Komplett Group (KOMPL) Q2 2025 earnings summary

Executive summary

• Operating revenue for Q2 2025 was NOK 3,431 million, up 0.4% year-over-year, with gross profit rising 12.3% and gross margin increasing to 14.6% from 13.1% year-over-year.

• Improved market dynamics in Sweden and Norway, with Norway showing particularly positive development as the market recovers from previous challenges.

• Ongoing cost and restructuring initiatives, including warehouse and back-office consolidation in Sweden and workforce reductions in Norway, are progressing as planned, with main savings expected in H2 2025.

• Liquidity position remains solid, with a reserve of NOK 1.1 billion and leverage ratio at 3.8x, within covenant limits.

• Leadership transition announced, with new CEO Ros-Marie Grusén appointed effective August 1, 2025, and board changes implemented.

Financial highlights

• Gross profit increased by 12.3% year-over-year, with gross margin up to 14.6% from 13.1%.

• Operating expenses rose to 15.2% of revenue, mainly due to expansion, marketing, and currency effects.

• Adjusted EBIT improved to negative NOK 22 million from negative NOK 38 million; reported EBIT was negative NOK 51 million.

• One-off restructuring costs of NOK 29 million impacted the quarter.

• Net working capital at NOK 192 million, with equity ratio at 35.3%.

Outlook and guidance

• Expectation of continued positive sales effects from new product launches and increased product availability in H2 2025.

• Ongoing cost reduction and efficiency measures to have full effect in the second half of the year.

• Leverage ratio expected to return to original covenant levels in H2 2025.

• Positive macroeconomic trends for consumer households expected to support future sales, though sentiment remains cautious.

• Geopolitical shifts and competition remain key uncertainties for future performance.