Lammhults Design Group AB (publ)

Good morning and welcome to this presentation of Lammhuls Design Group's fourth quarter 2025. My name is Susanna Hilles-Skoge. I am CEO and CEO of Lammhuls Design Group. And on my side I also have today Jesper Langebro. Hello everyone. CFO. Great. But let's get started. Vi börjar med lite allmän sammanfattning. Vi konstaterar att vi avslutade året på ett ganska stabilt sätt. Vi har fortsatt ett svagt marknadsläge. But we see that our strength in width and height in our portfolio has contributed to stability during this quarter. The turnover was in principle in line with the fourth quarter of last year after we frustrated for negative currency effects in the quarter, which was then born of a stronger Swedish krona. On the positive side, we see an increase in the order intake that landed at about 3.5% and an order stock that was higher with 13% than at the beginning of the previous year. We also see a positive development when it comes to the adjusted gross margin, which has now risen to 37.9%, which corresponds to a further improvement even in this quarter with 0.4%. At the same time, we have a adjusted turnover of 19.8 million SEK per quarter, which corresponds to an adjusted turnover margin of 7.9%. The free cash flow, including leasing, went up to 42.3%, an improvement from the corresponding period earlier this year. If we look at the business itself, we note that the business area Library Interiors ended the year in a very strong and positive way, with increased turnover and good sales. We have the business area Office Interiors, which continues its efficiency and change journey even during the past quarter. We have improved the adjusted results with higher order intake despite a still weak market. And we continue on our journey of change, mainly related to the Office Interiors business area. But in both business areas, we see high activity and a lot of activity, both in efficiency, investments and changes. When it comes to the assessment program, we are approximately halfway through the program that was initiated at the end of 2024. We see a full implementation effect at the end of 2026. But in the fourth quarter of 2025, we will end the economic burden of the assessment program. When it comes to how we present ourselves on the market and our business concept, we continue to work with our Scandinavian Design Multiplied, a concept where which is central to our transformation process and where we strengthen the collaboration between our brands and make ourselves more positive towards our customers and the market through a broader offer and greater relevance in the project. And we note that by the end of the year, we are in a better position than at the beginning of the year, with a constant focus on what we ourselves can influence, given that the market is still weak, especially when it comes to den sidan som Office Interiors agerar på. Och vi fortsätter som sagt vår långsiktiga vision mot tillväxt och en ebit marginal på åtta till tio procent. Det var lite generellt i stort högt och lågt och då går vi över även till det som händer ute på marknaden. Vi är som sagt i en bransch där det gäller att to be seen, to be inspired and to meet customers, like many others. But this is perhaps extra important. Here we have activities related to libraries. A congress in Nantes in France. We have another activity in Antwerp. We have Dublin in the country, when it comes to office, or when it comes to the library website. And when it comes to the office, we had an event in Oslo for architects and resellers called Beaujolais Niveau, connected to the launch of Beaujolais Niveau. But it is a very inspiring event that we usually organize in return together with other suppliers in the industry. Går vi vidare så är den stora händelsen egentligen under hösten och eskalerat här under fjärde kvartalet var vår invigning av vårt nya showroom i Stockholm. Vi har ju nämnt det tidigare i vår kommunikation, vi har flyttat i Stockholm till en ännu mer centralt belägen och exponerad placering, nära studieplan på en relevant plats med en lokal som skapar möjligheter And we really haven't been able to do that. A big investment, both when it comes to energy, but also time and money, of course. But we think this is a very right and relevant approach to our journey, to get closer to our end customers, end customer support. It's a little easier to work with architects, offices, resellers and other partners. En plats som ska inspirera och inspireras och det samarbeten utvecklas. Det har varit en väldigt hög aktivitet i showroomet under hösten och fortsatte även här in på det nya året med Stockholm Design Days som genomfördes här vecka sex med besök från internationella journalister och många andra kunder. Vi är väldigt glada för den här förflyttningen som vi har gjort i Stockholm. And with those words, we'll leave it to the number part, which Jesper usually stands for.

That's right, I'll continue. And as usual, we'll go a little bit up and down on our results calculation and other interesting financial posts. And if we start with the order entry and the order block, we've had a positive development in the quarter. The order volume increased by 3.5%. And if we also talk about the effects from the currency, we estimate them to be about 3%. So we're talking about a 6-7% increase in the quarter. The order volume has also increased by 27 million in the quarter, as you can see in the diagram to the right. is positive for the first and second quarter during this year, 2026. Both Office, or mainly Office, had its increase in order intake and therefore also the order block. You who follow us may notice that it fluctuates from quarter to quarter. Sometimes it's a little bigger business that comes in and if I remember correctly last quarter it was actually Library that stood positively. But now in the fourth quarter it is Office that has a strong order entry. A good and strong order stock for this year. Library increased or decreased And again, if we now think that we have a currency effect of around 4% on libraries, we actually have an underlying increase in the library business area. The business area is largely a euro business area, based in Denmark, but as you know, the Danish krona is pegged to the euro. So if we are to think about currency effects for libraries, it is in principle euro effects against SEC. All in all, strong order stock before the first quarter and the second quarter in both business areas. If we move on to the turnover, as Susanna said, we have a small decrease, but in principle the same level as the same quarter last year. when we clean up for the effects of the currency. And the effects of the currency, like many other companies this quarter, are mainly related to a strong Swedish krona and not so much any individual foreign currency that is weakened. The turnover went up to 250 million. As I said, a few percent down, but actually below the same level. It is mainly in Office that we see a small weakening and that is also where we have a lower currency effect. In Office, it is basically our Norwegian business with the base in FORA form that is affected by, if you say so, a stronger crown. But it is also the export or international business that mainly abstracts have outside of Scandinavia and to Denmark that are affected. But compared to LBRY, LBRY is about 4%, Office 2.5%. So we have a decrease in the quarter. But we are actually quite satisfied. The fourth quarter is a strong quarter for us. And we also see that in our turnover results, which we will see soon. It is worth noting that the strength we have seen in Norway in the last quarter, which we dare to say comes from our own work with the common platform, with our four brands that we work actively with, where all four brands' sales have strengthened in the quarter. It continues. Så vi är väldigt glada för den tillväxten vi ser i Norge och vi arbetar vidare framför allt i Sverige och delvis Danmark för att ha samma resa detta året. For Library, the increase is 4.8% and, as I said earlier, actually even more underlying if we look at it as a euro business. A little more than 9%. Strong development, strong order entry, good order book. We are very pleased with Library's position here in the fourth quarter. And those of you who follow us may also know that it's a bit up and down which country is developing better or which market is developing better when compared to previous years. Sometimes it's Great Britain, sometimes it's Denmark, sometimes it's Sweden, sometimes it's France. But is there anything you remember anyway, is that France is the largest market, the most important market for us in LIBRARY. And then we have Från kvartal till kvartal har vi Storbritannien, Tyskland, Sverige och Danmark som viktiga länder If we move on to the adjusted turnover result, we have almost made it all the way, but we are actually very happy with the almost 20 million that we report this quarter. We do not write this, but if we are to talk about a adjusted for the currency, I would say that we have 1.5 million with us. It is primarily the library and then the form and export businesses that are affected. And then we are actually not at all far from the same figure in money calculated and the same figure definitely in percentage when it comes to our adjusted movement margin. Vi arbetar vidare med våra program, åtgärder och initiativ. Det är inte allt som ryms inom vårt åtgärdsprogram. Vi har en något förstärkt bruttomarginal. Vi har gjort marknadssatsningar i library, framförallt i det här kvartalet. Det syns i alla fall vad gäller omkostnader jämfört med föregående år. We also have a lot of joint investments. We are talking about a journey and a company culture journey that also requires a little effort to build and build something new and build something strong. And then, like many other companies, we have also sat with a lot of governance initiatives such as CSRD and EUDR. Fortunately, some of them have ended during the quarter, but still driven resources. So the increase that we have seen in the fourth quarter, we will not have with us next year, where we see a lower turnover in the joint activities of the companies and at the level of mother companies. To be brief on the business areas, Office is coming in a little stronger than last year, 5.8 million. It is not at the percentage level we want, but it is still quite nice considering the turnover and the market situation we are in. And if we look at the library, we have a good strong quarter, 19.2 million. As I said, a little higher, maybe 1 million if we were to do it comparable to previous year's currency rates. och en rörelsemarginal på hela 20%. Nu är ju detta ett starkt kvartal för både Office och Library, så det är inte den här nivån vi ligger framåt. Men vi tar, som ni ser, förbättringssteg, vi ökar rörelsemarginalen, vi ökar bruttomarginalen hela tiden i båda affärsområdena. Och det är ändå ett styrketecken för vad vi gör för någonting varje dag i verksamheten. I think I'll go on with that and get to the cash flow, which has also developed strongly. It's a pretty natural effect of an improved movement result. It may be a little easier to look at the figures this year. We had big declines in Goodwill posts. We had a decline in laws last year. Detta året har vi inte några sådana poster utan det är ganska clean vad gäller kassaflödespåverkande. And as you can see, we have a cash flow from a running business of almost 48 million. A good underlying result and a good development of the moving capital. And that's still despite the fact that we increase sales in principle every year from the third to the fourth quarter. It binds a little more capital to customer vehicles above all. So we are happy with that development. As far as the investment business is concerned, it has not been that extensive and it is actually due to the fact that we have no larger investments behind us in fixed assets, but it is in principle our activation of product development projects. In addition, we have made some adjustments to the portfolio this year, as mentioned in the adjustment posts. This also means that a decrease here means a lower net investment. It's a bit technical. This leads us to our key statement for cash flows, which is free cash flow, including leasing. I want to clarify again that what you see as amortization of leasing debt is in principle the same as our rental expenses, if not for IFRS review rules. And that's why we take it with us, because we think it belongs at home in the operational business. And as you can see here, we have almost an improvement of 10 million in the quarter. So we have a strong, good underlying business that gives a strong, good cash flow in the quarter and for the whole year for that part. A little short about key words. We often talk about growth and a little strange to talk about minus growth, but that's how it is. However, remember that it is in principle unchanged if we had had the same currency exchange rate as last year. The adjusted turnover margin has decreased somewhat, and this is in principle an effect of a slightly lower turnover. We are still on the same cost base, both in the production business and in the usual costs. It is almost a mathematical certainty that it will be a slightly lower percentage then. The solidity has also deteriorated, but it is also a constitutional effect of the fact that the value of our own capital in our foreign subsidiaries is decreasing when the Swedish krona is strengthened. The net debt is actually much lower, and that is the positive effect of the strong cash flow during the quarter, which also strengthens our liquidity base. As for the number of employees, it is unchanged from the previous quarter, but down 17 people on average compared to previous years. This is related to the business area Office and the measures we took At this point in the previous year, but also during the first half of the year. All in all, quite strong key figures and improvements. A strong cash flow, I would say. Good gross margin improvements. Stable business in the future. I think I'll hand it over to you again, Susanna.

Thank you, Jesper. And then we have a summary of the fourth quarter and we note, as we have said here a few times, that the revenue is in principle in line with the fourth quarter of last year, if we are away from currency effects. The order entry increased somewhat. The order stock is 13% higher than at the beginning of the period compared to last year and we have a adjusted gross margin that has increased somewhat in the quarter. We see Affärsområdet Library, som avslutas starkt på mycket glädjande sätt. Office Interiors fortsätter sin effektiviseringsresa och vi redovisar ett justerat rörelseresultat på 19,8, motsvarande 7,9 procent i ett kvartal som hade väldigt starkt jämförelsekvartal förra året att möta. Kostnadsbelastningen av åtgärdsprogrammet avslutades i det här kvartalet. After Q4, we will have a summary of the year. The turnover also landed somewhere in line with the previous year, except a little higher, if we count the effects of the currency, which actually escalated towards the end of the year. The adjusted gross margin rose by 1.7% on a yearly basis, up to 37.1%. And we have the adjusted turnover that improved from 4.1 last year to 27.8 this year. Or 2025. The adjusted turnover margin therefore increased from 0.5 to 3.2%. Not in any way where we want to be. It is not the destination for our part, but we are on a journey of change. And as Jesper mentioned, we have made big investments on the inside to build a common culture. We build bridges between companies. We build bridges between positions in the different companies over country borders, over commodity and brand borders and over different functional borders. A lot is happening on the inside. We have also laid the groundwork for a common value base Both internally and externally, something we want to stand for, a common culture that also builds a team in the future. With that said, we just want to emphasize that we have the same ambitions as before, to improve steadily towards the financial goals we have and continue to aim for. to the 8-10% that we mentioned earlier. But some challenges remain in the market, as we said, but we continue to focus on what we can influence ourselves. And as we know, we tend to be seen here and there. If you have the roads past, both in Stockholm, Milan and Copenhagen, Lammhult, London or Copenhagen again, you are welcome to visit us. Here are some events, exhibitions and fairs that we participate in. Har ni vägarna förbi på Norrlandsgatan 20, bara ring på. Ni är välkomna att komma förbi och titta på vår senaste satsning och showroom i Stockholm som vi är väldigt glada för, det vi just har lanserat som vi sa tidigare. Det gemensamma konceptet att gå från fyra varumärket och enskilda produkter till att visa ett helt koncept och erbjudande till marknaden. Ja, och med det sagt så tror jag att vi är framme vid frågor.

Yes.

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As we said earlier, there have been a lot of investments that have been borderline oppressive and a lot of compliance issues that we have been forced to handle as a noted company and in the business we are in. But these will sink and almost disappear before 2026.

Then we have a question from Olle here. The costs are central. Elimination increased by 6.7 million versus the same quarter last year. What factors caused this?

Yes, it almost seems to be the same question, but different figures. I don't have them in front of me, but it's the same answer. We, like all other companies, have put a budget a few months ago and we don't have the level of ...concern, gemensamma eller moderbolagskostnader och insatser detta året framåt. Så vi ska väl se en del av det här som one-offs för 2025. Men det har vi inte kopplat in dem som några justeringsposter. Det finns ett enstaka sådana i siffrorna som också beskrivna i text, bland annat ett avgångsvedelag. Men annars så är det kostnader som vi inte kommer ha nästa år eller under 2026.

Just det. And then we have another question from Tobias. The supply program within Office and the economic burden ended in Q4. What does the burden add to in money in the quarter and how has this affected the adjusted sales result, which is about 4.5 million higher than the unadjusted sales result?

I think we have adjustment posts of 8.8 million kronor per quarter and 11-12 million kronor per year. And it's a little higher than we said earlier, but still in line with the fact that there would be a kind of end of activities and costs here during the fourth quarter. So 8.8 million SEK in the quarter. And as we are talking about, most of it is on the Office business area. There is a single one on It is about evaluating our product development portfolio where we have put down a project. It is also about adjustments of factory facilities to be able to work with several brand products and that type of activities and costs as the last steps in the program. And as Susanna mentioned earlier, we believe that we have taken the last load of the action program here under Q4. However, we are not done with it, but you will not see that type of adjustment poster in the future.

Next question is from Olle. When you say that you have taken the economic burden of the 801 program, does that mean that we can expect that EBIT and adjusted EBIT will get closer to each other in 2026 based on what you know today?

That's right, Ulle. It's good that you have the last little ending there, because it can actually be so that more initiatives are started. But here and now, what we know today, we will have quite clean books in the future.

And then we come to the next question from Ulle. How far have you come in the work with the transformation of the Swedish sales organization Flood? Är allt på plats? Är alla utbildade i övriga märken? Ja, tack för frågan. Alltid roligt att höra en fråga från den operativa verksamheten. Ja, vi har kommit en bra bit till jämfört med föregående presentation och kvartal. Och vi kan säga här att vi har en Head of Sales för Sverige på plats här från och med The second week in January, Thomas Lindbergh, who came from the industry and joined the service here in January and then replaced our previous interim sales manager for Sweden. And with that, after we also hid ourselves in the organization in Sweden with two people during the fourth in Stockholm, we consider that we are well equipped to implement the activities and initiatives in Sweden. This with education, it is something that has been going on for a whole year. We are, as I said, from sellers who have worked for a long time, shorter time or medium-long time with one brand connected to one company. Here we double the portfolio. inte bara när det gäller erbjudandet, sortimentet, alla tekniska detaljer som förväntas av oss att vi ska kunna. Det är ingen arkitekt eller återförsäljare som är bekänt om vi möter en generalist som bara säljer från en katalog, utan vi måste ha spets på kompetens på detaljer. Så det är klart att det här är en resa som vi behöver fortsätta, inte minst när det gäller att vi har även i vår portfölj idag abstrakt assortiment som är kopplat till akustik och akustik är någonting annat än möbler generellt så det krävs ju ytterligare en nivå högre vad gäller den tekniska kunskapen vad gäller som sagt akustik och akustikpåverkan i de lokala i de miljöerna som vi rör oss i och det är en rådgivning på en annan nivå. Så jag skulle våga säga att vi behöver fortsätta detta, men vi är ju betydligt längre kommna än vad vi var tidigare. Vi ser ett väldigt positivt och glatt samarbete inom CLK-åren, även i Sverige. where everyone has taken the portfolio in a very positive way, exposed it and talked about the entire assortment with our customers and collaboration partners. And then we are on a continued journey when it comes to training and deepening. And that is also where we have seen this activity on the inside, which has also driven some costs in the form of trips, gatherings, Digitala utbildningsplattformar, man har besökt fabrikerna, man har gått och tittat på produkterna. Det driver en hel del kostnader på OPEX, men det är en del av vår satsning som vi ser. Som Jesper nämnde, vi har ett kvitto på att konceptet... with Go-To-Market working from Norway. We have seen quarter after quarter, quarter after quarter, with promising results. And we have come much further in Sweden than last year and we feel well equipped. So yes, the continuation follows, but we are on the right track.

We have a question from Torbjörn here. How does the strategy and development of production facilities look like within Office? Do you have a focus on fewer and more efficient facilities? Yes, of course we always have a focus on more efficient facilities and that can both affect the size and the crew. Vi kommer från en värld med fyra stora varumärken, fyra bolag, fyra produktionsanläggningar och vi tittar kontinuerligt över vad vi kan göra för att synka oss, använda gemensamma resurser, inte minst gemensamma resurser som har lite mer av en intern spetskompetens på vissa områden där man har kommit längre. Men jag tror att vi får återkomma när vi har någonting mer konkret att säga mer än övergripande så såklart tittar vi på vår så kallade manufacturing footprint och inte minst på vad ska göras in-house och vad kan externa partners göra minst lika bra åt oss.

Precis.

En annan fråga från Johan här från Smålandsposten. Det var över ett år sedan ni aviserade åtgärdsprogrammet. Varför tar det så lång tid att genomföra? Vad är det för satsningar, effektiviseringar, besparingar ni gör inom Office Interiors nu? Yes, but we have described that it is a journey we are on. We come from a world, a situation where there was cooperation and coordination between the four, partly five, with Morgana brands, but it was still limited. This has been a journey, both that to identify potential, to identify that we can act and get those benefits, that we are an organization where we can handle that change. It was not just to press a button in October last year, but that we have had to make this journey and make this work structured and serious on the inside, not least because it has actually affected individuals, our colleagues in some of our companies, especially in the first half of the year. So it takes some time. Of course, we don't want to spend more time and energy on what is needed, but we also have to take it 110 percent seriously and make sure that the choices we make is right in the future and not just for the moment. So change takes time and remember that we are not a giant concern. Susanna and I work as concern people but we are also the office management. We have many individuals and colleagues who have double jobs, double positions in this new constellation in order not to incur more costs. So we also have to balance with individual and personal time what we put it on. And I hope that this is not interpreted as an explanation. We work 110% with these issues. But it takes a little time, simply. And in the future, we have a journey that will stretch during this year. We have identified the initiatives we want to run, but some of them are also affected by external factors and external partners. So everything is not in our own hands to press a button to implement. But follow us during this year and you will surely find out more about what we are doing.

I can just add here that we should also remember that we come from a world and in a corporate structure with a spread geography. med stark kultur lokalt, högt engagemang entreprenörsandra i den egna enheten som man hittills känt den mesta lojaliteten mot eller den mesta samhörigheten mot. Vilket innebär att vi behöver bygga dessa broar, vi behöver bygga ett team och vi behöver lära känna varandras verksamheter för att skapa de här förutsättningarna. And here is a pretty important balance between introducing something that looks good in an Excel document or in a PowerPoint template or completely digital. We would like to build a business that is sustainable on the inside and in length, where we take advantage of the commitment that exists in the local businesses and with the pride that exists within lokala bolagen och för det egna varumärket och som sagt lägger till ytterligare värden. Vi vill inte få någonting förlorat i den här processen genom att forcera detta mer än vad vi mäktar med på alla nivåer i företaget. Därav också den här resan kring gemensam kultur och värdegrund och samarbeten bygga broar. Så det känner vi som det är ganska så delikat balansgång som vi gärna vill take this seriously so that nothing will be lost of the beautiful values that exist here and have existed here with companies with strong tradition and history. Something that we should be proud of at the same time, but add something new.

Tobias has a question. You continue to strengthen the gross margin. How much more is there to do when it comes to strengthening the gross margin? Let's first share the business in our two business areas, library and interiors. basically has an outsourced supply chain, so there is a little less to do in our own hands, except to always work with the price picture, the right product mix, come up with new products, launches that make that journey possible. But it's not as much about internal efficiencies. If we look at office interiors, which are about two-thirds of our turnover and operations, where we work with the action program, there is more to give. There are all the questions we have had earlier on how the factory setup looks. How do we make sure that we have a good degree of application in production? All of this we are looking at together with our local factory managers and directors. We are not going to talk so much about the future, but of course there is more to do here. It is also about the sourcing part. Vi köper in väldigt mycket komponenter som vi monterar och arbetar med. Även på det området ser vi möjligheter till förbättringar. Vi arbetar vidare. Vi vill inte ange några procentenheter. Det här ska fortsätta vandra uppåt. Men det har vi absolut som en del av våra framtidsplaner. Precis.

We have a question from Tobias here. You have a good supply chain and mention a good activity in the beginning of 2026 in Stockholm showroom. Do you start to see a little more positive trends on the market? Yes, we can say that there is a little mixed compote on the signals we see. We see that there are a little more inquiries than we have seen before. Det finns kanske en större aktivitet i tidigare led i branschen när det gäller arkitekter och så vidare, men det är inte nödvändigtvis så att vi ser någon direkt anstormning när det gäller beställningar eller slutförda affärer. Den tveksamheten finns där fortfarande, men vi vill nog gärna ändå tolka det som att det Maybe there can be positive signals that hopefully continue to develop positively, but that have not yet been able to materialize in that way.

Yes, I think that's a good thing to say. I just want to add that we talk a lot about office, because we live in that world with recovery programs and our roles. I just want to point out that the library part, which is then a third part, tuffar på ganska bra, om man säger så. Som vi just pratade om, en stark omsättning, stark resultat, bra orderingång i valutajusterat och en bra orderstock för framtiden. Så man kan väl säga att library ska vi inte glömma, att det tuffar på ganska stabilt och smått uppåt hela tiden.

Absolut. Och när vi ändå pratar library så kan vi också påminna om igen att At the same time as we talk a lot about co-ordination and cooperation within the Office and the five warehouses that are there, including Morgana, we also build bridges between Office and Library, where we cooperate on projects both internationally and in Scandinavia. In the showroom in Stockholm, we have even closer cooperation between Office and Library than we had earlier in our previous showroom. Because even there we are fully integrated. So as I said, we are working in all the directions that we think can give results in the future. But we are still a little careful with expressing what we de facto see on the market. Or it turns from week to week, we can almost say.

Vi har en sista fråga här som det ser ut just nu från Tobias också. Är er syn oförändrad att ni kan nå länsamhetsmålet på 8-10 % utan förbättrad marknad samt att ni kan börja takta på målnivån under 2026? Om vi börjar med den sista delen takta på målnivån så tror vi att vi kan göra det. Kom ihåg att I can't remember. But the fourth quarter is always a strong quarter. We are almost up to 8% in this quarter. And library is much higher. So that's how we think. But we have said from and with this year, so it's actually in 2027 that we will see this. And we still believe that we can get there. Vi gör saker det här året. Dels fortsätter vi åtgärdsprogrammet, men vi gör också andra saker, inte minst i library och på andra delar i verksamheten, som vi tror kommer att ha effekt. Så vi står fast vid, vi kanske ska säga den nedre delen av det här målet från Q4 26 eller från och med den takten i Q1 27. And, of course, if market growth had helped us, it would always have had an effect, not least when you have your own production. But we are stuck with our goals. Absolutely. Still.

Yes, and as far as we can say, we have completed the last question. And yes, there seems to be nothing more to say. So with that, I would like to say that we conclude today's presentation. Thank you for your interest and wish everyone a nice weekend and sports for those who are active. Have a good one. Thank you. Bye.