Europris

Interim / Quarterly Report • Jul 10, 2025

Q2 2025

Content

Highlights 2025	3
Key Figures	4
Period review	5
Financial review - group	7
Segment Norway	9
Segment Sweden	11
Outlook	12
Financial statements	13
Alternative performance measures	23

Highlights

Second quarter 2025

• Group sales were NOK 3,802 million, representing a reported growth of 22.3 per cent
  • Sales in the quarter were positively impacted by ÖoB being included for one additional month this year (consolidated from May 2024) and timing effects from a later Easter
  • Segment Norway had sales of NOK 2,660 million, up 11.7 per cent
  • Segment Sweden had sales of NOK 1,142 million, with the ÖoB chain up 4.7 per cent on a like-for-like basis in local currency for the entire second quarter both years
• Gross margin of 40.6 per cent (41.9), down 1.3 percentage points
  • Reflects one additional month with dilutive impact from ÖoB this year and negative product mix from a higher share of consumables and campaigns
  • Unrealised gain from currency of NOK 10 million this year vs an unrealised loss of NOK 17 million last year
• Opex-to-sales ratio of 22.5 per cent (23.6), positively impacted by scale effects from timing of Easter and good cost control
• EBIT of NOK 423 million (339) and EBIT margin of 11.1 per cent (10.9)
  • EBIT of NOK 457 million for segment Norway, a growth of 28.9 per cent
  • EBIT-loss of NOK 34 million for segment Sweden
• Net profit of NOK 276 million (266)
  • Last year was positively impacted by accounting effects related to the acquisition of ÖoB, with a net effect of NOK 45 million
  • Unrealised loss on interest rate swaps of NOK 11 million (loss of 1)

First half 2025

• Group sales were NOK 6,740 million, representing a reported growth of 31.3 per cent
  • Sales were positively impacted by four additional months with ÖoB this year
  • Segment Norway had sales of NOK 4,710 million, up 6.9 per cent
  • Segment Sweden had sales of NOK 2,030 million, with the ÖoB chain down 0.9 per cent on a like-for-like basis in local currency for the entire first half both years
• Gross margin of 39.8 per cent (42.4)
  • Reflects four additional months with dilutive impact from ÖoB this year
  • Unrealised loss from currency of NOK 24 million this year vs an unrealised gain of NOK 9 million last year
• Opex-to-sales ratio of 26.2 per cent (25.9)
  • Dilutive impact from segment Sweden, while the opex-to-sales ratio for segment Norway declined by 0.6 percentage points
• EBIT of NOK 386 million (445) and EBIT margin of 5.7 per cent (8.7)
  • EBIT up 16.1 per cent to NOK 535 for segment Norway, with an EBIT margin of 11.4 per cent (10.5)
  • EBIT-loss of NOK 149 million for segment Sweden
• Net profit of NOK 196 million (313)
  • Last year was positively impacted by accounting effects related to the acquisition of ÖoB, with a net effect of NOK 34 million
  • Unrealised loss on interest rate swaps of NOK 15 million (gain of 6)
• Net debt excluding lease liabilities of NOK 1,843 million (1,520)

Figures for the corresponding period of the year before in brackets. The figures are unaudited. See page 23 for definition of APMs. EUROPRIS ASA

Key figures

(Amounts in NOK million)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
GROUP KEY INCOME STATEMENT FIGURES
Retail sales	3,620	2,926	6,389	4,791	12,002
Wholesale sales	151	158	298	297	630
Other	31	25	53	47	118
Total operating income	3,802	3,109	6,740	5,135	12,750
% growth in total operating income	22.3%	34.6%	31.3%	21.0%	34.7%
Cost of goods sold	2,257	1,807	4,059	2,955	7,437
Gross profit	1,544	1,302	2,681	2,180	5,313
Gross margin	40.6%	41.9%	39.8%	42.4%	41.7%
Opex	855	735	1,768	1,332	3,153
Opex-to-sales ratio	22.5%	23.6%	26.2%	25.9%	24.7%
EBITDA	689	567	913	847	2,160
EBITDA margin	18.1%	18.2%	13.5%	16.5%	16.9%
EBIT (Operating profit)	423	339	386	445	1,237
EBIT margin (Operating profit margin)	11.1%	10.9%	5.7%	8.7%	9.7%
Net profit	276	266	196	313	838
Profit attributable to owners of the parent	276	266	196	313	837
Earnings per share (in NOK)	1.69	1.65	1.20	1.94	5.15
GROUP KEY CASH FLOW AND BALANCE SHEET FIGURES
Net change in working capital	14	94	(568)	(297)	(211)
Capital expenditure	25	37	71	86	138
Financial debt	5,589	5,226	5,589	5,226	4,784
Cash	329	129	329	129	603
Net debt	5,260	5,097	5,260	5,097	4,181
- Lease liabilities	3,417	3,577	3,417	3,577	3,461
Net debt ex Lease liabilities	1,843	1,520	1,843	1,520	720
Cash and liquidity reserves	1,111	1,441	1,111	1,441	2,244

EUROPRIS ASA

For definitions and reconciliations of APMs, please see page 23.

Period review

The group's performance in the second quarter was solid. A later Easter this year positively impacted seasonal sales. This also led to a higher share of sales from campaigns and consumables which in turn had a negative mix impact on the gross margin. For more valid year-on-year comparisons the focus should be on the first half year.

EUROPRIS ASA

Segment Norway reported a sales growth of 11.7 per cent in the second quarter and 6.9 per cent for the first half of the year. The sales increase for the Europris chain was driven by higher like-for-like footfall and a slight increase in the average basket value. The strong performance reflected operational improvements resulting in enhanced service levels and well-stocked shelves. Based on market data as of May for shopping centres (from Norsk Retail Hub) and broad variety retail (from SSB), the Europris chain outperformed the average market growth. Market data for June was not available at time of reporting.

For the first half, segment Norway delivered a gross margin almost on par with last year, and an improvement of 0.5 percentage points when adjusting for the impact of unrealised currency. Good cost control and improved efficiency in the value chain resulted in an improvement in the opex-to-sales ratio of 0.6 percentage points. The first half was solid, with an EBIT growth of 16.1 per cent.

Measured in local currency (SEK), the ÖoB chain reported a like-for-like sales growth of 4.7 per cent for the entire second quarter and a like-for-like decline of 0.9 per cent for the entire first half. Measures to enhance daily operations are progressing, including further strengthened execution of sales and promotional activities. The gross margin remained significantly lower than in Norway, reflecting a much higher share of consumables. Clearance of obsolete stock was completed during the quarter, with limited margin impact.

Status on the ÖoB integration process

The transformation of ÖoB and the integration process with Europris are progressing as planned, with several milestones achieved during the second quarter. These included three larger category upgrades, the opening of the first fully remodelled store, and successful implementation of the new ERP system.

ÖoB upgraded the kitchen, home & interior and DIY categories during the second quarter. This included conceptual and visual elements, spacing, and gradual introduction of Europris' non-food product range. Harmonisation of products is expected to be finalised during the second quarter of next year. Customers have responded positively to the implemented category enhancements, resulting in increased sales and improvement in product mix. The average basket value has remained relatively unchanged, and the group believes full remodelling and upgrading of the stores is necessary for ÖoB to be repositioned as a more relevant shopping destination and attract new customers in the years to come.

The first fully remodelled store was opened in Uddevalla in mid-June. This represented a significant conceptual upgrade, aligning with the Europris' store concept, with a near complete harmonisation of the non-food product range. The store has received very positive feedback from both existing loyal and new customers. While it is too early to draw conclusions on the long-term effects of the remodelling, the results so far have been promising. The first few weeks showed higher sales, driven by increased footfall and a higher average basket size, as well as improved margin following improved product mix with higher non-food sales. This provides confidence in the turnaround plan. An additional three pilot stores will be remodelled before accelerating implementation across the store portfolio during 2026 and 2027.

While store upgrades are anticipated to have a positive long-term impact on footfall, sales and margins, it should also be noted that stores will be closed and sales lost for a period of 2-4 weeks for each upgrade. The estimated impact on operating expenses and capital expenditures will be shared after an evaluation of the pilot stores.

SBTi targets approved

The Science Based Targets initiative (SBTi) has approved Europris' science-based targets for achieving net-zero greenhouse gas emissions across the value chain by 2050, as well as its near-term and long-term targets for GHG and FLAG emissions.

Europris committed to implementing emissions reduction targets in line with SBTi in own operations and throughout the value chain in December 2022. The approval of these targets is a significant step towards the group's overarching ambition to provide affordable yet sustainable products for everyone. The approach of integrating sustainability into sourcing practices is crucial, and the group actively works to prioritise products with reduced emissions and sustainable resource use. An important next step is to develop a transition plan in line with the approved science-based targets.

Celebrating ten years at Oslo Stock Exchange

Europris was listed on the Oslo Stock Exchange on 19 June 2015 and thus celebrated its ten-year anniversary this June. The total shareholder return for the first ten years was 218 per cent assuming reinvestment of dividends, corresponding to an average annual return of 12.3 per cent. This compares with an average annual return of 10.0 per cent for Oslo Stock Exchange's OSEBX index in the same period.

Financial review - group

Financials for segment Sweden are included with effect from 1 May 2024, following completion of the acquisition of ÖoB. For more details on the financial development, please see comments under each segment (Norway and Sweden).

Profit and loss – second quarter

Total operating income amounted to NOK 3,802 million (3,109), an increase of 22.3 per cent. Sales were positively impacted by one additional month with ÖoB included this year (consolidated from May 2024) and timing effects from a later Easter.

Gross profit amounted to NOK 1,544 million (1,302), with a gross margin of 40.6 per cent (41.9). The gross margin decline reflected one additional month with dilutive effect from segment Sweden this year. The group recognised a net unrealised gain of NOK 10 million on hedging contracts and accounts payable, compared to a net unrealised loss of NOK 17 million in the same period last year.

Operating expenditure (Opex) was NOK 855 million (735). The opex-to-sales ratio was 22.5 per cent (23.6), positively impacted by scale effects from timing of Easter and good cost control.

EBITDA was NOK 689 million (567), corresponding to an EBITDA margin of 18.1 per cent (18.2).

EBIT was NOK 423 million (339), and the EBIT margin was 11.1 per cent (10.9).

In the second quarter last year figures were positively impacted by accounting effects related to the acquisition of ÖoB, with a net effect of NOK 45 million.

The group recognised a net unrealised loss on interest rate swaps amounting to NOK 11 million (unrealised loss 1).

Both net profit and net profit attributable to owners of the parent company were NOK 276 million (266). Earnings per share was NOK 1.69 (1.65).

Profit and loss – first half

Total operating income amounted to NOK 6,740 million in the first half 2025 (5,135), an increase of 31.3 per cent. Segment Norway showed solid development with a sales growth of 6.9 per cent. Group sales were

positively impacted by four additional months with segment Sweden this year.

Gross profit for the group was NOK 2,681 million (2,180), with a gross margin of 39.8 per cent (42.4). The gross margin decline reflected four additional months with dilutive impact from segment Sweden this year. In addition, the group recognised a net unrealised currency loss of NOK 24 million on hedging contracts and accounts payable (gain of NOK 9).

Opex amounted to NOK 1,768 million (1,332), and the opex-to-sales ratio was 26.2 per cent (25.9). This was impacted by four additional months with segment Sweden, which has a higher cost-ratio than segment Norway.

EBITDA was NOK 913 million (847), an increase of NOK 66 million or 7.7 per cent. The EBITDA margin was 13.5 per cent (16.5).

EBIT was NOK 386 million (445), a decline of NOK 60 million or 13.4 per cent. The EBIT margin was 5.7 per cent (8.7).

In the first half last year figures were positively impacted by accounting effects related to the acquisition of ÖoB, with a net effect of NOK 34 million.

The group recognised a net unrealised loss on interest-rate swaps of NOK 15 million (unrealised profit of 6).

Both net profit and net profit attributable to owners of the parent company were NOK 196 million (313). Earnings per share was NOK 1.20 (1.94).

Cash flow

EUROPRIS ASA

Cash flow from operating activities for the first half year was negative at NOK 40 million (positive 208). Net change in working capital was negative at NOK 568 million (negative 297). The net change in working capital is normally negative for the first half, due to seasonal fluctuations. A more negative figure this year was related to timing of account payables, and planned inventory build-up to improve service level in the stores and strategic purchases ahead of price increases from suppliers. The inventory level in Sweden has historically been too low due to liquidity constraints, and the group has increased the inventory to support sales.

Capital expenditure was NOK 71 million (86).

Net cash from financing activities was negative at NOK 168 million (negative 688). This development was impacted by a higher use of credit facilities, primarily in Sweden. A dividend of NOK 573 million (523) was paid in the second quarter.

Net change in cash was negative at NOK 274 million (negative 547).

Financial position and liquidity

Financial debt amounted to NOK 5,589 million at 30 June 2025 (5,226). Adjusted for lease liabilities, financial debt amounted to NOK 2,172 million (1,649).

Net debt amounted to NOK 5,260 million at June 2025 (5,097). Adjusted for lease liabilities, net debt was NOK 1,843 million (1,520).

Cash and liquidity reserves for the group amounted to NOK 1,111 million at 30 June 2025 (1,441).

Financing

The second of the two options in the group's current 3+1+1 year financing agreement from June 2023 has been exercised. See more information in note 6.

Segment Norway

Key figures

(Amounts in NOK million)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Total operating income	2,660	2,381	4,710	4,407	9,878
% growth in total operating income	11.7%	3.0%	6.9%	3.9%	4.3%
Cost of goods sold	1,466	1,315	2,636	2,463	5,467
Gross profit	1,193	1,065	2,073	1,943	4,411
Gross margin	44.9%	44.7%	44.0%	44.1%	44.7%
Opex	559	540	1,185	1,137	2,379
Opex-to-sales ratio	21.0%	22.7%	25.2%	25.8%	24.1%
EBITDA	635	525	889	806	2,032
EBITDA margin	23.9%	22.1%	18.9%	18.3%	20.6%
EBIT (Operating profit)	457	354	535	461	1,339
EBIT margin (Operating profit margin)	17.2%	14.9%	11.4%	10.5%	13.6%
EUROPRIS CHAIN KEY FIGURES
Total chain sales	2,631	2,325	4,557	4,254	9,323
% growth in total chain sales	13.2%	2.1%	7.1%	4.0%	4.2%
% growth in like-for-like chain sales	11.8%	1.1%	6.1%	2.9%	3.5%
Total number of chain stores at end of period	287	282	287	282	283
- Directly operated stores	266	259	266	259	260
- Franchise stores	21	23	21	23	23
PURE PLAY
Sales	127	131	271	276	831

EUROPRIS ASA

Profit and loss summary

Sales for segment Norway totalled NOK 2,660 million in the second quarter, corresponding to an increase of 11.7 per cent. For the first half of 2025 sales totalled NOK 4,710 million, up by 6.9 per cent.

Gross profit was NOK 1,193 million in the second quarter, with a gross margin of 44.9 per cent. This was an increase of 0.2 percentage points but down 1.0 percentage points adjusted for the impact from unrealised currency. The timing of Easter, with a higher share of sales from consumables and campaigns, had a negative mix effect on the gross margin. For the first half the gross profit was NOK 2,073 million, with a gross margin of 44.0 per cent. This was down 0.1 per

cent, but up 0.5 percentage points adjusted for impact from unrealised currency.

Operating costs increased by 3.5 per cent to NOK 559 million in the second quarter. For the first half operating costs were NOK 1,185 million, up 4.2 per cent. The increase mainly reflected more directly operated stores. Opex remained under good control and reflected operational improvements in the value chain.

EBIT amounted to NOK 457 million in the second quarter, up 28.9 per cent from NOK 354 million last year. For the first half EBIT was NOK 535 million, up 16.1 per cent from NOK 461 million last year. The EBIT margin was 11.4 per cent for the first half, up by 0.9 percentage points.

The Europris chain

The Europris chain saw higher footfall to stores and had a total sales growth of 13.2 per cent and like-forlike growth of 11.8 per cent in the second quarter. The later Easter this year impacted sales positively and also led to higher share of sales from both campaigns and consumables. After several years of decline for products with a price point above NOK 1,000, the chain saw sales growth also for these products. The growth was lower than the average growth for the chain, but these products only accounted for 4.6 per cent of sales.

For the first half of the year the chain saw sales growth of 7.1 per cent and like-for-like growth of 6.1 per cent. The like-for-like footfall to stores increased, in addition to a slightly higher average basket value. The chain had sales growth for both consumables and nonfood, with the share of sales from consumables increasing somewhat.

Category upgrades continue to play an important role in maintaining the attractiveness and relevance of the Europris concept. The home & interior category that was upgraded in March performed well in the second quarter. Seasons and campaigns are also important features of the Europris concept and were important contributors to higher sales and footfall.

Europris opened two new stores in the quarter. One centrally located at Fritzøe Brygge in Larvik and one city store at Holmlia Centre in Oslo. With this the chain has opened a total of five new stores in 2025. The chain also expanded two and modernised three stores in the second quarter. The total number of stores was 287 per 30 June 2025, of which 266 are directly operated and 21 franchises. The board has approved an additional eleven new stores for 2025 and beyond, of which four are subject to planning permission.

Pure play companies

Sales in the pure play companies amounted to NOK 127 million in the second quarter. Adjusted for the divestment of Lunehjem the pure play sales grew by 2.3 per cent, attributable to higher sales in Strikkemekka. Lekekassen had good development in Norway, but this was offset by lower international sales. For the first half sales amounted to NOK 271 million, a growth of 2.8 per cent adjusted for the divestment of Lunehjem.

Segment Sweden

Key figures

(Amounts in NOK million)	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Total operating income	1,142	728	2,030	728	2,873
Cost of goods sold	791	492	1,423	492	1,971
Gross profit	351	236	608	236	902
Gross margin	30.7%	32.4%	29.9%	32.4%	31.4%
Opex	296	195	583	195	774
Opex-to-sales ratio	25.9%	26.7%	28.7%	26.7%	27.0%
EBITDA	55	42	24	42	128
EBITDA margin	4.8%	5.7%	1.2%	5.7%	4.5%
EBIT (Operating profit)	(34)	(16)	(149)	(16)	(102)
EBIT margin (Operating profit margin)	(3.0%)	(2.1%)	(7.4%)	(2.1%)	(3.6%)
ÖoB CHAIN KEY FIGURES
Total chain sales	1,132	721	2,014	721	2,868
Total number of chain stores at end of period	92	94	92	94	93

EUROPRIS ASA

Segment Sweden was consolidated with effect from May 2024 and a straight comparison with last year's reported figures is therefore not meaningful.

Sales for segment Sweden totalled NOK 1,142 million in the second quarter and NOK 2,030 million for the first half.

Gross profit was NOK 351 million in the second quarter, corresponding to a gross margin of 30.7 per cent. Clearance sales of obsolete stock were finalised during the second quarter, with limited margin impact. For the first half the gross profit was NOK 608 million, with a gross margin of 29.9 per cent. Opex amounted to NOK 296 million in the second quarter, with an opexto-sales ratio of 25.9 per cent. For the first half opex was NOK 583 million, with an opex-to-sales ratio of 28.7 per cent. EBIT showed a loss of NOK 34 million in the second quarter and a loss of NOK 149 million for the first half.

In local currency, the ÖoB chain showed like-for-like sales growth of 4.7 per cent for the entire second quarter, positively impacted by the timing of Easter. For the first full half both years the chain had a like-for-like decline of 0.9 per cent.

The three categories that were upgraded in the second quarter showed positive development with higher-than-average sales growth. The first fully remodelled store was opened towards the end of the second quarter, and although it is too early to evaluate any lasting results the early indications have been positive.

Operational improvements had a positive impact on campaign sales. These sales have, however, cannibalised on other sales. For the first half the total basket value remained relatively stable, while footfall to stores was lower.

The ÖoB store at Malmö Emporia was during the quarter. The total number of stores was 92 at 30 June 2025, all directly operated.

Risk factors

The Europris group is exposed to a variety of risks, as described in the directors' report and note 2 of the consolidated financial statements in the annual report for 2024 – there have been no material changes since this.

Related parties

Related parties of the Europris group include its associates, key management personnel, directors, and major shareholders. No significant transactions were conducted with related parties.

Outlook

Consumer spending figures have been relatively strong through the first half of the year, and in reflection of lower inflation the central banks in both Norway and Sweden cut interest rates by 25 basis points in June. Combined with real wage growth this should support the consumer sentiment in both countries.

Internationally, the geopolitical climate remains tense and uncertain, which could impact freight schedules and costs, tariffs, currencies, and the value chains in general. The group continuously monitors the situation, working to mitigate any adverse impacts through its sourcing and logistics policies and financial derivatives to the extent possible.

The integration of ÖoB in Sweden is progressing according to plan, and the first pilot with a fully remodelled store was opened in Uddevalla in June. More pilot stores will follow during the fall, in addition to continued category harmonisation. Over time, the remodelling, renewal and modernisation of categories and stores is expected to improve the customer shopping experience and attract new customer segments. The group remains confident in its long-term ambitions to grow ÖoB to SEK 5 billion in revenue by the end of 2028, with an EBIT margin of 5 per cent for the existing store portfolio.

Statement by the board of directors

We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2025 has been prepared in accordance with current applicable accounting standards and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the group. We also confirm that the directors' report contains a true and fair review of the development and performance of the group, together with the risks and uncertainties facing the group.

Fredrikstad, 9 July 2025

THE BOARD OF DIRECTORS OF EUROPRIS ASA

Tom Vidar Rygh Chair	Pål Wibe	Jon Martin Klafstad	Hege Bømark
Bente Sollid	Susanne Holmström	Ros-Marie Grusén	Espen Eldal CEO

EUROPRIS ASA Q2 and first half 2025

Interim condensed consolidated statement of profit and loss

Figures are stated in NOK 1,000	Notes	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
Total operating income		3,801,689	3,108,896	6,739,862	5,135,097	12,750,259
Cost of goods sold		2,257,327	1,807,375	4,059,030	2,955,474	7,437,455
Employee benefit expenses		519,288	415,260	1,059,707	778,350	1,865,036
Depreciation	5	266,876	227,892	527,596	402,232	922,927
Other operating expenses		335,674	319,689	707,974	553,797	1,288,062
Operating profit		422,524	338,680	385,556	445,243	1,236,780
Net financial income (expense)		(66,296)	(53,645)	(129,201)	(86,457)	(201,704)
Profit/(loss) from associated companies		-	12,540	-	1,564	1,592
Change in fair value of option		-	32,309	-	32,309	32,309
Profit before tax		356,228	329,884	256,355	392,659	1,068,978
Income tax expense		80,022	63,924	60,352	80,149	230,940
Profit for the period		276,206	265,960	196,003	312,510	838,038
Profit attributable to non-controlling interests		205	(248)	261	(259)	802
Profit attributable to owners of the parent		276,001	266,208	195,741	312,769	837,236
Interim condensed consolidated statement of comprehensive income
Profit for the period		276,206	265,960	196,003	312,510	838,038
Items that subsequently may be reclassified to profit or loss
Exchange differences on translation of foreign operations		2,193	834	7,213	1,087	11,652
Total comprehensive income		278,399	266,794	203,216	313,597	849,690
Comprehensive income attributable to non-controlling interests		205	(248)	261	(259)	802
Comprehensive income attributable to owners of the parent		278,194	267,042	202,954	313,856	848,888
Earnings per share (basic and diluted - in NOK)		1.69	1.65	1.20	1.94	5.15

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Interim condensed consolidated statement of financial position

Figures are stated in NOK 1,000	Notes	30 June 2025	30 June 2024	31 Dec 2024
		Unaudited	Unaudited	Audited
ASSETS
Total intangible assets	5	3,269,968	3,028,822	3,225,084
Total fixed assets	5	3,859,110	4,043,876	3,906,721
Total financial assets	6	60,702	79,963	75,560
Total non-current assets		7,189,780	7,152,661	7,207,364
Inventories		3,581,203	3,133,408	3,292,289
Trade receivables		146,994	218,931	226,921
Other receivables	6	180,622	149,893	214,941
Cash		329,440	129,306	603,362
Total current assets		4,238,259	3,631,537	4,337,514
Total assets		11,428,039	10,784,198	11,544,878
EQUITY AND LIABILITIES
Total paid-in capital	8	308,341	308,341	308,341
Total retained equity		3,379,027	3,216,743	3,749,207
Total shareholders' equity		3,687,368	3,525,085	4,057,548
Non-controlling interests		45,833	50,316	51,299
Total equity		3,733,201	3,575,400	4,108,848
Provisions		153,096	77,003	56,060
Borrowings	6	998,266	1,020,455	1,018,516
Lease liabilities		2,499,668	2,671,314	2,566,863
Total non-current liabilities		3,651,029	3,768,772	3,641,439
Borrowings	6	1,174,014	628,679	304,480
Current lease liabilities		917,021	905,757	894,019
Accounts payable		1,023,912	1,098,578	1,255,066
Tax payable		5	(478)	248,193
Public duties payable		312,291	303,610	417,651
Put option liability		30,390	27,980	30,390
Other current liabilities	6	586,175	475,899	644,792
Total current liabilities		4,043,809	3,440,026	3,794,591
Total liabilities		7,694,838	7,208,798	7,436,031
Total equity and liabilities		11,428,039	10,784,198	11,544,878

Fredrikstad, 9 July 2025

THE BOARD OF DIRECTORS OF EUROPRIS ASA

EUROPRIS ASA

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Interim condensed consolidated statement of changes in equity

Figures are stated in NOK 1,000

	Share capital	Treasury shares	Share premium	Other paid in capital	Retained earnings	Total	Non controlling interests	Total equity
At 1 January 2025	166,969	(3,320)	51,652	93,039	3,749,207	4,057,548	51,299	4,108,848
Profit for the period	-	-	-	-	195,741	195,741	261	196,003
Other comprehensive income	-	-	-	-	7,213	7,213	-	7,213
Dividend Non-controlling interests from sale of subsidiary	- -	- -	- -	- -	(573,135) -	(573,135) -	(179) (5,549)	(573,313) (5,549)
At 30 June 2025	166,969	(3,320)	51,652	93,039	3,379,027	3,687,368	45,832	3,733,201
(unaudited)

Share capital Treasury shares Share premium Other paidin capital Retained earnings Total Noncontrolling interests Total equity At 1 January 2024 166,969 (5,922) 51,652 22,472 3,326,045 3,561,216 50,575 3,611,791 Profit for the period - - - - 312,769 312,769 (259) 312,510 Other comprehensive income - - - - 1,087 1,087 - 1,087 Dividend - - - - (523,403) (523,403) - (523,403) Net sale of treasury shares - 2,602 - 70,567 100,245 173,415 - 173,415 At 30 June 2024 166,969 (3,320) 51,652 93,039 3,216,743 3,525,084 50,316 3,575,400

(unaudited)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Interim condensed consolidated statement of cash flows

Figures are stated in NOK 1,000	Notes	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
Cash flows from operating activities
Profit before income tax		356,228	329,884	256,355	392,659	1,068,978
Adjusted for:
Depreciation of fixed and intangible assets	5	266,876	227,801	527,596	402,141	922,927
Change in fair value of option		-	(32,309)	-	(32,309)	(32,309)
Share of profit/loss from associates		-	(12,540)	-	(1,564)	(1,592)
Changes in net working capital		13,584	94,010	(567,813)	(297,450)	(210,548)
Income tax paid		(133,250)	(118,491)	(256,561)	(255,365)	(251,645)
Net cash generated from operating activities		503,438	488,355	(40,423)	208,112	1,495,811
Cash flows from investing activities
Purchases of fixed and intangible assets	5	(25,401)	(36,826)	(70,576)	(86,105)	(138,460)
Acquisition		-	18,307	4,799	19,047	19,047
Net cash used in investing activities		(25,401)	(18,519)	(65,777)	(67,058)	(119,413)
Cash flows from financing activities
Net change overdraft and RCF (Revolving Credit Facility)		501,600	193,346	865,147	193,346	(142,005)
Repayment of debt to financial institutions		-	(9,640)	(25,250)	(29,582)	(24,405)
Principal paid on lease liabilities		(223,914)	(188,514)	(434,805)	(329,782)	(760,660)
Dividend		(573,135)	(523,403)	(573,135)	(523,403)	(523,559)
Sale of treasury shares		-	1,350	-	1,350	1,350
Dividends paid to non-controlling interests in subsidiaries		(179)	-	(179)	-	(78)
Net cash from financing activities		(295,627)	(526,861)	(168,221)	(688,071)	(1,449,357)
Net increase (decrease) in cash		182,411	(57,024)	(274,420)	(547,017)	(72,960)
Exchange gain (loss) on cash		149	-	498	-	-
Cash at beginning of period		146,880	186,330	603,362	676,323	676,322
Cash at end of period		329,440	129,306	329,440	129,306	603,362

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Notes

1 Corporate information

The interim condensed consolidated financial statements of Europris ASA and its subsidiaries (collectively, the group) for the six months ended 30 June 2025 were authorised for issue by the board on 9 July 2025.

Europris ASA is domiciled in Norway and is a discount variety retailer. In May 2024, the group took full ownership of the Swedish discount variety retailer - ÖoB. With this, the group is present with an extensive store network across Norway and Sweden. The group also offers online shopping.

These condensed interim financial statements have not been audited.

2 Basis of preparation and changes to the group's accounting policies

Basis of preparation

The interim condensed consolidated financial statements for the second quarter and six months ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements at 31 December 2024.

New standards, interpretations and amendments adopted by the group

The accounting policies adopted in preparing the interim condensed consolidated financial statements are consistent with those followed in the preparation of the group's annual consolidated financial statements for the year ended 31 December 2024. New standards and interpretations effective at 1 January 2025 do not impact the annual consolidated financial statements of the group or the interim condensed financial statements of the group.

3 Critical accounting estimates and judgements

The preparation of interim condensed financial statements requires management to make accounting judgements and estimates that impact how accounting policies are applied and the reported amounts for assets, liabilities, income and expenses. Actual results may differ from these estimates. The critical accounting estimates and judgements are consistent with those in the consolidated financial statements for 2024, see note 3 for more details.

4 Segment information

The group management is the group's chief operating decision-maker. The segments are reported in accordance with how the chief operating decision-maker evaluates profitability and achievements. The Norway segment relates to Europris and the Sweden segment relates to ÖoB. The pure play companies Lekekassen and Strikkemekka, are both individually below the threshold for being reportable and are integrated into the Norway segment.

Q2 2025
Figures are stated in NOK 1,000	Norway	Sweden	Total
Total operating income	2,660	1,142	3,802
Cost of goods sold	1,466	791	2,257
Gross profit	1,193	351	1,544
Opex	559	296	855
EBITDA	635	55	689
EBIT (Operating profit)	457	(34)	423
Gross margin (%)	44.9%	30.7%	40.6%
Opex-to-sales ratio (%)	21.0%	25.9%	22.5%
EBITDA margin (%)	23.9%	4.8%	18.1%
EBIT margin (%) (Operating profit margin)	17.2%	(3.0%)	11.1%
Inventory	2,584	998	3,581
Total assets	9,050	2,378	11,428

For more details, please refer to the segment sections on page 9 (Norway) and page 11 (Sweden).

5 Fixed and intangible assets

Figures are stated in NOK 1,000	Fixtures and fittings	Land	Buildings	Right-of use asset	Software	Trademarks	Goodwill	Total
Carrying amount 1 January 2025	474,677	21,225	116,087	3,294,733	74,529	591,387	2,475,761	7,048,398
Acquisition of subsidiaries	78	-	-	-	-	-	-	78
Exchange differences	1,886	-	332	25,138	591	3	8,932	36,883
Additions	68,890	-	(325)	372,589	2,190	-	15,278	458,622
Disposals	(171)	-	-	(4,506)	-	-	(13,446)	(18,123)
Depreciation	(57,291)	-	(3,035)	(451,195)	(16,028)	(46)	-	(527,595)
Carrying amount 30 June 2025	488,068	21,225	113,059	3,236,759	61,282	591,345	2,486,525	6,998,263

Figures are stated in NOK 1,000	Fixtures and fittings	Land	Buildings	Right-of use asset	Software	Trademarks	Goodwill	Total
Carrying amount 1 January 2024	380,532	21,225	107,730	2,541,237	78,394	591,267	2,191,378	5,911,763
Acquisition of subsidiaries	72,366	-	12,984	772,647	21,832	223	153,153	1,033,204
Exchange differences	(495)	-	(24)	(1,100)	(26)	-	(303)	(1,949)
Additions	75,789	-	513	452,189	9,803	-	-	538,294
Disposals	-	-	-	(6,381)	-	-	-	(6,381)
Depreciation	(42,351)	-	(3,349)	(339,633)	(16,870)	(28)	-	(402,232)
Carrying amount 30 June 2024	485,841	21,225	117,854	3,418,957	93,132	591,461	2,344,228	7,072,698

6 Bank borrowings and financial instruments at fair value

On 30 June 2023 the group entered into a financing agreement with DNB, Nordea and Danske Bank. The agreement has a 3+1+1-year structure. Both 1-year options have been exercised.

	30 June 2025			31 December 2024
Figures are stated in NOK 1,000	Amortised cost	Nominal value	Amortised cost	Nominal value
Debt to financial institutions	998,266	1,000,000	1,018,516	1,020,250
First-year installment non-current debt	-	-	5,000	5,000
Total	998,266	1,000,000	1,023,516	1,025,250

The amortised cost of the bank debt is assessed as not differing materially from fair value.

Overdraft facilities - off-balanse sheet		30 June 2025 31 December 2024
Overdraft and multi-currency group account	750,200	737,200
Revolving facility loan	1,200,000	1,200,000
Guarantees	10,000	10,000
Total	1,960,200	1,947,200
Drawn guarantees and facilities	1,178,804	306,232
Undrawn overdraft facilities	781,396	1,640,968

Covenants are measured and reported quarterly. In the bank agreement, the covenant (leverage ratio - net debt/ adjusted EBITDA) will be at 3.5 for any test date in the remainder of the agreement period. The group was in compliance with financial covenants.

Assets/liabilities measured at fair value through profit and loss		30 June 2025 31 December 2024
Interest rate swaps	58,354	73,124
Foreign exchange contracts	1,773	16,516
Foreign exchange contracts	(33,606)	(10,212)
Total	26,522	79,428

Interest rate swaps

The group has entered into interest-rate swap agreements of a total of NOK 600 million to hedge part of its interestrate risk fluctuations. Of these contracts, NOK 300 million expires in July 2027 and NOK 300 million in July 2030. With these contracts 60 per cent of the principal of the group's bank loans is presently hedged.

Forward exchange contracts

The group is exposed to currency exchange risk arising from the import of goods for sale. These transactions are mainly settled in USD and EUR. The group aims to achieve predictable cash outflows in local currencies by using forward contracts as a hedging strategy for its exposure to USD and EUR.

7 Business combination

In June 2018, the group acquired 20 per cent of Runsvengruppen AB (ÖoB), a Swedish discount variety retailer. In addition to the 20 per cent holding of shares, Europris held an option to acquire the remaining 80 per cent of the shares.

ÖoB has its head office in Skänninge and runs 92 stores across Sweden. The acquisition of ÖoB is an important strategic milestone on the path of creating a Nordic champion in discount variety retail. Europris and ÖoB are similar concepts and leading brands in their segment. Operationally, ÖoB has lost market share over time, has seen declining profitability and will need a turnaround to operate profitably in the future. The turnaround is based on category harmonisation and joint sourcing with Europris, improving the customer experience in addition to strengthening the execution across the value chain.

On 2 May 2024, the group closed the acquisition of the remaining 80 per cent of ÖoB and became full owner of the company. The final purchase price was NOK 200.5 million, of which NOK 187.5 million was paid with Europris treasury shares and NOK 13 million was paid in cash. Europris transferred 2,579,678 treasury shares to the seller, RuNor AS. In total RuNor AS holds 3,393,576 shares, corresponding to 2.03 per cent of the share capital in Europris ASA.

ÖoB was consolidated into the Europris group's financial statements as of 2 May 2024, at which point Europris obtained control.

The fair value calculation of ÖoB was estimated to NOK 399 million based on NOK/SEK exchange rate at the acquisition date. An excess value of NOK 294 million was identified in the purchase price allocation, which is related to buildings (NOK 3 million) and goodwill (NOK 291 million).

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below.

Figures in NOK million

EUROPRIS ASA

Total fixed assets	873
Inventories	763
Receivables	151
Cash	32
Total assets	1,819
Non-current liabilities	619
Current liabilities	1,092
Net assets	108
Goodwill	291
Net asset acquired	399
Consideration
Cash	13
Strike option (value of shares 2 May 2024)	172
Fair value of option to acquire 80 per cent	134
Fair value of initial 20 per cent share	80
Total consideration	399

According to IFRS 3 Business combinations, a step acquisition shall be remeasured to fair value at the acquisition date. Last year figures include a fair value measurement of the option to acquire the remaining shares. In total, a gain of NOK 32 million was recognised in profit and loss as a result of the fair value assessment of the option. The remeasurement of the initial 20 per cent stake resulted in a gain amounting to NOK 17 million. In addition, the group recorded an estimated loss of NOK 16 million on its 20 per cent stake up until the point of control.

8 Treasury shares

The number of treasury shares held by Europris ASA changed as follows in the period from 1 January to 30 June 2025.

Change in number of treasury shares
Treasury shares 1 January 2025	3,319,636
Sale of treasury shares to senior executives	-
Treasury shares 30 June 2025	3,319,636

Average cost price for treasury shares are NOK 48.86.

Forward looking statements

The condensed interim report contains forward-looking statements, based on various assumptions. These forwardlooking statements reflect current views about future events and are, by their nature, subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although the group believes that these assumptions were reasonable when made, it cannot provide assurances that its future results, level of activity or performances will meet these expectations.

Alternative performance measures

APMs are used by the group for annual and periodic financial reporting in order to provide a better understanding of the group's financial performance. APMs are considered as well-know and frequently used by users of the financial statements and are also used in internal reporting and by management to measure operating performance.

Sales

Sales is the same as the IFRS definition of total operating income.

Gross profit / gross margin

Gross profit is defined as total operating income minus the cost of goods sold (COGS). The gross profit represents revenue that the group retains after incurring the direct costs associated with the purchase of the goods. Gross margin is defined as gross profit divided by total operating income and is useful for benchmarking direct costs associated with the purchase of the goods vs total operating income.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Total operating income	3,802	3,109	6,740		5,135 12,750
- Cost of goods sold	2,257	1,807	4,059	2,955	7,437
= Gross profit	1,544	1,302	2,681	2,180	5,313
Gross margin	40.6%		41.9% 39.8%		42.4% 41.7%

Opex / Opex-to-sales ratio

The Operating expenses (opex) is the sum of employee benefits expense and other operating expenses. It is useful to look at cost of these two components combined, as they compose a large part of the fixed operating costs. The opex-to-sales ratio divides the opex by total operating income and is useful for benchmarking this cost base vs the development in sales.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Employee benefits expense	519	415	1,060	778	1,865
+ Other operating expenses	336	320	708	554	1,288
= Opex	855	735	1,768	1,332	3,153
Opex-to-sales ratio	22.5%		23.6% 26.2% 25.9% 24.7%

EBITDA / EBITDA margin

EBITDA is earnings before interests, tax,

depreciation of property, plant and equipment and rightof-use assets and amortisation of other intangibles.

EBITDA is a well-known and widely used term among users of the financial statements and is useful when evaluating operational efficiency on a more variable cost basis as they exclude amortisation and depreciation expense related to capital expenditure. EBITDA margin is EBITDA divided by total operating income and is useful for benchmarking this profitability parameter vs the development in sales.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Operating profit	423	339	386	445	1,237
+ Depreciation	267	228	528	402	923
= EBITDA	689	567	913	847	2,160
EBITDA margin	18.1%		18.2% 13.5% 16.5% 16.9%

EBIT / EBIT margin

EBIT is earnings before interest and taxes and is the same as the IFRS definition of operating profit. EBIT is a well-known and widely used term among the users of the financial statements and is useful when evaluating operational profitability. EBIT margin is EBIT divided by total operating income and is useful for benchmarking this profitability parameter vs the development in sales.

Working capital

EUROPRIS ASA

Net change in working capital is the sum of change in inventories and trade receivables and change in other receivables less the sum of change in accounts payable and other current liabilities. Net change in working capital is a well-known and widely used term among the users of the financial statements and is useful for measuring the group's liquidity, operational efficiency and short-term financial conditions.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Change in Inventory Change in accounts receivable and other current	141	17	(258)	(134)	(347)
receivables Change in accounts payable and other current	41	29	134	79	6
debt	(168)	48	(444)	(242)	131
= Net change in working capital	14	94	(568)	(297)	(211)

Capital expenditure

Capital expenditure (capex) is the sum of purchases of fixed assets and intangible assets as used in the cash flow. Capex is a well-known and widely used term among the users of the financial statements and is a useful measure of investments made in the operations when evaluating the capital intensity.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Purchases of fixed assets	24	29	68	76	130
Purchases of intangible assets	1	8	2	10	8
= Capital expenditure	25	37	71	86	138

Financial debt / net debt

Financial debt is the sum of borrowings and lease liabilities. Financial debt is useful to see total debt as defined by IFRS. Net debt is financial debt less cash.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Borrowings	998	1,020	998	1,020	1,019
Current Borrowings	1,174	629	1,174	629	304
Lease liabilities	2,500	2,671	2,500	2,671	2,567
Current lease liabilities	917	906	917	906	894
= Financial debt	5,589	5,226	5,589	5,226	4,784
Cash	329	129	329	129	603
= Net debt	5,260	5,097	5,260	5,097	4,181

Cash and liquidity reserves

Cash and liquidity reserves is defined as available cash plus available liquidity through overdraft and credit facilities. This measure is useful to see total funds available short term.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Cash	329	129	329	129	603
+ Total facilities	1,960	1,937	1,960	1,937	1,947
- Total drawn	(1,179)		(625) (1,179)	(625)	(306)
= Cash and liquidity reserves	1,111	1,441	1,111	1,441	2,244

Europris: Total chain sales

Total chain sales are sales from all chain stores, that is both directly operated and franchise stores. This KPI is an important measure of the performance of the total Europris chain and considered useful in order to understand the development of the entire chain, regardless of ownership structure of stores.

	Q2	Q2	YTD	YTD	FY
(Amounts in NOK million)	2025	2024	2025	2024	2024
Sales directly operated stores	2,362	2,066	4,109	3,788	8,319
Sales franchise stores	269	259	447	466	1,004
=Total chain sales	2,631	2,325	4,557	4,254	9,323

Definitions of other terms used

Segment Norway

The Norway segment includes Europris and the pure play companies Lekekassen and Strikkemekka.

Segment Sweden

The Sweden segment includes the ÖoB chain.

Pure play

Pure play includes the Lekekassen group and the Strikkemekka group.

Directly operated stores

Directly operated store means a store owned and directly operated by the group.

Franchise stores

Franchise store means a store operated by a franchisee under a franchise agreement with the group.

Chain

Chain means the sum of all stores under the brand name Europris and ÖoB. Europris has both directly operated stores and franchise stores while ÖoB only has directly operated stores.

Like-for-like sales growth

Like-for-like (LFL) growth is defined as the growth in total chain sales for stores that have been open for every month of both the previous and the current calendar year. LFL is calculated in local currency.

Organic growth

Organic growth is defined as the growth excluding any significant structural changes (acquisitions or sale of companies).

Constant currency

EUROPRIS ASA

Constant currency is the exchange rate which the group uses to eliminate the effect of exchange rates fluctuations when calculating financial performance numbers.

Europris ASA Dikeveien 57, P O Box 1421 NO-1661 Rolvsøy

Switchboard: +47 971 39 000 mail: ir@europris.no

www.europris.no