Clas Ohlson AB

Quarterly Report • Sep 10, 2025

"Strong growth across the entire range"

Kristofer Tonström, President and CEO

First quarter

• Net sales amounted to 2,814 MSEK (2,623), an increase of 7%, of which 10% relates to organic growth and -3% to currency effects
• Online sales amounted to 542 MSEK (494), an increase of 10%
• Operating profit amounted to 278 MSEK (203)
• Profit after tax totalled 208 MSEK (146)
• Earnings per share was 3.27 SEK (2.30)
• Decision to revise the presentation format of the income statement from function of expense method to nature of expense method. The change will take effect from this interim report for Q1 2025/26. See more information in accounting policies, Note 1

Events after the end of the reporting period

• Net sales in August amounted to 1,017 MSEK (968), an increase of 5%, of which 7% relates to organic growth and -2% to currency effects

Strong organic growth quarter

+10%

Operating result quarter

278 MSEK

Organic growth August

+7%

Key ratios

	3 Months		LTM	Full year
	May 2025	May 2024	Aug 2024	May 2024
MSEK (unless otherwise stated)	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Net sales	2,814	2,623	11,818	11,627
Gross margin, %	45.7	44.3	45.9	45.6
EBITA	281	206	1,260	1,185
Operating profit	278	203	1,246	1,171
Operating margin, %	9.9	7.7	10.5	10.1
Profit after tax	208	146	944	882
Earnings per share before dilution, SEK	3.27	2.30	14.88	13.91
Cash flow from operating activities	468	413	1,885	1,830
Free cash flow	306	247	1,172	1,114
Number of stores at period end	241	233	241	241
Number of Club Clas members (millions)	5.9	5.5	5.9	5.9

31 Jul 2025	31 Jul 2024
Net debt/EBITDA ratio	0.3 0.8
Net debt/EBITDA ratio, excl IFRS 16 -1.0	-0.4
Equity/assets ratio, % 37.2	32.3

Strong growth across the entire range

The 2025/26 financial year has started well with an organic sales increase of 10 per cent and an operating profit which increased by 37 per cent in the first quarter. As before, we can see how our efforts to make the assortment relevant throughout the year are yielding results. We launched a large number of new products during the first months of the year, which contributed to strong sales of both the basic range and seasonal products. All in all, net sales amounted to 2,814 MSEK (2,623) in the quarter and the operating result improved to 278 MSEK (203), corresponding to an operating margin of 9.9 per cent (7.7). Free cash flow in the quarter increased to 306 MSEK (247) and earnings per share was SEK 3.27 (2.30).

Committed co-workers drive profitable growth

The development of the store network remains positive, with strong sales in comparable units in all markets. Our coworkers in stores have done an impressive job of taking care of all customers during the summer months and converting visits into sales with a very high level of customer satisfaction. Another example of how the organisation is constantly working to stay one step ahead is how we prepared for the summer, which enabled us to quickly fill stores with new products when demand for products such as fans and air conditioning suddenly skyrocketed.

New steps for online sales

Online sales is continuing to contribute to profitable growth. Through effective marketing and methodical pricing, we increased sales by almost 30 per cent via www.clasohlson.com during the quarter. We are also continuing to expand our e-com-exclusive range, which now includes more than 4,500 products. These products account for approximately one quarter of total e-com sales. We are also seeing positive development for the B2C business within the Spares Group through the sales channels Teknikdelar and Batteriexperten. Since July 2025, we have also been offering several batteries from Batteriexperten in Clas Ohlson's sales channels and look forward to creating more positive synergies in the future. It is worth noting that Spares' increasing sales to private customers, which largely consist of cables, chargers and other accessories for mobile phones, are occurring in parallel with sales in the Connect & enjoy your home product niche at Clas Ohlson reaching new record levels.

Focus on factors we can influence

Currency fluctuations are one of the external factors that have the greatest impact on our results. Since we have such a large share of sales in Norway, the weaker NOK has a direct impact on net sales and earnings. However, we were able to offset the negative effects of the NOK during the quarter, largely thanks to lower purchasing prices. In addition, the positive effect of a stronger SEK in relation to the US dollar, our main purchasing currency, has gradually begun to have an impact. The rapidly changing external conditions underscore the importance of continuing to work on things we can influence ourselves in order to remain competitive at all levels and thus be prepared for all situations in an uncertain market climate.

Kristofer Tonström

"Online sales is continuing to contribute to profitable growth."

Strong sales in August provide energy for the autumn

With August sales for the first time exceeding 1 billion SEK, we have been able to maintain a strong sales momentum. Organic sales growth amounted to 7 per cent, driven by strong development across the entire range. We are now entering an autumn with several important sales months, followed by an intense Christmas shopping season, during which we will continue to create value for customers, employees and shareholders. Preparations to serve our customers in the best possible way are in full swing, including the refurbishment of several key stores. We will also open three new stores during the second quarter, the first of which will open tomorrow in Namsos, Norway. I look forward to this and much more!

See you in stores and online!

Kristofer Tonström, President and CEO

Clas Ohlson in brief

Clas Ohlson's overall purpose is to make home fixing available, sustainable and enjoyable for everyone. Today, Clas Ohlson is one of the strongest retail brands in the Nordic region, with sales through over 240 stores and e-commerce in Sweden, Norway and

Tidy up your home Light up your home Create a conscious home environment

position as a home fixing destination:

Finland, approximately 5,000 co-workers and net sales of approximately 12 billion SEK. Clas Ohlson's offering is based on five prioritised product niches that together build Clas Ohlson's

Connect and enjoy your home

network

Strategic focus areas

1. A competitive cost base

2. Relevant assortment all year round via prioritised product niches

3. A profitable and growing online business 3. Building and operating a robust store

4. Efficient customer communication 6. A strong organisation with sustainability integrated into the core business

Fix your home

Spares Group, with sales channels Teknikdelar, Batteriexperten, Spares and ZandParts, which primarily strengthens the customer offering within the Connect and enjoy your home niche, is part of the Clas Ohlson Group.

Investing in Clas Ohlson

Clas Ohlson is a leading retail company in the Nordic market with a large store network and rapidly growing online sales. The total market for Clas Ohlson's product range is estimated at approximately 340 billion SEK and is expected to continue to grow. In the strategy launched in 2022, we have a simple and clear path to sustainable and profitable growth. With a strong focus on operational efficiency, we want to gradually develop the company's competitive advantages in assortment, brand and customer meeting.

Four reasons to invest in Clas Ohlson

• Well positioned in large and growing product niches
• Needs-driven assortment and high customer satisfaction
• Central store locations, full-scale e-commerce and effective marketing
• Strong financial position and focus on increasing earnings per share over time

Financial targets

Growth

Sales are to increase organically by 5 per cent per year

Profitability

The operating margin is to amount to between 7-9 per cent per year

Net debt in relation to EBITDA to be below two (2) times

(excluding the effect of IFRS 16)

Dividend policy The dividend is to comprise at least 50 per cent of earnings per share after tax, considering the company's financial position

Sustainability targets

Planet

Climate neutral and fully circular by 2045, climate neutral in own operations by 2026. Joined the Science Based Targets initiative

People

A sustainable and long-term employer with engaged coworkers

Society

Contribute to a fair and prosperous society for future generations

Financial development

Net sales

First quarter (1 May - 31 July 2025)

Net sales amounted to 2,814 MSEK (2,623), an increase of 7 per cent, of which 10 per cent relates to organic growth and -3 per cent to currency effects. Online sales amounted to 542 MSEK (494), an increase of 10 per cent. At the end of the quarter, the total number of stores was 241, which was an increase of a net 8 stores compared with the year-earlier period. For more information on the store network, see page 23.

Net sales per quarter

MSEK Strong organic growth quarter

+10%

Distribution of net sales

	3 Months
				Percentage change
	May 2025	May 2024
MSEK	- Jul 2025	- Jul 2024	SEK	organic²
Sweden	1,320	1,207	9	9
Norway	1,163	1,046	11	17
Finland	259	258	1	4
Other markets	72	112	-35	-35
Total¹	2,814	2,623	7	10
Of which online sales	542	494	10	11

²Split between increase in comparable units 7 per cent and change in store network 3 per cent for the period May-July 2025 ¹Spares Group's sales are reported under each geographic market and included in organic growth

Result

First quarter

Operating profit amounted to 278 MSEK (203) and the increase is mainly attributable to higher sales combined with improved gross margin. Operating margin was 9.9 per cent (7.7).

Goods for resale amounted to -1,528 MSEK (-1,461), an increase reflecting higher volumes. Gross margin increased by 1.4 percentage points to 45.7 per cent (44.3), mainly attributable to lower sourcing costs. The currency impact was marginally positive, with negative effects from sales currencies being offset by more favorable purchase currencies and positive hedge effects*.

Personnel expenses amounted to -566 MSEK (-536). The increase in personnel expenses is mainly attributable to salary increases and new stores.

Other external expenses amounted to -261 MSEK (-237). The increase is mainly attributable to marketing activities and new stores.

Depreciation and amortisation of tangible and intangible assets amounted to -181 MSEK (-187).

Net financial expenses amounted to -12 MSEK (-16). Tax for the quarter amounted to -58 MSEK (-41), as a result of the higher profit.

Profit after tax for the quarter amounted to 208 MSEK (146). Earnings per share amounted to SEK 3.27 (2.30).

*Operating profit was affected by the outcome of currency hedges, see Note 6 for more information

Operating profit and operating margin Earnings per share

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00

Operating margin quarter

Financial position and cash flow

Cash flow from operating activities during the quarter amounted to 468 MSEK (413), driven by higher profits and reduced capital tied up in inventories. Free cash flow, i.e. cash flow after investing activities including amortisation of lease liabilities, during the quarter amounted to 306 MSEK (247). Cash flow for the period, after investing and financing activities, amounted to 306 MSEK (247).

At the end of the quarter, the inventory value was 2,508 MSEK (2,606). Inventory is lower than in the previous year, primarily due to increased efficiency in inventory management and higher sales during the quarter. This has been partly offset by the addition of new stores and an expanded product mix.

The Group's net debt, meaning interest bearing liabilities less cash and cash equivalents, amounted to 566 MSEK (1,324). Excluding the effect of IFRS 16 the Group's net cash position was 1,318 MSEK (417). Excluding the effect of IFRS 16 net debt in relation to EBITDA was -1.0 times (-0.4). Credits granted and loan commitments amounted to 758 MSEK, of which 0 MSEK had been utilised. The total credit facility was reduced by 250 MSEK during the quarter. The company's financial position remains strong and the equity/assets ratio was 37 per cent (32).

Investments

Investments during the quarter amounted to 32 MSEK (33). Of these, 12 MSEK (26) related to investments in new or refurbished stores. Investments in IT systems amounted to 9 MSEK (4). Investments in the distribution center amounted to 7 MSEK during the quarter.

Events after the end of the reporting period

Sales in August

Net sales amounted to 1,017 MSEK (968), an increase of 5 per cent, of which 7 per cent relates to organic growth2 and -2 per cent to currency effects. Compared with the same month of the preceding year, the store network increased by a net of 9 stores. The total number of stores at the end of the period was 241 (232). For more information about the store network, refer to page 23.

			Percentage change				Percentage change
MSEK	Aug 2025	Aug 2024	SEK		organic² May-Aug 2025 May-Aug 2024		SEK	organic²
Sweden	468	432	8	8	1,788	1,639	9	9
Norway	414	394	5	8	1,577	1,441	9	14
Finland	104	107	-2	0	364	365	0	3
Other markets	31	35	-12	-12	103	147	-30	-30
Total¹	1,017	968	5	7	3,832	3,592	7	9

¹Spares Group's sales are reported under each geographic market and included in organic growth

²Split between increase in comparable units 4 per cent and change in store network 2 per cent for the month of August

Split between increase in comparable units 6 per cent and change in store network 3 per cent for the period May-August 2025

Other information

Parent Company

Parent Company net sales for the financial year amounted to 2,179 MSEK (1,983) and profit after financial items amounted to 209 MSEK (141). The increase in operating profit is primarily attributable to higher sales. Investments during the year amounted to 27 MSEK (22).

Employees

The number of employees in the Group was approximately 5,000. Recalculated to average full-time equivalents (FTEs) in the quarter, this corresponds to an average of 3,256 (3,232). The difference compared to the year-earlier period is mainly related to new stores.

Seasonal fluctuations

Clas Ohlson's market and operations are influenced by consumer purchasing behaviour. The company's product range is particularly well suited to Christmas preparations and Christmas shopping, which means that the third quarter (November-January) is generally the strongest quarter of the financial year. This is followed by the second and first quarters and, finally, the fourth quarter, which is the weakest in terms of sales and profit.

Audit

This report is unaudited.

Clas Ohlson AB (publ)

Insjön, 10 September 2025

Kristofer Tonström

President and CEO

Consolidated income statement

		3 Months		LTM	Full year
		May 2025	May 2024	Aug 2024	May 2024
MSEK	Note	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Net sales	3	2,814.5	2,623.2	11,817.9	11,626.7
Goods for resale		-1,528.3	-1,460.6	-6,388.5	-6,320.8
Personnel expenses		-566.5	-535.8	-2,371.4	-2,340.7
Other external expenses		-261.0	-236.9	-1,067.6	-1,043.6
Depreciation/amortisation of tangible and intangible assets		-181.0	-187.3	-741.4	-747.7
Other operating income and expenses	4	-0.1	0.1	-2.9	-2.7
Total expenses		-2,536.9	-2,420.5	-10,571.9	-10,455.5
Operating result		277.6	202.8	1,246.0	1,171.2
Financial income		6.3	2.2	20.4	16.3
Financial expenses		-18.6	-17.8	-70.4	-69.6
Profit after financial items		265.3	187.1	1,196.1	1,117.9
Income tax		-57.6	-41.3	-252.0	-235.7
Profit for the period		207.7	145.8	944.1	882.2
Profit for the period attributable to:
Owners of the Parent Company		207.7	145.8	944.1	882.2
Non-controlling interests		-	-	-	-

Consolidated comprehensive income statement

		3 Months		LTM	Full year
MSEK	Note	May 2025 - Jul 2025	May 2024 - Jul 2024	Aug 2024 - Jul 2025	May 2024 - Apr 2025
Profit for the period		207.7	145.8	944.1	882.2
Other comprehensive income, net of tax:
Items that have been or may be reclassified subsequently to income statement:
Exchange rate differences		9.5	-6.5	-27.3	-43.3
Cash flow hedging	6	1.2	-0.6	-26.0	-27.8
Total		10.7	-7.0	-53.3	-71.1
Items that will not be reclassified subsequently to income statement:
Change in fair value of financial assets	6	0.0	-4.0	-2.3	-6.3
Total		0.0	-4.0	-2.3	-6.3
Other comprehensive income, net of tax		10.7	-11.1	-55.6	-77.4
Comprehensive income for the period		218.5	134.8	888.5	804.8
Comprehensive income attributable to:
Owners of the Parent Company		218.5	134.8	888.5	804.8
Non-controlling interests		-	-	-	-

Consolidated statement of Group financial position

MSEK Note	31 Jul 2025	31 Jul 2024	30 Apr 2025
Assets
Goodwill 5	405.4	400.4	405.4
Trademarks	23.5	30.8	25.4
Customer relationships	14.4	21.0	16.1
IT- and software costs	79.8	82.0	75.6
Land and buildings	191.6	216.4	197.7
Equipment, tools, fixtures and fittings	412.9	417.3	414.5
Right-of use assets	1,707.2	1,685.5	1,670.5
Securities held as fixed assets 6	-	2.3	-
Deferred tax assets	73.6	72.1	75.0
Other non-current receivables	118.6	0.8	0.7
Total non-current assets	3,026.9	2,928.5	2,880.9
Inventories	2,508.4	2,606.0	2,414.5
Accounts receivable	46.5	40.3	67.7
Tax assets	5.0	10.7	5.1
Other receivables	26.3	19.2	7.6
Prepaid expenses and accrued income 6	129.2	126.5	102.3
Cash and cash equivalents	1,317.5	417.4	1,010.7
Total current assets	4,032.9	3,220.2	3,608.0
Total assets	7,059.9	6,148.7	6,488.9
Equity and liabilities
Share capital	82.0	82.0	82.0
Other contributed capital	90.4	90.4	90.4
Other reserves	-107.3	-53.9	-118.0
Profit brought forward including profit for the year	2,558.5	1,868.2	2,345.8
Non-controlling interests	-	-	-
Total equity	2,623.7	1,986.7	2,400.3
Non-current lease liabilities, interest bearing	1,350.9	1,199.5	1,193.9
Deferred tax liabilities	195.9	160.4	196.6
Other non-current liabilities	40.5 5	40.2	40.6
Total non-current liabilities	1,587.4	1,400.0	1,431.1
Current lease liabilities, interest bearing	532.8	542.1	507.4
Accounts payable	1,121.2	1,137.9	978.9
Tax liability	57.4	59.6	71.5
Other current liabilities	417.3	353.9	266.9
Accrued expenses and prepaid income	637.5 6	594.6	748.4
Contract liabilities	82.6	73.9	84.5
Total current liabilities	2,848.8	2,762.0	2,657.5
Total equity and liabilities	7,059.9	6,148.7	6,488.9

Consolidated condensed statement of cash flow

		3 Months		LTM	Full year
MSEK	Note	May 2025 - Jul 2025	May 2024 - Jul 2024	Aug 2024 - Jul 2025	May 2024 - Apr 2025
Operating profit		277.6	202.8	1,246.0	1,171.2
Adjustment for non-cash items		183.6	190.1	771.9	778.5
Interest received		6.3	2.2	20.4	16.3
Interest paid		-18.6	-17.8	-70.4	-69.6
Tax paid		-71.0	-31.2	-220.1	-180.3
Cash flow from operating activities before changes in working capital		378.0	346.1	1,748.2	1,716.3
Changes in working capital		89.9	67.1	136.6	113.7
Cash flow from operating activities		467.9	413.2	1,884.7	1,830.0
Investments in intangible assets		-9.1	-3.5	-36.5	-30.9
Investments in tangible assets		-22.4	-29.6	-113.9	-121.2
Acquisition of subsidiaries	5	-	-	-4.6	-4.6
Sale of equipment		-	0.1	-0.0	0.1
Cash flow from investing activities		-31.5	-33.1	-155.0	-156.6
Repayment of lease liabilities		-130.6	-132.7	-557.2	-559.3
Dividend to shareholders		-	-	-269.5	-269.5
Cash flow from financing activities		-130.6	-132.7	-826.7	-828.8
Cash flow for the period		305.8	247.4	903.0	844.7
Cash and cash equivalents at the start of the period		1,010.7	170.7	417.4	170.7
Exchange rate differences in cash and cash equivalents		1.0	-0.7	-2.9	-4.7
Cash and cash equivalents at the end of the period		1,317.5	417.4	1,317.5	1,010.7

Consolidated statement of changes in equity

MSEK	May 2025 - Jul 2025	May 2024 - Jul 2024
Equity brought forward	2,400.3	1,849.3
Employee stock option plan:
Value of employees' service	4.9	2.6
Comprehensive income for the period	218.5	134.8
Equity carried forward	2,623.7	1,986.7
Of which equity attributable to non-controlling interests	0.0	0.0

Parent Company income statement and statement of comprehensive income

3 Months		LTM	Full year
	May 2025	May 2024	Aug 2024	May 2024
MSEK	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Net sales	2,179.2	1,982.5	9,087.7	8,890.9
Goods for resale	-1,380.6	-1,277.7	-5,782.1	-5,679.2
Personnel expenses	-354.2	-336.3	-1,430.0	-1,412.1
Other external expenses	-212.2	-194.1	-846.0	-827.8
Depreciation/amortisation of tangible and intangible assets	-25.6	-32.2	-120.5	-127.1
Other operating income and expenses	-	-0.0	-1.6	-1.6
Total expenses	-1,972.6	-1,840.3	-8,180.1	-8,047.8
Operating result	206.6	142.2	907.6	843.1
Results from participation in group companies	-	-	176.3	176.3
Financial income	6.5	2.8	22.8	19.0
Financial expenses	-3.8	-3.8	-21.3	-21.2
Profit after financial items	209.4	141.1	1,085.3	1,017.1
Appropriations	-	-	-203.6	-203.6
Profit before tax	209.4	141.1	881.7	813.5
Income tax	-45.6	-30.7	-148.7	-133.9
Profit for the period	163.8	110.4	733.0	679.6
Parent statement of comprehensive income
Items that have been or may be reclassified subsequently to income statement:
Change in fair value of financial assets	-	-4.0	-2.3	-6.3
Other comprehensive income, net of tax	0.0	-4.0	-2.3	-6.3
Comprehensive income for the period	163.8	106.4	730.7	673.3

Parent Company condensed statement of financial position

MSEK	31 Jul 2025	31 Jul 2024	30 Apr 2025
Assets
Intangible assets	73.9	77.5	69.7
Tangible assets	434.4	442.8	436.9
Financial assets	537.5	533.5	537.0
Inventories	1,803.8	1,846.7	1,692.7
Current receivables	183.0	229.0	353.6
Cash and cash equivalents	1,260.5	344.5	959.0
Total assets	4,293.2	3,474.0	4,049.1
Equity and liabilities
Equity	1,561.7	1,083.9	1,393.0
Untaxed reserves	906.0	708.4	906.0
Non-current liabilities	40.5	40.1	40.5
Current liabilities	1,785.0	1,641.7	1,709.6
Total equity and liabilities	4,293.2	3,474.0	4,049.1

Key ratios

May 2025 May 2024 Aug 2024 May 2024 - Jul 2025 - Jul 2024 - Jul 2025 - Apr 2025 Sales growth, % 7.3 19.6 10.8 13.6 Organic growth, % 9.8 10.4 10.8 10.5 Gross margin, % 45.7 44.3 45.9 45.6 Operating margin, % 9.9 7.7 10.5 10.1 EBITA, MSEK 281.1 206.2 1,259.8 1,184.9 Return on capital employed, % – – 31.6 30.7 Return on equity, % – – 41.0 41.0 Equity/assets ratio, % 37.2 32.3 37.2 37.0 Equity/assets ratio, excl IFRS 16, % 51.5 46.2 51.5 51.0 Net debt/EBITDA – – 0.3 0.4 Net debt/EBITDA, excl IFRS 16 – – -1.0 -0.8 Average number of employees 3,256 3,232 3,097 3,109 Number of Club Clas members (millions) 5.9 5.5 5.9 5.9 Share of Online sales, % 19.2 18.8 19.3 19.2 Store network¹ Share of sales Sweden, % 46.9 46.0 46.3 46.1 Share of sales Norway, % 41.3 39.9 40.6 40.2 Share of sales Finland, % 9.2 9.8 10.1 10.2 Share of sales Other markets, % 2.6 4.3 3.0 3.4 Sales per sq.m in stores, SEK thousand 9.0 8.6 38.1 37.7 Number of stores at period end 241 233 241 241 ¹Spares Group's sales are reported under each geographic market Data per share Number of shares before dilution 63,452,804 63,357,289 63,441,290 63,417,215 Number of shares after dilution 63,911,214 63,480,295 63,880,305 63,810,628 Number of shares at period end 63,452,804 63,357,289 63,452,804 63,452,804 Earnings per share before dilution, SEK 3.27 2.30 14.88 13.91 Earnings per share after dilution, SEK 3.25 2.30 14.78 13.82 Comprehensive income per share, SEK 3.44 2.13 14.00 12.69 Cash flow per share*, SEK 7.37 6.52 29.71 28.86 Equity per share, SEK 41.35 31.36 41.35 37.83	3 Months		LTM	Full year

*From operating activities

The quarterly overview is available on about.clasohlson.com/en/investors/financial-data/

Notes to consolidated financial statements

Note 1 Accounting policies

Clas Ohlson applies International Financial Reporting Standards (IFRS) as well as interpretations from the IFRS Interpretations Committee (IFRS IC) adopted by the EU. This interim report has been prepared in accordance with the Swedish Annual Accounts Act, IAS 34 Interim Financial Reporting, and RFR 1 Supplementary Accounting Rules for Groups. Disclosures according to IAS 34 Interim Financial Reporting are provided both in notes and elsewhere in the interim report. The parent company's reporting is prepared according to the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, accounting for legal entities. The same accounting principles as for the Group are applied except in cases specified under the section "Parent Company's Accounting Principles" in the Annual Report for 2024/25.

For the Group's financial statements, the same accounting principles and calculation methods are applied as in the Annual Report for 2024/25. No new or revised IFRS standards and interpretations that apply from May 1, 2025, have had any significant effect on the Group's financial reports.

Change in the presentation of the financial statements

In conformity with IAS 1 "Presentation of Financial Statements", Clas Ohlson Group has revised its presentation of income statement from the function of expense method to the nature of expense method. The change will be effective from this interim report.

This change has been made to better reflect how management reviews and manages operational performance, meaning simplified processes and ways of working. Furthermore, this is expected to enable clearer information regarding significant cost categories.

To ensure comparability, the income statement for comparative period and quarters 2024/25 have been restated to reflect this change. Restated figures are presented below, as well as for additional periods and for the parent company on Clas Ohlson's website about.clasohlson.com

The switch from the function of expense method to nature of expense method has no impact on Clas Ohlson's net sales and operating result, and consequently no impact on the company's financial targets.

The main effects are attributable to the reallocation of sourcing and supply costs and affects gross margin. Costs related to the handling and distribution of products were previously included in cost of goods sold under the function of expense method. Following the transition, these costs have been reallocated primarily to the categories of personnel expenses, other external expenses, and depreciation/amortisation and impairment of tangible and intangible assets.

	2024/25				2024/25
	Q4	Q3	Q2	Q1	Full year
MSEK (Restated)	Feb 2025 - Apr 2025	Nov 2024 -Jan 2025	Aug 2024 -Oct 2024	May 2024 - Jul 2024	May 2024 - Apr 2025
Net sales	2,343.0	3,859.5	2,800.9	2,623.2	11,626.7
Goods for resale	-1,220.9	-2,128.3	-1,511.0	-1,460.6	-6,320.8
Personnel expenses	-582.4	-671.1	-551.5	-535.8	-2,340.7
Other external expenses*	-246.6	-317.3	-242.7	-236.9	-1,043.6
Depreciation/amortisation of tangible and intangible assets*	-184.0	-189.3	-187.2	-187.3	-747.7
Other operating income and expenses	-0.7	-1.0	-1.2	0.1	-2.7
Total expenses	-2,234.5	-3,307.0	-2,493.6	-2,420.5	-10,455.5
Operating result	108.5	552.5	307.4	202.8	1,171.2
Financial income	5.9	6.1	2.1	2.2	16.3
Financial expenses	-17.4	-17.2	-17.2	-17.8	-69.6
Profit after financial items	97.0	541.5	292.2	187.1	1,117.9
Income tax	-17.2	-115.1	-62.1	-41.3	-235.7
Profit for the period	79.8	426.4	230.1	145.8	882.2
Profit for the period attributable to:
Owners of the Parent Company	79.8	426.4	230.1	145.8	882.2
Non-controlling interests	-	-	-	-	-

*Depreciation for the third quarter has been reclassified by 7.5 MSEK to -189.3 MSEK, compared to the previously reported amount of -196.8 MSEK. The reclassification has resulted in a corresponding adjustment to other external costs. This reclassification has had no impact on the quarterly result.

	2024/25				2024/25
	Q4	Q3	Q2	Q1	Full year
Gross profit, MSEK	Feb 2025 - Apr 2025	Nov 2024 -Jan 2025	Aug 2024 -Oct 2024	May 2024 - Jul 2024	May 2024 - Apr 2025
Net sales	2,343.0	3,859.5	2,800.9		2,623.2 11,626.7
Goods for resale	-1,220.9	-2,128.3	-1,511.0	-1,460.6	-6,320.8
Gross profit	1,122.1	1,731.2	1,289.9	1,162.7	5,305.9
Gross margin, %
Gross profit	1,122.1	1,731.2	1,289.9	1,162.7	5,305.9
Net sales	2,343.0	3,859.5	2,800.9		2,623.2 11,626.7
Gross margin	47.9%	44.9%	46.1%	44.3%	45.6%

Note 2 Risks and uncertainties

Clas Ohlson's operations involve exposure to risks that, to varying degrees, can negatively impact the Group. These risks are categorized as strategic, operational, financial and sustainability risks. The risk landscape can change rapidly, and work is continuously being done to update risk assessments and ensure effective management. Through proactive risk management, risks can be transformed into opportunities and contribute value to the business.

For a detailed description of the Group's significant risk and uncertainty factors, please refer to the section 'Risks and Uncertainties' in the Annual Report for 2024/25, pages 55-59. During the quarter, no significant changes have occurred in the Group's risk profile.

Note 3 Segment reporting and distribution of sales

The Group's operations are divided into segments based on how the Group's senior executives follow up performance and assigns resources. As of financial year 2023/24, Clas Ohlson Group comprises one retail segment. The categorization reflects the Group's organization and shared processes such as purchasing, logistics, sales, etc. Internal monthly follow up focuses on the Group as a whole, with complementary geographic sales and non-current assets information. The performance measure presented represent the key performance measures by which the operations are evaluated.

	3 Months
	Segment Retail
MSEK	May 2025 - Jul 2025	May 2024 - Jul 2024
Net sales	2,814.5	2,623.2
Net sales by geographic markets:
Sweden	1,320.0	1,206.8
Norway	1,162.7	1,046.4
Finland	259.4	257.9
Other markets	72.3	112.1
Net sales by stores and online:
Stores	2,272.7	2,129.6
Online	541.8	493.6
Depreciation, amortisation and write-down: intangible and tangible assets	-41.8	-49.0
Depreciation: right-of use assets	-139.2	-138.3
Operating profit	277.6	202.8
Net financial items	-12.3	-15.6
Profit after financial items	265.3	187.1
Tax	-57.6	-41.3
Profit for the period	207.7	145.8
Assets
Non-current assets (excl. deferred tax)	2,953.3	2,856.4
Sweden	1,968.0	1,679.0
Norway	748.3	867.0
Finland	235.2	304.9
Other countries	2.0	5.5
Current assets	4,032.9	3,220.2
Investments
Intangible assets	-9.1	-3.5
Tangible assets	-22.4	-29.6

Note 4 Other operating income and operating expenses

	3 Months		LTM	Full year
MSEK	May 2025 - Jul 2025	May 2024 - Jul 2024	Aug 2024 - Jul 2025	May 2024 - Apr 2025
Other operating income
Profit on sale of tangible assets	-	0.1	0.1	0.2
Total	-	0.1	0.1	0.2
Other operating expenses
Loss on sale or disposal of tangible assets	-0.1	-0.0	-3.0	-2.9
Total	-0.1	-0.0	-3.0	-2.9

Note 5 Business acquisitions

No acquisitions were made during the financial year. During the fiscal year 2023/24, Spares Europe AB and its subsidiaries were acquired. At the acquisition date, 91.4% of the shares in Spares Europe AB were acquired. A call and put option for the remaining shares was agreed upon, which can be exercised by either Clas Ohlson or the other shareholders after the financial year 2025/26. Consequently, a liability to the other shareholders amounting to 40.5 MSEK has been recognized, as detailed in Note 6.

Note 6 Financial Instruments

The valuation at fair value is determined based on the valuation levels in IFRS 13: Level 1 (quoted market prices), Level 2 (observable data), and Level 3 (unobservable inputs).

Financial assets and liabilities

		31 Jul	31 Jul
MSEK	Level	2025	2024
Financial assets measured at fair value
Shares Mathem	3	0.0	2.3
Derivatives and hedging instruments	2	3.7	12.9
Financial liabilities measured at fair value
Derivatives and hedging instruments	2	25.2	1.6
Financial liabilities measured at amortised cost
Call and put option*		40.5	40.1
*The acquisition of Spares Group

Derivatives and hedging instruments

Derivatives and hedging instruments consists entirely of forward contracts used for hedging purposes. All derivatives are measured at fair value, determined by using the exchange rate for currency forwards on the balance sheet date (Level 2). Forward contracts are continuously entered into with a maturity of three to nine months. The company hedges half of the expected flow in each currency on an ongoing basis. Forward contracts with negative market values are reported under current liabilities, while forward contracts with positive market values are reported under current assets.

Forward contracts

As of the balance sheet date, outstanding cash flow hedges existed as shown in to the following table per currency pair.

Sell/buy	31 Jul 2025	31 Jul 2024
NOK/SEK	-4.4	1.0
NOK/USD	-17.1	10.2
Total	-21.5	11.2
The amount for forward contracts NOK/USD are allocated as follows:
NOK/SEK	-1.4	1.0
SEK/USD	-15.7	9.2
Total	-17.1	10.2

Currency hedging results

Spot exchange rates during the quarter for key currencies averaged 0.94 for NOK and 9.60 for USD compared with 0.99 and 10.63 respectively in the year-earlier period. Currency hedging in NOK that expired during the quarter resulted in a positive impact of 12 MSEK (-4) on earnings. Currency hedging in USD resulted in a increase of inventory value by 27 MSEK (-4).

Alternative performance measures

Below is a reconciliation of alternative performance measures (APMs), which are not defined in accordance with IFRS, to the closest reconcilable items in the financial statements. Clas Ohlson believes that the APMs are relevant to the users of the financial statements as a supplement to assess Clas Ohlson's performance. Management uses these APMs to evaluate current operations compared with previous results, for internal planning and forecasting, and for calculating certain performance-related remuneration. The presentation of APMs has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. The APMs presented in this quarterly report may differ from similarly titled measures used by other companies.

Key ratio	Definition	Purpose
Return on equity	Net profit for the period expressed as a percentage of average equity. Average equity is calculated as the total equity for the most recent 12 months divided by 12.	Return on equity is a measure of profitability in relation to the book value of equity. Return on equity is also a measure of how investments are used to generate increased income.
Return on capital employed	Operating profit plus financial income expressed as a percentage of average capital employed. Average capital employed is calculated as the total capital employed for the most recent 12 months divided by 12.	Return on capital employed is a measure of profitability after taking into account the amount of capital used. A higher return on capital employed indicates that capital is being used more efficiently.
Gross margin	Gross profit divided by net sales for the period.	The gross margin shows the difference between net sales and the cost of goods sold as a percentage of net sales. The gross margin is affected by a number of factors, such as product mix, price developments and cost changes.
Gross profit	Gross profit is calculated as the total of net sales less cost of goods for resale.	Gross profit shows the difference between net sales and cost of goods for resale. Gross profit is affected by a number of factors, such as product mix, price developments and cost changes.
EBITDA	Operating profit/loss before interest, tax, depreciation and amortisation.	EBITDA shows profitability before depreciation, amortisation, interest and income tax.
EBITDA excl IFRS 16	Operating profit/loss before interest, tax, impairment, depreciation and amortisation excluding effect on operating expenses according to IFRS 16.	Facilitates comparability of the operational performance excluding the accounting effects arising from the application of IFRS 16.
EBITA	Operating profit before interest, tax, impairment and amortisation of acquisition related intangible assets.	EBITA shows profitability before amortisation and impairment of acquisition-related intangible assets, interest and income tax.
Equity per share	Equity divided by the number of shares outstanding at the end of the period.	Equity per share measures a company's net worth per share and determines whether a company is increasing shareholder wealth over time.
Free cash flow	Cash flow after investing activities including amortisation of lease liabilities.	Free cash flow provides a measure of the current net flow from operating activities, to be used for future investments, dividends, etc.
Sales growth	Net sales in relation to net sales during the year-earlier period.	The change in net sales reflects the company's realised sales growth over time.
Online sales growth	Online net sales in relation to online net sales during the year-earlier period.	The change in online net sales reflects the company's realised online net sales growth over time.

Key ratio	Definition	Purpose
Cash flow from operating activities per share	Cash flow from operating activities divided by the average number of shares before dilution.	Cash flow from operating activities per share measures the cash flow generated by the company per share before capital expenditure and cash flows attributable to the company's financing.
Net debt	Interest-bearing liabilities less cash and cash equivalents.	Net debt shows the company's indebtedness over time.
Net debt excl IFRS 16	Interest-bearing liabilities excluding interest-bearing lease liabilities less cash and cash equivalents.	Facilitates comparability of the operational performance excluding the accounting effects arising from the application of IFRS 16.
Net debt/EBITDA	Net debt divided by EBITDA for the last 12 months.	Net debt/EBITDA measure the Group's financial strength and its ability to manage debt in relation to operating cash flow generation.
Net debt/EBITDA excl. IFRS 16	Net debt divided by EBITDA for the last 12 months, excluding interest-bearing lease liabilities and the impact on operating expenses related to IFRS 16.	Facilitates comparability of operational performance by excluding accounting effects arising from IFRS 16.
Organic growth	Sales growth in local currencies, excluding acquisitions.	Facilitates comparability of sales between periods.
Working capital	The total of current assets, minus cash and cash equivalents (inventories and current receivables), less current non-interest bearing liabilities.	Working capital is used to measure the firm's ability to meet short-term capital requirements.
Operating margin	Operating profit divided by net sales for the period.	The operating margin shows the operating profit as a percentage of net sales and indicates the operational profitability.
Operating profit excl IFRS 16	Operating profit comprises profit before financial items and tax excluding effects on operating expenses according to IFRS 16.	Facilitates comparability in analyses that include years before IFRS 16 was applied.
Equity/assets ratio	Equity at the end of the period divided by the balance sheet total (total assets).	A high equity/assets ratio provides the financial room for manoeuvre and independence needed to conduct business and manage fluctuations in working capital, as well as the ability to take advantage of business opportunities.
Equity/assets ratio excl IFRS 16	Equity at the end of the period divided by the balance sheet total (total assets) excluding effects relating to equity and interest bearing lease assets according to IFRS 16.	Facilitates comparability of the operational performance excluding the accounting effects arising from the application of IFRS 16.
Capital employed	Balance sheet total (total assets) less current liabilities and non-current liabilities, non-interest bearing liabilities.	Capital employed measures a company's ability to meet the needs of its business beyond cash and cash equivalents.
Total comprehensive income	Total comprehensive income divided by average number of shares before dilution.	Total comprehensive income per share shows the total comprehensive income in relation to the average number of shares before dilution
Earnings per share (before and after dilution)	Profit for the period divided by the number of shares (before and after dilution).	Defined in accordance with IFRS.

	3 Months	R12		Helår
	May 2025	May 2024	Aug 2024	May 2024
Return on equity, %	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Net profit for the period, MSEK	–	–	944.1	882.2
Average equity, MSEK	–	–	2,303.0	2,150.9
Return on equity	–	–	41.0%	41.0%
Return on capital employed, %
Operating profit, MSEK	–	–	1,246.0	1,171.2
Interest income, MSEK	–	–	20.4	16.3
Average capital employed, MSEK	–	–	4,012.0	3,873.3
Return on capital employed	–	–	31.6%	30.7%
Gross margin, %
Gross profit, MSEK	1,286.2	1,162.7	5,429.4	5,305.9
Net sales, MSEK	2,814.5	2,623.2	11,817.9	11,626.7
Gross margin	45.7%	44.3%	45.9%	45.6%
Gross profit, MSEK
Net sales	2,814.5	2,623.2	11,817.9	11,626.7
Goods for resale	-1,528.3	-1,460.6	-6,388.5	-6,320.8
Gross profit	1,286.2	1,162.7	5,429.4	5,305.9
Equity per share, SEK
Total equity, MSEK	2,623.7	1,986.7	2,623.7	2,400.3
Number of shares at end of period (millions of share)	63.45	63.36	63.45	63.45
Equity per share	41.35	31.36	41.35	37.83
EBITDA, MSEK
Operating profit	277.6	202.8	1,246.0	1,171.2
Depreciation, amortisation and write-down	181.0	187.3	741.4	747.7
EBITDA	458.6	390.0	1,987.5	1,918.9
EBITDA excl IFRS 16, MSEK
Operating profit excl IFRS 16	261.6	185.6	1,171.5	1,095.5
Depreciation, amortisation and write-down excl IFRS 16	41.8	49.0	185.9	193.1
EBITDA excl IFRS 16	303.4	234.6	1,357.4	1,288.6
EBITA, MSEK
Operating profit	277.6	202.8	1,246.0	1,171.2
Amortisation on acquisition-related intangible assets EBITA	3.5 281.1	3.5 206.2	13.8 1,259.8	13.8 1,185.0
Free cash flow, MSEK
Cash flow from operating activities	467.9	413.2	1,884.7	1,830.0
Cash flow from investing activities	-31.5	-33.1	-155.0	-156.6
Lease payments Free cash flow	-130.6 305.8	-132.7 247.4	-557.2 1,172.5	-559.3 1,114.1
Net sales growth, %
Net sales actual period, MSEK	2,814.5	2,623.2	11,817.9	11,626.7
Net sales previous period, MSEK	2,623.2	2,193.1	10,662.0	10,231.9
Net sales growth	7.3%	19.6%	10.8%	13.6%

	3 Months		R12	Helår
	May 2025	May 2024	Aug 2024	May 2024
Net sales growth online, %	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Net sales online actual period, MSEK	541.8	493.6	2,279.2	2,231.0
Net sales online previous period, MSEK	493.6	253.1	1,793.7	1,553.2
Net sales growth online*	9.8%	95.0%	27.1%	43.6%
*As from November 2024, acquired net sales from the Spares Group are included
Cash flow from operating activities per share, SEK
Cash flow from operating activities, MSEK	467.9	413.2	1,884.7	1,830.0
Number of shares before the dilution (millions of share)	63.45	63.36	63.44	63.42
Cash flow from operating activities per share	7.37	6.52	29.71	28.86
Net debt, MSEK
Interest bearing liabilities	-	-	1,883.8	1,701.3
Cash and cash equivalents	-	-	1,317.5	1,010.7
Total Net debt	-	-	566.2	690.6
Net debt excl IFRS 16, MSEK
Interest bearing liabilities excl lease liabilities	-	-	0,0	0,0
Cash and cash equivalents	-	-	1,317.5	1,010.7
Total Net debt excl IFRS 16	-	-	-1,317.5	-1,010.7
Net debt/EBITDA ratio
Net debt, MSEK	-	-	566.2	690.6
EBITDA, MSEK	-	-	1,987.5	1,918.9
Total Net debt/EBITDA	-	-	0.3	0.4
Net debt/EBITDA excl IFRS 16 ratio
Net debt excl IFRS 16, MSEK	-	-	-1,317.5	-1,010.7
EBITDA excl IFRS 16, MSEK	-	-	1,357.4	1,288.6
Total Net debt/EBITDA excl IFRS 16	-	-	-1.0	-0.8
Organic growth, %
Net sales (recalculated to the previous year's exchange rate), MSEK	2,880.5	2,422.0	11,200.9	10,921.7
Net sales previous period, MSEK	2,623.2	2,193.1	10,104.6	9,884.6
Organic growth*	9.8%	10.4%	10.8%	10.5%
*As from November 2024, Spares Group's monthly sales are included in the organic growth
Working capital, MSEK
Total current assets	4,032.9	3,220.2	4,032.9	3,608.0
-Cash and cash equivalents	-1,317.5	-417.4	-1,317.5	-1,010.7
-Current liabilities, non-interest bearing	-2,315.9	-2,219.9	-2,315.9	-2,150.1
Working capital	399.5	582.9	399.5	447.2

		3 Months		Helår
	May 2025	May 2024	Aug 2024	May 2024
Operating margin, %	- Jul 2025	- Jul 2024	- Jul 2025	- Apr 2025
Operating profit, MSEK	277.6	202.8	1,246.0	1,171.2
Net sales, MSEK	2,814.5	2,623.2	11,817.9	11,626.7
Operating margin	9.9%	7.7%	10.5%	10.1%
Operating profit excl IFRS 16, MSEK
Operating profit	277.6	202.8	1,246.0	1,171.2
IFRS 16-effect	-16.0	-17.2	-74.5	-75.7
Operating profit excl IFRS 16	261.6	185.6	1,171.5	1,095.5
Equity/assets ratio, %
Total equity, MSEK	2,623.7	1,986.7	2,623.7	2,400.3
Total assets, MSEK	7,059.9	6,148.7	7,059.9	6,488.9
Equity/Assets ratio	37.2%	32.3%	37.2%	37.0%
Equity/assets ratio excl IFRS 16, %
Total equity excl IFRS 16, MSEK	2,709.6	2,081.6	2,709.6	2,483.3
Total assets excl IFRS 16, MSEK	5,262.0	4,502.0	5,262.0	4,870.7
Equity/assets ratio excl IFRS 16	51.5%	46.2%	51.5%	51.0%
Capital employed, MSEK
Total assets	7,059.9	6,148.7	7,059.9	6,488.9
Non-current liabilities, non-interest bearing	-236.5	-200.5	-236.5	-237.2
Current liabilities, non-interest bearing	-2,315.9	-2,219.9	-2,315.9	-2,150.1
Capital employed	4,507.5	3,728.3	4,507.5	4,101.6
Total comprehensive income per share, SEK
Total comprehensive income for the period, MSEK	218.5	134.8	888.5	804.8
Average number of shares before dilution (millions of share)	63.45	63.36	63.44	63.42
Total comprehensive income per share	3.44	2.13	14.00	12.69
Earnings per share (before and after dilution), SEK
Net profit for the period, MSEK	207.7	145.8	944.1	882.2
Number of shares before dilution (millions of share)	63.45	63.36	63.44	63.42
Number of shares after dilution (millions of share)	63.91	63.48	63.88	63.81
Number of shares before dilution	3.27	2.30	14.88	13.91
Number of shares after dilution	3.25	2.30	14.78	13.82

The share

Clas Ohlson Series B shares have been listed on Nasdaq Stockholm since 1999 and are included in the Consumer Services sector index. On 31 July 2025, the share price was SEK 341 and the total market capitalisation amounted to 21,637 MSEK.

Number of shares

The number of registered shares totalled 65,600,000 (5,760,000 Series A shares and 59,840,000 Series B shares), unchanged from the preceding year. On 31 July 2025 the company held 2,147,196 shares (2,242,711) corresponding to 3.3 per cent of the total number of registered shares. At the end of the period, the number of shares outstanding, net after buyback, was 63,452,804 (63,357,289).

Dividend policy

Clas Ohlson's dividend policy is that the dividend is to comprise at least 50 per cent of earnings per share after tax, taking into account the company's financial position.

The board proposes a dividend for the financial year 2024/25 of SEK 7 per share, divided into two payments of SEK 3.50 respectively. Payment is proposed to take place in September and January.

Largest shareholders per 31 July 2025

Owner	CLAS A	CLAS B	Capital	Votes
Haid family	3,023,880	11,837,913	22.7%	35.8%
Tidstrand family	2,736,120	6,704,828	14.4%	29.0%
Nordea Funds		6,299,747	9.6%	5.4%
American Century Investment Management		1,665,219	2.5%	1.4%
Swedbank Robur Fonder		1,500,478	2.3%	1.3%
Total top 5	5,760,000	28,008,185	51.5%	72.9%
Other shareholders		31,831,815	48.5%	27.1%
Total	5,760,000	59,840,000	100.0%	100.0%
Shares owned by Clas Ohlson		2,147,196	3.3%	1.8%

Share data
Listing	Nasdaq Stockholm Mid Cap
Ticker	Clas B
Industry	Consumer Services
ISIN code	SE0000584948

Update on store network

CLAS OHLSON I KORTHET

Clas Ohlson's ongoing review of the store network takes into consideration the market conditions, new customer behaviour patterns, demand projections and contracts signed with property owners. On the reporting date, the number of contracted forthcoming store openings was 5 and the total number of stores was 241 (232).

Openings/closings after the reporting period

• Norway, Namsos, Bråholmen Handelspark, scheduled to open 11 September 2025
• Norway, Stavanger, Jærhagen, scheduled to open October 2025
• Finland, Vantaa, Tammisto, scheduled to open October 2025
• Norway, Os, Amfi Os, scheduled to open spring 2026
• Sweden, Kalmar, Kvarteret Giraffen, scheduled to open spring 2026

Stores per market on the reporting date

This is information that Clas Ohlson AB (publ) is obliged to publish pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out below, on 10 September 2025 at 7:00 a.m. (CEST).

This Year-end Report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.

Financial calendar

Q1 presentation 10 September 09.00 CEST

The report will be presented at 9:00 a.m. via a webcast teleconference. For more information, visit https://about.clasohlson.com

12 September 2025 10 December 2025	Annual General Meeting Six-month Report 2025/26	Contact person: Niklas Carlsson, Head of Communications and IR, +46 247 444 29, niklas.carlsson@clasohlson.se
11 March 2026	Nine-month Report 2025/26
3 June 2026	Year-end Report 2025/26