Bohus (BOHUS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 16.7% YoY to NOK 1,033.1m on a comparable basis; like-for-like growth was 12.2%.

• Adjusted EBIT increased 35% to NOK 136.0m, with adjusted EBIT margin rising to 13.2% from 11.4%; profit for the period was NOK 79.7m.

• Furniture-chain market share was 21% LTM at September 2026; the quarter was the fourth to fully reflect the 2025 franchise-store acquisitions.

Financial highlights

• Total operating revenue was NOK 1,033.1m versus reported NOK 854.9m in Q3 2025; supplementary comparable revenue was NOK 885.4m, reflecting the current store structure.

• Adjusted gross profit was NOK 506.9m and adjusted gross margin 49.1%, up from 48.5% on a comparable basis; price optimisation, category mix and currency effects supported the increase.

• Net financial expense was NOK 31.2m, including NOK 24.4m of IFRS effects and a positive NOK 2.9m currency effect.

• Operating cash flow was NOK 258.7m; adjusted operating expenses rose 13.0% to NOK 296.9m, while the adjusted opex-to-revenue ratio fell to 28.7% from 29.7%.

Outlook and guidance

• Growth targets were reiterated: mid-single-digit like-for-like growth short term, rising to mid- to high-single digits medium to long term.

• Targets include 3–5 new stores annually, average revenue of NOK 20–25m per new store including cannibalisation, and a gradual increase in adjusted EBIT margin to the mid-teens.

• Five store openings are signed for 2027; management expects most openings toward year-end, with Q4 comparisons challenging after a strong prior-year quarter.

• Dividend policy targets distribution of at least 80% of net income; logistics synergies and additional capacity could support future store openings and category development.