Komplett Group (KOMPL) Q1 2026 earnings summary

Executive summary

• Revenue grew 0.9% year-over-year to NOK 3,400 million, with stable sales despite headwinds in gaming and components categories.

• Gross margin remained stable at 14.7%, down 0.3 percentage points year-over-year, as cost reductions offset minor gross profit declines.

• Adjusted EBIT loss improved to NOK 26 million from NOK 39 million in Q1 2025, driven by a 4.4% reduction in operating expenses and cost management.

• Financial position remains sound, with improved leverage ratio (2.8x NIBD/LTM EBITDA) and solid liquidity reserves.

• Leadership transition completed, with new CEO and key management appointments ensuring continuity and operational discipline.

Financial highlights

• Operating revenue: NOK 3,400 million (+0.9% YoY), with growth in non-computing categories offsetting declines in gaming and components.

• Gross profit: NOK 499 million (-1.0% YoY); gross margin: 14.7% (down from 15.0%).

• Operating expenses (excl. depreciation): NOK 424 million (-4.4% YoY); opex share including depreciation declined to 15.5% from 16.1%.

• Adjusted EBIT: NOK -26 million (improved from NOK -39 million); EBIT margin (adj.): -0.8%.

• Net working capital increased to NOK 146 million from NOK 108 million; net interest-bearing debt up due to seasonal cash flow effects.

Outlook and guidance

• Market outlook supported by improving economic conditions in Norway and Sweden, but global uncertainty, memory chip price increases, and muted innovation cycles may impact demand.

• Focus on assortment optimization, private label, resilient categories, and strict pricing discipline to protect margins.

• Continued emphasis on efficiency, scale benefits, and cost management to unlock further profitability improvements.