Clas Ohlson AB Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Niklas Ekman - Dnb Markets - Analyst : Thank you. Can I, a couple of questions from my end. Can I start with the current trading, because you say on the one hand you talk about a strong start to Christmas sales, but I've seen in interviews here you also complain a little bit about warm weather. Is one referring to November and the other one is referring to December, or how would you, just elaborate a little bit more on those comments?

Question: Niklas Ekman - Dnb Markets - Analyst : Okay, but is there any notable difference in your growth in November versus December, or is that reading too much into it?

Question: Niklas Ekman - Dnb Markets - Analyst : Okay, very clear. Turning to margins, you had tailwinds here from lower input costs, but I assume that these will be, a lot stronger going into Q3 and Q4 based on the lagging effects from a weaker US dollar and lower transportation costs. And on the other hand, you're also facing much tougher comparisons on the gross margin. So how would you kind of weigh these effects when you look at at the margin outlook for H2?

Question: Niklas Ekman - Dnb Markets - Analyst : Okay, very clear. Thank you. Can I also ask, I mean, you now have almost 1 billion in net cash excluding, lease obligations. How would you view the split given that you've now made 3 acquisitions in the past, a little more than 2 years? How would your preference look for regarding future M&A or potentially increasing the yield to shareholders?

Question: Niklas Ekman - Dnb Markets - Analyst : Okay, very clear. Thank you. I'll jump back in the queue. Thanks. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 8:00AM, CLASb.ST - Q2 2026 Clas Ohlson AB Earnings Call

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Hi there, thanks. Couple of questions, could you share some additional details on the marketing spend in the quarter? Is the year over year increase more pronounced than we saw in Q1, for example, and to what extent has elevated marketing sort of been supporting the strong sales scene in recent months?

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Yeah, thanks. And to follow-up on that, in terms of marketing and how you drive the business, what investments are you making in agentic commerce and how do you see that developing and maybe put that a little bit in perspective of sort of more traditional SEO marketing and so forth.

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Yeah, thanks. Interesting. Just a few final sort of financial questions. I note that depreciation is down, year over year in the quarter. Is this primarily a reflection of The previous writedowns of IT systems or is there anything else explaining that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 8:00AM, CLASb.ST - Q2 2026 Clas Ohlson AB Earnings Call

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Yeah, but I mean, is it fair to assume that depreciation will continue to be lower year over year, now obviously you will invest in the distribution center and so forth, but the rest of the business is growing, but not depreciation, so I'm a bit curious whether that relates primarily to A lower IT platform base basically.

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Okay, fair enough, and then just finally from me, two quick questions relating to the acquisitions that you've done now of Phone Life and reserve Dell are online, can I just confirm that this will be excluded from organic sales growth for the coming 12 months? Yes. Yeah, and also in terms of how you account for it, you, you've bought 70%, right? So will you consolidate the whole business and then report a minority interest, or how will you account for the acquisition.

Question: Erik Sandstedt - Kepler Cheuvreux SA - Analyst : Perfect. Thank you very much. Thank you, Eric. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 8:00AM, CLASb.ST - Q2 2026 Clas Ohlson AB Earnings Call

Question: Unidentified Participant - - Analyst : Yes, we do have one written question from Manuel Roman, SP1 Markets. He's wondering how much of the year to year gross margin increase was explained by changes in the reporting method.

Question: Unidentified Participant - - Analyst : Targets. Thank you. We don't have any more written questions, but I do see that there's, someone queuing up in the teleconference, so we'll hand back to the tele telephone conference.

Question: Unidentified Participant-1 - - Analyst : Thank you so much. On the competitive landscape.

Question: Unidentified Participant-1 - - Analyst : Have, you have had a great performance now for quite some time, do you see any changes how competition is behaving, and also can you mention a little bit about, campaigning in general terms and whether companies are taking use of the weaker dollar. Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 8:00AM, CLASb.ST - Q2 2026 Clas Ohlson AB Earnings Call

Question: Unidentified Participant-1 - - Analyst : Okay, cool. Thank you so much.

Question: Niklas Ekman - Dnb Markets - Analyst : Thank you, yeah, just a quick follow-up also. I note when you talk about this DC expansion, you talk about a capacity increase of 15 to 20%, but, I also note that your sales have grown almost 40% in the last 3 years. So will this capacity increase of 15 to 20% really be enough, or will you have to follow this up with additional investments over the next, say, 2 to 3 years?

Question: Niklas Ekman - Dnb Markets - Analyst : Okay, thanks.