Bokusgruppen AB

Thank you very much and a warm welcome.

My name is Maria Edsman and I will start here and then Ola will take some parts of the presentation. So we start with the second quarter. Det andra kvartalet blev ovanligt starkt för vårt andra kvartal. Vi bjuder på stark omsättningstillväxt, betydligt förbättrade bruttomarginaler och en stor förbättring av resultatet. Den underliggande organiska tillväxten överträffar våra finansiella mål och utöver det så har vi en positiv effekt från att vi förra året adderade sju butiker samt BTI genom förvärv. One of the explanations comes from young people's increasing reading. They read paper books that they buy in the store. We see a greater influx of new customers in the younger target groups. This is very positive, of course, not only for us, but for society in general. Vi arbetar på med vår utveckling av nya e-handelssystem och det arbetet fortsätter in i det andra halvåret. När de här nya systemen är sjösatta så kommer vi se bättre kundupplevelse, förbättrade möjligheter till mer försäljning och en kostnadseffektivare it-miljö. If we instead look at the second quarter in figures, we see significant improvements in all key figures. The revenue growth was a total of 16.4% and out of that was 5.5% organic growth. We have increased our gross marginals by 4%, which together with the revenue growth gave a gross profit growth of 27.2%. And together with costs in control, this also gave a positive effect on EBITDA, which was improved by 14.6 million kronor. And if we then sum up the first half of the year, the first two quarters, we also see a very positive development on all levels. We then have a revenue growth of 12.2 percent, a change in gross margin of 3.2 percent, which has given a gross profit growth of 20.9 percent. And even here an EBITDA improvement of 17.4 million kronor. And that means that EBITDA for the first half of the year goes up to 4.8 million kronor compared to previous years when the results for the first half of the year have still been negative. If we instead take a little longer time series and look at the second quarter during the last five years when it comes to revenue and EBITDA, then you can clearly see how good the second quarter of the year is from a long-term perspective. Revenue has taken a big step up during the quarter and is now at the highest level during the last five years of the second quarter. And EBITDA ends this year at an all-time high with a good margin for the second quarter if one then cleanses for a larger positive one-off position as we had in 2022. So after that introduction, I will hand over to our CFO Ola who will go through a little more in depth the financial part of the report.

Thank you Maria. The picture we are looking at now shows our seasonal variation in our business. We can see how revenues and results vary during the different quarters of the year. Q2, which is framed, is our smallest quarter in terms of revenue and does not contain any major specific sales event. If we then look further to the third quarter, it is stronger sales and results with the school start as an important sales event. The second quarter of the year, which we have reported now, stands for approximately 19% of the year's turnover. If we look at the outfall of the previous quarter, we see that we have a net turnover We have an increase of 16.4% compared to 2024. The increase is then divided by 10.9% from acquisitions and 5.5% from organic growth. We have a gross margin of 46.8%. and not least incoming businesses. Our EBITDA for the quarter fell to minus 8.8 million, which is 14.6 million kronor higher than the previous year. It is a strong quarter with EBITDA adjusted at an all-time level for the second quarter, just as Maria said earlier. The result of the quarter goes up to minus 22.3 million kronor, which is 9.2 million kronor higher than the previous year. So when we summarize this, we see a very strong and stable quarter. If we move on to the period from January to June, we have a net income that goes up to 914 million kronor, which means an increase of 12.2% compared to 2024. We have a gross margin of 44.4%, which is an increase of 3.2%. This increase is based on strengthened margins in both segments, by optimising our consumer pricing and from incoming businesses. Our EBITDA for the period ended up at Periodens resultat uppgår till minus 26,1 miljoner kronor vilket är 9 miljoner kronor bättre än föregående år. Så vi är ju glada över att arbetet med att förbättra bruttomarginalen parat med god kostnadskontroll resulterat i den här resultatförbättringen. Finally, on this picture, we look at the EBITDA margin for rolling 12, which is 6.6%. And to compare it with 6.0% for rolling 12 for the whole year 2024. The focus group has a strong balance calculation. It showed a decreased cash flow compared to the previous year. The cash flow for the second quarter was negative, which is normal for the quarter. We see in the graph to the left that we have a clear seasonal variation also for the cash flow, where the fourth quarter is the strongest, driven not least by the Christmas trade. And when we come to the first quarter, a large part of the purchases are paid for the fourth quarter, which leads to a negative cash flow in the period. In the second quarter, a large part of the payments for goods sold during the book sale occurs. but also delivery of first-aid services from acquired businesses, which negatively affects the cash flow in the second quarter. The adjusted operating cash flow for the second quarter of 2025 rose to minus 81 million kronor, which is to be compared with minus 53.9 million kronor in the corresponding quarter of 2024. This means a decrease of 27.1 million kronor, which we can see in the middle of the picture. The decrease is primarily linked to increased traffic capital and, to a certain extent, increased investments. The traffic capital is partly increased due to new stores, price increases, delivery and supply of paid services from acquired businesses, as well as investments linked to the e-commerce system. Over the next 12 months, the adjusted operating cash flow will increase to plus 50.7 million kronor. i mitten på bilden. Minskningen förklaras främst av investeringar som har ökat med 23,9 miljoner för rullande 12 månader i föregående år. Det justerade operativa kassaflödet innebär att vi lägger tillbaka de utbetalningar som avser amorteringar av leasing-skulder enligt IFRS 16 och rörelseförvärv. Leasing-skulderna handlar primärt om våra butikshyror. För kvartalet så uppgår det till 35 If we look to the far right in the picture, we can see that net debt through adjusted EBITDA increases per year for Q2 2025 to 1.3 and to compare with 0.8 for 2024. This means that we use 172.9 million kronor of our credit facility per 30 June 2025. In December 2024, we signed a new long-term financing agreement with Nordea on a revolving credit facility, the so-called RCF, which goes up to 250 million kronor and can be expanded with another 50 million kronor. It replaces the previous Czech credit, which went up to 200 million kronor. The solidity is still high and goes up to 35.8% compared to 41.4% in 2024. I början av 2024 så satte vi åt nya finansiella mål. När vi summerar R12-perioden så kan vi konstatera att vi utvecklas bättre än vårt första mål omsättningstillväxt. Målet är att nå 4% i snitt över åren och utfall för rullande 12-perioden uppgår till 10,1% vilket ligger en bra bit över målet. Tillväxten har påverkats positivt av två butiksförvärv och BTI parat med organisk tillväxt. Det andra målet var att på sikt öka ebitda-marginalen till 8%. När vi summerar ökar vi jämfört med föregående kvartal till 6,6% och vi ser att genomförd IT-transformation ger oss rätt förutsättningar för att vi ska kunna röra oss mot vårt uppsatta mål. Det tredje målet är att nå en rose på 35%. Utfallet för rullande tolvperioden har förbättrats jämfört med föregående kvartal och uppgår till 32,5%. Then I'll hand it over to you again, Maria.