Dormy (DORMY) investor relations material

Executive summary

• Q3 revenue was SEK 375.1M, down 0.5% YoY; adjusted EBIT rose to SEK 65.1M and adjusted margin increased to 17.4% from 16.9%.

• January–September revenue increased 3.5% to SEK 942.6M; adjusted EBIT was SEK 137.6M.

• Active customers rose 9% YoY to 562,400; the September 24 Nasdaq First North Premier listing made Q3 the first quarter as a listed business.

Financial highlights

• Q3 gross profit increased to SEK 142.5M from SEK 140.3M; gross margin rose to 38.0% from 37.2%.

• Q3 EBITDA was SEK 74.9M vs SEK 75.0M; reported EBIT was SEK 61.5M vs SEK 62.0M, and net income was SEK 46.3M vs SEK 47.6M.

• Q3 operating cash flow was positive at SEK 57.6M.

• 9M EBITDA was SEK 169.0M vs SEK 171.1M; reported EBIT was SEK 128.9M vs SEK 132.2M, and net income was SEK 94.8M vs SEK 99.4M.

Outlook and guidance

• Financial targets remain annual organic growth above 5%, adjusted EBIT margin above 10%, and net debt/adjusted EBITDA below 1.5x, excluding IFRS 16 on an R12 basis.

• October revenue was SEK 36.8M, down 10.3% YoY; organic growth was -11.5%.

• Q4 sales activity was intentionally lower early in the quarter to support central-warehouse management-system implementation; preparations continued for the year-end sales period.

• Inventory was built ahead of Black Week and Christmas, with seasonal stock accumulation also preceding the Q2 peak selling season.