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ITAB | 1 Copyright © Interim Report Q3 2025 ITAB Shop Concept AB (publ) 30 th October 2025
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ITAB Group at a glance – pro forma for 2024 ITAB | 2 Copyright © Grocery Fashion Retail Interior Retail Technology Retail Lighting Retail Services Rethink Retail. Together. At ITAB we help customers turn consumer brand experience into physical reality with our know - how, solutions and ecosystem of partners. DIY/ Home improvement Other Customer Groups Pharmacies, Health & Beauty, Consumer Electronics, Travel Retail, Sport & Leisure, Service Stations, Hotels, Offices, Brands, Industry, Cafés & Restaurants . 24 ITAB operations Employees (approx.) production facilities in 17 countries in 40+ countries 5,400 13,279 Net sales MSEK 918 Adjusted EBIT excl. non - recurring items and amortisation of acquisition - related intangible assets MSEK 6.9 Adjusted EBIT margin % MAIN CUSTOMER GROUPS SOLUTIONS ITAB GROUP Note: All figures refer to pro forma combined financial information year 2024 including HMY. The pro forma financial information ha s b een prepared and presented in accordance with ITAB Group’s accounting policies as described in ITAB’s Annual & Sustainability Report for 2024, subject to the fact that the fair values of acquired assets and lia bilities have not yet been finally determined and excluding any potential depreciation and amortization of surplus values which will be incurred in connection with acquisition of HMY. The combined financial informati on has not been audited.
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Note: Share of sales refer to pro forma combined financial information for the financial year 2024 including HMY . Grocery 51% of sales DIY / Home improvement 11% of sales Fashion 9% of sales Other 29% of sales Leader in Europe with global reach … ITAB | 3 Copyright ©
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Copyright © ITAB | 4 Copyright © ITAB | 4 Third quarter 2025 – Highlights ITAB | 4 Copyright © We. Design for connection Strong profit development in the third quarter with a focus on positive synergies Net sales 3,297 MSEK People first Business continuity Clear plan for the future +4% Sales growth (currency adjusted) Adjusted EBIT excl. non - recurring items & amortization of acquisition - related assets 260 MSEK +13% Adjusted EBIT growth 30 MEUR in synergies Full synergy effect by late 2027 – with gradual realization Year to date Net sales – 9 ,847 MSEK Adjusted EBIT – 648 MSEK Note: P ro forma financial information for the combined Grou p including HMY as of 1st January 2025 . The information has been prepared and presented in accordance with ITAB Group's accoun tin g policies as described in ITAB's Annual & Sustainability Report for 2024, subject to the fact that the fair values of acquired assets and liabilitie s h ave not yet been finally determined and excluding any potential depreciation and amortization of surplus values which will be incurred in connection with the acquisition of HMY. The combined financial information has not b een audited.
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ITAB | 5 Copyright © Interim Report Q3 2025 1 st January – 30 th September
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Strong third quarter in terms of result with positive effects from sales of technological solutions ITAB | 6 Copyright © Note : Sales and earnings excluding Discontinued Operations for 2021 - 2024. 4.0% 2019 6.0% 2020 6.2% 2021 6.4% 2022 7.0% 2023 7.7% 2024 6.9% 2024 PF 6.3% RTM Q325 PF 6.1 5.3 6,1 6.6 13.3 13.5 Adjusted EBIT Net sales Third quarter PF Full year PF MSEK Q3 2025 Q3 2024 Δ RTM 2025 2024 Δ Net sales 3,297 3,356 - 2% 13,490 13,279 +2% Adj. EBITDA* 369 344 +7% 1,304 1,377 - 5% Adj. EBITDA margin, % 11.2 10.3 9.7 10.4 Adj. EBIT** 260 230 +13% 849 918 - 8% Adj. EBIT margin % 7.9 6.9 6.3 6.9 Net debt excl. leasing 3,070 N/A 3,070 N/A Net sales and adjusted EBIT ( BnSEK , %) PRO FORMA * EBITDA excluding non - recurring cost ** EBIT adjusted for non - recurring costs and excluding amortization of acquisition - related intangible assets. Pro forma comparison HMY is consolidated in ITAB Group as of 1st February 2025. To illustrate the financial effects of the acquisition and to give a representative view of the development of the business, this presentation mainly highlights the pro forma development (as if HMY had been part of ITAB Group as of 1st January 2024). Refer to the Interim Report for the third quarter 2025 for more information and details on the reported figures, with HMY consolidated in ITAB Group as of 1st February 2025 (for eight months – February-September 2025 – in the reporting period).
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ITAB | 7 Copyright © Net Sales Adjusted EBITDA Adjusted EBIT* PRO FORMA 1.803 1.553 24Q3 25Q3 3.356 3.297 - 2% Proforma HMY ITAB HMY & ITAB 154 369 90 260 190 140 24Q3 25Q3 24Q3 25Q3 344 230 +7% +13% Q3 financial development, MSEK * EBIT adjusted for non - recurring costs and excluding amortization of acquisition - related assets Net ► Proforma net sales development of - 2% in Q3, but +4% excluding currency effect. +2% YTD excl. currency ► A higher share of loss prevention solutions has impacted the result positive ► High focus on profitability rather than growth, with attention on release of synergies in procurement, cost efficiency and offering a broader portfolio to existing customer. ‒ Synergies have been confirmed in line with expectations, but still early in the realization phase Q3 Financials signals currency adjusted growth of 4% but even stronger EBIT growth due to mix and focus
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ITAB | 8 Copyright © Strong growth in Home Improvement and Loss Prevention solutions in Q3 despite negative currency effects PRO FORMA Grocery Home Improvements Fashion Other customer groups Net sales by customer group (incl. currency impact), MSEK ► Customer sector exposure is further diversified with HMY acquisition ► Home Improvement growing strong in Q3 especially in Southern Europe ► Continued high activity in Fashion, but declined compared to strong Q3 in 2024 ► The largest sectors in Others are Pharma & Beauty, Leisure & Sports, and Consumer Electronics, with negative QoQ development especially in Sports due to large rollouts last year 236 396 316 271 337 495 344 346 388 450 959 924 976 859 Q324 Q424 Q125 Q225 Q325 Q424 Q125 Q225 Q325 Q324 Q424 Q125 Q325 Q225 Q125 Q424 Q324 Q325 Q225 1.667 1.793 Q324 1.607 1.653 1.107 1.722 - 1% +43% - 9% - 10%
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ITAB | 9 Copyright © Stable growth in Q3, with continued strong performance in Central Europe and also RoW PRO FORMA ► Total YTD organic growth of 2%, and 4% in Q3 ► Q3 g rowth strongest in Central Europe as well as Rest of World driven by performance in Asia, Australia and US ► Northern Europe impacted negatively by Grocery sector in Denmark and Finland Net sales by geographical area per quarter (incl. currency impact), MSEK Northern Europe Southern Europe Central Europe UK & Ireland Eastern Europe RoW 24Q3 24Q4 25Q1 25Q2 25Q3 1.533 1.595 1.592 1.496 1.671 - 2% 366 452 426 389 306 24Q3 24Q4 25Q1 25Q2 25Q3 - 16% 462 467 458 361 485 24Q3 24Q4 25Q1 25Q2 25Q3 +5% 263 279 235 261 266 24Q3 24Q4 25Q1 25Q2 25Q3 +1% 297 317 280 238 245 24Q3 24Q4 25Q1 25Q2 25Q3 - 18% 435 457 318 401 499 24Q3 24Q4 25Q1 25Q2 25Q3 +15%
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ITAB | 10 Copyright © Operating cash flow (not pro forma), MSEK 229 376 64 77 160 323 26 -53 -9 903 810 882 677 624 586 23Q3 23Q4 24Q1 746 24Q2 24Q3 24Q4 25Q1 456 25Q2 25Q3 287 -390 MSEK RTM Note : Sales and earnings excluding Discontinued Operations for 2021 - 2024 ► Cash flow in Q3 at MSEK - 9 (160) and for Rolling 12 months at MSEK 287 (677). Q3 and YTD affected by higher NWC and especially in Accounts receivables ► NWC is impacted by normal seasonality, strong sales in vacation period July – Aug leading to pre - production. We have also accepted projects with high profitability at the expense of longer cash conversion ► As part of our integration work with HMY we are looking at improving our capital efficiency further ► Rolling 12 months cash conversion at declining to 29% (target = 80%), mainly driven by NWC development RTM operating cash flow at 287 MSEK impacted negatively by NWC growth and especially AR
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We have a clear plan over the next few years towards synergy realization and EPS growth ITAB | 11 Copyright © ITAB HMY Potential synergies 2 Aggre - gated 1 Δ ITAB pre - acquisition MEUR FY23A FY23A Net sales 543.8 541.2 20.0 1,105.0 +103% Adj. EBIT 38.3 27.1 3 30.0 95.4 +149% % margin 7.0% 5.0% 8.6% Net income 25.9 13.3 4 22.5 49.2 5 +90% % margin 4.8% 2.5% 4.5% No of shares (thousands) 217,558 253,220 +16% EPS 0.12 0.19 +58% Notes : FYE 31 Dec; ITAB financials converted from SEK to EUR based on exchange rate of 11.290 as of 24 September 2024. 1. The aggregated financial information presented in the table is for illustrative purposes only; HMY’s financial information is prepared in accordance with French GAAP and is based on consolidated trial balances; The aggregated financial information is not financial pro forma and has not been audited or otherwise reviewed by the companies’ auditors. 2. Annualised synergies, excluding restructuring / rationalisation costs; Yearly pre - tax synergies of MEUR 30 assumed including MEUR 20 of cost synergies and MEUR 10 EBITDA effect from commercial / revenue synergies of MEUR 20; Full synergy effect to be reached by 2027 with gradual materialisation from FY25 onwards; Applied to FY23 for illustrative purposes. 3. Extraordinary result is booked below EBIT (total extraordinary result was MEUR 9 in FY23A and includes the cost of restructuring and exiting business activities). 4. Excludes interest expenses based on current capital structure and other financial charges (incl. inventory and doubtful receivable provisions); Based on a 25% tax rate. 5. Includes impact of new debt issuance of M EUR 255; Assumes a tax rate of 25% for the group . Source : Company information. Strategic rationale in brief ► Geographically complementary to ITAB, given HMY’s strength in Spain, France, Middle East and South America ► HMY and ITAB together offers strengthened relevance to the combined customer base and will enable commercial synergies ► Significant increase in scale will lead to improved efficiency and synergies in both cost and capital Financial attractiveness ► Potential synergies of MEUR 30 p.a. will enhance EBITDA margins in the combined entity and improve earnings per share (full effect during 2027) ► Share dilution of 16% while estimated EBIT growth of 149%, resulting in estimated EPS growth of 58% ► Non - recurring integration costs of approximately MEUR 21 estimated over 3 years to realize the synergies identified
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Retail and ITAB are transforming ITAB | 12 Copyright ©
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► Greater choice of service ► Frictionless experiences ► More demanding expectations ► More informed on both product and price ► Investing more time in themselves and their social network ► Market disruption from online ► Changing investment priorities ► Reducing cost of in - store operations ► Investment in store experiences that differentiate their brand ► Keeping pace with the changing needs of their customers ► Continual insight from both consumer and customers across all regions ► Outcome based value proposition ► Solution provider driven by market insight ► Supported by a n ecosystem of partners to co - create solutions ► Agile and flexible operations C O N S U M E R R E T AI L E R ITAB Group Changing consumer expectations drive transformation in retail … ITAB | 13 Copyright © … creating a cost vs experience dilemma and how to get the best return on capital
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ITAB Group is well positioned to help retailers rethink retail, and improve their business ITAB | 14 Copyright © Desired Consumer Brand Experience Improving the physical store experience, driving footfall and consumer retention Increased Sales & Conversion Creating an experience that influences consumer buying behaviour Improved Efficiencies & Service Seamless consumer journeys that increase throughput and service Reduced Operational Cost Efficient operating models to help reduce cost instore running costs Outcome based value proposition ► With a focus on a value based outcome we can deliver measurable results to our customers ► Starting with the consumer to understand their evolving needs and how they shop across different sectors ► Coupled with understanding the retailer challenges and investment priorities ► We use our retail insights, store know - how, solutions and leading best practice with proven return on investment ► Utilizing our breadth of solutions to create consumer journeys that influence buying behavior
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Supporting our growing influence on the consumer journey and retail operations ITAB | 15 Copyright © FUTURE TODAY INTERIORS RETAIL TECH LIGHTING INTERIORS RETAIL TECH LIGHTING CUSTOMER ROI CUSTOMER CONSOLIDATION OPPORTUNITIES AGGREGATION OF DATA RETAIL SERVICES SUPPLY CHAIN EFFICIENCIES ONRED CONNECTED PLATFORM
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Strategy executed and work in progress on new direction going forward ITAB | 16 Copyright © STABILISE Cost & capital restructuring ► Sourcing volume consolidation ► SG&A reduction ► Manufacturing footprint consolidation ► Reduced net debt ► Reduction of fixed cost ► Fighting covid and its consequences BUILD & INVEST Solution provider capabilities ► Development of Value proposition ► Roll out of new Go - to - Market model with sales trainings ► Services, Technology and Solution sales ambitions set ► Excellence in Operations ► Implement One ITAB operating model supported by shared IT EXPAND Sustainable profitable growth ► Increase cross - selling to existing customers & penetration in existing markets ► Leverage our strengths and cross sector know - how incl. existing services across our regions ► Extend our technology & service offer to support more areas of the value chain that impact of the physical store SIMPLIFY AMPLIFY GROWTH
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Questions & Answers ITAB | 17 Copyright ©