Komplett Group (KOMPL) Q1 2025 earnings summary

Executive summary

• Revenue increased 3.8% year-over-year in Q1 2025 to NOK 3,370 million, driven by new product launches and improved market dynamics in Norway and Sweden, especially in gaming and computing.

• Gross margin remained stable at 15.0%, supported by positive product mix and commercial activities.

• Operating expenses rose 2.4% due to currency effects, cost inflation, and increased marketing, but the operating cost ratio stayed at 16.1%.

• Strategic cost and restructuring measures, including workforce reductions and warehouse consolidation, are underway and expected to yield greater effects in the second half of 2025.

• Stable financial position maintained, with strong liquidity, leverage ratio at 3.4%, and equity ratio at 35.6%.

Financial highlights

• Operating revenue increased to NOK 3,370 million, up 3.8% year-over-year (+2.5% in constant currency).

• Gross profit was NOK 504 million, with gross margin stable at 15.0%.

• Adjusted EBIT was negative NOK 39 million, a slight improvement from negative NOK 40 million in Q1 2024.

• Net working capital improved to NOK 108 million from NOK 472 million, reflecting better commercial terms.

• Negative cash flow of NOK 370 million, typical for post-peak season, with investments of NOK 45 million in IT and store expansion.

Outlook and guidance

• Positive momentum from new product launches, especially in gaming, computing, and private label, expected to continue throughout 2025.

• Strategic and cost-saving initiatives will remain a priority, with most effects materializing in the second half of 2025.

• Macroeconomic outlook is positive but cautious due to global uncertainty and geopolitical risks; consumer purchasing power is improving.