KOMPLETT®GROUP

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REPORT FOR THE FIRST QUARTER 2026

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FIRST QUARTER 2026

KOMPLETT ASA

HIGHLIGHTS

KEY FIGURES
CEO COMMENTS
FINANCIAL REVIEW
SEGMENT REVIEW
FINANCIAL STATEMENTS AND NOTES
APPENDIX

HIGHLIGHTS

Stable sales development of +0.9 per cent YoY to NOK 3 400 million (-0.2 per cent in constant currency), despite headwinds in the gaming and components categories.
Gross profit reduced by 1.0 per cent YoY to NOK 499 million on the back of a relatively stable margin performance (-0.3 pp).
Cost and restructuring measures complemented by ongoing cost discipline enabled a 4.4 per cent YoY opex reduction to NOK 424 million.
Stable sales and disciplined cost management led to an EBIT adj. improvement of NOK 13 million YoY to a loss of NOK 26 million from NOK 39 million in Q1-25.
Inventory levels remain healthy and consistent with last year, while reflecting precautionary positions in critical categories.
Financial position remains controlled and in line with agreed financial arrangements, with continued solid liquidity reserve of NOK 980 million.
Increasing market uncertainty and a more challenging product landscape, despite generally positive macroeconomic conditions.

REVENUE PER SEGMENT

REVENUE PER COUNTRY

REVENUE PER CHANNEL

01 26

FIRST QUARTER 2026

KOMPLETT ASA

HIGHLIGHTS

KEY FIGURES

CEO COMMENTS

FINANCIAL REVIEW

SEGMENT REVIEW

FINANCIAL STATEMENTS AND NOTES

APPENDIX

KEY FIGURES

Amounts in NOK million unless stated otherwise

	Q1 2026	Q1 2025	FY 2025
Operating revenue	3 400	3 370	15 775
Growth (%)	0.9%	3.8%	3.1%
Gross profit^{1}	499	504	2 257
Gross margin (%)^{1}	14.7%	15.0%	14.3%
Operating expenses (ex dep) (adj.)^{1}	(424)	(443)	(1 804)
Depreciation and amortisation	(102)	(100)	(408)
Total operating expenses (adj.)^{1}	(526)	(544)	(2 212)
Operating cost percentage^{1}	(15.5%)	(16.1%)	(14.0%)
EBIT (adj.)^{1}	(26)	(39)	44
EBIT margin (adj.) (%)^{1}	(0.8%)	(1.2%)	0.3%
One-off costs	(6)	(18)	(62)
Impairment	-	-	(538)
EBIT	(33)	(57)	(556)
Net financials	(40)	(41)	(169)
Profit before tax	(73)	(98)	(725)
Profit for the period	(57)	(77)	(660)
Investments (capex)	28	45	130
Net interest bearing debt^{1}	1 278	1 210	604
Operating free cash flow^{1}	(662)	(305)	389

1) Alternative performance measures (APMs).

OPERATING REVENUE

GROSS MARGIN

OPERATING COST

EBIT (adj.)

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HIGHLIGHTS

KEY FIGURES

CEO COMMENTS

FINANCIAL REVIEW

SEGMENT REVIEW

STATEMENT FROM THE BOARD

FINANCIAL STATEMENTS AND NOTES

APPENDIX

CEO COMMENTS

The first quarter of 2026 delivered a stable financial performance, underpinned by disciplined cost management and continued progress on structural and operational initiatives implemented over recent years.

Maintaining momentum

I joined Komplett Group as chief executive officer in March and have spent my initial weeks working closely with teams across the organisation. This has provided valuable insight into the competence and engagement of our people, and the opportunities inherent in our business, supported by the strengths of our brands.

During the quarter, the management team was further strengthened through several key appointments. Together, we remain focused on reinforcing the group's competitive position through strong brands, efficient and scalable operations and disciplined commercial execution, while continuing to deliver reliable customer experiences across brands and categories. Our strategic priorities and operational initiatives remain consistent with those communicated previously, ensuring continuity through the leadership transition.

Navigating uncertain markets

Performance in Q1 was supported by a generally positive economic environment in Norway and Sweden. As projected, demand was held back by limited major new launches as well as the effects of price increases of memory chips on the gaming and components categories. The group responded proactively through close supplier dialogue, targeted availability management and disciplined commercial execution. While these measures helped mitigate near-term effects, ongoing supply tightness and pricing pressure in certain components remain a source of broadening uncertainty for the remainder of the year.

Headwinds in the gaming and components categories were largely offset by increased sales in other product categories. Consequently, revenue growth remained relatively stable in both Norway and Sweden in the first quarter, despite the above market challenges. Efforts to improve profitability and operational efficiency continue, and the group benefited from a structurally leaner cost base, allowing us to absorb category-specific volatility while still improving earnings.

Better positioned

Throughout 2025, Komplett Group implemented several structural and commercial measures to maintain an industry-leading cost position and to improve operational efficiency. These initiatives included the consolidation of warehouse and logistics structures in Sweden, the streamlining of back office functions and group-wide cost reduction measures, as well as efforts to prioritise margin quality, especially in NetOnNet.

With these processes largely completed or well underway, the group is now better positioned to unlock further efficiency gains and scale benefits over time. At a group level, our ability to accelerate synergies and group-wide benefits has been strengthened across sales, category management, technology platforms and back-office functions, as well as through a more streamlined supplier set-up. Combined with the recent leadership reinforcements, these developments enhance scalability, support faster execution of group initiatives and provide a clearer line of sight to further efficiency gains over time.

Unlocking the group's long-term potential

Since stepping into the CEO role, I have become increasingly confident that the strength of our brands, high customer satisfaction and strong brand loyalty provide a solid foundation for sustaining and gradually expanding our market presence. The structural initiatives implemented over time have established a solid platform for continued operational improvement. With these foundations in place, I see it as one of our joint key priorities to both navigate ongoing market uncertainty and accelerate the realisation of benefits from scale, simplification and group collaboration, in line with our stated strategic and operational priorities.

Hence, we remain committed to our strategic agenda and advancing our path towards sustained profitability. This includes strengthening our market position while maintaining a stable and competitive cost base through selective development of the customer offering, margin resilience and improved operational efficiency.

Yours sincerely

Vebjørn Torsetnes, President & CEO

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CEO.COMMENTS

STATEMENT FROM THE BOARD

APPENDIX

QUARTERLY SUMMARY

During the first quarter, the group delivered stable performance despite market challenges related to both a weaker innovation cycle and strong price increases of memory chips affecting core categories. Revenue development remained resilient, while disciplined cost management continued to support profitability improvements. The financial position remained sound, reflecting an actively controlled working capital development.

Market sentiment benefited from favourable macroeconomic conditions in Norway and continued improving conditions in Sweden, with so far limited impact of recent global events. Compared with the prior-year period, overall demand was held back by product cycles, with material new innovations being launched in the same period last year. In addition, the ongoing price increases driven by the constrained supply of memory chips affected the demand and mix development in the gaming and components categories.

Weaker volumes in gaming and components were partly offset by positive revenue contributions from increased sale of domestic appliances, seasonal products and private label categories across the Norwegian and Swedish operations. In addition, the telecom segment benefited from good availability and successful campaign activity relating to new product launches in the quarter. Overall, this contributed to relatively stable sales year-over-year.

Gross margin continued to show positive development on an underlying basis, with improvement compared to the campaign-intensive fourth quarter of 2025. Compared with the prior-year period, the 0.3 pp gross margin decrease was due to more challenging comparisons and adverse impacts from sales mix, primarily attributable to category and channel composition, as well as select price-volume rebalancing in certain categories.

These negative effects were most evident in the B2C segment but were partially mitigated by strong performance in the B2B segment and stable development in Distribution.

Operating expenses declined year-over-year, driven by the continued impact of cost and restructuring measures implemented across the group, as well as overall cost discipline. These efforts effectively outweighed the impact of inflation and targeted commercial investments. The positive effects from structural initiatives, including the Swedish consolidation, are expected to continue supporting a stabilisation of the cost base over the course of 2026.

Inventory levels remained healthy and well controlled at quarter-end, although slightly higher than in the prior-year period due to proactive inventory positioning. Higher inventory and trade receivables were partly offset by increased trade payables.

The latter was affected both by improved commercial payment terms as well as seasonal phasing, resulting in a moderate increase in net working capital levels. In line with normal seasonal phasing effects, a share of supplier payments shifted from the peak-months of 2025 into 2026.

At the end of March, the group's leverage ratio (NIBD / LTM EBITDA, adjusted for certain exceptional items) was 2.8x, down from 3.4x in the same period last year. Net interest-bearing debt and leverage ratio remained within the group's underlying financing framework and supported by structurally solid liquidity facilities.

During the quarter, Komplett Group built on structural and commercial measures implemented in 2025 to secure an industry-leading cost position and improve operational efficiency. With key initiatives largely completed or well under way, the group is well positioned to realise additional efficiency gains and scale benefits over time.

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CEO.COMMENTS

APPENDIX

FINANCIAL REVIEW

PROFIT AND LOSS

Total operating revenues increased by 0.9 per cent in the first quarter of 2026, from NOK 3 370 million to NOK 3 400 million (-0.2 per cent in constant currency). The revenue development was supported by generally positive macroeconomic conditions, partly counteracted by reduced demand in certain categories due to a weaker innovation cycle and price increases of memory chips.

In the B2C segment, revenue levels maintained relatively stable, despite headwinds from memory pricing and fewer new product launches, particularly impacting operations in Norway. The B2B segment delivered solid growth partly driven by increased sales to larger business customers, while Distribution reported moderate revenue growth.

Cost of goods sold was NOK 2 901 million in the first quarter, representing a 1.2 per cent increase from NOK 2 865 million in the same period last year on the back of increased sales (+0.2 per cent in constant currency). The group's central commercial team continues to negotiate improved commercial terms as part of the centralisation and consolidation of sourcing and category management.

Gross profit was NOK 499 million in the quarter, representing a decrease of NOK 5 million from NOK 504 million last year (-2.5 per cent in constant currency). The gross margin was 14.7 per cent in the first quarter, reflecting a slight decline from 15.0 per cent in the same period of 2025.

While the gross margin improvement trend from previous quarters continued, the year-over-year performance was impacted by more demanding comparables and adverse impacts from sales mix.

Operating expenses (excluding one-off costs, depreciation and amortisation) totalled NOK 424 million in the first quarter, representing a decrease of 4.4 per cent from NOK 443 million in the same period of 2025 (-5.6 per cent in constant currency). The reduction was largely driven by implemented cost and restructuring measures, with additional impact from continued cost discipline. These effects are expected to support developments during 2026 and will be complemented as required.

Depreciation and amortisation accounted for NOK 102 million in the first quarter, of which NOK 14 million were related to the amortisation of acquired customer value as part of the earlier NetOnNet transaction. In the same period last year, depreciation and amortisation expenses totalled NOK 100 million. The increase from last year was mainly related to the upgraded IT infrastructures and software investments.

EBIT adj. amounted to negative NOK 26 million in the first quarter of 2026, representing an improvement of NOK 13 million compared with negative NOK 39 million in the same period of 2025. The slight decrease in gross profit was offset by reduced operating expenses, resulting in an EBIT adj. margin of negative 0.8 per cent in the first quarter, representing an improvement from negative 1.2 per cent in the same quarter of last year.

One-off costs totalled NOK 6 million in the quarter, reflecting limited severance and other related expenses in the period. This compares with NOK 18 million in the first quarter of 2025, which mainly related to restructuring initiatives and consolidation activities.

The operating result (EBIT) for the first quarter amounted to negative NOK 33 million, compared with a loss of NOK 57 million in the same period of 2025.

Net financial expenses in the first quarter totalled NOK 40 million, compared with NOK 41 million in the same period last year. As in previous reporting periods, interest on the group's credit facilities and factoring costs were the main components of the financial expenses.

The group had a tax income of NOK 16 million in the first quarter, compared with NOK 22 million in the same period last year. The tax income primarily reflects improved underlying performance in the period.

Profit for the period ended at negative NOK 57 million, compared with a loss of NOK 77 million in the same period last year.

APPENDIX

FINANCIAL POSITION

Non-current assets amounted to NOK 3 268 million at the end of the first quarter of 2026, compared with NOK 3 952 million at the end of the first quarter 2025. The decline is primarily due to the goodwill impairments of NOK 534 million which were made in the fourth quarter 2025, related to the Swedish operations. The decline was further driven by reductions in other intangible assets of NOK 90 million and right-of-use assets of NOK 52 million, mainly resulting from currency effects.

Current assets amounted to NOK 3 056 million at the end of the first quarter, compared with NOK 3 250 million in the same period last year. Inventories were NOK 2 200 million at the end of March, representing a slight increase from NOK 2 165 million one year earlier, and a decline from NOK 2 297 million at the end of the previous quarter. The year-over-year increase reflects precautionary buying, and the stockholding remains healthy and controlled. A total of NOK 331 million of receivables have been sold under the factoring agreement in the quarter, which are not included in the balance sheet. The amount reflects an intentional reduction in the use of factoring compared with the prior-year period.

Cash and bank deposits totalled NOK 84 million at the end of the quarter, compared to NOK 351 million at the end of March last year. The decline reflects seasonal phasing effects and timing of supplier payments.

Equity amounted to NOK 1 865 million at the end of the first quarter of 2026, compared with NOK 2 562 million in the same period last year. The difference is mainly attributed to the impact from changes in other equity stemming from the impairment charges made in the fourth quarter

last year. This yields an equity ratio of 29.5 per cent at the end of the first quarter, compared with 35.6 per cent at the end of March 2025.

Total liabilities amounted to NOK 4 459 million at the end of the first quarter of 2026, compared with NOK 4 640 million at the end of the first quarter of 2025. Trade payables totalled NOK 1 932 million, representing an increase of NOK 96 million from the prior-year period, where renegotiated supplier agreements and improved payment terms have contributed to a structural uplift versus last year.

Since the second quarter of 2023, the Swedish subsidiaries have partly utilised the extension of the Swedish tax deferred payment rules. After repayment of NOK 39 million during the first quarter, the total outstanding amount at end of March 2026 was NOK 224 million, of which NOK 75 million is included in the group's long-term liabilities. The remaining NOK 149 million, which matures in less than 12 months, is shown as part of other current liabilities.

Total equity and liabilities amounted to NOK 6 324 million at the end of the first quarter, compared with NOK 7 202 million in the same period last year.

LIQUIDITY

The group's total credit facilities include a revolving credit facility in the amount of NOK 1 300 million and an overdraft facility in the amount of NOK 400 million.

At 31 March 2026, NOK 800 million of the revolving credit facility was utilised. Including available net cash of NOK 80 million, the liquidity reserve was NOK 980 million at the end of the first quarter,

compared with NOK 1 251 million one year earlier. As highlighted in the preceding quarter, the liquidity position at year end 2025 was temporarily elevated due to seasonal phasing effects and timing of supplier payments. These effects reversed during the first quarter in line with normal seasonal patterns.

Further details on the credit facilities may be found in note 8 to the financial statements.

NET INTEREST-BEARING DEBT

Net interest-bearing debt at 31 March was NOK 795 million, excluding IFRS 16, and NOK 1 278 million including IFRS 16 liabilities, representing an increase from last year's levels of NOK 679 million and NOK 1 210 million, respectively. The development reflects reduced Swedish tax deferral and lease liabilities being offset by the lower cash position compared with the same period last year. For further details, reference is made to the group's alternative performance measures in the appendix to this report.

The leverage ratio, defined as NIBD/LTM EBITDA (adjusted for certain exceptional items), was 2.8x at the close of the first quarter of 2026. The net debt level, which was positively affected by a temporarily high liquidity position at year-end, is now reversed in line with normal seasonal patterns.

These shifts have been catered for in the group's underlying covenant trajectory, which is 3.0x for ordinary quarters and 3.5x for Q1.

CASH FLOW

Operating activities generated a net cash flow of negative NOK 575 million in the first quarter, compared with negative NOK 201 million in the same period last year, reflecting seasonal working capital movements.

Hence, operating cash flow in the quarter was negatively affected by a decrease in trade payables of NOK 730 million, as well as an increase in accounts receivables of NOK 39 million, countered by a reduction in inventories of NOK 96 million.

Compared with the first quarter of 2025, the working capital unwind was more pronounced. In the same period last year, the cash flow from operating activities was negatively affected by an increase in inventory of NOK 117 million and a reduction in trade payables of NOK 237 million, following a seasonal peak in the previous quarter. These effects were countered by a reduction in accounts receivables of NOK 55 million.

Cash flow used in investing activities was NOK 28 million. This was invested in property, plant, and equipment, primarily supporting operations, as well as IT platforms and infrastructure, mainly related to development and upgrades. The comparable figure from last year was NOK 45 million.

Cash flow used in financing activities was NOK 128 million in the quarter, on par with NOK 128 million in the same quarter prior year. Financing activities mainly consisted of proceeds and repayments of loans and borrowings in the period, including a repayment of NOK 39 million in accordance with the Swedish tax deferred payment rules, as well as principal and interest paid on lease liabilities and net interest paid on loans.

SUSTAINABILITY

In the first quarter, Komplett Group continued to build on the work from preceding quarters related to CSRD compliance and sustainability reporting. Following broad involvement across all business units, the group's sustainability statement for 2025 was prepared and disclosed in accordance with the CSRD and EU Taxonomy requirements.

The process reflected further maturation of internal data collection, validation and control structures established during the previous reporting cycle.

The disclosed information was subject to external assurance, with no remarks from the group's auditor.

During the quarter, circular economy initiatives were further strengthened, including the launch of an improved trade-in scheme in Komplett Services, complementing similar offerings in NetOn-Net and Webhallen.

CORPORATE EVENTS

ANNUAL AND SUSTAINABILITY REPORT 2025

Komplett Group published its annual and sustainability report for 2025 on 18 March 2026.

GENERAL MEETING

The annual general meeting will be held 6 May 2026. Participation will be digital. The notice of the annual general meeting and appendices are available on the Komplett Group website.

MANAGEMENT CHANGES

In February 2026, Kristian Torgersen joined Komplett Group as chief technology officer, and Karl Eckerdal was appointed managing director at NetOnNet. Nikoline Grøterud took up the position as chief human resources officer in March 2026. Vebjørn Torsetnes was appointed CEO of Komplett ASA effective from 16 March 2026, succeeding Ros-Marie Grusén.

OPERATIONAL EVENTS

Webhallen's store in Fruängen, Stockholm closed in January when its lease agreement ended. This closure did not result in any material restructuring costs.

RISKS AND UNCERTAINTIES

Komplett Group is subject to several risks, including market and competition risks, operational and financial risks, such as currency, interest, credit, and liquidity risks, as well as IT security risks. The board and executive management are continuously monitoring the group's risk exposure, and the group strives to take an active approach to risk management and internal control processes. Below is a summary of the key risks for the group over the coming period.

There is a risk that consumer sentiment and spending expectations decrease or remain low due to macroeconomic uncertainty, which in turn may impact demand for capital intensive goods, such as electronics. Market headwinds and unpredictability may lead to inventory build-up, resulting in increased price pressure in the market. Temporary fluctuations in the long-term growth trajectory of online retail trade may impact the group's performance in the short term.

The group operates in an intensely competitive industry, and entry of new market players or changes in the market dynamics may impact its competitive position. Geopolitical risk has risen following the outbreak of wars, political unrest, and trade sanctions. Risks from regulatory changes, trade barriers, tariffs, and restrictive government actions could impact the group's operations and results. Over the past months, global uncertainty related to trade wars and tariffs has increased. The group is monitoring the situation closely and maintains a close dialogue with suppliers.

Constraints in the supply of memory chips driven by unusual strong demand from data centres and AI applications represent an additional source of uncertainty and may significantly affect availability, pricing and demand in several consumer electronics categories. The group has implemented initial mitigating actions and continues to actively monitor the situation closely.

Due to its online first business model, Komplett Group is less exposed to cost inflation than many of its peers, but its cost base is nevertheless subject to market inflation and currency effects.

As the group operates online, it is vulnerable to hacking and cybercrimes on critical applications and its websites. Although the group has systems in place to identify and block external attacks, the group will likely be subject to new and smarter attempts at unauthorised access that expose a risk to the business.

The group's balance sheet carries intangible assets, including goodwill, which are subject to risk of impairment and other factors that may contribute to a loss in value. The impairment charges executed in 2023 and in 2025 significantly reduced this balance sheet risk, but the carried amounts remain subject to a demonstrated improvement and normalisation of the future performance in the Swedish entities.

Risks and uncertainties must be considered when looking at the outlook comments below. Reference is made to note 4 to the company's Annual and Sustainability Report for 2025 for additional explanations regarding risks and uncertainties.

SUMMARY AND OUTLOOK

In the first quarter of 2026, Komplett Group delivered stable performance in a market environment characterised by increased uncertainty. The sales development was affected by less supportive innovation cycles and lower demand in the gaming and components categories, resulting from supply-driven price development of memory components. These effects were partly offset by stronger performance in other categories, including domestic appliances, seasonal assortments and private label, which combined with disciplined execution, contributed to stabilising overall revenue development.

Reported gross margin was impacted by adverse impacts from sales mix, primarily attributable to category and channel composition as well as some select price-volume rebalancing but showed relatively stable underlying performance. Operating expenses declined by 4.4 per cent year-over-year, reflecting the impact of structural cost and efficiency measures implemented during 2025 as well as ongoing cost discipline. In sum, this led to improved earnings compared with the prior-year period, despite the more challenging operational environment.

The market outlook remains supported by favourable, although increasingly uncertain, economic forecasts in both Norway and Sweden, reflecting expectations of improved household purchasing power. However, international conflicts and global uncertainty may affect inflation, and hence real incomes, as well as consumer sentiment, potentially leading to more cautious spending behaviour, particularly for higher-value and discretionary electronics purchases.

Price effects from supply constraints, particularly in memory components, are expected to remain a key factor affecting demand and mix development. These pricing dynamics may gradually extend into adjacent categories as the effects are passed through the value chain.

Innovation cycles across several core categories are expected to remain relatively muted in the near term. In the B2B segment, underlying replacement demand linked to an ageing installed base and the upcoming transition to Windows 11 is expected to provide structural support over time. Nevertheless, near-term demand is likely to remain sensitive to pricing developments and customers' investment behaviour.

In response to continued demand uncertainty and pricing-driven market volatility, the group is prioritising selective assortment optimisation, with an emphasis on private label and resilient categories. Further actions include closer supplier coordination, tight pricing discipline and inventory management, in order to protect margins and cash flow. Cost discipline remains firm, with operating expenses closely aligned to activity levels.

Following several structural and commercial measures implemented or well underway, management priorities are increasingly directed towards accelerating the realisation of scale benefits and group synergies. A strengthened management and operational structure is expected to support faster execution, improved coordination across markets and more efficient utilisation of shared capabilities.

Supported by high customer satisfaction and strong brand loyalty, along with a structurally stronger cost base and improved operational efficiency, Komplett Group is well positioned to navigate continued market uncertainty. This provides a solid basis for pursuing gradual and sustainable profitability improvements over time.

KOMPLETT ASIA

CONTENTS

SEGMENT REVIEW

BUSINESS TO CONSUMER (B2C)

Impacted by memory shortages

REVENUE

Operating revenue for the B2C segment was NOK 2 350 million, representing a 0.3 per cent increase from NOK 2 343 million in the same period in 2025 (-1.3 per cent in constant currency).

In local currency, the operations in Norway had a revenue decline of 5.0 per cent, while Sweden had a revenue increase of 0.3 per cent. The group's operations in Denmark, which represented -3.0 per cent of the B2C revenue in the first quarter, had a revenue increase of 5.6 per cent.

Operations in Norway faced challenging market dynamics as prices of memory chips and storage constrained demand growth in gaming and components related categories. Year-over-year growth was also negatively affected by fewer new product launches compared with the prior year. This was partly offset by solid performance in other categories, including domestic appliances and telecom, and continued good demand for Komplett's in-house manufactured PCs. Overall revenue growth in Norway was further impacted by operational efficiency measures in the NetOnNet brand.

In Sweden, the quarter was characterised by strong sales performance across most product categories. In particular, domestic appliances and seasonal products delivered solid growth and contributed positively to overall sales development. This was further supported by improving momentum in the telecom category.

Together, these factors helped offset continued headwinds in components and gaming, resulting in a broadly stabilised sales performance during the quarter.

GROSS PROFIT

Gross profit for the B2C segment amounted to NOK 383 million, corresponding to a 4.1 per cent reduction from NOK 400 million in the same quarter in 2025. The gross margin was 16.3 per cent, down from 17.1 per cent in the same quarter of 2025.

While reported gross margin was influenced by a combination of logistics and service-related costs and mix effects across products and services, as well as select price-volume rebalancing, the underlying margin performance remained stable during the quarter.

OPERATING EXPENSES

Operating expenses were NOK 412 million in the first quarter, compared with NOK 425 million for the same period in 2025. The decline resulted from implemented cost measures which more than offset inflation and impact from growth investments.

Operating expenses included depreciation and amortisation costs of NOK 27 million in the period, compared with NOK 24 million in the same quarter in 2025. The increase is caused by the upgraded IT-infrastructure as part of the Swedish improvement measures.

This resulted in an operating cost percentage of 17.5 per cent, down from 18.1 per cent in the same quarter of last year.

EBIT

The EBIT result amounted to negative NOK 28 million, representing a decline from negative NOK 25 million in the same period of 2025. The reduction was driven by lower gross profit combined with a slight increase in depreciation and amortisation costs, which more than offset the reduction in operating expenses.

As a result, the EBIT margin came in at negative 1.2 per cent, compared with a margin of negative 1.1 per cent in 2025.

B2C - KEY FIGURES

Amounts in NOK million	Q1 2026	Q1 2025	FY 2025
Operating revenue	2 350	2 343	11 435
Growth (%)	0.3%	3.4%	5.1%
Gross profit¹	383	400	1 826
Gross margin (%)¹	16.3%	17.1%	16.0 %
Operating expenses (ex. dep)	(384)	(401)	(1 657)
Depreciation and amortisation	(27)	(24)	(108)
Total operating expenses (adj.)¹	(412)	(425)	(1 765)
Operating cost percentage¹	(17.5%)	(18.1%)	(15.4%)
EBIT	(28)	(25)	62
EBIT margin (%)¹	(1.2%)	(1.1%)	0.5%

¹) Alternative performance measure (APMs).

OPERATING REVENUE

GROSS MARGIN

OPERATING COST

K COMPLETT

IRONSTONE

THE INNOVATION COMPANY

BUSINESS TO BUSINESS (B2B)