Then I would like to welcome you all attending this first presentation of Bohus as a listed company. My name is John Thomasgaard, I am the CEO of Bohus, and I will do this presentation today together with Krister Pedersen, which is our CFO.

We'll come back to that. First, the agenda.

We will tell you some highlights from this first quarter as a listed company. I will also use the opportunity to reiterate what Bohus is and why this is an— a good company.

Then we will jump into the business review and the financials, which will partly be done by the CFO, and we will conclude with outlook and summary and and of course it's Q&As. For those of you who wants to ask questions, we will ask you to submit these questions into the portal, and they will be handled from there.

That's the agenda for today's presentation. We are quite happy to announce strong results in line with the preconditions we stated in the IPO.

We have had with our 55 stores which we during 2025 acquired. We will present figures here on a comparable basis, and that's of course one of the complexities in what we present.

We'll come back to that. We had a growth of 15.7% year-on-year revenue for the total group, which made 963.8 billion— million Norwegian kroner, and a like-for-like growth of 10.1%.

We also improved the gross margin to 48.9% compared to same quarter of 2025 with a gross margin of 47.5%. That made us made a profit of 143.5 million compared to the EBIT of last year, which gave an EBIT margin of 14.9% compared to the EBIT margin last year of 13.3%.

We have opened two new stores in the quarter, and we have had a successful listing of Bohus at Oslo Stock Exchange, and bringing almost 3,000 new shareholders into the company. We have also done a successful refinancing, optimizing our financial structure and and then also reducing our financial cost after this listing.

That's some of the highlights. Then I will jump into a little bit about Bohus.

This is Bohus. Bohus has an market share in in the core market we are operating in at about 20%.

It's increasing and has been increasing for several years. A large customer club with more than 600,000 members, and a steady growth for a number of years, and an increasing growth for the last years with about 9% year-on-year and also with gain in market shares.

Ending up now in this second quarter with a turnover of 963 million, as I said earlier, and a strong gross margin of 48.9%, and then equaling an EBIT margin of 14.9%. We operate 72 stores; six of those are franchise stores, and 66 is is owned by the the group.

More than 1,300 skilled employees, and an automated central warehouse supporting all of those stores and e-com and in the multichannel operation. We are in a very attractive market with with important characteristics that creates barriers, which is not easy to enter.

It's a it's a business with large and high-value goods, which makes it's very important with with the logistics. It's it's expensive and it's complex to operate this kind of logistics in in Norway.

We are a destination category, which gives a lot of benefits, and we have very low brand dominance, which has big impact on pricing and margin. We are also in a market that is much more resilient than we and we experience that many believed.

It has been steady growth in this market for a number of years, and in in different economic environments we have still been growing year by year. This market has been steadily growing for almost 20 years.

Had a peak under COVID, a little bit decline afterwards, but on track again afterwards. It's a very strong development in this market, and we are doing quite good in this market.

We consider Bohus to be part of what we call the mid-market, which is between the premium players and the low-price players. It's basically four big Norwegian chain in this market, which is characterized to be quite big in in in Norway, this this market part, and we are part of that and we are the biggest one in that market, which gives us a lot of competitive strengths.

I will use a few words about our logistics center, which we are alone of having in Norway in in this in this in this manner, which is very important to create this competitive strength and this competitive advantages that we have compared to our competitors. Gives us a lot of opportunities, creates shorter delivery times, lower transport costs, and and also lower inventory levels, both in stores and in in this in the value chain.

That's a very important competitive strength we have. It's a large central warehouse, which is also now planned to be expanded for the years to come.

To add up this these things, we have a very strong company with a lot of structural advantages and and competitive strengths that's much stronger than what we can see from our competitors, and which also is is the main reason, as we see it, for the very good development Bohus have had for many years. We have the scale, the size, which is important, and we have a lot of effects by that.

We have a very low break-even level at our stores compared to the competitors, which makes us able to grow very profitable and with a low risk. We have this logistics, which I already mentioned, which is a part of that and is one of the reasons for this low break break-even level.

We have a lot of attractive locations, and we have a potential of growing locations, which we are doing. We have an an interesting pipeline already in contract and and working on.

We have a very strong brand and is clearly the most preferred brand in this kind of in the in this industry among customers in Norway, but also among vendors, landlords, employees, and a lot of benefits, which is why Bohus has this strong position. Let's jump to some more figures and to the business review.

As I said, we had a a strong growth across all the company or all the categories for this second quarter. This is of course a part of the year where the seasons the season of garden furniture, outdoor furniture is is is high.

Rest of the year this category is is small or very small. We had a strong growth in this in this quarter, and but it's not only the outdoor category that is growing.

The outdoor category made 40% of the growth in in in kroner, but also the other core categories had very strong growth. In in in kroner they had more or less same as as the outdoor categories, but in percentage of course it's a big difference in that.

Strong growth, and all the categories are developing all the important and and large categories are developing quite well. We also have a store rollout which is according to the plan.

We opened new two new stores in the quarter, and we have opened four new stores so far this year. That's also what's part of the plan as we see it now.

All of these stores are doing doing as as we expected and in a positive way. The new stores we have opened is Lade in Trondheim, which is an acquisition, which was one of the largest stores in in Møbelringen, one of our main competitors.

We have a greenfield establishment, a more compact store at the shopping mall Triaden in Lørenskog outside Oslo. Quite different kind of stores, but quite successful both of them.

As I said, in in this year we have opened four stores already, which is the plan, and we have opened six new stores actually for the last 12 months. A like-for-like growth here for 10.1% and a steady growth in all the important categories.

No no setback in in the category development as we see it. As I said, the outdoor furniture equals more or less 40% of the growth this this quarter, which is a a high volume and a high high sales, and which also is a category that is is profitable as it is, but it also drives a lot of new customers to the stores.

It's very important to do that kind of things. We also have an uplift in the gross margin from a a nice level of 47.5% in 2025 up to 48.9% now in 2026.

It's a lot of effects that's is the reason behind that. We are working mainly on the operational parts of it, how to optimize the value chain, how to optimize the volumes and assortment all the times, how to optimize how we support and distribute to the stores.

A lot of things to do there. We have done a lot, but it's also a lot to do.

We are also working on price optimization, which is a tool we have in our industry, where we know that the brand dominance is so low, it's it's also a potential here to do to things that create profit. A favorable product mix, and we also have some currency effects, but it's not basically and and mainly currency effect that is the reason for this margin uplift.

On the on the opex side, we have a a small increase in the opex percent, and also then increase in in the opex in in NOK. It's due to the high volumes we have now in in in the logistics, much higher volumes than last year, and especially on garden furniture, where the seasonality of how to take it in and take it out have a big impact.

We have also had some extra costs this quarter as we had in the first quarter due to the consolidation of the of the group and and some SAP one-time migration effects. We also have a ramp-up effect.

When we start new stores, we know that for the first quarter we mainly have the costs, and then we have the invoicing and the revenues the following quarter. In this second quarter we had some positive effects from the two opening in the first quarter, but we still had this, let's say, negative or the cost effects of the stores opening in the second quarter.

This is a normal development, but as as as it is. We also have some ramp-up effects at the HQ, at the main office, due to the consolidation of the of the group and to to be prepared for for for the listing and and the future for the company.

We are also at a quite early stage in the consolidation of the group. This consolidation took place 12 months ago, the 8th of July last year was the formal date for the consolidation.

We have a lot of consolidation effects and synergy effects to to to work on in the future. Anyway, this gives a quite nice profit for the quarter, with a EBIT margin of 14.9%, which is then 1.3% above— 1.6% above the the last quarter or the second quarter in 2025.

An EBIT of 135.5 million, which is an increase of 32.7 million on a comparable basis. That's important to to emphasize.

This is driven, of course, both by revenue growth and and the gross margin in mainly. Then I think I will hand over to to Krister for some more details about the financials.

Thank you, John, and good morning to you all. I'll go through the financials and some technicalities around it.

As John mentioned, during third quarter 2025 Bohus has changed from being a franchise structure with a wholesale operation to being a fully integrated retailer. There's still six franchise under the Bohus brand while the remaining 66 stores are fully owned by Bohus.

The figures in this presentation is primarily compared with the management figures for 2025 as we have bought or acquired the stores from 1st of January 2025. The comparison is made to give you the best view of the performance of the current structure.

In this figure showing the bridge in revenue between reported 2025 figures, the acquisition effect, and the underlying growth of 15.7%. Breaking down the profit and loss statement, we already mentioned the growth, the improvement in gross margin by zero— 1.4 percentage points, the adjusted EBIT of 143.5 million, which is up from the 110.8 million we had the same quarter last year.

Due to the process we have been through, we have items affecting comparability of 19.6 million, which 24.1 million is related to the cost of the IPO process, offset by 4.6 million reduction in cost of the synergy share program. On net financials, we had a positive currency effect of 7.2 million, giving a financial cost before currency effects of 20— of 30 37 million, where of 25 million is IFRS 16 effect.

With everything calculated in, we had a profit for the period of 71.4 million. On cash flow for the quarter we had a normal seasonal fluctuation in net working capital for the quarter, reducing the cash flow by 88 million.

One item to mention here is the holiday pay accrual from last year paid out in the second quarter. There are small changes in core net working capital.

When excluding the change in net working capital, we had a cash flow from operations of 226 million. Net investments are 40 million for the quarter, driven by new stores, IT development, and other infrastructure investments.

The biggest effect is the cash flow from financing, where we had paid 200 million to the owners pre-IPO, and repayment of long-term debt of 200 million, net leaving the cash position at 25 million at the end of the quarter. However, the liquidity reserve is still good, it's quite good, 470 million.

We have replaced the existing long-term loan with a more flexible RCF in parallel with the IPO process, and the facility is 600 million, which is the same as we had for the old agreement. With this structure, we have reduced excess cash and unnecessary drawdown on credit facilities, here a reduction of 200 million.

The interest terms are improved by minimum 0.5 percentage points, and combined with lower utilization of credit facilities, we are reducing interest cost. Further on the balance sheet, net interest-bearing debt excluding IFRS 16 increased by 220 28 million compared to the end of last year, and the increase is mainly driven by the cash flow from financing activities.

With this, it gives us a leverage ratio of 0.8, which applies for the RCF agreement, we are on the lowest level on the interest term ratio. Net interest-bearing debt including IFRS 16 is increased by additional 156 million, which is mainly driven by the four new stores.

I think that was the financials, maybe John you will give the summary and the outlook?

Yes. Thank you, Krister.

I think the main message from us here today is that we are ticking off the preconditions which we stated in the IPO process, and that we are delivering as we should with a solid year-on-year. It's a very strong growth for this quarter, but I'll come back to that, and an increased EBIT margin as a part of that.

We have a very good cash flow from the operating activities. We have a rich pipeline of new stores with already four planned for 2027, according to what we have been saying, and working on potentials for the years to come.

In general and fundamentally, we have the attractive financial profile, conservative debt level, and a high flexibility to be able to pay out the dividends that we have stated in this case. That's the main message.

This is according to what we have been presenting in the IPO process, and we are quite satisfied with that. With that in mind, we are not changing any expectations, and we are keeping all our financial targets as we have been saying.

We have had a stronger quarter now than the average expectation for the future, and that's according to our expectation. It will go up and down.

We have some strong quarters, we have some strong initiatives, but in the long run, we are looking at these financial targets with a like-for-like growth of mid single digits, like-for-like in the short term, and in the long term a bit higher when we get the effects of a lot of initiatives we're working on. We have a target of three to five new stores per year; for this year, four new years, we are in average of that with a revenue level of 20 to 25 millions.

A gradual increase in the EBIT margin up to the mid-teens, which this quarter is supporting, but this is this quarter, this is not every quarter. Of course, then the dividend policy as a part of that.

That concludes the financials and the presentations from our side, and we will jump to the Q&As, and Krister will join me to answer that.

The categories have quite even gross margin. Outdoor furniture have a slightly lower gross margin than other categories, but not significant.

We also saw that outdoor furniture stand-alone improved year-over-year the margin. We have currency effect.

It's quite difficult to isolate the currency effect. We have in our calculation estimate of around 0.4 percentage points improved related to the currency.

We have done a lot of things in the first quarter, the second quarter. We had some effect of the new stores, we had effect from the SAP migration, and we don't expect those effects to continue the rest of the year.

I think it's early to conclude on the third quarter, but we see that the campaigns and things we have been running in the second quarter has been working well for us. Let's come back to third quarter when we are

I think we could add that this jubilee campaign is not a significant campaign as it used to be. Nowadays, you can see anniversaries in more or less all the chains all the time.

That's not a main driver of the figures for Q2. It's a general high level of campaigns, and this is actually just a different wording.

Yeah.

In seasonality, the first quarter is the quarter with the lowest sales, and the fourth quarter is that normally we have the highest sales. I think the second and the third quarter is somewhere in between there.

We are earning money every month of the year. I think that is the takeaway from that.

It's quite even between the quarters, but of course with this second quarter now in the books, it has sort of been even more equal than it was a year ago when you look at the quarters. The fourth quarter has been the strongest quarter, and it was a very strong quarter last year.

With this strongly, it's even more equalized between the quarters.

Also for all Norwegian companies, the holiday pay is reducing opex in the second quarter. I don't think that all international companies have that effect, but in Norway that's reducing opex level and the payroll costs compared to the other quarters.

That was the same last year also in the second quarter.

Outdoor furniture was 40% of the growth, then like-for-like excluding that was 6%, around that.

Can you take one more time?

We have higher cost percentage in the new stores since we have the delayed invoicing of orders. The opex level in new stores are higher in the beginning of the period.

We saw that especially in the first quarter this year. The effect in the second quarter is not so high, but I think we are around 40% cost percentage for the two new stores in the second quarter.

We expect the market development to continue. We are not planning for any big changes, and that's also as of for 2027.

We often get questions about the interest rates and how that affects our business, but as I showed you in the early presentation, we can see that the history is quite stable, and that this market is quite resilient in a normal fluctuations. We expect a steady, decent growth in the market, and we will gain market shares as we have been doing, and we will do as we have been doing.

As stated in the IPO and the financial target, we think we will deliver as we should.

Thank you, and that concludes also the presentation from our part. Thank you, everybody, attending this first quarterly presentation from our side.

I welcome you back to next presentation in 27th of October where we will present the Q3 figures, and we will also update on sales figures as we did after this quarter in early October, I anticipate. Thank you for joining us, and have a still nice summer.

Thank you.