Elektroimportøren AS : Third quarter 2025 results
Elektroimportøren AS : Third quarter 2025 results
Summary of key financials in Q3 2025:
Group revenue of NOK 436 million (NOK 407 million) up 7.1% from last year. Like for like revenue increased by 3.6%.
Gross profit up 6.4% from last year. Gross margin decreased to 36.5% (36.7%).
Operating expenses of NOK 110 million, up from NOK 105 million LY. Increase mainly driven by new stores and general KPI adjustments. OPEX to sales ratio at 25.1%, down from 25.8% last year.
EBITDA increased to NOK 48 million (NOK 30 million). Adjusted EBITDA NOK 50 million (NOK 44 million).
Net profit of NOK 7 million (NOK 33 million), primarily due to the release of an earn-out provision of NOK 44 million in the prior year. Adjusted for the earn-out effect, the underlying improvement in net profit was NOK 18 million in the quarter and NOK 27 million YTD.
Comments from the CEO
In the third quarter of 2025, we continue to deliver solid revenue growth combined with strong margin management and cost control. This resulted in another quarter with improved EBITDA compared with last year.
In Norway, the quarter opened reasonably well, with a growth slightly above five per cent. An acceptable growth, given that July was one of the warmest months on record, typically a period that normally reduces store traffic. Although August sales were somewhat slower, the overall quarter remained positive, with September accelerating to double-digit growth.
During the quarter we have growth in all sales channels and customer segments, a major part coming from our physical stores and B2B sales. We are pleased to note continued growth in store visitors, conversion rate and average basket size. Despite challenging market conditions, all key metrics are moving in the right direction, strengthening our confidence in the concept going forward.
EV chargers remains the product category with the highest growth, followed by Smart Home. In July we sold unusually large amounts of cooling fans due to the warm weather, making ventilation the third largest contributor to our growth during the quarter.
Our Swedish operation continues its positive development. Elbutik delivers good sales growth and strong gross profit growth. Together with continued cost control, this resulted in a solid increase in EBITDA for our Swedish operation.
Wholesale market data for Norway shows a 1 per cent decline in the third quarter. In this market, we achieved B2B sales growth of over 10 per cent. Consumer spending remains cautious, though we see positive responses to campaigns and in-store activities.
An internal highlight of this part of the year, is always our annual Elektroakademiet. Over six days, all employees and key suppliers gather. The program includes two days of updates on product launches, new standards, and business tools, as well as sales and customer service training to prepare for the peak season. This is an important initiative to maintain our strong market position as a specialist in electrical products and solutions and ensure that we continuously improve our tailored customer experience.
We have also continued to explore new store locations. During the quarter, we signed one new store in Larvik in Norway, which is scheduled to open in Q2 2026. We have also started the scouting for our second and third store in Sweden.
The third quarter confirms that we continue to strengthen our business results, despite challenging market environment. This achievement is made possible by the dedication and hard work of our employees across the company. I would like to thank everyone for their commitment to delivering the best and most professional customer service to all our customers.
PRESENTATION:
The quarterly report and presentation are available at: https://www.elektroimportoren.no/investor and http://newsweb.no
The results will be presented today 6 November at 09:00 CET by CEO Andreas Niss and CFO Jørgen Wist. The presentation will be broadcasted as a live webcast in English.
Please use the following link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_NjI0M2IxMmUtZGVmZS00ZjkyLTk2MGUtZDYwMjg1MTk3MzZh%40thread.v2/0?context=%7b%22Tid%22%3a%2210b30f00-1bbd-4041-9c4d-64749f4a7041%22%2c%22Oid%22%3a%223758e62c-12e5-4419-a645-4b77ef5225be%22%7d
For more information, please contact:
Andreas Niss, CEO: +47 934 67 067
Jørgen Wist, CFO: +47 959 34 619.