Europris (EPR) Q2 2026 earnings summary

Executive summary

• Group sales declined 2.8% in Q2, mainly due to Easter timing, but rose 3.8% in the first half (4.4% in constant currency), with EBIT up 20.7% to NOK 465 million.

• Norway delivered strong like-for-like sales growth of 5.7% in the first half, driven by higher footfall and basket size, while Sweden's like-for-like sales grew 1.5% in local currency, impacted by store remodelings.

• Gross margin improved to 42.4% in Q2 and 41.0% in H1, supported by product mix changes and less promotion of low-margin items.

• Net profit to parent was NOK 249 million in H1, with EPS of NOK 1.52, up 27% year-over-year.

• Cash flow from operating activities improved to NOK 427 million in H1, with cash and liquidity reserves at NOK 2.3 billion.

Financial highlights

• Group first half sales: NOK 7 billion, up 3.8% (4.4% in constant currency); Q2 sales: NOK 3.7 billion, down 2.8%.

• Group gross margin: 41% for H1, 42.4% for Q2.

• EBIT for H1: NOK 465 million, up 20.7%; Q2 EBIT: NOK 394 million.

• Net profit to parent: NOK 249 million in H1; EPS NOK 1.52.

• Net debt (excl. leases): NOK 1,627 million; cash and liquidity reserves: NOK 2,312 million.

Outlook and guidance

• Consumers in Norway and Sweden remain highly price conscious amid mixed macroeconomic conditions, with real wage growth expected in both countries.

• Norges Bank raised rates to 4.25% in Norway; further increases possible.

• Cost visibility remains limited, especially for energy and freight; volatility expected.

• ÖoB turnaround progressing, with profitability weighed by remodelling in near term and sales target of SEK 5 billion and 5% EBIT margin by 2028.

• Group aims to pay dividends of 50-60% of net profit while maintaining an efficient balance sheet.