Komplett ASA

Earnings Release • Jul 17, 2025

Q2-25: Steady sales with margin uplift in improving markets

Q2-25: Steady sales with margin uplift in improving markets

Sandefjord, 17 July 2025: Improved market dynamics and new product launches

contributed to stable revenues in the second quarter, despite sales being held

back by volume trade-offs and consolidation measures in the Swedish businesses.

Gross margins showed a clear increase compared to the previous year, while the

positive impact from cost and efficiency measures will increase into the second

half of the year.

Operating revenue increased by 0.4 per cent in the second quarter of 2025, from

NOK 3 418 million to NOK 3 431 million (-2.5 per cent in constant currency).

Markets developed positively in both Norway and Sweden, although the Swedish

operations were temporarily affected by volume rebalancing and consolidation of

the logistics and back-office set-up in the quarter.

The gross margin reached 14.6 per cent in the second quarter, representing a 1.6

pp uplift from the same period of 2024, resulting in a 12.3 per cent improvement

in gross profit (+8.3 per cent in constant currency). The margin performance

reflects a rebalanced campaign and price policy, a more normalised pricing

environment compared with last year, and positive mix effects generated by

tactical and strategic measures.

Adjusted operating expenses, being amplified by currency effects, increased by

7.2 per cent (+3.5 per cent in constant currency) in the period. The underlying

real increase reflected commercial expansion measures and selected marketing

investments, as well as general cost inflation.

EBIT adj. amounted to negative NOK 22 million in the second quarter of 2025,

representing a modest improvement from negative NOK 38 million in the same

period of 2024.

The restructuring measures in Norway and consolidation processes in Sweden

involved one-off costs totalling NOK 29 million in the quarter. The positive

effects from the group's commercial and cost initiatives are expected to

gradually increase into the second half of 2025, along with further cost and

optimisation measures being launched in the third quarter.

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

(adjusted for certain items), was 3.8x. The leverage remains in line with the

temporarily raised covenant levels previously agreed with the group's financing

partners for Q2 2025.

In June, it was announced that Ros-Marie Grusén has been appointed new CEO of

Komplett Group, effective from 1 August 2025.

"In the second quarter of 2025, we continued to see an improved market

environment with positive impact from new product launches. Gross margins showed

a clear increase compared to the previous year, and our commercial initiatives

along with our cost savings measures are moving ahead as planned." says Jaan

Ivar Semlitsch, President and CEO of Komplett ASA.

"Looking ahead, we expect continued positive impact from innovations coming

online, with larger volumes being released in the second half of the year.

Improving macroeconomic forecasts suggest a still positive market momentum,

although consumer sentiment is still characterised by cautiousness and

uncertainty," Semlitsch adds.

The presentation material and report for the second 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/20250717_3/

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.