Bohus Asa · OSL:BOHUS
Bohus Asa — Q3 2026 Earnings Presentation
28 slides from Bohus Asa's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026
Q3 2026 29 OCTOBER 2026
Slide 2: Today's presenters
Today’s presenters John Thomasgaard Krister Pedersen CEO CFO
Slide 3: Agenda
Agenda 01 Q3 2026 highlights 02 This is Bohus 03 Q3 2026 business and financial review 04 Outlook and summary 05 Q&A
Slide 4: Q3 2026 highlights
Q3 2026 highlights • Acquisition of 55 franchisees during 2025. Comparisons use 2025 management information • 16.7% YoY revenue growth to NOK 1,033.1 million • Like-for-like growth of 12.2% • Adjusted gross margin of 49.1% (Q3 2025: 48.5%) • Adjusted EBIT of NOK 136.0 million and an EBIT margin of 1
Slide 5: This is Bohus
This is Bohus
Slide 6: Bohus is Norway's largest mid-market furniture retail chain
Bohus is Norway's largest mid- Nationwide and omnichannel presence through 72 market furniture retail chain strategically located stores and online platform Strong market position #1 +4.4 ppts. in the mid- above-market 21% market 639k 9.2% growth LTM market share among Customer club members Revenue
Slide 7: Attractive market characteristics with barriers to entry
Attractive market characteristics with barriers to entry Furniture is a destination-led category with demand and conversion structurally anchored in physical retail Large high-value goods Complex logistics Destination category Low brand dominance Physical retailers favored Shopping clusters are High
Slide 8: Consistently gaining market shares in a large and resilient market
Consistently gaining market shares in a large and resilient market Large market set for volume growth ahead, with limited cyclicality, high customer involvement and limited price comparison Furniture retail market (NOKbn) Bohus market share Low unemployment and high purchase power 12% 12% 12% 13% 13
Slide 9: Clear category winner in the mid-market segment
Clear category winner in the mid-market segment Mid-market leader in a fragmented market with market share gain enabled by scale advantages Bohus is the clear mid-market leader, with the largest market share increase 9
Slide 10: Automated central warehouse is a key enabler of efficient logistics
Automated central warehouse is a key enabler of efficient logistics Future-proof and scalable central warehouse Central warehouse is a key enabler of efficient logistics and strong margins 0-4 delivery days to most stores Strategically located in Fetsund near Oslo and Gardermoen E-commerce delivery
Slide 11: Unmatched structural advantages
Unmatched structural advantages Bohus’ scale, efficient logistics and strong brand supports a leading mid-market position Scale Attractive locations ✓ Nationwide through 72 stores and leading omnichannel ✓ Attractive and large locations ✓ Central functions enables scale advantages ✓ Focus on shoppin
Slide 12: Q3 2026 business review
Q3 2026 business review
Slide 13: Q3 growth across core categories
Bilde byttes Q3 growth across core categories Bedroom and living room drive approximately 70% of growth The upgraded bedroom collection and continued category development supported demand across core categories. Solid core category development Like-for-like growth of 12.2%. Online revenue represente
Slide 14: Continuing market overperformance in 2026, capturing shares
Continuing market overperformance in 2026, capturing shares 12-month rolling revenue and market share, sampled at each calendar quarter-end, Q3 2024–Q2 2026 Bars: 12-month rolling revenue (NOK million) — Line: market share (right axis) 30,000 21.0% 20.6% 25,000 20.3% 20,000 20.0% 19.7% 19.6% 19.4% 1
Slide 15: Q3 2026 revenue growth of 16.7%
Q3 2026 revenue growth of 16.7% Revenue • Four stores added so far in 2026 (mNOK) • No new stores added in the 1033.1 quarter 885.4 • 66 fully owned stores at quarter- end • 6 franchise stores in the network • Like-for-like growth of 12.2% • Bedroom and living room drove approximately 70% of growth
Slide 16: Q3 2026 gross margin uplift to 49.1%
Q3 2026 gross margin uplift to 49.1% Gross Margin • Adjusted gross margin of 49.1%, versus 48.5% last year 48.5 % 49.1 % • Operational and value chain improvements • Price optimisation • Favourable category development and currency effects Q3 2025 Q3 2026
Slide 17: Lower adjusted opex ratio
Lower adjusted opex ratio OPEX adj./revenue • Adjusted opex ratio of 28.7%, down from 29.7% driven by scale effect • Adjusted opex increased 13.0% to 29.7 % 28.7 % NOK 296.9 million • Underlying growth and more stores • Considering increased temporary logistics capacity to handle growth and reduce r
Slide 18: Q3 2026 EBIT margin of 13.2%
Q3 2026 EBIT margin of 13.2% Adj. EBIT margin • Adjusted EBIT margin increased by 1.8 percentage points 13.2 % • Adjusted EBIT of NOK 136.0 million versus NOK 100.7 million on a 11.4 % comparable basis • Revenue growth and improved gross margin supported profitability Q3 2025 Q3 2026
Slide 19: Financials
Financials
Slide 20: Structural change in 2025
Structural change in 2025 Key financials are adjusted for comparable analysis Group revenue The Group’s current structure following the acquisition of former franchise 16.7% stores completed in July and September 1 033.1 2025 30.5 885.4 147.7 854.9 As a result, the quarter should be assessed in the
Slide 21: Profit & loss breakdown
Profit & loss breakdown +16.7% 49.1% -526.2 506.9 13.2% -296.9 -74.0 136.0 -1.6 134.4 -31.2 103.2 -23.4 79.7 Revenue Cogs Gross OPEX Depr EBIT adj. Cost imp. EBIT Net Profit Income Profit for profit comparability financials before tax tax the period • Revenue grew 16.7% to NOK 1,033.1 million versus
Slide 22: Cash-flow for Q3
Cash-flow for Q3 (in NOK million) 22 Seasonal release of NOK 200m RCF working repayment, offset by NOK capital 157 45.9m overdraft Store drawdown upgrades, IT Interest NOK 30.7m and and logistics lease payments NOK 102 236 50.5m Driven by operating 25 profit 25 Cash 30 June 26 Change in NWC Operatin
Slide 23: RCF facility and liquidity reserve
RCF facility and liquidity reserve • NOK 600 million RCF replaced the 624 existing loan in June 2026 • Liquidity reserve of NOK 624.3 million at 30 September 2026 400 • Cash of NOK 25.2 million, undrawn overdraft of NOK 199.1 million and undrawn RCF of NOK 400 million • RCF drawdown reduced by 199 N
Slide 24: Net interest-bearing debt
Net interest-bearing debt 1.731 • Net debt excluding IFRS 16 reached NOK 218.5 1.523 million, up NOK 73.5 million from year-end 2025 • Mainly driven by financing cash flows and seasonal working capital changes • Q3 leverage ratio excluding IFRS 16: 0.4x • Net debt including IFRS 16 reached NOK 1,730
Slide 25: Summary & Outlook
Summary & Outlook
Slide 26: Summary: Ticking the IPO boxes
Summary: Ticking the IPO boxes YoY revenue growth of 16.7% and 12.2% like-for-like growth Adj. EBIT margin of 13.2%, up from 11.4% Cash flow of NOK 258m from operating activities Signed five new stores for 2027 Liquidity reserve of NOK 624m and covenant headroom
Slide 27: Reiterating financial targets
Reiterating financial targets Like-for-like growth (short term) Mid single digit Like-for-like growth (medium to long-term) Mid-to-high single digit New stores per year 3-5 Net avg. revenue per new store NOK 20 - 25m Adj. EBIT margin (IFRS) Gradual increase to mid-teens Dividend policy ≥80% of net i
Slide 28: Q&A
Q&A