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Kid ASA
Interim / Quarterly Report • Aug 21, 2025
3642_rns_2025-08-21_1f7e75df-dd99-4a69-b655-01cf50e1c15a.pdf
Interim / Quarterly Report
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GROUP REVENUES increased by 7.3% (+10.2%) to MNOK 856.4.
GROSS MARGIN decreased 0.9 percentage points to 62.3% (63.2%).
OPEX increased by 13.7% (+6.9%) impacted by the warehouse transition combined with significant currency effect.
EBITDA decreased by MNOK 12.4 to MNOK 189.1 (MNOK 201.5).
NET INCOME is impacted negatively by an impairment of right-of-use asset of MNOK 25.0 and disagio of MNOK 8.8.
Group revenues
Kid Group reports revenues of MNOK 856.4 for Q2 2025, reflecting a 7.3% year-over-year growth. Revenues in the quarter were positively impacted by the timing of Easter and sale of seasonal products, partially offset by fewer shopping days in the Norwegian market. Temporary logistical challenges had a modest negative impact on performance during the quarter due to the warehouse transition. Further details are provided in the warehouse project section below.
Category development
We continue to see positive underlying development across major categories, with curtains, bathroom, outdoor and garden furniture standing out as primary growth drivers this quarter. Spring and summer assortments contributed to increased traffic in both physical stores and online channels. Excluding seersucker linens, which were delayed due to a fire at one of our supplier's factories, the summer assortment showed solid performance.
Warehouse project in Sweden
Following the acquisition of Hemtex in 2019, The Kid Group has been operating with two distinct warehouse and logistical setups; One serving Norway, and one serving Sweden, Finland and Estonia. To capitalise upon operational synergies and enhance efficiency, it was in 2023 decided to expand the facilities in Sweden, establishing one central warehouse for the Group. The investment also addressed capacity constraints in the Norwegian warehouse, which has been strained by several years
of strong growth. The new facility lays a critical foundation for Kid Group's continued expansion.
The construction was completed on schedule, and the new 57,000 square meter common warehouse became operational during the quarter. Significant efforts have gone into building a robust organisation capable of serving all markets – across both physical and online channels - from a single location. A total of 100 new employees have been recruited and trained to operate the automated warehouse facility.
While the transition to the new setup has introduced some short-term efficiency challenges - including reduced store inventory and delays in online deliveries - performance is currently improving. It will take some time before all employees, systems and new automation work seamlessly together and the anticipated cost savings are fully realised.
Due to the transition, non-recurring operating expenses are expected throughout 2025, including scaling costs, goods relocation and temporary double rent dependent on the subleasing process in Lier. These costs are estimated to be approximately MNOK 30 for the full-year 2025, of which approximately MNOK 9 was booked as other OPEX and rental costs during this quarter.
Sublease of warehouse in Norway
The process of subleasing the warehouse in Lier was initiated in early 2024. During Q2 2025, discussions with a potential tenant, where a principal agreement had been reached, unfortunately ultimately stalled due to external factors. As the process is taking longer than anticipated, an impairment of MNOK 25.0 has been recognized this quarter on the right-of-use asset. No prior impairments or provisions had been made, as the initial expectation was that the agreement with the potential tenant would be finalised.
Store portfolio development
During the quarter, Kid Group has completed 15 store projects in Kid Interior and Hemtex, including four Extended stores in Norway. Additionally, four new stores were opened. By the end of the quarter, Kid Interior had signed contracts for two new stores and one Extended store in Norway, while Hemtex had signed one new store and two Extended stores in Sweden. Most of these stores are expected to open during 2025. The Extended store signed for Kid Interior this quarter is the fifteenth and final store in line with our ambition to establish a total of 15 Extended stores in Norway.
Textile return initiative
Tekstilpro AS has been established by Virke in collaboration with other Nordic retailers. The initiative aims to develop cost-efficient and competition-neutral textile return schemes aligned with the EU's extended producer responsibility regulations. Kid Group is actively participating in this development to strengthen industry collaboration, build competence, and contribute to responsible textile waste management and circular solutions in the Norwegian market.
| (Amounts in NOK million) |
Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | 856.4 | 797.8 | 1,590.1 | 1,494.3 | 3,784.9 |
| ¹ Like-for-like growth including online sales |
4.6 % | 9.2 % | 3.8 % | 11.3 % | 8.8 % |
| COGS | -322.5 | -293.4 | -611.9 | -561.6 | -1,443.2 |
| Gross profit | 533.8 | 504.5 | 978.1 | 932.7 | 2,341.7 |
| (%) Gross margin |
62.3% | 63.2% | 61.5% | 62.4% | 61.9% |
| Other operating income |
1.3 | 1.3 | 2.2 | 2.2 | 4.8 |
| Employee benefits expense |
-198.7 | -179.6 | -390.2 | -358.5 | -783.0 |
| Other operating expense |
-261.3 | -225.1 | -507.8 | -446.4 | -932.9 |
| Other operating expense - IFRS 16 effect |
114.0 | 100.4 | 222.2 | 196.0 | 396.3 |
| OPEX | -346.1 | -304.3 | -675.9 | -608.9 | -1,319.6 |
| EBITDA | 189.1 | 201.5 | 304.4 | 326.0 | 1,027.0 |
| (%) EBITDA margin |
22.0% | 25.2% | 19.1% | 21.8% | 27.1% |
| Depreciation | -31.2 | -29.5 | -67.1 | -57.6 | -114.7 |
| Impairment | -25.0 | 0.0 | -25.0 | 0.0 | 0.0 |
| Depreciation - IFRS 16 effect | -99.4 | -88.7 | -206.2 | -175.5 | -356.9 |
| EBIT | 33.5 | 83.3 | 17.2 | 92.9 | 555.3 |
| EBIT margin (%) |
3.9% | 10.4% | 1.1% | 6.2% | 14.7% |
| Net financial income (expense) |
-23.9 | -10.1 | -30.7 | -16.2 | -34.7 |
| Net financial expense - IFRS 16 effect |
-16.8 | -13.1 | -32.0 | -26.8 | -55.7 |
| Share of result from joint ventures |
3.2 | -0.9 | 3.5 | -1.5 | 33.3 |
| Profit before tax |
-4.0 | 59.3 | -41.9 | 48.4 | 498.1 |
| Net income | -2.7 | 48.4 | -32.8 | 39.3 | 398.6 |
| Earnings per share |
-0.07 | 1.19 | -0.81 | 0.97 | 9.81 |
| Liabilities to financial institutions |
-964.7 | -756.0 | -964.7 | -756.0 | -491.7 |
| Lease liabilities - IFRS 16 effect |
-1,411.1 | -1,236.7 | -1,411.1 | -1,236.7 | -1,245.7 |
| Cash | 0.0 | 0.0 | 0.0 | 0.0 | 228.5 |
| Net interest bearing debt |
-2,375.9 | -1,992.7 | -2,375.9 | -1,992.7 | -1,508.8 |
¹Calculated in constant currency
Kid Group reports 7.3% revenue growth in the second quarter, primarily driven by the performance in Kid Interior. The gross margin decreased from last year, mainly due to a higher share of freight in the cost of goods sold ("COGS") due to the higher freight rates observed throughout 2024. Operating expenses ("OPEX") increased mainly due to general salary increases, inflation, increased floor space in the store portfolio and transition to the new common warehouse in Sweden.
Group revenues
Total Group revenues increased by 7.3% (+10.2%), with positive growth throughout the quarter. In constant currency, revenues increased by 5.0% (+10.6%). Net new stores contributed positively to the overall performance.
April revenues benefited from the timing of Easter and strong seasonal product sales compared to last year, partially offset by fewer shopping days in the Norwegian market.
We are experiencing positive growth across the major categories, particularly in curtains, bathroom, outdoor and garden furniture this quarter. The likefor-like revenue growth increase was
4.6% (+9.2%) in the quarter, calculated on a constant currency basis. Both Kid Interior and Hemtex experienced positive revenue development, despite slight reduction in customer traffic in the physical stores and decreased basket size.
Group Online revenues increased by 5.9% (+9.8%) in the quarter calculated with constant currency. The revenues amounted to MNOK 104.1 (MNOK 98.3), representing an online share of 12.2% (12.1%) of total Group revenues. Hemtex drove the Online revenue development with a growth of 9.9% (+3.1%), while Kid Interior's growth was 2.8% (+15.4%).
Categories introduced since 2022 accounted for MNOK 25.0 (MNOK 22.5) in revenues. New categories and category development initiatives are considered as key drivers for increasing customer traffic and enhancing sales of the existing assortment.
Gross margin
Gross margin decreased by 0.9 percentage points compared to the previous year, due to both Kid Interior and Hemtex. This decrease is mainly attributed to a higher share of freight
costs in the cost of goods sold ("COGS") due to higher freight rates observed throughout 2024. The margin last year was positively impacted by early price adjustments to mitigate higher freight rates compared to historical levels.
Non-recurring items
In addition to approximately MNOK 9 recognised as non-recurring other operating expenses and rental costs, this quarter includes a one-off impairment of MNOK 25.0 on the right-of-use asset related to the Norwegian warehouse. Furthermore, a one-time foreign exchange loss of MNOK 8.8 was recognised, resulting from accounting effects linked to the establishment of a new legal entity for sourcing purposes within Kid Group. The foreign exchange loss (disagio) has been reported under financial expenses.
Employee expenses increased by MNOK 19.1 to MNOK 198.7:
- MNOK 5.6 in LFL stores mainly due to general salary increase
- MNOK 1.8 increase from net new stores
- MNOK 4.3 in HQ costs due to general salary increase and more employees
- MNOK 3.1 in Logistics mainly due to increased activity level and the warehouse transition
- MNOK 4.3 due to changes in SEKNOK exchange rate
Other operating expenses increased by MNOK 22.6 to MNOK 147.4:
- MNOK 8.7 in LFL stores, mainly related to index adjustment of rental costs, store expansions and higher operating costs
- MNOK 3.3 increase in net new stores
- MNOK 0.3 from increased marketing costs
- MNOK 3.9 in HQ costs mainly related to IT and use of external consultants in Kid Interior due to vacancy and high project activity
- MNOK 13.7 in Logistics costs due to increased rental space and increased use of external working hours due to increased activity and transition of the warehouse setup for Kid Group
- MNOK -10.9 related to change in IFRS 16 effects, reflecting the increase in
rental cost in Logistics, HQ and stores due to index regulations, re-negotiated contracts and net new stores
• MNOK 3.6 due to changes in SEKNOK exchange rate
EBITDA decreased by MNOK 12.4 to MNOK 189.1.
Depreciation and impairment increased compared to last year mainly due to investments in the warehouse in Sweden, IFRS 16 effect related to the rental portfolio,store projects and an impairment expense of MNOK 25.0 related to the rental agreement and right of use asset for the warehouse in Lier.
Net financial expenses of MNOK 40.7 (MNOK 23.1) relates to net interest expenses of MNOK 11.0 (MNOK 8.9), net other financial expenses of MNOK 1.4 (MNOK 0.7), net FX expenses of MNOK 11.5 (MNOK 0.4) and IFRS 16 interest expenses of MNOK 16.8 (MNOK 13.1). The increase in net FX compared to last year is negatively impacted by realisation of currency hedge contracts in Hemtex (MNOK 8.8), due to changes in the sourcing setup related to the new common warehouse.
Liquidity and borrowings During Q2, Kid ASA paid MNOK 203.2 (MNOK 142.3) in dividend. Furthermore, MNOK 300 (MNOK 200) of the revolving credit facility was utilised.
Excluding IFRS 16 effects, net interestbearing debt was MNOK 964.7 (MNOK 756.0) at the end of the quarter, corresponding to a gearing ratio of 1.65x (1.22x) of LTM EBITDA. The Group had cash and available credit facilities of MNOK 265.5 (MNOK 357.5) as of 30 June 2025 and has a satisfactorily liquidity situation. The facilities include an unused term-loan facility of MNOK 148.3.
Cash flow from operations in the period is positively affected by inventory and change in trade payable. This quarter's investments are related to new stores, store projects, IT initiatives and the new warehouse in Sweden. Cash flow from financing includes proceeds from RCF of MNOK 300, use of overdraft facilities, lease payments, net interests, and a dividend payment of MNOK 203.2.
Capital expenditures (CAPEX) amounted to MNOK 96.2 (MNOK 40.0) during Q2, mainly relating to store openings and store projects. Investments related to the warehouse project in Sweden accounted for MNOK 24.6 (MNOK 2.6) in the quarter.
Personell Other Opex
KID Interior
| (Amounts in NOK millions) |
Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | 535.9 | 500.4 | 988.3 | 938.1 | 2,337.5 |
| Revenue growth | 7.1 % | 11.0 % | 5.4 % | 12.1 % | 10.1 % |
| LFL growth including online sales |
5.7 % | 9.5 % | 3.9 % | 11.1 % | 8.5 % |
| COGS | -201.8 | -183.8 | -379.8 | -352.1 | -892.3 |
| Gross profit | 334.2 | 316.6 | 608.5 | 586.0 | 1,445.1 |
| Gross margin (%) | 62.4 % | 63.3 % | 61.6 % | 62.5 % | 61.8 % |
| Other operating revenue |
0.3 | 0.3 | 0.4 | 0.3 | 0.3 |
| benefits Employee expense |
-118.7 | -107.0 | -237.0 | -218.7 | -478.8 |
| Other operating expense |
-143.8 | -118.3 | -278.0 | -236.6 | -495.4 |
| Other operating expense - IFRS 16 effect |
60.8 | 54.4 | 120.7 | 106.6 | 214.2 |
| EBITDA | 132.8 | 146.0 | 214.6 | 237.6 | 685.4 |
| EBITDA margin (%) | 24.8 % | 29.2 % | 21.7 % | 25.3 % | 29.3 % |
| No. of shopping days |
7 1 | 7 3 | 147 | 148 | 307 |
| No. of physical stores at period end |
159 | 158 | 159 | 158 | 158 |
| Hemtex | |||||
| (Amounts in NOK millions) |
Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
| Revenue | 320.4 | 297.4 | 601.7 | 556.2 | 1,447.5 |
| ¹ Revenue growth |
1.7 % | 9.9 % | 3.7 % | 11.9 % | 9.9 % |
| ¹ LFL growth including online sales |
2.7 % | 8.7 % | 3.7 % | 11.6 % | 9.3 % |
| COGS | -120.8 | -109.6 | -232.1 | -209.5 | -550.9 |
| Gross profit | 199.6 | 187.8 | 369.6 | 346.7 | 896.6 |
| Gross margin (%) | 62.3 % | 63.2 % | 61.4 % | 62.3 % | 61.9 % |
| Other operating revenue |
1.0 | 1.0 | 1.8 | 1.8 | 4.6 |
| benefits Employee expense |
-80.0 | -72.6 | -153.2 | -139.8 | -304.2 |
| Other operating expense |
-117.5 | -106.8 | -229.8 | -209.8 | -437.4 |
| Other operating expense - IFRS 16 effect |
53.2 | 46.0 | 101.5 | 89.4 | 182.1 |
| EBITDA | 56.3 | 55.5 | 89.9 | 88.4 | 341.6 |
| EBITDA margin (%) | 17.5 % | 18.6 % | 14.9 % | 15.8 % | 23.5 % |
| No. of shopping days |
9 0 | 9 0 | 179 | 180 | 363 |
| No. of physical stores at period end (excl. franchise) |
123 | 117 | 123 | 117 | 119 |
The principle for allocating logistics costs and balance sheet items between Kid Interior and Hemtex was changed in February 2025 following the *Fully-owned stores. Hemtex has an additional 11 franchise stores implementation of the new common warehouse. Consequently, the figures are not fully comparable on segment level.
Revenues increased 7.1% (+11.0%) compared to the same period last year. The growth was driven by a higher number of customers in physical stores, partially offset by online. Average basket size contributed positively across both sales channels. Additionally, revenues from Easter seasonal products were positively affected by the timing of Easter this year. The number of shopping days was 71 (73) in total for the quarter.
Online revenues increased by +2.8% (+15.4%) to MNOK 57.0 (MNOK 55.4).
Gross margin decreased by -0.9 percentage points to 62.4%. This quarter's margin is negatively impacted by higher share of freight in cost of goods sold ("COGS") due to higher freight rates observed throughout 2024. The margin last year was positively impacted by early price adjustments to mitigate higher freight rates compared to historical levels.
Employee expenses increased by MNOK 11.7:
• MNOK 4.8 in LFL stores mainly due to general salary increase as well as to increased working hours (two more sales day this quarter)
- MNOK 0.6 due to net new stores
- MNOK -0.4 due to lower accrued bonus
- MNOK 0.7 in HQ costs related to general salary increase and number of employees partly offset by allocated central costs to Hemtex
- MNOK 6.0 in Logistics due to Kid receiving it's share of employee expenses in Kid International Logistics AB ("KIL AB") from February 2025, increased activity and transition of the warehouse setup for Kid Group. Additionally, increased use of internal employees compared to external workforce
Other operating expenses increased by MNOK 19.1:
- MNOK 6.0 in LFL stores mainly related to index adjustment of rental costs and store expansions, as well as increased cost for last mile transportation of furniture, travel costs and electricity
- MNOK 1.6 in net new stores
- MNOK 0.6 from increased marketing costs due to change in the campaign activity plan
- MNOK 2.6 in HQ mainly related to use of external consultants and IT, partly offset by allocated central costs to Hemtex
- MNOK 14.7 in Logistics mainly due to Kid receiving allocated costs for Kil AB partly offset by less use of external workforce hours in Kid Logistikk
- MNOK -6.4 related to change in IFRS 16 effects, reflecting the increase in rental cost included in Logistics, HQ and stores due to index regulations, re-negotiated contracts and net new stores
Store projects
Store projects continue to drive profitable growth in Kid Group, encompassing refurbishment, enlargement, and relocation. In H1 2025, nine projects and four Extended stores were completed in Kid Interior, in addition to one new store. For H2 2025, five store projects are planned for Kid Interior, in addition to one Extended and two new stores.
Revenues increased 1.7% (+9.9%) compared to the previous year on a constant currency basis. The development was positively impacted by increased number of customers in physical stores and online, partially offset by a slight reduction in the average basket size across sales channels due to the product mix. Additionally, revenues from Easter seasonal products were positively affected by the timing of Easter this year. The number of shopping days was 90 (90) in total for the quarter.
Online revenues increased by 9.9% (+3.1%) to MNOK 47.2 (MNOK 42.9), based on a constant currency calculation.
Measured on a constant currency basis, Hemtex 24h revenues decreased to MNOK 7.1 (MNOK 8.1).
Gross margin decreased by -0.9 percentage points to 62.3%. This quarter's margin is negatively impacted by higher share of freight in cost of goods sold ("COGS") due to higher freight rates observed throughout 2024. The margin last year was positively impacted by early price adjustments to
mitigate higher freight rates compared to historical levels.
Employee expenses increased by MNOK 7.4:
- MNOK 0.9 in LFL stores mainly due to general salary increase slightly offset by less worked hours
- MNOK 1.2 due to net new stores • MNOK 0.4 due to higher accrued
- bonus • MNOK 3.5 in HQ due to allocated central costs from Kid to Hemtex
- MNOK -2.9 in Logistics due to Kid receiving it's share of employee expenses in Kid International Logistics AB (Kil AB) from February 2025
- MNOK 4.3 due to changes in SEKNOK exchange rate
Other operating expenses increased by MNOK 3.5:
- MNOK 2.8 in LFL stores, mainly related to index adjustment of rental costs and store expansions as well as higher operating costs
- MNOK 1.6 in net new stores
- MNOK -0.3 from decrease of marketing cost due to change in the campaign activity plan
- MNOK 1.3 in HQ mainly due to allocated central costs from Kid to Hemtex
- MNOK -1.0 in Logistics due to Kid receiving a share of the expenses in Kil AB
- MNOK -4.5 related to change in IFRS 16 effects, reflecting the increase in rental cost in Logistics, HQ and stores due to index regulations, renegotiated contracts and net new stores
- MNOK 3.6 due to changes in SEKNOK exchange rate
Store projects
Store projects continue to drive profitable growth in Kid Group, encompassing refurbishment, enlargement, and relocation. In H1 2025, eight projects were completed in Hemtex, in addition to four new stores. For H2 2025, three store projects are planned, along with one Extended store.
There have been no significant events after the end of the reporting period.
Lier, 20 August 2025 The Board of Kid ASA
Espen Gundersen Chair
Karin Bing Orgland Board member
Gyrid Skalleberg Ingerø Board member
Jon Brannsten Board member
Liv Berstad Board member
Marianne Fulford Chief Executive Officer
| (Amounts in NOK thousand) | Note | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| Revenue | 856,371 | 797,835 | 1,590,063 | 1,494,320 | 3,784,944 | |
| Other operating revenue | 1,300 | 1,333 | 2,160 | 2,176 | 4,837 | |
| Total revenue | 857,671 | 799,168 | 1,592,223 | 1,496,497 | 3,789,781 | |
| Purchased goods and change in inventory | -322,538 | -293,371 | -611,921 | -561,609 | -1,443,224 | |
| Employee benefits expense | -198,698 | -179,554 | -390,227 | -358,514 | -783,001 | |
| Depreciation, amortisation and impairment expenses | 9 | -155,571 | -118,160 | -287,234 | -233,134 | -471,662 |
| Other operating expenses | -147,353 | -124,739 | -285,645 | -250,362 | -536,595 | |
| Total operating expenses | -824,160 | -715,824 | -1,575,027 | -1,403,619 | -3,234,482 | |
| Operating profit | 33,512 | 83,344 | 17,196 | 92,877 | 555,299 | |
| Financial income | 1,105 | 1,535 | 3,729 | 6,427 | 10,609 | |
| Financial expense | -41,763 | -24,653 | -66,360 | -49,435 | -101,077 | |
| Net financial income (+) / expense (-) | -40,657 | -23,118 | -62,631 | -43,008 | -90,468 | |
| Share of result from joint ventures | 10 | 3,153 | -919 | 3,535 | -1,509 | 33,317 |
| Profit before tax | -3,993 | 59,307 | -41,900 | 48,360 | 498,149 | |
| Income tax expense | 1,273 | -10,891 | 9,055 | -9,091 | -99,558 | |
| Net profit (loss) for the period | -2,720 | 48,415 | -32,844 | 39,269 | 398,591 | |
| Interim condensed consolidated statement of comprehensive income |
* | |||||
| Profit for the period | -2,720 | 48,415 | -32,844 | 39,269 | 398,591 | |
| Other comprehensive income | -30,200 | -16,778 | -98,898 | 49,475 | 103,277 | |
| Tax on comprehensive income | 8,254 | 2,205 | 25,288 | -11,639 | -20,611 | |
| Total comprehensive income for the period | -24,666 | 33,842 | -106,455 | 77,104 | 481,260 | |
| Attributable to equity holders of the parent | -24,666 | 33,842 | -106,455 | 77,104 | 481,260 | |
| Basic and diluted Earnings per share (EPS): | -0.07 | 1.19 | -0.81 | 0.97 | 9.81 |
| (Amounts thousand) in NOK |
Note | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|---|---|---|---|---|
| Assets | Unaudited | Unaudited | Audited | |
| Goodwill | 9 | 73,542 | 69,497 | 71,298 |
| Trademark | 9 | 1,516,460 | 1,513,331 | 1,514,724 |
| Other intangible assets |
9 | 63,752 | 45,226 | 54,934 |
| Deferred tax asset |
13,406 | 9,232 | 0 | |
| Total intangible assets |
1,667,159 | 1,637,286 | 1,640,955 | |
| Right of use asset |
9 | 1,337,115 | 1,199,167 | 1,198,483 |
| and fittings, tools, office machinery and Fixtures |
||||
| equipment | 9 | 449,438 | 328,862 | 383,495 |
| Total tangible assets |
1,786,553 | 1,528,029 | 1,581,977 | |
| associated and Investments in companies joint ventures |
1 0 |
4,366 | 0 | 34,331 |
| in shares Investment |
1 1 |
5 | 0 | 0 |
| to associated and Loans companies joint ventures |
8 | 0 | 69,990 | 0 |
| Total financial fixed assets |
4,371 | 69,990 | 34,331 | |
| Total fixed assets |
3,458,083 | 3,235,304 | 3,257,264 | |
| Inventories | 833,415 | 759,889 | 775,911 | |
| Trade receivables |
37,754 | 27,274 | 31,511 | |
| Other receivables |
84,025 | 41,421 | 52,794 | |
| Derivatives | 28,856 | 42,438 | 76,057 | |
| Totalt receivables |
150,635 | 111,133 | 160,362 | |
| Cash and bank deposits |
0 | 0 | 228,534 | |
| Total currents assets |
984,050 | 871,021 | 1,164,807 | |
| Total assets |
4,442,135 | 4,106,325 | 4,422,070 |
| (Amounts in thousand) NOK |
Note | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|---|---|---|---|---|
| Equity and liabilities |
Unaudited | Unaudited | Audited | |
| Share | ||||
| capital | 48,770 | 48,770 | 48,770 | |
| Share premium |
321,050 | 321,050 | 321,050 | |
| Other paid-in-equity |
64,617 | 64,617 | 64,617 | |
| Total paid-in-equity |
434,440 | 434,440 | 434,440 | |
| Other equity |
807,017 | 818,593 | 1,103,886 | |
| Total equity |
1,241,457 | 1,253,033 | 1,538,326 | |
| Deferred tax |
298,359 | 319,576 | 322,628 | |
| Total provisions |
298,359 | 319,576 | 322,628 | |
| liabilities Lease |
1,018,533 | 893,652 | 891,620 | |
| Liabilities to financial institutions |
6 | 751,971 | 681,541 | 461,668 |
| Total long-term liabilities |
1,770,503 | 1,575,193 | 1,353,288 | |
| liabilities Lease |
392,593 | 343,063 | 354,093 | |
| Liabilities to financial institutions |
6 | 212,755 | 74,477 | 30,000 |
| Trade payable |
133,804 | 182,136 | 235,910 | |
| payable Tax |
16,165 | 0 | 84,699 | |
| Public duties payable |
147,575 | 127,356 | 228,109 | |
| Other short-term liabilities |
169,434 | 220,351 | 274,851 | |
| Derivatives | 59,491 | 11,143 | 169 | |
| Total short-term liabilities |
1,131,817 | 958,527 | 1,207,831 | |
| Total liabilities |
3,200,679 | 2,853,296 | 2,883,746 | |
| Total equity and liabilities |
4,442,135 | 4,106,325 | 4,422,070 |
| (Amounts in NOK thousand) |
Total paid-in equity | Other equity | Total equity |
|---|---|---|---|
| Balance at 1 Jan 2024 | 434,440 | 880,840 | 1,315,280 |
| Profit for the period YTD 2024 |
0 | 39,268 | 39,268 |
| Other comprehensive income | 0 | 37,837 | 37,837 |
| Realized cash flow hedges |
0 | 2,902 | 2,902 |
| Dividend | 0 | -142,258 | -142,258 |
| Balance at 30 Jun 2024 | 434,440 | 818,593 | 1,253,030 |
| Balance at 1 Jan 2025 | 434,440 | 1,103,886 | 1,538,323 |
| Profit for the period YTD 2025 |
0 | -32,845 | -32,845 |
| Other comprehensive income | 0 | -73,610 | -73,610 |
| Realized cash flow hedges |
0 | 12,813 | 12,813 |
| Dividend | 0 | -203,226 | -203,226 |
| Balance at 30 Jun 2025 | 434,440 | 807,017 | 1,241,457 |
| (Amounts in NOK thousand) | Note | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| Cash Flow from operation | ||||||
| Profit before income taxes | -3,993 | 59,307 | -41,900 | 48,360 | 498,149 | |
| Taxes paid in the period | -46,751 | -34,999 | -93,254 | -72,610 | -107,865 | |
| Depreciation & Impairment | 9 | 155,571 | 118,160 | 287,234 | 233,134 | 471,662 |
| Effect of exchange fluctuations | 3,486 | 1,384 | 3,486 | 1,626 | -1,527 | |
| Change in net working capital | ||||||
| Change in inventory | 34,417 | -62,700 | -49,897 | -185,962 | -195,415 | |
| Change in trade debtors | 6,256 | -1,618 | -5,359 | 5,184 | 1,498 | |
| Change in trade creditors | -31,435 | 2,579 | -103,738 | -20,054 | 29,869 | |
| Change in other provisions ¹ | -12,102 | 29,082 | -147,081 | -25,549 | 166,568 | |
| Net cash flow from operations | 105,449 | 111,194 | -150,509 | -15,872 | 862,939 | |
| Cash flow from investment | ||||||
| Purchase of fixed assets | 9 | -98,486 | -43,215 | -136,820 | -91,449 | -208,326 |
| Loans to associated companies and joint ventures | 8, 10 | 0 | 0 | 33,500 | 0 | 72,061 |
| Net Cash flow from investments | -98,486 | -43,215 | -103,320 | -91,449 | -136,265 | |
| Cash flow from financing | ||||||
| Proceeds from long term loans | 0 | 0 | 0 | 0 | 0 | |
| Proceeds from short term loans | 300,000 | 200,000 | 300,000 | 200,000 | 230,000 | |
| Repayment of revolving credit facility | 0 | 0 | 0 | 0 | -230,000 | |
| Repayment of Term Loans | -10,000 | -10,000 | -10,000 | -10,000 | -30,000 | |
| Overdraft facility | 24,479 | -2,819 | 182,755 | 44,477 | 0 | |
| Lease payments for principal portion of lease liability | -97,185 | -87,349 | -190,232 | -169,194 | -340,540 | |
| Dividend payment | -203,226 | -142,258 | -203,226 | -142,258 | -264,194 | |
| Net interest | -30,648 | -22,939 | -54,256 | -44,925 | -97,052 | |
| Net cash flow from financing | -16,580 | -65,365 | 25,042 | -121,900 | -731,786 | |
| Cash and cash equivalents at the beginning of the period | 0 | 1 | 228,533 | 225,066 | 225,066 | |
| Net change in cash and cash equivalents | -9,617 | 2,613 | -228,788 | -229,221 | -5,112 | |
| Exchange gains / (losses) on cash and cash equivalents | 9,618 | -2,614 | 255 | 4,156 | 8,570 | |
| Cash and cash equivalents at the end of the period | 0 | 0 | 0 | 0 | 228,534 |
¹ Change in other provisions includes other receivables, public duties payable, short-term liabilities and accrued interest.
Kid ASA and its subsidiaries` (together the "Company" or the "Group") operating activities are related to resale of home and interior products in Norway, Sweden, Finland and Estonia. The Kid Group offers a full range of products comprising textiles, curtains, bed linens, furniture, accessories and other interior products. We design,source, market and sell these productsthrough ourstores as well as through our online sales platforms.
All amountsin the interim financial statements are presented in NOK 1,000 unless otherwise stated. Due to rounding, there may be differences in the summation columns.
These interim financialstatementsfor the second quarter of 2025 have been prepared in accordance with IAS 34, 'Interim financial reporting'. The interim financial statements should be read in conjunction with the consolidated financialstatements for the year ended 31 December 2024, which have been prepared in accordance with IFRS as adopted by the European Union ('IFRS').
The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statementsfor the year ended 31 December 2024. New standards or amendments effective at 1 January 2025 do not have a material impact on the Group.
The Preparation of interim financial statementsrequires managementto make judgments, estimates and assumptionsthat affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these interim financialstatementsthe significant judgements made by managementin applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statementsfor the year ended 31 December 2024.
Kid Group reports segmentsin accordance with how the chief operating decision maker makes, follows up and evaluatesits decisions. Within the Group, Kid Interior relatesto Norway and Hemtex relatesto Sweden with a few storesin Estonia and Finland. The Group also sells home and interior products through the Group's online websites. Over 98% of the products are sold under own brands.
Q2 2025
| (Amounts in NOK thousand) |
Kid Interior |
Hemtex | Total |
|---|---|---|---|
| Revenue | 535,946 | 320,425 | 856,371 |
| COGS | -201,755 | -120,783 | -322,538 |
| Gross profit | 334,192 | 199,642 | 533,833 |
| Other operating revenue |
313 | 987 | 1,300 |
| Operating expense (OPEX) | -201,715 | -144,336 | -346,051 |
| EBITDA | 132,790 | 56,292 | 189,082 |
| Operating profit | 38,656 | -5,145 | 33,512 |
| Gross margin (%) | 62.4 % | 62.3 % | 62.3 % |
| OPEX to sales margin (%) |
37.6 % | 45.0 % | 40.4 % |
| EBITDA margin (%) | 24.8 % | 17.5 % | 22.0 % |
| Inventory | 550,716 | 282,699 | 833,415 |
| Total assets |
3,101,881 | 1,395,285 | 4,497,166 |
The principle for allocating logistics costs and balance sheet items between Kid Interior and Hemtex was changed in February 2025 following the implementation of the new common warehouse. Consequently, the figures are not fully comparable on segment level.
Financing agreements
At the balance sheet date, the Group has the following facilities:
| Utilised | ||||
|---|---|---|---|---|
| (Amounts thousand) in NOK |
30.06.2025 | Facility | Maturity | Repayment |
| Total term loan |
481,700 | 630,000 | 30.03.2028³ | Instalments¹ |
| Of which secured with fixed interest rate: |
||||
| ² Denominated in NOK |
395,000 | 395,000 | ||
| Revolving credit facility |
300,000 | 300,000 | 30.03.2028³ | At maturity |
| Overdraft | 182,755 | 300,000 | months 12 |
At maturity |
| 964,455 | 1,230,000 |
¹MNOK 30 in annual instalments with bi-annual payments related to the utilised amount of MNOK 481.7 ²Fixed interest rate is secured through an interest rate swap of MNOK 395 maturing August 2029 and subject to hedge accounting
³The agreement with Nordea includes two optional one-year extension periods. If both options are exercised, the latest possible maturity date will be 30 March 2030.
The Group's related parties include its associates, joint ventures, key management and members of the Board. None of the Board members have been granted loans or guarantees in the current quarter. Furthermore, none of the Board members are included in the Group's pension or bonus plans.
The following table provides the period-end balance that have been entered into with joint ventures and related parties during the second quarter of 2025 and 2024:
| Related Party and Joint Ventures | H1 2025 | H1 2024 |
|---|---|---|
| Prognosgatan Holding AS (Loan) | 0 | 69,990 |
| Total | 0 | 69,990 |
| Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 | |
|---|---|---|---|---|---|
| Weighted number of ordinary shares | 40,645,162 | 40,645,162 | 40,645,162 | 40,645,162 | 40,645,162 |
| Net profit or loss for the year | -2,720 | 48,415 | -32,844 | 39,269 | 398,591 |
| Earnings per share (basic and diluted) (Expressed in NOK per share) |
-0.07 | 1.19 | -0.81 | 0.97 | 9.81 |
Additions on Right of use Assets during the quarter relates to new and renegotiated rental agreements for stores as well as index adjustments. Additions on PPE mainly relates to store openings and refurbishments as well as the new common warehouse.
Due to the commencement of the new common warehouse and the termination of the warehouse in Norway, a subleasing process for the warehouse in Lier was initiated early 2024 and remains ongoing. During Q1 2025, Kid Group reached a preliminary agreement with a prospective tenant and the landlord regarding the terms for transferring the lease. However, in Q2 this agreement fell through due to external factors. Management continues to work actively on identifying a solution. As a result, the warehouse will be empty for a period and an impairment assessment has been performed on the right-of-use ("RoU") asset, resulting in an impairment expense of MNOK 25.0 in Q2 2025.
| Right of use | Other | ||||
|---|---|---|---|---|---|
| (amounts in NOK thousand) | Asset | PPE | Trademark | Intangibles | Goodwill |
| Balance 01.01.2025 | 1,198,483 | 383,495 | 1,514,724 | 54,934 | 71,298 |
| Exchange differences | 9,054 | 3,919 | 1,736 | 4 | 2,244 |
| Additions, disposals and adjustments | 349,722 | 118,021 | 19,907 | ||
| Depreciation and amortisation | -195,144 | -55,996 | -11,094 | ||
| Impairment | -25,000 | ||||
| Balance 30.06.2025 | 1,337,115 | 449,438 | 1,516,460 | 63,752 | 73,542 |
| Right of use | Other | ||||
|---|---|---|---|---|---|
| (amounts in NOK thousand) | Asset | PPE | Trademark | Intangibles | Goodwill |
| Balance 01.01.2024 | 1,050,028 | 303,178 | 1,513,851 | 46,699 | 70,169 |
| Exchange differences | -390 | 2,379 | -520 | -56 | -672 |
| Additions, disposals and adjustments | 325,043 | 70,777 | 8,730 | ||
| Depreciation and amortisation | -175,515 | -47,472 | -10,147 | ||
| Balance 30.06.2024 | 1,199,167 | 328,862 | 1,513,331 | 45,226 | 69,497 |
The Group had the following subsidiaries as of 30 June 2025:
| Name | Place of business |
Nature of business |
Proportion of shares directly held by parent (%) |
|---|---|---|---|
| Kid Interiør AS |
Norway | Interior goods retailer |
100 |
| Kid Logistikk AS |
Norway | Logistics | 100 |
| Kid Eiendom AS |
Norway | Logistics | 100 |
| Hemtex AB | Sweden | Interior goods retailer |
100 |
| Hemtex OY | Finland | Interior goods retailer |
100 |
| Kid Sourcing AS |
Norway | Wholesaler | 100 |
| Kid International Logistic AB |
Sweden | Logistics | 100 |
All subsidiary undertakings are included in the consolidation.
The Group had the following joint ventures as of 30 June 2025:
| Name | Place of business |
Nature of relationship |
Measurement method |
Ownership share |
Carrying amount |
|---|---|---|---|---|---|
| Prognosgatan Holding AS |
Norway | Joint venture | Equity method | 50 % | 4,366 |
The joint venture is reflected in the statement of profit and loss and the statement of financial position. The share of result from the joint venture for Q2-25 was MNOK 3.2 (MNOK -0.9). Per the reporting date, the carrying amount of the investment is MNOK 4.4 (MNOK -0.5)
The warehouse property is an expansion of the warehouse in Borås, which is leased by Kid International Logistic AB. The logistic operations for Hemtex commenced in Q1 2025. As per end of Q2 2025, the consolidated warehouse serves all Kid Group markets.
The Group had the following shares as of 30 June 2025:
| Name | Place of business |
of Nature relationship |
method Measurement |
Ownership share |
Carrying amount |
|---|---|---|---|---|---|
| Tekstilpro AS |
Norway | Investment | value through profit and loss Fair |
17 % |
5 |
Tekstilpro AS has been established to develop cost-efficient and competition-neutral textile return schemes aligned with the EU extended producer responsibility regulations. Kid ASA is participating to this development to strengthen industry collaboration, build competence, and work towards responsible textile waste management and circular solutions in the Norwegian market.
We confirm, to the best of our knowledge, that the financial statements for the period 1 January to 30 June 2025 have been prepared in accordance with current applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the entity and the group taken as a whole. We also confirm, to the best of our knowledge, that the Board of Directors' Report includes a true and fair review of the development and performance of the business and the position of the entity and the group, together with a description of the principal risks and uncertainties facing the entity and the group.
Lier, 20 August 2025 The Board of Kid ASA
Espen Gundersen Chair
Karin Bing Orgland Board member
Gyrid Skalleberg Ingerø Board member
Jon Brannsten Board member
Liv Berstad Board member
Marianne Fulford Chief Executive Officer
Constant currency is the exchange rate that the Group uses to eliminate the effect of exchange rates fluctuations when calculating financial performance numbers.
EBIT (earnings before interest and tax) is operating profit. The performance measure is considered useful to the users of the financial statements when evaluating operational profitability.
EBIT margin is EBIT divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency.
EBITDA is earnings before tax, interests, amortisation of other intangibles and depreciation and write-down of property, plant and equipment and right-of-use assets. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational profitability on a more variable cost basis as it excludes amortisation and depreciation expense related to capital expenditure.
EBITDA margin is EBITDA divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency on a more variable cost basis as it excludes amortisation and depreciation expenses.
Gearing ratio is defined as net interestbearing debt divided by LTM EBITDA excluding IFRS 16 effects.
Gross margin is defined as gross profit divided by revenues. The gross margin reflects the percentage margin of the sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods and is an important internal KPI.
Gross profit is defined as revenues minus the cost of goods sold (COGS). The gross profit represents sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods.
Like-for-like revenues are revenues from physical stores and online stores that were in operation from the start of last fiscal year all through the end of the current reporting period. Like-for-like (LFL) is calculated in constant currency.
Net capital expenditure represent the cash flow from the investment spending in property, plant and equipment and other intangibles, less sale such asset.
Net income is profit (loss) for the period.
OPEX-to-sales ratio is the sum of employee benefits expense and other operating expenses divided by revenues. The OPEX to sales ratio measures operating cost efficiency as percentage of sales revenues and is an important internal KPI.
Revenue growth represents the growth in revenues for the current reporting period compared to the same period the previous year. Revenue growth for Hemtex is calculated in constant currency. Revenue growth is an important key figure for the Group and users of financial statements as it illustrates the underlying organic revenue growth.
EBIT (earnings before interest and tax) is operating profit. The performance measure is considered useful to the users of the financial statements when evaluating operational profitability.
EBITDA is earnings before tax, interests, amortisation of other intangibles and depreciation and write -down of property, plant and equipment and right -of -use assets. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational profitability on a more variable cost basis as it excludes amortisation and depreciation expense related to capital expenditure.
EBITDA margin is EBITDA divided by total revenues. The performance measure is an important key figure for Kid Group and considered useful to the users of the financial statements when evaluating operational efficiency on a more variable cost basis as is excludes amortisation and depreciation expense related to capital expenditure.
Gross profit is defined as revenues minus the cost of goods sold (COGS). The gross profit represents sales
revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods.
Gross margin is defined as gross profit divided by revenues. The gross margin reflects the percentage margin of the sales revenues that the Group retain after incurring the direct costs associated with the purchase and distribution of the goods and is an important internal KPI.
OPEX -to -sales ratio is the sum of employee benefits expense and other operating expenses divided by revenues. The OPEX to sales ratio measures operating cost efficiency as percentage of sales revenues and is an important internal KPI.
Thisreport includes forward -looking statements which are based on our current expectations and projections about future events. Allstatements other than statements of historical facts included in this report, including statementsregarding our future financial position, risks and uncertaintiesrelated to our business, strategy, capital expenditures, projected costs and our plans and objectivesfor future operations, including our plans for future costs savings and synergies may be deemed to be forward -looking statements. Words such as "believe," "expect," "anticipate,", "may," "assume," "plan," "intend," "will," "should," "estimate," "risk" and similar expressions or the negatives of these expressions are intended to identify forward -looking statements.
Kid ASA, Gilhusveien 1, 3426 Gullaug Customer service: +47 31 00 20 00 www.kid.no
By their nature, forward -looking statementsinvolve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. You should not place undue reliance on these forward looking statements. In addition, any forward -looking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statementsset forth in this notice.
