cost of goods sold and one-off cost as a percentage of total operating revenue. The group has presented this item because the management considers it to be a useful measure of the group's efficiency in operating activities.

#### Reconciliation

| Amounts in NOK million                 | 02<br>2025      | 02<br>2024     | YTD<br>2025    | YTD<br>2024    | FY<br>2024       |
|----------------------------------------|-----------------|----------------|----------------|----------------|------------------|
| Total operating revenue                | 3451            | 3 418          | 6801           | 6664           | 15 301           |
| Total operating expenses               | 3482            | 3 457          | 6000           | 6748           | 15 368           |
| - Cost of goods sold<br>- One-off cost | (2 930)<br>(29) | (2 972)<br>(1) | (5795)<br>(47) | (5 729)<br>(7) | (13 211)<br>(20) |
| = Total operating expenses (adj.)      | 523             | 485            | 1067           | 1013           | 2137             |
| Uperating cost percentage              | 15.2%           | 14.2%          | 15.7%          | 15.2%          | 14.0%            |

EBITDA excl. impact of IFRS 16: Derived from financial statements as the sum of operating result (EBIT) plus the sum of depreciation, amortisation and impairments for the segments B2C, B2B, Distribution and Other. The group has presented this item because it considers it to be a useful measure to show the management's view on the overall picture of operational profit and cash flow generation before depreciation and amortisation in the group's operations, excluding any impact of IFRS 16.

EBIT margin: Operating result (EBIT) as a percentage of total operating revenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations as a percentage of total operating revenue.

| C               |            |            |                                                                                                                                                                              |             |            |
|-----------------|------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------|
| OK million      | 02<br>2025 | 02<br>2024 | YTD<br>2025                                                                                                                                                                  | YTD<br>2024 | FY<br>2024 |
|                 | (51)       | (39)       | (108)                                                                                                                                                                        | (85)        | (67)       |
| t of IFRS 16    | (ട)        | (5)        | (11)                                                                                                                                                                         | (8)         | (16)       |
| 2B, Dist. Other | 49         | 44         | යි. ඔහු මෙම ප්‍රධාන අතර හිටි හිටි හිටි හිටි මෙම ප්‍රධාන අතර හිටි හිටි හිටි මෙම හිමි හිමි හිමි මෙම මෙම හිමි මෙම ප්‍රධාන අතර හිටි මෙම හිමි මෙම හිමි මෙම හිමි මෙම හිමි මෙම හිමි | 87          | 180        |
| SI IFRS 16      | (7)        | 1          | (23)                                                                                                                                                                         | (e)         | 97         |

EBIT adjusted: Derived from financial statements as operating result (EBIT) excluding one-off costs. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations before one-off items.

EBIT margin adjusted: EBIT adjusted as a percentage of total operating revenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations before one-off items as a percentage of total operating revenue.

#### Reconciliation

Reconciliatio Amounts in N EBIT - EBIT impac + Dep B2C, B =EBITDA exc

| Amounts in NOK million  | 02<br>2025 | 02<br>2024 | YT D<br>2025 | YTD<br>2024 | FY<br>2024 |
|-------------------------|------------|------------|--------------|-------------|------------|
| Total operating revenue | 3431       | 3 418      | 6801         | 6664        | 15 301     |
| EBIT                    | (51)       | (39)       | (108)        | (82)        | (67)       |
| + One-off cost          | 29         | 1          | 47           | 7           | 20         |
| + Impairment            |            |            |              |             |            |
| = EBIT adjusted         | (22)       | (38)       | (61)         | (78)        | (47)       |
| EBIT margin adjusted    | (0.6%)     | (1.1%)     | (0.9%)       | (1.2%)      | (0.3%)     |

| Reconciliation          |            |            |             |             |            |  |
|-------------------------|------------|------------|-------------|-------------|------------|--|
| Amounts in NOK million  | 02<br>2025 | 02<br>2024 | YTD<br>2025 | YTD<br>2024 | FY<br>2024 |  |
| Total operating revenue | 3431       | 3 418      | 6801        | 6 664       | 15 301     |  |
| FRIT                    | (51)       | (39)       | (108)       | (85)        | (67)       |  |
| EBIT margin             | (1.5%)     | (1.1%)     | (1.6%)      | (1.3%)      | (0.4%)     |  |

Net working capital: Comprising inventories, trade receivables, trade payables and other current assets and liabilities. The management considers it to be a useful indicator of the group's capital efficiency inits day-to-day operationalactivities. Part of the deferred Swedish tax liability is classified as other current liabilities in accordance with local accounting principles, while the part which has maturity of more than 12 months is classified as other non-current liabilities. At the end of the second quarter, NOK 155million is shown as part of other current liabilities, while NOK 193 million is included in non-current li abilities.

| Reconciliation                   |            |            |             |             |            |
|----------------------------------|------------|------------|-------------|-------------|------------|
| Amounts in NOK million           | 02<br>2025 | 02<br>2024 | YTD<br>2025 | YTD<br>2024 | FY<br>2024 |
| Inventory                        | 2169       | 1903       | 2 169       | 1903        | 2 048      |
| + Trade receivables - requiar    | 210        | 153        | 210         | 153         | 153        |
| - Trade payables                 | (1903)     | (1 324)    | (1 903)     | (1 324)     | (2 073)    |
| +/- Other assets and liabilities | (283)      | (477)      | (283)       | (477)       | (277)      |
| = Net working capital            | 192        | 255        | 192         | 255         | (149)      |

Net interest-bearing debt: Interest-bearing liabilities less cash and cash equivalents. The group has presented this item because the management considers it to be auseful indicator of the group's indebtedness, financial flexibility and capital structure. Interest-bearing debt includes the deferred Swedish tax liability of NOK 193 million with maturity above 12 months. The net interest-bearing debt incl. IFRS 16 is a useful measure as indebtedness, including the lease liabilities from IF RS16, is relevant for the covenants of the group's credit facilities.

#### Reconciliation

| Amounts in NOK million               | 02<br>2025 | 02<br>2024 | YTD<br>2025 | YTD<br>2024 | FY<br>2024 |
|--------------------------------------|------------|------------|-------------|-------------|------------|
| Long-term loans                      | 800        | 000        | 800         | 000         | 000        |
| + Other non-current liabilities      | 193        |            | 193         |             | 263        |
| + Short-termloans                    | (0)        | 8          | (0)         | 00          |            |
| Cash/cashequivalents                 | (168)      | (108)      | (168)       | (108)       | (726)      |
| = Netinterest-bearing debt           | 826        | 700        | 826         | 700         | 337        |
| IFRS 16 liabilities<br>4             | 527        | 563        | 527         | 563         | 518        |
| = Netint . bear . debt incl. IFRS 16 | 1352       | 1263       | 1352        | 1263        | 854        |

Operating free cash flow: EBITDA excl. impact of IFRS 16 less investment in property, plant and equipment, less change in net working capital less change in trade receivable from deferred payment arrangements. The group has presented this item because the management considers it to be a useful measure of the group's operating activities' cash generation. Operating free cash flow is affected by the aforementioned reclassification of the Swedish deferred tax payment to other noncurrent liabilities.

| Reconciliation                                                      |       |        |       |      |       |
|---------------------------------------------------------------------|-------|--------|-------|------|-------|
|                                                                     | 02    | 02     | YTD   | YTD  | FY    |
| Amounts in NOK million                                              | 2025  | 2024   | 2025  | 2024 | 2024  |
| EBIT DA excl. IFRS 16                                               | (7)   | 1      | (23)  | (e)  | 97    |
| - Investments                                                       | (25)  | (ਤੇਂਦ) | (70)  | (77) | (168) |
| +/- Change in net working capital<br>+/- Reclassified to other non- | (84)  | 217    | (341) | (3)  | 401   |
| current liabilities                                                 |       |        |       |      | 304   |
| +/- Change in deferred payment                                      | 7     | 16     | 5     | 39   | 52    |
| = Operating free cash flow                                          | (109) | 198    | (430) | (47) | 686   |
|                                                                     |       |        |       |      |       |

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# KOMPLETT GROUP

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