Nobia

Quarterly Report • Apr 29, 2025

Interim Report First Quarter 2025

Driving margin improvements in a soft market

First quarter summary:

• Net sales decreased to SEK 2,474m (2,615), corresponding to an organic decline of -6% (-20) and operating profit amounted to SEK -6m (-44).
• Adjusted operating profit increased to SEK 16m (-27).
• Adjusted gross margin increased to 38.6% (37.3).
• Adjusted operating profit in the Nordic region increased to SEK 109m (23) while operating profit in the UK region decreased to SEK -53m (-11).
• Items affecting comparability amounted to SEK -22m (-17), mainly attributable to transitional costs while ramping up production at the new Nordic factory.
• Profit after tax, total operations, amounted to SEK -124m (-219) corresponding to earnings per share after dilution of SEK -0.18 (-0.58).
• Operating cash flow amounted to SEK -85m (-574).

	Q1			Jan-Dec	12 mos
	2024	2025	Δ%	2024	rolling
Net sales, SEK m	2,615	2,474	-5	10,538	10,397
Gross margin, %	36.6	37.8	-	36.5	36.7
Gross margin excl. IAC*, %	37.3	38.6	-	38.2	38.6
Operating margin before depr./imp. (EBITDA), %	5.5	6.8	-	4.5	4.8
Operating profit (EBIT), SEK m	-44	-6	86	-827	-789
Operating profit (EBIT), excl IAC*, SEK m	-27	16	n.a	82	125
Operating margin, %	-1.7	-0.2	-	-7.8	-7.6
Operating margin excl IAC*, %	-1.0	0.6	-	0.8	1.2
Profit after financial items, SEK m	-133	-83	38	-1,119	-1,069
Total operations:
Profit after tax, SEK m	-219	-124	43	-1,343	-1,248
Profit/loss after tax, excl IAC*, SEK m	-206	-107	48	-621	-522
Earnings per share, before dilution, SEK	-0.58	-0.18	69	-2.46	-1.85
Earnings per share, before dilution excl IAC*, SEK	-0.55	-0.16	71	-1.14	-0.78
Earnings per share, after dilution, SEK	-0.58	-0.18	69	-2.46	-1.85
Earnings per share, after dilution exkl IAC*, SEK	-0.55	-0.16	71	-1.14	-0.78
Operating cash flow, SEK m	-574	-85	n.a	-652	-163

*IAC (Items affecting comparability) are specified on page 14.

Adjusted refers to excluding items affecting comparability.

CEO comments

I am pleased with the profitability improvements in the Nordics and the fact that our Group gross margin has improved year-over-year for the fifth consecutive quarter. While we continue to make solid progress in consumer sales, margin improvements, and cash generation, we remain challenged by historically low market volumes in the project segments.

Organic net sales for the Group declined by -6% with flat sales in the Nordics and a decline of -12% in the UK. On a like-for-like basis, adjusted for last year's store closures, sales in the UK declined -3%. The growing number of store visits and kitchen design appointments continues to support the positive development in the consumer segment. Conversely, the low activity in residential property developments continues to burden demand and growth in the project segment across all markets, with double-digit volume declines in Finland, Norway and the UK.

The adjusted gross margin for the Group improved to 38.6% (37.3), driven by higher average order values, solid supply chain productivity and a favorable segment mix. SG&A savings totaled approximately SEK 70m, largely driven by last years' cost reduction programs and sustained strong cost discipline across all areas. Our accumulated savings since the beginning of 2023 have now exceeded SEK 550m.

Group adjusted operating profit increased to SEK 16m (-27) on the back of the solid performance in the Nordic region. The large improvements in cash generation continues, which resulted in a cash flow from operating activities of SEK 28m (-258).

Adjusted operating profit in the Nordic region increased to SEK 109m (23) and the adjusted operating profit margin rose to 7.5% (1.6). Volumes in the project market continued to decline, however with an abating trend. Consumer sales continue to trend well, fully compensating for the project volume decline. We are especially pleased with the performance in Denmark. The Nordic supply chain delivered another good quarter in terms of dispatch and productivity.

The ramp-up in Jönköping continues to progress well. The manufacturing of kitchen components and assembled cabinets is gradually increasing as planned. We now enter an important period when we plan to dispatch complete Marbodal kitchens including all accessories - directly to end customers from Jönköping.

Net sales in the UK declined -12%, driven by a large volume decline in the project segment, while Magnet consumer sales volume continued to grow. Gross margin improved to 41.3% (40.9) driven by growth in consumer sales, while the supply chain remains burdened by volume underabsorption. Cost savings in the quarter were offset by marketing spend to drive order intake during the important winter period.

Operating profit in the UK amounted to SEK -53m (-11). While we safeguard the positive momentum in consumer sales, we will continue the transition to an asset light operating model and realize savings from executed cost reductions and store closures.

We estimate that the consumer markets will continue its recovery, while the project market is likely to remain subdued for the remainder of 2025. While recent changes in international trade policies do not currently have a direct impact on Nobia, their indirect effects - particularly in relation to interest rates, inflation, and broader macroeconomic dynamics remain uncertain.

Regardless of the market uncertainty, we remain confident in our strategic priorities going forward; to ramp-up the new Nordic factory in Jönköping, to continue the turnaround of the UK operations and deliver on our cost reduction initiatives.

Kristoffer Ljungfelt President & CEO

First quarter consolidated

Comments and numbers relate to continuing operations, unless otherwise stated.

Market overview

Soft market conditions persist in both the Nordic and UK regions. While the consumer segment is continuing to show signs of improvement, the project segment continues to decline. The recovery in the consumer segment is supported by rising consumer confidence - albeit from a low base - driven by decreasing inflation and falling interest rates, which are encouraging purchases of capital goods such as new kitchens. In contrast, the project market remains challenging due to consistently low levels of new housing construction across all markets. General market uncertainty has increased due to recent proposals for changes in international trade tariffs.

Net sales, earnings and cash flow

The Group's net sales decreased to SEK 2,474m (2,615) with an organic decline of -6% (-20). The Nordic region's net sales were unchanged on an organic basis (-25), while the UK's declined by -12% (-14), partly due to a reduction in the number of kitchen stores compared with last year.

The gross margin increased to 37.8% (36.6), or 38.6% (37.3) on an adjusted basis, supported mainly by a favourable sales mix, improved average order values and manufacturing efficiency. Operating profit amounted to SEK -6m (-

44). Adjusted for items affecting comparability of SEK -22m (-17) attributable mainly to transition costs related to the ramp-up of the new Nordic factory, operating profit increased to SEK 16m (-27). Adjusted operating income was positively impacted by ongoing cost reduction measures that generated savings of around SEK 70m, while the lower sales volumes impacted negatively. Changes in exchange rates positively impacted operating profit by approximately SEK 5m.

Operating cash flow, total operations, improved to SEK -85m (-574). Cash flow from operating activities improved, driven mainly by favourable change in working capital and a lower level of investments in fixed assets. Net debt excluding IFRS16 leases and pensions declined to SEK 2,462m (2,834), positively impacted by last year's measures to improve the Group's financial position.

	Group cost and
	Nordic		UK eliminations			Group
	Q1		Q1		Q1		Q1
SEKm	2024	2025	2024	2025	2024	2025	2024	2025	Δ%
Net sales	1,464 1,446			1,151 1,028	0	0	2,615	2,474	-5
Gross profit	480	507	471	425	7	2	958	934	-3
Gross profit excl. IAC	497	529	471	425	7	2	975	956	-2
Gross margin, %	32.8	35.1	40.9	41.3	–	–	36.6	37.8	–
Gross margin excl. IAC,%	33.9	36.6	40.9	41.3	–	–	37.3	38.6	–
Operating profit	6	87	-11	-53	-39	-40	-44	-6	86
Operating profit excl. IAC, SEKm	23	109	-11	-53	-39	-40	-27	16	n.a
Operating margin, %	0.4	6.0	-1.0	-5.2	–	–	-1.7	-0.2	–
Operating margin excl IAC, %	1.6	7.5	-1.0	-5.2	–	–	-1.0	0.6	–

Analysis of net sales

		Q1
	Δ%	SEK m
2024		2,615
Organic growth	-6	-153
-of which Nordic region	0	-7
-of which UK region	-12	-146
Currency effects	0	12
2025	-5	2,474

Currency effect on operating profit
	Q1
	Translati Transacti Total
SEK m	on effect	on effect
Nordic region	0	0	0
UK region	0	5	5
Group	0	5	5

First quarter, the regions

Comments and numbers relate to continuing operations, unless otherwise stated. Following the sale of Bribus and ewe in the first quarter 2024, the Group reports two segments; the Nordic and UK regions. Bribus and ewe of the former Portfolio Business Units are reported as discontinued operations in 2024.

Nordic region

Net sales in the Nordic region were in line with prior year on an organic basis (-25% prior year Q1) and amounted to SEK 1,446m (1,464). Consumer sales increased while project segment sales continued to decline.

The gross margin improved to 35.1% (32.8) and the gross profit increased to SEK 507m (480). The adjusted gross margin increased to 36.6% (33.9) and the adjusted gross profit rose to SEK 529m (497), mainly supported by a favourable sales mix, higher average order values and improved manufacturing efficiency.

Operating profit increased to SEK 87m (6), including items affecting comparability of SEK -22m (-17) referring mainly to cost for transitioning from the Tidaholm factory to the new factory in Jönköping. Adjusted operating profit increased to SEK 109m (23) with a corresponding operating margin increasing to 7.5% (1.6). In addition to the gross profit improvements mentioned above, adjusted operating profit was also positively impacted mainly by cost reductions. Changes in exchange rates had a neutral impact on operating profit.

UK region

Net sales in the UK region amounted to SEK 1,028m (1,151). Net sales decreased organically by -12% (-14), partly due to an effect of store closures. The number of kitchen stores in the UK was 170, down from 191 a year ago.

The gross margin increased to 41.3% (40.9) and gross profit was SEK 425m (471). Operating profit was SEK -53m (-11). Operating profit was positively impacted by ongoing cost reductions and a favourable mix as a higher share of sales are to the consumer segment, which was offset mainly by marketing spend to drive order intake during the important winter period. Changes in exchange rates impacted operating profit positively by SEK 5m.

Other information

Financing

Nobia has long-term financing of SEK 3,450 million with maturity in June 2027. At end of March 2025, SEK 2,650m of the facility was utilised. Group cash and cash equivalents amounted to SEK 86m (244). Net debt, excluding IFRS 16 lease liabilities and pensions, amounted to SEK 2,462m (2,834). IFRS 16 lease liabilities were SEK 2,231m (2,441) and pension provisions decreased to SEK 125m (324). The net debt/equity ratio, excluding IFRS 16 lease liabilities and pensions, was 61% (69).

Net financial items amounted to SEK -77m (-89), of which net of returns on pension assets and interest expense on pension liabilities was SEK -3m (-3), interest on leases was SEK -35m (-28) and other net interest expense was SEK -39m (-58).

Construction of the new factory in Jönköping

Installation, commissioning and testing of production machines and fully automated end-to-end production flows in the new factory continue. Production from the Tidaholm factory is gradually transferred to the new factory in Jönköping and is expected to be completed before the end of the year. Manufacturing of kitchen cabinet components and flat-pack kitchen cabinets in the new factory started in 2024 and the production volumes are steadily increasing.

Up until March 2025, a total of approximately SEK 3,600m has been invested as capex in the new factory. For the remainder of 2025, capex related to the factory is estimated to approx. SEK 200m and the cash outflow is estimated to around SEK 350m.

Items affecting comparability

The first quarter 2025 includes items affecting comparability of SEK -22m (-17), mainly referring to cost for the transfer of production from Tidaholm to the new factory in Jönköping. Items affecting comparability are also specified in a table on page 14.

Changes in management

Henrik Skogsfors, Chief Financial Officer, has announced his intention to resign from Nobia. Henrik will continue to serve as CFO until the interim report for the third quarter is released on November 4th, or until a successor is in place.

Annual General Meeting 2025

Nobia's Annual General Meeting (AGM) will be held in Stockholm at 13:00 CET on 29 April 2025. The notice, proposals and other related information from the AGM is available at www.nobia.com/agm2025

Events after the close of the quarter

Nobia to relocate Finnish production to Denmark

Nobia has, following customary negotiations with the local union, decided to transfer the production of its Novart kitchen range for the Finnish market from Nastola, Finland, to Nobia's manufacturing facility in Ølgod, Denmark, and consequently close the factory in Nastola. The transfer will involve a one-time cost of approximately €6 million, of which €1 million is non-cash, which will be recognized in Nobia's second-quarter 2025 results. The transfer to Ølgod is expected to be completed during 2025 and generate annual efficiencies of approximately €4 million.

Risks

Financial risks refer primarily to currency exchange rates, interest rates, financing, tax and credit risks. In the ordinary course of business, the Group is exposed to legal risks such as commercial, product liability and other disputes and provides for them as appropriate. A general economic downturn, cyber threats, a widespread financial crisis or other macroeconomic disturbances may, directly or indirectly, affect the Group negatively both in terms of revenues and profitability. The macroeconomic uncertainty, with for example a very low level of housing construction, continues to negatively affect the Group's market environment. Cost reduction activities and manufacturing capacity adjustments have been implemented and the Group is continuously assessing if further measures need to be taken given the market development. Taking into account the remaining investments in the new factory in Jönköping in combination with the weak market and the consequently challenging cash flow generation, the Group is closely monitoring its financing situation. Nobia has no direct impact from the current changes in international tariffs.

For a more detailed description of Nobia's risks and uncertainties, as well as risk management, refer to the 2024 Annual Report.

Stockholm, 29 April 2025

Kristoffer Ljungfelt President & CEO

Nobia AB (publ.) reg. no. 556528-2752

This interim report has not been subject to review by Nobia's auditors.

Comments and numbers relate to continuing operations, unless otherwise stated.

Consolidated income statement

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Net sales	2,615	2,474	10,538	10,397
Cost of goods sold	-1,657 -1,540		-6,695	-6,578
Gross profit	958	934	3,843	3,819
Selling and administrative expenses	-1,014	-939	-4,247	-4,172
Other income/expenses	12	-1	-423 1	-436 1
Operating profit	-44	-6	-827	-789
Net financial items	-89	-77	-292	-280
Profit after financial items	-133	-83	-1,119	-1,069
Tax	62	-41	-76	-179
Profit from continued operations	-71	-124	-1,195	-1,248
Result from discontinued operations, net after tax	-148	0	-148	0
Profit after tax, total operations	-219	-124	-1,343	-1,248
Total profit attributable to:
Parent Company shareholders	-219	-124	-1,343	-1,248
Earnings per share before dilution, total operations, SEK	-0.58	-0.18	-2.46	-1.85
Earnings per share after dilution, total operations, SEK	-0.58	-0.18	-2.46	-1.85

(1) Including impairment of goodwill SEK -478m

Consolidated statement of comprehensive income

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
	-219	-124	-1,343	-1,248
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss
Exchange-rate differences attributable to translation of
foreign operations	67	-154	106	-115
Cash flow hedges before tax (1)	29	-11	19	-21
Tax attributable to change in hedging reserve
for the period (2)	-6	2	-4	4
	90	-163	121	-132
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension plans	-32	37	70	139
Tax relating to remeasurements of defined benefit
pension plans	8	-9	-19	-36
	-24	28	51	103
Other comprehensive income	66	-135	172	-29
Total comprehensive income	-153	-259	-1,171	-1,277
Total comprehensive income attributable to:
Parent Company shareholders	-153	-259	-1,171	-1,277

(1) Reversal recognised in profit and loss amounts to a SEK -4m (-27). New provision amounts to SEK 12m (-4). (Jan-Dec 2024; 4). (2) Reversal recognised in profit and loss amounts to a SEK 1m (5). New provision amounts to SEK -3m (1). (Jan-Dec 2024; -1).

Consolidated balance sheet

	31 Mar	31 Mar	31 Dec
SEK m	2024	2025	2024
ASSETS
Goodwill	2,631	2,069	2,190
Other intangible fixed assets	588	706	684
Tangible fixed assets	3,200	3,575	3,569
Right-of-use assets	2,507	2,234	2,433
Long-term receivables, interest-bearing (IB)	56	58	61
Long-term receivables	77	79	90
Deferred tax assets	511	445	472
Total fixed assets	9,570	9,166	9,499
Inventories	1,189	1,065	1,068
Accounts receivable	1,270	1,054	940
Current receivables, interest-bearing (IB)	4	11	17
Other receivables	963	599	503
Total current receivables	2,237	1,664	1,460
Cash and cash equivalents (IB)	244	86	270
Assets held for sale	0	–	–
Total current assets	3,670	2,815	2,798
Total assets	13,240	11,981	12,297
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	57	225	225
Other capital contributions	1,459	2,514	2,514
Reserves	407	275	438
Profit brought forward	2,252	1,051	1,147
Total shareholders' equity attributable to Parent Company shareholders	4,175	4,065	4,324
Total shareholders' equity	4,175	4,065	4,324
Provisions for pensions (IB)	324	125	173
Other provisions	23	7	7
Deferred tax liabilities	56	94	90
Lease liabilities, interest-bearing (IB)	2,129	1,941	2,106
Other long-term liabilities, interest-bearing (IB)	3,138	2,617	2,569
Other long-term liabilities, non interest-bearing	0	5	1
Total long-term liabilities	5,670	4,789	4,946
Current lease liabilities, interest-bearing (IB)	312	290	296
Accounts payable	1,613	1,384	1,406
Current liabilities and provisions	1470	1,453	1,325
Liabilities attributable to assets held for sale	–		–
Total current liabilities	3,395	3,127	3,027
Total shareholders' equity and liabilities	13,240	11,981	12,297

Changes in consolidated shareholders' equity

	Attributable to Parent Company shareholders
	Share	Other	Exchange-rate	Cash-flow	Profit	Total
	capital	capital	differences	hedges	brought	share
		contri	attributable to	after tax	forward	holders
		butions	translation of			equity
SEK m			foreign operations
Opening balance, 1 Jan 2024	57	1,459	335	-18	2,495	4,328
Profit for the period, total operations	–	–	–	–	-219	-219
Other comprehensive income for the period	–	–	67	23	-24	66
Total comprehensive income for the period	–	–	67	23	-243	-153
Allocation of share saving schemes	–	–	–	–	–	–
Closing balance, 31 Mar 2024	57	1,459	402	5	2,252	4,175
Opening balance, 1 Jan 2025	225	2,514	441	-3	1,147	4,324
Profit for the period, total operations	–	–	–	–	-124	-124
Other comprehensive income/loss for the period	–	–	-154	-9	28	–135
Total comprehensive income for the period	–	–	-154	-9	-96	–259
Closing balance, 31 Mar 2025	225	2,514	287	-12	1,051	4,065

Number of Treasury shares: 2,040,637.

Key ratios, Group

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Gross profit	958	934	3,843	3,819
Gross margin, %	36.6	37.8	36.5	36.7
EBITDA	143	169	470	496
EBITDA, %	5.5	6.8	4.5	4.8
Total depreciation	-187	-175	-750	-738
Total impairment	0	0	-547	-547
Operating profit	-44	-6	-827	-789
Excl. items affecting comparability	–27	16	82	125
Operating margin, %	-1.7	-0.2	-7.8	-7.6
Excl. items affecting comparability	-1.0	0.6	0.8	1.2
Return on operating capital, %	–	–	-8.8	-8.5
Return on shareholders equity, %	–	–	-31.0	-29.7
Operating cash flow, total operations	-574	-85	-652	-163
Earnings per share before dilution, total operations, SEK (1)	-0.58	-0.18	-2.46	-1.85
Earnings per share after dilution, total operations, SEK (1)	-0.58	-0.18	-2.46	-1.85
Number of shares at period end before dilution, thousands (2)		168,253 673,011	673,011	673,011
Average number of shares before dilution, thousands (2)		168,253 673,011	546,822	673,011
Number of shares after dilution at period end, thousands (2)		168,784 673,527	673,173	673,571
Average number of shares after dilution, thousands (2)		168,784 673,527	546,983	673,571
Equity/assets ratio, %	32	34	36	–
Debt/equity ratio, %	134	119	111	–
Net debt, closing balance, SEK m	5,599	4,818	4,796	–
Operating capital, closing balance, SEK m	9,774	8,883	9,120	–
Capital employed, closing balance, SEK m	10,078	9,038	9,468	–
Number of employees	4,506	4,042	4,082	3,618

(1) Earnings per share have been recalculated according to IAS 33, as a consequence of the rights issue.

(2) Excluding treasury shares.

Consolidated cash-flow statement, total operations

SEK m 2024 2025 2024 rolling Operating activities Operating profit -44 -6 -827 -789 Operating profit/loss for discontinued operations 22 – 22 0 205 1 175 2 1,314 3 Depreciation/Impairment 1,284 Adjustments for non-cash items 6 9 -69 -66 Tax paid -44 -34 -77 -67 Change in working capital -403 -116 -153 134 Cash flow from operating activities -258 28 210 496 Investing activities Investments in intangible and tangible fixed assets -324 -139 -887 -702 Other items in investing activities 8 26 25 43 Interest received 0 1 24 25 Change in interest-bearing assets -2 8 -19 -9 Divestment of companies 1,396 – 1,584 188 Cash flow from investing activities 1,078 -104 727 -455 Total cashflow from operating and investing activities 820 -76 937 41 Financing activities Interest paid -98 -89 -418 -409 -887 4 -47 5 -1,832 6 Change in interest-bearing liabilities -992 New share issue – – 1,213 1,213 Cash flow from financing activities -985 -136 -1,037 -188 Cash flow for the period excluding exchange-rate differences in cash and cash equivalents -165 -212 -100 -147 Cash and cash equivalents at beginning of the period 412 270 412 244 Cash flow for the period -165 -212 -100 -147 Exchange-rate differences in cash and cash equivalents -3 28 -42 -11 Cash and cash equivalents at period-end 244 86 270 86 Q1 Operating Cash flow * Jan-Dec	Q1		Jan-Dec	12 mos
SEK m 2024 2025 2024

SEK m	2024	2025	2024
Cash flow from operating activities	-258	28	210	496
Investments in fixed assets	-324	-139	-887	-702
Other items in investing activities	8	26	25	43
Operating cash flow before acquisition/divestment of operations,
interest, change in interest-bearing assets	-574	-85	-652	-163

* Alternative Performance Measure, refer to "Definitions".

1) Impairments during the period amounted to SEK 37m and pertained to other intangible assets SEK 15m and machinery and equipment SEK 22m.

2) No impairments during the period.

3) Impairments during the period amounted to SEK 547m and pertained to machinery and equipment and other tangible assets SEK 33m, land and buildings 36m and goodwill 478m.

4) Net of repayment and raising of loans amounted to SEK 744m. Amortisation of leasing amounted to SEK 125m.

5) Net of repayment and raising of loans amounted to SEK 50m. Amortisation of leasing amounted to SEK 72m.

6) Net of repayment and raising of loans amounted to SEK -1300m. Amortisation of leasing amounted to SEK 432m.

Analysis of net debt

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Opening balance, net debt	5,383	4,796	5,383	5,599
New leasing contracts/Closed leasing contracts in advance, net	927	-17	1,175	231
Divestment of operations	–1,452	–	-1,641	–189
Translation differences	31	-102	90	–43
Operating cash flow	574	85	652	163
Whereof investments in the Jönköping factory	241	100	617	476
Interest paid, net	98	88	394	384
Remeasurements of defined benefit pension plans	32	-37	-69	–138
Other change in pension liabilities	6	5	25	24
New share issue	–	–	-1,213	-1,213
Dividend	–	–	–	–
Closing balance, net debt	5,599	4,818	4,796	4,818

Notes

Note 1 – Accounting policies

This interim report has been prepared in accordance with IFRS, with the application of IAS 34 Interim Financial Reporting. For the Parent Company, accounting policies are applied in accordance with Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. Nobia has applied the same accounting policies in this interim report as were applied in the 2024 Annual Report. A description of new accounting policies in their entirety is provided in the 2024 Annual Report.

Note 2 – References

Segment information pages 4 and 5. Loan and shareholder's equity transactions, page 7. Items affecting comparability, page 16. Net sales by product group, page 17.

Note 3 – Financial instruments - fair value

Nobia's financial assets essentially comprise non-interest-bearing and interest-bearing receivables whereby cash flows only represent payment for the initial investment and, where applicable, for the time value and interest. These are intended to be held to maturity and are recognised at amortised cost, which is a reasonable approximation of fair value.

Financial liabilities are primarily recognised at amortised cost. Financial instruments measured at fair value in the balance sheet are currency forward contracts comprised of assets at a value of SEK 34m (5) and liabilities at a value of SEK -25m (-11). These items are measured according to level 2 of the fair value hierarchy, meaning based on indirect observable market data. Nobia's financial instruments are measured at fair value and included in the balance sheet on the rows "Other receivables" and "Current liabilities".

Note 4 – Related-party transactions

There is no sale and manufacturing of kitchens in the Parent Company. The Parent Company invoiced Groupwide services to subsidiaries in an amount of SEK 73m (86) during the first quarter of 2025. The Parent Company's reported dividends from participations in Group companies totalled SEK 0m (0).

Note 5 – Goodwill

Goodwill is the difference between the acquisition value and the group's share of the fair value of an acquired subsidiary's identifiable assets and liabilities on the acquisition date. At each closing date, the company makes an assessment if there is any indication that the value of goodwill is lower than the reported value. If there is such an indication, the company calculates the recovery value for goodwill and prepares an impairment test.

The cash generating unit (CGU) Region UK is sensitive to external factors such as interest rates and market demand as well as internal factors such as a successful execution of the strategic plan for the region. During the fourth quarter 2024, an impairment test resulted in an impairment of the UK region of SEK 478m. The impairment was mainly attributable to the Commodore business. After the impairment, the CGU Region UK is still sensitive to

a reasonable change in key assumptions, primarily a change in the discount rate and the Group's ability to improve the region's financial performance. In the Group's income statement for Q4 2024, the impairment is included in "Other income/expenses" and in the segment reporting it is included in "Group cost and eliminations".

Note 6 – Discontinued operations

Sale of the subsidiary Bribus in the Netherlands

The divestment of the subsidiary was completed on 6 March 2024 and has been reported as income from discontinued operations during the period. Financial information regarding the discontinued operation for the period up to the time of disposal can be found below.

Sale of the subsidiary ewe in Austria

The divestment of the subsidiary was completed on 26 March 2024 and has been reported as income from discontinued operations during the period. Financial information regarding the discontinued operation for the period up to the time of disposal can be found below.

Result from discontinued operations	Q1		Jan-Dec
SEK m	2024	2025	2024
Net profit from discontinued operations	16	0	16
Profit/loss on disposal of operation, incl. sales costs	-283	0	-283
Cumulative exchange rate gain	119	0	119
Total	-164	0	-164
of which Ewe Austria	-41	0	-41
of which Bribus Netherlands	-123	0	-123
Net profit	-148	0	-148
Attributable to:
Equity holders of the parent company
Net profit	-148	0	-148
Earnings per share (SEK)	-0.39	0,00	-0.27
Earnings per share after dilution (SEK)	-0.39	0,00	-0.27
Cashflow statement discontinued operations		Q1

SEK m	2024	2025	2024
Cashflow from operating activities	-56	0	-56
Cashflow from investing activities	-2	0	-2
Cashflow from financing activities	-1	0	-1
Cashflow from discontinued operations	-59	0	-59

Parent Company

Parent Company income statement		Q1	Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Net sales	86	73	425	412
Administrative expenses	-123	-108	-472	-457
Other operating income/expense	-1	-1	-3	-3
Operating profit/loss	-38	-36	-50	-48
Financial items, net	142	-253	256	-139
Profit/loss after financial items	104	-289	206	-187
Group contribution	0	0	-399	-399
Tax on profit/loss for the period	0	0	1	1
Profit/loss for the period	104	-289	-192	-585

Parent Company balance sheet	31 Mar	31 Mar	31 Dec
SEK m	2024	2025	2024
Total fixed assets	1,901	2,010	1,989
Total current assets	4,328	3,279	3,702
Total assets	6,229	5,289	5,691
Total shareholders' equity	3,337	3,975	4,264
Total long-term liabilities	54	58	57
Total current liabilities	2,838	1,256	1,370
Total shareholders' equity, provisions and liabilities	6,229	5,289	5,691

Items affecting comparability

	Q1		Jan-Dec	12 mos
Items affecting comparability per function, SEK m	2024	2025	2024	rolling
In gross profit	-17	-22	-185	-190
In operating profit	-17	-22	-909	-914
In taxes	4	5	187	188
In profit after tax	-13	-17	-722	-726
Items affecting comparability	Q1		Jan-Dec	12 mos
in gross profit per region, SEK m	2024	2025	2024	rolling
Nordic	-17	-22	-104	-109
UK	–	–	-81	-81
Group-wide and eliminations	–	–	–	0
Group	-17	-22	-185	-190
Items affecting comparability	Q1		Jan-Dec	12 mos
in operating profit per region, SEK m	2024	2025	2024	rolling
Nordic	-17	-22	-130	-135
UK	–	–	-297	-297
Group-wide and eliminations	–	–	-482	-482
Group	-17	-22	-909	-914
Items affecting comparability	Q1		Jan-Dec	12 mos
in operating profit per item, SEK m	2024	2025	2024	rolling
Restructuring costs	-17	-22	-334	-339
Whereof factory transition costs	-17	-20	-83	-86
Impairments and writedown	–	–	-575	-575
Whereof goodwill	–	–	-478	–478
Total	-17	-22	-909	-914

Operating capital per region

	31 Mar		31 Dec
Operating capital Nordic region, SEK m	2024	2025	2024
Operating assets	5,919	6,128	6,030
Operating liabilities	1,822	1,679	1,698
Operating capital	4,097	4,449	4,332
	31 Mar		31 Dec
Operating capital UK region, SEK m	2024	2025	2024
Operating assets	4,218	3,621	3,820
Operating liabilities	1,194	1,199	1,081
Operating capital	3,024	2,422	2,739
	31 Mar		31 Dec
Operating capital Group-wide and eliminations, SEK m	2024	2025	2024
Operating assets	2,798	2,076	2,099
Operating liabilities	145	64	50
Operating capital	2,653	2,012	2,049
		31 Mar	31 Dec
Operating capital, SEK m	2024	2025	2024
Operating assets	12,935	11,825	11,949
Operating liabilities	3,161	2,942	2,829
Operating capital

Comparative data by product group

Net sales	Q1		Jan-dec	12 mos
Nordic by product group, %	2024	2025	2024	rolling
Kitchen furnitures	74	74	73	73
Installation services	4	4	5	5
Other products	22	22	22	22
Total	100	100	100	100
Net sales	Q1		Jan-dec	12 mos
UK by product group, %	2024	2025	2024	rolling
Kitchen furnitures	65	65	63	63
Installation services	4	5	5	6
Other products	31	30	32	31
Total	100	100	100	100
Net sales	Q1		Jan-dec	12 mos
Group by product group, %	2024	2025	2024	rolling
Kitchen furnitures	70	70	68	68
Installation services	4	5	5	6
Other products	26	25	27	26
Total	100	100	100	100

Reconciliation of alternative performance measures

Comments and numbers relate to continuing operations, unless otherwise stated. Nobia presents certain financial performance measures in the interim report that are not defined according to IFRS, known as alternative performance measures. Nobia believes that these measures provide valuable complementary information to investors and the company's management since they facilitate assessments of trends and the company's performance. Because not all companies calculate performance measures in the same way, these are not always comparable with measures used by other companies. Consequently, the performance measures are not to be seen as replacements for measures defined according to IFRS. For definitions of the measures that Nobia uses, see pages 20-21.

Analysis of net sales

	Q1
Analysis of external net sales Nordic Region	%	SEK m
2024		1,464
Organic growth	0	-7
Currency effects	-1	-11
2025	-1	1,446
	Q1
Analysis of external net sales UK Region	%	SEK m
2024		1,151
Organic growth	-12	-146
Currency effects	2	23

EBITDA

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Operating profit	-44	-6	-827	-789
Depreciation and impairment	187	175	1,297	1,285
EBITDA	143	169	470	496
Net Sales	2,615	2,474	10,538	10,397
% of sales	5.5	6.8	4.5	4.8

	Q1		Jan-Dec	12 mos
EBITDA excl. IFRS16 and items affecting comparability	2024	2025	2024	rolling
EBITDA	143	169	470	496
IFRS 16 leasing	-138	-131	-562	–555
EBITDA impact, items affecting comparability	17	22	343	348
EBITDA excl. IFRS16 and items affecting comparability	22	60	251	289

EQUITY FROM TOTAL OPERATIONS

	Jan-Dec	12 mos
Average equity, SEK m	2024	rolling
OB Equity attributable to Parent Company shareholders	4,328	4,175
CB Equity attributable to Parent Company shareholders	4,324	4,065
Average equity	4,326	4,120

Net debt

	31 Mar	31 Mar	31 Dec
Net debt, SEK m	2024	2025	2024
Provisions for pensions (IB)	324	125	173
Other long-term liabilities, interest-bearing (IB)	5,267	4,558	4,675
Current liabilities, interest-bearing (IB)	312	290	296
Interest-bearing liabilities	5,903	4,973	5,144
Long-term receivables, interest -bearing (IB)	56	58	61
Current receivables, interest-bearing (IB)	4	11	17
Cash and cash equivalents (IB)	244	86	270
Interest-bearing assets	304	155	348
Net debt	5,599	4,818	4,796
	31 Mar	31 Mar	31 Dec
Net debt excl. IFRS 16 Leases and pension provisions, SEK m	2024	2025	2024
Net debt	5,599	4,818	4,796
Of which IFRS 16 Leases	2,441	2,231	2,402
Of which provisions for pensions	324	125	173
Net debt excl. IFRS 16 Leases	3,158	2,587	2,394
Net debt excl. IFRS 16 Leases and provision for pensions	2,834	2,462	2,221

Operating capital

		31 Dec
2024	2025	2024
13,240	11,981	12,297
-23	-7	-7
-56	-94	-90
0	-5	-1
-3,083	-2,837	-2,731
-3,162	-2,943	-2,829
10,078	9,038	9,468
-304	-155	-348
9,774	8,883	9,120
	31 Mar	31 Mar

	Jan-Dec	12 mos
Average capital employed, SEK m	2024	rolling
OB capital employed	10,126	10,078
CB capital employed	9,468	9,038
Average capital employed	9,797	9,558
	Jan-Dec	12 mos
Average operating capital, SEK m	2024	rolling
OB Operating capital	9,711	9,774
CB Operating capital	9,120	8,883
Average operating capital	9,416	9,329

Operating profit and margin excl. items affecting comparability

	Q1		Jan-Dec	12 mos
SEK m	2024	2025	2024	rolling
Operating profit	-44	-6	-827	-789
Items affecting comparability	-17	-22	-909	-914
Operating profit excl. items affecting comparability*	-27	16	82	125
	Q1		Jan-Dec	12 mos
Operating margin excl. items affecting comparability*, %	2024	2025	2024	rolling
Operating margin	-1,7	-0,2	-7,8	-7,6
Margin impact when items affecting comparability* excluded	0,7	0,8	8,6	8,8
Operating margin excl. items affecting comparability*, %	-1,0	0,6	0,8	1,2

*Items affecting comparability, are specified on page 14.

Data per region (1)

	Q1		Jan-Dec	12 mos
Net sales, SEK m	2024	2025	2024	rolling
Nordic	1 464	1 446	5,765	5 747
UK	1 151	1 028	4,773	4 650
Group-wide and eliminations	0	0	0	0
Net sales, Group	2 615 2 474		10,538	10 397
	Q1		Jan-Dec	12 mos
Gross profit, SEK m	2024	2025	2024	rolling
Nordic	480	507	1,992	2 019
UK	471	425	1,835	1 789
Group-wide and eliminations	7	2	16	11
Gross profit, Group	958	934	3,843	3 819
	Q1		Jan-Dec	12 mos
Gross profit excl IAC*, SEK m	2024	2025	2024	rolling
Nordic	497	529	2,096	2 128
UK	471	425	1,916	1 870
Group-wide and eliminations	7	2	16	11
Gross profit Group excl. IAC*	975	956	4,028	4 009
	Q1		Jan-Dec	12 mos
Gross margin, %	2024	2025	2024	rolling
Nordic	32.8	35.1	34.6	35.1
UK	40.9	41.3	38.4	38.5
Gross margin Group	36.6	37.8	36.5	36.7
	Q1		Jan-Dec	12 mos
Gross margin excl IAC*, %	2024	2025	2024	rolling
Nordic	33.9	36.6	36.4	37.0
UK	40.9	41.3	40.1	40.2
Gross margin Group excl IAC*	37.3	38.6	38.2	38.6
	Q1		Jan-Dec	12 mos
Operating profit, SEK m	2024	2025	2024	rolling
Nordic UK	6 -11	87 –53	225 –425	306 -467
Group-wide and eliminations	-39	-40	-627	-628
Operating profit Group	–44	-6	-827	-789
	Q1		Jan-Dec	12 mos
Operating profit excl IAC*, SEK m	2024	2025	2024	rolling
Nordic	23	109	355	441
UK	-11	–53	–128	-170
Group-wide and eliminations	-39	-40	-145	-146
Operating profit Group, excl IAC*	–27	16	82	125
	Q1		Jan-Dec	12 mos
Operating margin, %	2024	2025	2024	rolling
Nordic	0.4	6.0	3.9	5.3
UK	-1.0	-5.2	-8.9	-10.0
Operating margin Group	-1.7	-0.2	-7.8	-7.6
	Q1		Jan-Dec	12 mos
Operating margin excl IAC*, %	2024	2025	2024	rolling
Nordic	1.6	7.5	6.2	7.7
UK	-1.0	-5.2	-2.7	-3.7
Operating margin Group, excl. IAC*	-1.0	0.6	0.8	1.2

*IAC, items affecting comparability, are specified on page 14.

Data per region (2)

	2024			2025
Net sales, SEK m	Q1	Q2	Q3	Q4	Q1
Nordic	1,464	1,614	1,283	1,404	1 446
UK	1,151	1,319	1,195	1,108	1 028
Group-wide and eliminations	0	0	0	0	0
Net sales, Group		2,615 2,933 2,478 2,512			2 474
		2024
Gross profit, SEK m
	Q1	Q2	Q3	Q4	Q1
Nordic UK	480 471	583 458	441 454	488 452	507 425
Group-wide and eliminations	7	3	3	3	2
Gross profit, Group		958 1 044	898	943	934
		2024
Gross profit excl IAC*, SEK m	Q1	Q2	Q3	Q4	Q1
Nordic	497	617	469	513	529
UK	471	535	454	456	425
Group-wide and eliminations	7	3	3	3	2
Gross profit Group excl. IAC*		975 1,155	926	972	956
		2024
Gross margin, %	Q1	Q2	Q3	Q4	Q1
Nordic	32.8	36.1	34.4	34.8	35.1
UK	40.9	34.7	38.0	40.8	41.3
Gross margin Group	36.6	35.6	36.2	37.5	37.8
		2024
Gross margin excl IAC*, %	Q1	Q2	Q3	Q4	Q1
Nordic	33.9	38.2	36.6	36.5	36.6
UK	40.9	40.6	38.0	41.2	41.3
Gross margin Group excl IAC*	37.3	39.4	37.4	38.7	38.6
		2024
Operating profit, SEK m	Q1	Q2	Q3	Q4	Q1
Nordic	6	79	61	79	87
UK	-11	-211	-58	-145	-53
Group-wide and eliminations	-39	-39	-40	-509	-40
Operating profit Group	-44	-171	-37	-575	-6
	2024
Operating profit excl IAC*, SEK m	Q1	Q2	Q3	Q4	Q1
Nordic	23	113	104	115	109
UK	-11	-32	-49	-36	-53
Group-wide and eliminations	-39	-39	-36	-31	-40
Operating profit Group, excl IAC*	-27	42	19	48	16
		2024
Operating margin, %	Q1	Q2	Q3	Q4	Q1
Nordic	0.4	4.9	4.8	5.6	6.0
UK	-1.0	-16.0	-4.9	-13.1	-5.2
Operating margin Group	-1.7	-5.8	-1.5	-22.9	-0.2
	2024
Operating margin excl IAC*, % Nordic	Q1 1.6	Q2 7.0	Q3 8.1	Q4 8.2	Q1 7.5
UK	-1.0	-2.4	-4.1	-3.2	-5.2
Operating margin Group, excl. IAC*	-1.0	1.4	0.8	1.9	0.6

*IAC, items affecting comparability, are specified on page 14.

Definitions

Performance measure	Calculation	Purpose
Adjusted	A performance measure adjusted for items affecting	Highlight an underlying performance by
	comparability.	excluding items affecting comparability (IAC).
Return on shareholders' equity	Net profit for the period as a percentage of average shareholders' equity attributable to Parent Company shareholders based on opening and closing balances for the period. The calculation of average shareholders' equity has been adjusted for increases and decreases in capital.	Return on shareholders' equity shows the total return on shareholders' capital in accounting terms and reflects the effects of both the operational profitability and financial gearing. The measure is primarily used to analyse shareholder profitability over time.
Return on operating capital	Operating profit as a percentage of average operating capital based on opening and closing balances for the period excl. net assets attributable to discontinued operations. The calculation of average operating capital has been adjusted for acquisitions and divestments.	Return on operating capital shows how well the operations use net capital that is tied up in the company. It reflects how both cost and capital efficient net sales are generated, meaning the combined effect of the operating margin and the turnover rate of operating capital. The measure is used in profitability comparisons between operations in the Group and to assess the Group's profitability over time.
Gross margin	Gross profit as a percentage of sales.	This measure reflects the efficiency of the part of the operations that is primarily linked to production and logistics. It is used to measure cost efficiency in this part of the operations.
EBITDA	Earnings before depreciation/amortisation and impairment.	To simplify, the measure shows the earnings generating cash flow in the operations. It provides a view of the ability of the operations, in absolute terms, to generate resources for investment and payment to financers.
EBITDA-margin	Earnings before depreciation/ amortisation and impairment in relation to net sales, %
Items affecting comparability (IAC)	Items that affect comparability in so far as they do not reoccur with the same regularity as other items - for example costs for restructuring and for material one offs relating to sale and impairments of assets.	Reporting items affecting comparability separately clearly shows the performance of the underlying operations.
Net debt	Interest-bearing liabilities less interest-bearing assets. Interest-bearing liabilities include provisions for pensions and leases.	Net debt is a liquidity metric used to determine how well a company can pay all of its debts, pension liabilities and leasing obligations if they were due immediately. The measure is used as a component in the debt/equity ratio.
Operating capital	Capital employed excl. interest-bearing assets.	Operating capital shows the amount of capital required by the operations to conduct its core operations. It is mainly used to calculate the return on operating capital.
Operating cash flow	Cash flow from operating activities including cash flow from investing activities, excl. cash flow from acquisitions/divestments of operations, interest received, and increase/decrease in interest-bearing assets.	This measure comprises the cash flow generated by the underlying operations. The measure is used to show the amount of funds at the company's disposal for paying financers of loans and equity or for use in growth through acquisitions.

Performance
measure	Calculation	Purpose
Organic growth	Change in net sales, excl. acquisitions, divestments and changes in exchange rates.	Organic growth facilitates a comparison of sales over time by comparing the same operations and excl. currency effects.
Region	Region corresponds to an operating segment under IFRS 8.
Earnings per share	Profit after tax for the period divided by a weighted average number of outstanding shares (net of treasury shares) during the period.	Earnings per share is a common profitability measure that is used for valuation of the company's total outstanding shares.
Earnings per share after dilution	Earnings per share, adjusted for dilutive effect from any potential ordinary shares attributable to outstanding performance share programs.
Operating margin	Operating profit as a percentage of net sales.	This measure reflects the operating profitability of the operations. It is used to monitor the flexibility and efficiency of the operations before taking into account capital tied up. The performance measure is used both internally in governance and monitoring of the operation, and for benchmarking with other companies in the industry.
Debt/equity ratio	Net debt as a percentage of shareholders' equity including non-controlling interests.	A measure of the ratio between the Group's two forms of financing. The measure shows the percentage of the loan capital in relation to capital invested by the owners, and is thus a measure of financial strength but also the gearing effect of lending. A higher debt/equity ratio means a higher financial risk and higher financial gearing.
Equity/assets	Shareholders' equity including non-controlling interests as a percentage of balance-sheet total.	This measure reflects the financial position and thus the long-term solvency. A healthy equity ratio/strong financial position provides preparedness for managing periods of economic downturn and financial preparedness for growth. It also provides a minor advantage in the form of financial gearing.
Capital employed	Balance-sheet total less non-interest-bearing provisions and liabilities.	The capital that shareholders and lenders have placed at the company's disposal. It shows the net capital invested in the operations, such as operating capital, with additions for financial assets.
Currency effects	"Translation effects" refers to currency effects when foreign results and balance sheets are translated to SEK. "Transaction effects" refers to the currency effects arising when purchases or sales are made in currency other than the currency of the producing country (functional currency).
Leverage	Leverage refers to the relation of net debt to EBITDA. It is measured excl. the impact of IFRS16 Leasing, pension debt and items affecting comparability	Shows the number of years it would take to pay back outstanding debt, if the numerator and denominator remain unchanged.

For further information

Contact any of the following on +46 (0)8 440 16 00 or ir@nobia.com

• Henrik Skogsfors, CFO
• Tobias Norrby, Head of Investor Relations

Presentation

The interim report will be presented on Tuesday, April 29 at 10:00 CET in a webcast teleconference that can be followed athttps://edge.media-server.com/mmc/p/yeaypvpv

To participate by telephone and have the possibility to ask questions

Register in advance of the conference using the link below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN:

https://register-conf.media-server.com/register/BI75195d594209493e9b7e89a0ff3f37e7

In the 10 minutes prior to the call start time, use the Participant Dial In Numbers and your unique Personal PIN provided in the e-mail received at the point of registering.

Financial calendar

July 18, Interim report for January-June 2025 November 4, Interim report for January-September 2025

The Annual General Meeting 2025 will be held in Stockholm at 13:00 CET on April 29.

This interim report is information such that Nobia is obliged to make public pursuant to the EU's Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 29 April, 2025 at 08:30 CET.