Byggmax Group

Quarterly Report • Apr 23, 2024

BYGGMAX GROUP INTERIM REPORT 1 JANUARY – 31 MARCH 2024 01

INTERIM REPORT BYGGMAX GROUP Q1 ¹ JANUARY –31 MARCH 2024

"The first quarter of 2024 developed as expected. Byggmax's focus on strengthening the customer offering, efficient operations, and optimizing inventory levels gave effect. In addition to lower costs, net debt is significantly reduced versus the corresponding quarter last year. With more stores, lower costs, and an optimized inventory, Byggmax is ready for a new season".

Karl Sandlund, President and CEO

THE FIRST QUARTER 2024

• Net sales amounted to SEK 866 M (952), representing a decrease of 9.0 percent.
• Exchange rate effects had a negative impact on net sales of 0.5 percent. The Group's like-for-like sales decreased by 9.1 percent.
• The comparable costs, i.e. costs excluding new and closed stores, decreased SEK 32 M (25).
• EBITA amounted to SEK -148 M (-125), with an EBITA margin of -17.1 percent (-13.2).
• Two (two) stores opened in Sweden during the period.

Cash flow from operating activities R12

Net of new stores R12

KEY PERFORMANCE INDICATORS

	January–March			Full year
SEK M	2024	2023	Apr 2023 –Mar 2024	2023
Net sales	866	952	6,027	6,113
Gross margin, %	33.9	34.4	33.4	33.4
EBITA	-148	-125	156	179
EBITA margin, %	-17.1	-13.2	2.6	2,9
EBIT	-162	-139	100	123
EBIT margin, %	-18.7	-14.6	1.7	2.0
Net profit/loss for the period	-147	-133	12	26
Earnings per share, SEK	-2.50	-2.26	0.21	0.44
Shareholder's equity per share, SEK	37.92	37.66	37.92	40.27
Cash flow from operating activities	84	-98	964	781
Number of stores at the end of the period	211	206	211	209
Net debt	2,863	3,214	2,863	2,731
Net debt exclusive of IFRS 16	991	1,421	991	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

MORE STORES, LOWER COSTS AND SIGNIFICANTLY REDUCED NET DEBT

The first quarter of 2024 developed as expected. Byggmax's focus on strengthening the customer offering, efficient operations, and optimizing inventory levels gave effect. In addition to lower costs, net debt is significantly reduced versus the corresponding quarter last year. With more stores, lower costs, and an optimized inventory, Byggmax is ready for a new season.

During the first quarter of the year, which is Byggmax's low-season, sales decreased by 9 percent compared to the first quarter of 2023, a lower rate of decline than we have seen in recent quarters. In relative terms, operations in Sweden were the strongest performers, with a decline of 4.9 percent compared with the same period last year, partly driven by successful sales during Easter. As in previous quarters, categories related to smaller projects are developing better, while the larger renovation projects continue to have a weak development driven by hesitant consumers.

ACTIONS HAVE SHOWN RESULT

Byggmax's business concept is to offer the best price, a promise we maintain by always focusing on costs. It is about looking at all the details, from more efficient in-store scheduling to improved recycling and reduced external costs. In addition, we see the effect of reduced administration. This means that the positive trend continued, and costs are 9 percent lower compared to the first quarter of 2023, even though we have five more stores in our portfolio.

The work to optimise the product range is yielding results. Careful analysis of the entire product range ensures the right inventory levels and improved logistics flows for prioritized products. This has resulted in reduced inventories by SEK 260 M compared with the corresponding period last year, still the stores are well stocked.

Our focus on strengthening the balance sheet is reflected in the fact that net debt excluding lease liabilities has decreased by SEK 430 M compared with the corresponding quarter last year. That is a reduction of 30 percent.

STRENGTHENED CUSTOMER OFFERING

During the quarter, we opened two new stores in Sweden, one in Klippan and one in Umeå. This means that we now have 211 stores in four Nordic markets. During the spring, two more stores will open in Bergen in Norway and Mellbystrand in Sweden. At the same time, we are continuously working to develop our store portfolio, including an updated checkout area to enable better customer interaction and more efficient flows.

We see potential in offering customized products via e-commerce. This includes, for example, the opportunity to buy paint mixed to the right colour, configure windows and doors, or design your own garden buildings that are easily built up from modules. This functionality was expanded during the quarter with more choices for customers. We have also introduced two new greenhouses under our own brand in our e-commerce range.

It should be easy to shop sustainably, which is why Byggmax strives to offer customers sustainable products and reduce the overall use of resources. One

example is that during the quarter, we added a circular building board to the regular store assortment. It is made from recycled packaging material and has about 85 percent lower climate impact than traditional material.

READY FOR HIGH SEASON

We are now entering Byggmax traditional high season. It has been a challenging period for Nordic consumers and there is still significant uncertainty, although there are some hope with movements in the housing market and stronger consumer confidence index in several markets. This year's priorities therefore include continuing to develop our customer offering, ensuring efficient operations and optimized inventory levels, while at the same time striving to continue to reduce net debt.

When the market returns, Byggmax is ready to scale up quickly with significant sales and profitability potential. We have upgraded stores and are in more places than before. Despite the inflation of recent years, we have a lower cost per store than we have had in the past two years, and efficient logistics allow us to scale up significant volume increases.

All Byggmax's fantastic employees have worked intensively to prepare us for the high season. We are ready and will do everything we can to make our customers fulfil their home improvement dreams during the coming season!

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 range with a broader e-commerce range, which provides economies of scale in logistics and purchasing. Together with low in-store operating costs 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. Stores

1,085

EMPLOYEES

ENGAGEMENT

Of the Group's 211 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

• Net sales of at least SEK 10 billion by 2025.
• The EBITA margin should be 7 to 8 percent.
• 50 percent dividend in relation to net profit, considering the company's financial position.
• Net debt excl. IFRS 16/EBITDA R12 shall not be more than 2.5x.

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

JANUARY–MARCH 2024

NET SALES

The operation's net sales amounted to SEK 866 M (952), down 9.0 percent. Exchange rate effects had a negative impact on net sales of 0.5 percent. The Group's like-for-like sales decreased by 9.1 percent.

The gross margin was 33.9 percent compared to 34.4 percent in the corresponding quarter last year. The gross margin has been negatively impacted by product mix and lower volumes, which has generated a negative effect on economies of scale.

GEOGRAPHIC NET SALES

Net sales in Sweden decreased by 4.9 percent and amounted to SEK 624 M (656) in the period. Net sales in Other Nordic decreased by 17.7 percent and amounted to SEK 250 M (304) in the period.

STORES

SEK M

SEK M

The total amount of Byggmax Group's stores at the end of the period amounts to 211, compared with 206 in the corresponding quarter last year. Two (two) new stores, Byggmax Studio in Umeå and Klippan in Sweden was opened during the quarter. No stores were closed.

The following additional Byggmax stores have been announced to be opened: Mellbystrand (2024) in Sweden and Bergen (2024) in Norway.

EARNINGS

EBIT amounted to SEK -162 M (-139), with an EBIT margin of -18.7 (-14.6) percent.

Personnel expenses and other expenses amounted to SEK 294 M (322), a decrease of SEK 28 M compared with the corresponding quarter last year. Costs for new stores amounted to SEK 7 M (11) and closed stores reduced costs by SEK 2 M (0) during the period. Comparable costs, i.e. costs excluding new and closed stores, decreased by SEK 32 M (25) during the period.

Despite inflation and increased number of stores, the store costs and central administration costs have continued to be reduced.

NET FINANCIAL ITEMS AND TAX

Net financial items amounted to SEK -28 M (-33). Net financial items for the quarter were impacted by exchange-rate effects of SEK 3 M (-7).

The profit before tax amounted to SEK -190 M (-172). Income tax for the quarter amounted to SEK 43 M (39).

NET PROFIT

Net profit for the quarter amounted to SEK -147 M (-133). Earnings per share were SEK -2.50 (-2.26).

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

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

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

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

OUR GEOGRAPHIC MARKETS
	Januari–March
Net sales, SEK M	2024	2023	Change	Apr 2023 –Mar 2024	Apr 2022 –Mar 2023	Change
Sweden	624	656	-4.9 %	4,355	4,947	-12.0 %
Other Nordic	250	304	-17.7 %	1,724	2,074	-16.8 %

0 250 500 750 1,000 1,250 1,500

0 250 500 750 1,000 1,250 1,500

SEK M

SEK M

Cash flow from operating activities Net debt (excl. IFRS 16)

Cash flow from operating activities Net debt (excl. IFRS 16)

CASH FLOW AND FINANCIAL POSITION

CASH FLOW

Cash flow from the operating activities amounted to SEK 84 M for the quarter, increase SEK 182 M compared with the corresponding period last year. The improved cash flow is mainly attributable to high tax payments in the corresponding period last year. The inventory build-up for the period was compensated by increased accounts payable during the period.

INVENTORY

At the end of the period, inventory amounted to SEK 1,510 M (1,771). Compared with the end of the corresponding period last year, two store was closed, and seven new stores were opened. Inventory referred to new stores amounted to SEK 30 M and for closed stores to SEK -9 M.

INVESTMENTS

0 500 1,000

0 500 1,000

Investments during the quarter amounted to SEK 24 M (61), of which SEK 3 M (2) pertained to IT-investments, SEK 9 M (16) to investments in new stores and SEK 12 M (17) was attributable to current investments in stores. In the first quarter of 2023, most of the remaining investments were related to store upgrades.

LIQUIDITY AND FINANCIAL POSITION Net revenue EBITA and Margin SEK M SEK M

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

Consolidated net debt was SEK 2,863 M (3,214). The net debt excluding the effects of IFRS 16 amounted to SEK 991 M (1,421). The equity/assets ratio amounted to 34.3 percent (32.8). Unutilised credit facilities totalled SEK 487 M (476). 4,500 6,000 7,500 9,000 1,500 2,000 2,500 3,000 4,500 6,000 7,500 9,000 1,500 2,000 2,500 3,000

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

0 1,500 3,000 0 1,500 3,000

GOODWILL AND OTHER INTANGIBLE FIXED ASSETS

The Group's carrying amounts from intangible fixed assets amounted to SEK 2,296 M (2,348). The Group's goodwill amounted to SEK 2,019 M (2,018), the change is related to exchange rate effects. Other intangible fixed assets amounted to SEK 277 M (330) and primarily pertained to software, customer relationships and brands. Amortisation of customer relationships and brands in relation to acquisitions amounts to SEK -14 M (-14) for the quarter.

SHAREHOLDERS' EQUITY

Consolidated shareholders' equity amounted to SEK 2,223 M (2,208), which corresponds to SEK 37.92 (37.66) per share outstanding. As of 31 March 2024, there are warrant programmes outstanding encompassing 2,276,000 shares.

SEASONAL VARIATIONS

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 Byggmax Group's high season begins. 12 400 SEK M Percent Net revenue EBITA and Margin 12 400 SEK M Percent

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 EBITA, quarter EBITA-margin R12, %

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 EBITA, quarter EBITA-margin R12, %

CASH FLOW FROM OPERATING ACTIVITIES

NET DEBT (EXCL. IFRS 16)

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 and 2023 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 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 first quarter amounted to SEK 0 M (3). The profit after financial items was SEK -22 M (-24) for the quarter.

EMPLOYEES

The number of employees, (converted into full-time equivalents) totalled 1,085 (1,207) 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.

This interim report has not been reviewed by the company's auditors.

Stockholm 23 April, 2024 Byggmax Group AB (publ)

Karl Sandlund President and CEO

KEY PERFORMANCE INDICATORS BY QUARTER

GROUP	2024	2023			2022
SEK M	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Earnings
Net sales	866	998	1,960	2,203	952	1,170	2,273	2,546	1,271
of which Sweden	624	703	1,401	1,628	656	798	1,638	1,855	875
of which Other Nordics	250	302	572	601	304	383	664	723	410
EBITA	-148	-77	210	172	-125	-28	288	254	-4
EBIT	-162	-91	196	158	-139	-42	274	240	-18
Profit/loss for the period	-147	-97	138	117	-133	-60	214	182	-23
Change in net sales %	-9.0	-14.8	-13.8	-13.4	-25.1	-10.0	-5.3	-10.1	14.4
Like-for-like sales, %	-9.1	-14.9	-15.5	-14.3	-26.8	-15.2	-11.4	-16.6	0.8
Gross margin, %	33.9	34.5	34.1	32.0	34.4	35.2	34.4	32.0	35.5
EBITA-margin, %	-17.1	-7.7	10.7	7.8	-13.2	-2.4	12.7	10.0	-0.3
EBIT margin, %	-18.7	-9.1	10.0	7.2	-14.6	-3.6	12.0	9.4	-1.4
Balance sheet
Inventory	1,510	1,281	1,370	1,711	1,771	1,608	1,678	1,881	1,784
Net debt	2,863	2,731	2,499	2,593	3,214	2,851	2,457	2,442	2,239
Net debt excluding IFRS 16	991	948	630	679	1,421	1,183	904	891	792
Shareholders' equity	2,223	2,361	2,477	2,341	2,208	2,361	2,411	2,188	2,256
Capital employed	5,086	5,092	4,976	4,934	5,422	5,212	4,868	4,630	4,495
Investment in intangible and tangible assets	24	24	16	49	58	54	47	59	94
Inventory turnover rate	2.4	2.8	2.7	2.4	2.6	3.1	3.1	3.1	3.4
Net debt/EBITDA	3.2	2.8	1.6	1.5	2.6	1.8	1.3	1.1	0.8
, Return on equity %	0.5	1.1	2.5	6.1	9.1	13.6	14.5	20.5	28.8
Return on capital employed , %	2.1	2.5	3.6	5.3	6.7	9.4	11.3	16.0	20.7
Equity/assets ratio, %	34.3	38.3	38.8	34.0	32.8	36.3	37.1	32.5	34.8
Cash flow
Cash flow from operating activities	84	-189	174	895	-98	-127	127	280	257
Other
Average number of employees	1,085	1,114	1,434	1,405	1,207	1,228	1,530	1,514	1,277
Number of stores	211	209	209	210	206	204	201	198	194
of which Sweden	140	138	138	137	134	134	130	128	125
of which Other Nordics	71	71	71	73	72	70	71	70	69

SHARE DATA	2024	2023			2022
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
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	-2.50	-1.65	2.36	2.00	-2.26	-1.03	3.65	3.11	-0.39
Equity per share, SEK	37.92	40.27	42.25	39.94	37.66	40.27	41.13	37.32	38.48
Cash flow from operating activities per
share, SEK	1.44	-3.23	2.96	15.26	-1.67	-2.17	2.16	4.77	4.38
Share price at the end of the period, SEK	36.00	37.94	29.48	28.92	36.80	49.74	37.30	53.10	69.70

CONSOLIDATED INCOME STATEMENT

	January–March		12 months	Full year
SEK M	2024	2023	Apr 2023 –Mar 2024	2023
Revenue
Net sales	866	952	6,027	6,113
Other operating income	6	12	33	39
Total revenue	872	964	6,060	6,152
Operating expenses
Cost of goods sold	-573	-625	-4,017	-4,069
Other external costs1	-121	-135	-474	-488
Personnel costs	-173	-187	-798	-811
Depreciation, amortisation and impairment of tangible and intangible fixed assets1	-167	-156	-669	-658
Share of income of equity accounted companies	-1	-1	-3	-3
Total operating expenses	-1,034	-1,103	-5,960	-6,029
EBIT	-162	-139	100	123
Net financial items1	-28	-33	-104	-109
Profit/loss before taxes	-190	-172	-4	14
Income tax	43	39	16	12
Net profit/loss for the period	-147	-133	12	26
Attributable to:
Parent Company shareholders	-147	-133	12	26
Earnings per share before dilution, SEK	-2.50	-2.26	0.21	0.44
Earnings per share after dilution, SEK Average number of shares outstanding at	-2.50	-2.26	0.21	0.44
end of period, thousand	58,625	58,625	58,625	58,625

1) During the quarter, other external costs decreased SEK 114 M (103), depreciation on tangible assets increased SEK 106 M (97) and financial expenses increased SEK 10 M (7) due to IFRS 16 Leases.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME GROUP

	January–March		12 months	Full year
SEK M	2024	2023	Apr 2023 –Mar 2024	2023
Net profit/loss for the period	-147	-133	12	26
Items that will be reclassified to profit or loss
Translation exchange rate differences	8	-21	2	-27
Other comprehensive income for the period	-138	-153	14	-1

CONSOLIDATED BALANCE SHEET

SEK M	31 March 2024	31 March 2023	31 December 2023
Assets
Intangible fixed assets	2,296	2,348	2,306
Tangible fixed assets1	2,402	2,408	2,334
Financial fixed assets	34	31	34
Total fixed assets	4,733	4,787	4,674
Inventories	1,510	1,771	1,281
Current receivables	215	132	200
Cash and cash equivalents	22	44	10
Total current assets	1,746	1,946	1,491
Total assets	6,479	6,733	6,165
Shareholders' equity and liabilities
Shareholders' equity	2,223	2,208	2,361
Lease liabilities	1,432	1,394	1,363
Deferred tax liabilities	140	169	143
Long-term liabilities	1	1	1
Total long-term liabilities	1,573	1,564	1,506
Borrowing from credit institutions	1,013	1,465	958
Lease liabilities	440	399	421
Accounts payables	943	765	588
Other current liabilities	288	333	331
Total current liabilities	2,683	2,962	2,298
Total shareholders' equity and liabilities	6,479	6,733	6,165

1) Tangible fixed assets include SEK 1,884 M (1,806) IFRS16 Leases.

GROUP

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK M	31 March 2024	31 March 2023	31 December 2023
Opening balance at the beginning of the period	2,361	2,361	2,361
Comprehensive income
Translation differences	8	-21	-27
Profit/loss for the period	-147	-133	26
Total comprehensive income	-138	-153	-1
Transactions with shareholders
Dividend	–	–	–
Warrants and new share issue	–	–	1
Total transactions with shareholders	–	–	1
Shareholders' equity at the end of the period	2,223	2,208	2,361

CONSOLIDATED CASH FLOW STATEMENTS

	January–March		12 months	Full year
SEK M	2024	2023	Apr 2023 –Mar 2024	2023
Cash flow from operating activities
EBIT	-162	-139	100	123
Non-cash items;
Depreciation, amortisation and impairment
of tangible and intangible fixed assets1	167	156	669	658
Other non-cash items	1	7	3	8
Financial items	-28	-33	-98	-102
Tax paid	-13	-188	39	-136
Cash flow from operating activities before changes in working capital	-35	-197	713	551
Change in inventories	-227	-177	259	308
Change in other current receivables	-14	58	-51	21
Change in other current liabilities	361	219	43	-99
Cash flow from operating activities	84	-98	964	781
Cash flow from investing activities
Investment in intangible fixed assets	-3	-10	-28	-35
Investment in tangible fixed assets	-21	-48	-85	-111
Investment in financial assets	0	-3	-7	-10
Sale of tangible fixed assets	0	1	2	3
Cash flow from investing activities	-24	-60	-117	-153
Cash flow from financing activities
Change in overdraft facilities	55	263	-453	-245
Amortisation of lease liabilities	-104	-96	-418	-410
Dividend to shareholders	–	–	1	1
Cash flow from financing activities	-49	167	-871	-655
Cash flow for the period	11	9	-24	-26
Cash and cash equivalents at the beginning of the period	10	19	44	19
Cash flow from the period	11	9	-24	-26
Exchange rate effect	0	15	2	17
Cash and cash equivalents at the end of the period	22	44	22	10

1) During the quarter, "Other non-cash items" includes a positive effect of SEK 106 (97) M from depreciation of tangible fixed assets due to IFRS 16 leases.

PARENT COMPANY

INCOME STATEMENT

	January–March		12 months	Full year
SEK M	2024	2023	Apr 2023 –Mar 2024	2023
Revenue	0	3	11	14
Other external costs	-3	-2	-18	-17
Personnel costs	-2	-5	-12	-14
Total operating expenses	-6	-6	-30	-31
EBIT	-6	-3	-19	-17
Net financial items	-17	-21	34	30
Profit/loss before tax	-22	-24	15	13
Income tax	5	5	-10	-10
Profit/loss for the period	-17	-19	6	3

PARENT COMPANY

BALANCE SHEET

SEK M	31 March 2024	31 March 2023	31 December 2023
Assets
Financial fixed assets	1,218	1,694	1,218
Current assets	444	254	448
Total assets	1,662	1,949	1,666
Shareholders' equity and liabilities
Shareholders' equity	501	495	518
Untaxed reserves	16	–	16
Short-term liabilities	1,145	1,454	1,133
Total shareholders' equity and liabilities	1,662	1,949	1,666

NOT 1 REVENUE ALLOCATION

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

REVENUE ALLOCATION PER GEOGRAPHIC

		January–March
SEK M	2024	2023
Net sales	866	952
of which Sweden	624	656
of which Other Nordic	250	304
of which Group Functions	-7	-8
EBIT	-162	-139
Amortisation of intangible fixed assets
related to acquired surplus values	14	14
EBITA	-148	-125

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 are

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 amortisation and impairment of intangible fixed assets related to acquired surplus values.

EBITDA

Earnings before 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.

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 trading 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 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. The information was submitted for publication on 23 April 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