Komplett ASA

Investor Presentation • Apr 30, 2025

First Quarter 2

30 April 2025

Jaan Ivar Semlitsch, CEO Thomas Røkke, CFO

01 Highlights for 01-25

02 Operational update

03 Financial performance

04 Summary and outlook

05 Appendix

Highlights for 01-25

Jaan Ivar Semlitsch, CEO

Q1-25 Highlights Improvements in key markets

• · Progress across key markets in Norway and Sweden
  • Gradual recovery reflected in key indicators
  • Broadly based progress across categories

· Initial positive effects of new products launches

• -
• Effect expected to increase into 2025 .

·

• -
• situation

· Global uncertainty has increased over the past months

• The group is monitoring the situation closely and maintains a close dialogue with suppliers
• -

Q1-25 Key financials Gradual progress in 01-25

Operating revenue:

01-24: NOK 3 245 million

NOK 3 370 million

Gross margin:

15.0 per cent

Q1-24: 15.0 per cent

3.8 per cent revenue growth and stable gross margin in improving markets

Operating expenses managed effectively resulting in a stable operating cost percentage

16.1 per cent

Q1-24: 16.3 per cent

EBIT (adj.):

NOK -39 million

01-24: NOK -40 million

NOK 108 million

01-24: NOK 472 million

NIBD/EBITDA:

3.4x Q1-24: 3.3x

Cost saving measures initiated, with increasing impact expected in 2025

Strong liquidity and controlled financial position with good headroom to covenant

Operational update

Jaan Ivar Semlitsch, CEO

Komplett Efficiency measures and organisational changes initiated

• Strong momentum from expanded supplier range and product offering
• · Good recruitment to the B2B loyalty programme, with strengthened sales resources for large accounts
• · Cost programme implemented, including workforce reductions progressing as planned
• Morten Johnsen appointed managing director of Komplett Services, effective from 15 January

Webhallen Warehouse consolidation plan to increase efficiency

• · Continuous upgrades of store concepts, including recent Solna relocation
• Two Stockholm warehouses to be consolidated into NetOnNet's central logistics centre in Borås
• Consolidation includes all logistics and return handling functions
• New ERP system (IFS) and IT upgrades, effective from 1 February
• · Cost reductions through shared service set-up initiated

NetOnNet Store expansion progressing according to plan

net mnet

• New store successfully opened in Trondheim in March 2025
• Commercial IT upgrade launched in 01 with improved customer journey
• Repositioning of brand profile and pricing
• · Expanded private label portfolio well received, with potential to further ramp-up volumes
• · Continuous cost optimisation ongoing and further consolidation benefits targeted

Financial performance

Thomas Røkke, CFO

Key financials Ilmproved sales and stable margins

KOMPLETT®GROUP

• Improved market dynamics and new product launches resulted in 3.8 per cent sales growth
  • Limited FX effects in the period of ~1.3 pp
  • days in the quarter

· Gross margin stabilised at 15 per cent

• price rebalancing
• Partly offset by impact from operational inventory management

· Stable operating cost percentage (-0.2 pp)

• Increased operating expenses largely driven by currency translation effects
• measures and marketing investments

• Stable EBIT development year-over-year

• compared to negative NOK 40 million in 01 2024
• • EBIT margin remained unchanged at -1.2 per cent, as higher gross profit was offset by increased Opex and depreciation

B2C lmproving underlying markets

KOMPLETT®GROUP

• · Revenue increase of 3.4 per cent YoY (+1.6 per cent LFL)
  • and +13.6 per cent in Denmark (LFL, YoY)
  • supported by gaming related categories
  • Partly offset by reduced campaign intensity combined with rebalancing of pricing and margins

· Gross margin stable year-over-year

• commercial efforts
• • Partly offset by continued strong competition

· EBIT margin impacted by higher expenses in the quarter

• measures, offsetting the positive gross profit contribution
• Effects of undertaken and initiated cost measures expected to increase in the coming quarters

Note: All figures are presented as reported and in NOK million unless otherwise stated. LFL (Like for like): In constant currency.

B2B Stable performance

• · Revenue increase of 4.4 per cent (+4.1 per cent LFL)
  • per cent growth, +6.0 per cent in Sweden (LFL, YoY)
  • -
  • new technologies

• Gross margin slightly lower compared to last year (-0.4 pp)

• prior-year period
• -

•

• EBIT margin increased (+0.3 pp) driven by improved gross profit and cost reduction measures

Distribution Revenue and profitability growth

oitegra

• · Revenue increase of 4.9 cent (+4.7 per cent LFL)
  • Sweden (YoY, LFL)
  • growth, while demand from SME remained cautious
  • -

· Slight improvement in gross margin, reflecting:

• -
• -

•

• -
• prior-year

Cash flow and working capital

Net working capital reflecting improved commercial terms

Cash flow	01-25	01-24	FY-24
Net cash flow from operating activities	-201	-147	1078
Net cash used in investing activities	-45	-42	-163
Net cash used in financing activities	-128	74	-419
Net change in cash and cash equivalents	-574	-115	496

Net working capital	01-25	01-24
Inventory	2 165	2 062
Trade receivables - regular	98	164
Trade payables	-1 836	-1 215
Other assets and liabilities	-319	-540
Net working capital	108	472

• · Net operating cash flow in the period was impacted by an increase in inventory of NOK 117 million, a NOK 237 million decrease in trade payables, and supported by a NOK 55 million reduction in trade receivables
• related to property, plant and equipment for new stores and improvements of the IT infrastructure
• Net cash used in financing activities primarily used for lease payments and loan interest, as well as Swedish tax repayments of NOK 32 million
• still controlled position with some tactical inventory buildup in certain categories and locations
• · Net working capital improved during the quarter, reflecting improved credit and payment terms, compensating for select inventory investments

Financial position Continued solid liquidity

Leverage ratio

• Continued strong liquidity reserve of NOK 1.3bn
  • agreements with better credit and payment conditions
  • month

°

• timing effects
• Swedish tax repayment plan from 03 2024

• Leverage ratio of 3.4x, with good headroom to covenants

• of 4.5x in 01 and 4.0x in 02 2025
• Will return to original levels in H2 2025

• Equity ratio of 35.6 per cent at the end of 01-25

• Compared to 38.7 per cent at the end of 01-24

Summary and outlook

Jaan Ivar Semlitsch, CEO

Key takeaways Continued progress but cost management still required

• · Sales growth with stable margin performance driven by improved market and innovation environment
• Continued focus on strategic initiatives, yielding positive margin effects in selected categories and private label lines, despite some volume trade-offs in low-margin categories
• · Group-wide cost and efficiency measures implemented, including workforce reductions and logistics consolidation
• · Stable financial position maintained, with strong liquidity and continued cost discipline

Outlook Positive outlook remains but increased global uncertainty

• improving economic situation for households and recovering pace of innovations
• positive impact on sales into 2025, especially in gaming and private label products
• · to become increasingly significant throughout 2025
• further strengthen the group's leading cost position
• supply chain risks as well as general uncertainty

Appendix

| Alternative Performance Measures (APMs)

The APMs used by Komplett Group are defined as set out below:

Gross profit: Total operating revenue less cost of goods sold. The group has presented this item because it considers it to be a useful measure to show the management's view on the overal picture of profit generation before operating expenses in the group's operations.

Gross margin: Gross profit as a percentage of total operating revenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency of gross profit generation of the group's operations as a percentage of total operating revenue.

Reconcilliation

Amounts in NOK million	01 2025	01 2024	FY 2024
Total operating revenue	3 370	3245	15 301
= Cost of goods sold	(2 865)	(2 757)	(13 211)
= Gross profit	504	488	0800
Gross margin	15.0 %	15.0 %	13.7%

Total operating expenses (adjusted): Total operating expenses less cost of goods sold and oneoff cost. The group has presented this item because the management considers it to be a useful measure of the group's efficiency in operating activities.

Operating cost percentage (adj.): Total operating expenses less cost of goods sold and one-off cost as a percentage of total operating revenue. The group has presented this item because the management considers it to be a useful measure of the group's efficiency in operating activities.

Reconcillation

Amounts in NOK million	01 2025	01 2024	FY 2024
Total operating revenue	3370	3245	15 301
Total operating expenses	3427	3 291	15 368
= Cost of goods sold	(2 865)	(2757)	(13 211)
= One=off cost	(18)	(6)	(20)
= Total operating expenses (ad).)	544	528	2137
Operating cost percentage	16.1 %	16.3 %	14.0 %

EBITDA excl. impact of IFRS 16: Derived from financial statements as the sum of operating result (EBIT) plus the sum of depreciation, amortisation and impairments for the segments B2C, B2B, Distribution and Other. The group has presented this item because it considers it to be a useful measure to show the management's view on the overall picture of operational profit and cash flow generation before depreciation and amortisation in the group's operations, excluding any impact of IFRS 16.

Reconciliation

Amounts in NOK million	01 2025	01 2024	EY 2024
EBIT	(57)	(46)	(67)
- EBIT impact of IFRS 16	(5)	(4)	(16)
+ Dep B2C, B2B, Dist. Other	46	43	180
= EBITDA excl IFRS 16	(17)	(7)	97

EBIT adjusted: Derived from financial statements as operating result (EBIT)excluding one-off costs. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations before one-off items.

Reconciliation

Amounts in NOK million	01 2025	01 2024	FY 2024
Total operating revenue	3370	3245	15 301
EBIT	(57)	(46)	(67)
+ One=off cost	18	6	20
· Impairment	1	1	1
= EBIT adjusted	(39)	(40)	(47)
EBIT margin adjusted	(1.2%)	(1.2%)	(0.3%)

EBIT margin adjusted: EBIT adjusted as a percentage of total operating revenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations before one-off items as a percentage of total operating revenue.

EBIT margin: Operating result (EBIT) as a percentage of total operating revenue. The group has presented this item because it considers it to be a useful measure to show the management's view on the efficiency in the profit generation of the group's operations as a percentage of total operating revenue.

Reconcillation

Amounts in NOK million	01 2025	01 2024	FY 2024
Total operating revenue	3370	3245	15 301
EBIT	(57)	(46)	(67)
EBIT margin	(1.7%)	(1.4%)	(0.4%)

Net working capital: Comprising inventories, trade receivables, trade payables and other current assets and liabilities. The management considers it to be a useful indicator of the group's capital efficiency in its day-to-day operational activities. Part of the deferred Swedish tax liability is classified as other current liabilities in accordance with local accounting principles, while the part which has maturity of more than 12 months is classified as other non-current liabilities. At the end of the first quarter. NOK 153 million is shown as part of other current liabilities, while NOK 230 million is included in non-current liabilities

Reconciliation

Amounts in NOK million	01 2025	01 2024	FY 2024
Inventory	2 165	2 062	2048
+ Trade receivables = requiar	98	164	153
- Trade payables	(1836)	(1 215)	(2073)
+/-Other assets and liabilities	(319)	(540)	(277)
= Net working capital	108	472	(149)

Net interest-bearing debt: Interest-bearing liabilities less cash and cash equivalents. The group has presented this item because the management considers it to be auseful indicator of the group's indebtedness, financial flexibility and capital structure. As mentioned above, interest-bearing debt only includes the deferred Swedish tax liability of NOK 230 million with maturity above 12 months. The net interest-bearing debt incl. IFRS 16 is a useful measure as indebtedness, including the lease liabilities from IFRS 16, is relevant for the covenants of the group's credit facilities.

Reconciliation

Amounts in NOK million	01 2025	01 2024	FY 2024
Long-term loans	800	000	800
+ Other non-current liabilities	230	-	263
+ Short-termloans	-	67
Cash/cashequivalents -	(351)	(114)	(726)
= Net interest-bearing debt	679	853	337
+ IFRS 16 liabilities	531	625	518
= Net int.bear. debt incl. IFRS 16	1210	1478	854

Operating free cash flow: EBITDA excl. impact of IFRS 16 less investment in property, plant an equipment, less change innet working capital less change in trade receivable from deferred payment arrangements. The group has presented this item because the management considers it to be useful measure of the group's operating activities' cash generation. Operating free cash flow affected by the aforementioned reclassification of the Swedish deferred tax payment to other nor current liabilities.

Reconcillation

Amounts in NOK million	01 2025	01 2024	FY 2024
EBITDA excl. IFRS 16	(17)	(7)	97
- Investments	(45)	(42)	(168)
+/- Change in net working capital	(257)	(219)	401
+/- Reclassified to other non-current liabilities	-	1	304
·/- Change in deferred payment	(2)	23	52
= Operating free cash flow	(321)	(245)	686

KOMPLETT GROUP

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