Kvartalsrapport Q3 2023

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===== SIDA 1 =====

2023/Q3  
 
BHG GROUP AB (PUBL) | 559077-0763 1 
 
 
  
“In the third quarter, we continued to deliver 
on our communicated strategy to strengthen 
the Group’s competitiveness, and our 
assessment is that we have gained market 
shares. We lowered our costs, continued to 
reduce our inventory, significantly improved 
our balance sheet and streamlined our 
operations through consolidations and 
divestments. Having fewer, clearer platforms 
will make us more cost-effective, while also 
honing our customer offering and achieving 
larger economies of scale.” 
 
Gustaf Öhrn,  
President and CEO 
  
   
  
Q3 2023 
BHG Group AB (publ)  
Nasdaq Stockholm

===== SIDA 2 =====

2023/Q3  
 
BHG GROUP AB (PUBL) | 559077-0763 2 
Interim report: 1 January -30 September 2023  
Strategic structural changes, lower cost base 
and a stronger balance sheet  
– Through structural changes in line with our strategy and operational improvements, we have 
generated SEK 1.2 billion in cash flow from operating activities to date this year  
HIGHLIGHTS
1 July-30 September 
• Net sales declined -7.9% to SEK 2,861.9 million (3,106.7). 
Organic growth was -7.5% and pro-forma organic growth 
was -7.5% 
• Adjusted gross profit declined -7.9% to SEK 687.2 million 
(746.0), corresponding to an adjusted gross margin of 
24.0% (24.0) 
• Adjusted EBIT amounted to SEK 12.5 million (47.8), 
corresponding to an adjusted EBIT margin of 0.4% (1.5) 
• Cash flow from operating activities amounted to SEK 
223.7 million (-133.0) 
• Earnings per share amounted to SEK -7.30 (-0.62) before 
dilution and SEK -7.30 (0.62) after dilution 
1 January-30 September 
• Net sales declined -11.5% to SEK 8,961.4 million (10,125.7). 
Organic growth was -11.2% and pro-forma organic growth 
was -11.2% 
• Adjusted gross profit declined -13.1% to SEK 2,226.7 
million (2,563.4), corresponding to an adjusted gross 
margin of 24.8% (25.3) 
• Adjusted EBIT amounted to SEK 42.0 million (344.2), 
corresponding to an adjusted EBIT margin of 0.5% (3.4) 
• Cash flow from operating activities amounted to SEK 
1,201.3 million (-173.1) 
• Earnings per share amounted to SEK -7.84 (1.61) before 
dilution and SEK -7.84 (1.61) after dilution
 
 
FINANCIAL SUMMARY 
 
* Refer to “Relevant reconciliations of non -IFRS alternative performance measures (APMs)” on page 35  of this report for a more detailed description.   
Jan-Dec
SEKm (if not otherwise stated) 2023 2022 ∆% 2023 2022  ∆% 2022
Net sales 2,861.9 3,106.7 -7.9 8,961.4 10,125.7 -11.5 13,433.6
Gross profit 667.7 371.4 79.8 2,207.2 2,188.8 0.8 2,981.1
Gross margin (%) 23.3 12.0 11.4 p.p. 24.6 21.6 3.0 p.p. 22.2
Adjusted gross profit* 687.2 746.0 -7.9 2,226.7 2,563.4 -13.1 3,368.4
Adjusted gross margin (%) 24.0 24.0 0.0 p.p. 24.8 25.3 -0.5 p.p. 25.1
Adjusted EBIT* 12.5 47.8 -73.8 42.0 344.2 -87.8 374.9
Adjusted EBIT margin (%) 0.4 1.5 -1.1 p.p. 0.5 3.4 -2.9 p.p. 2.8
Operating income -1,299.3 -361.5 259.5 -1,330.6 -140.1 849.6 -183.9
Operating margin (%) -45.4 -11.6 -33.8 p.p. -14.8 -1.4 -13.5 p.p. -1.4
Net profit for the period -1,300.2 -83.8 1452.4 -1,393.1 220.9 -730.5 45.7
Earnings per share before dilution, 
SEK -7.30 -0.62 1077.4 -7.84 1.61 -587.0 0.25
Earnings per share after dilution, SEK -7.30 -0.62 1077.4 -7.84 1.61 -587.0 0.25
Cash flow from operating activites 223.7 -133.0 n/a 1,201.3 -173.1 n/a -105.6
Net debt (+) / Net cash (-) 1,231.5 2,129.8 -42.2 1,231.5 2,129.8 -42.2 1,543.4
Jul-Sep Jan-Sep
Key events during the third quarter and after the period 
• On 25 July, an extraordinary general meeting of BHG Group AB resolved, in accordance with a proposal by the Board of 
Directors, to approve the transfer of 20.1% of the shares in the subsidiary Furniture1 UAB (“F1”) to UAB Wechange, which 
is owned by the CEO of F1. After the transfer, BHG will hold 30.0% of the shares and votes in F1. 
• On 29 September, a broad restructuring programme in the Value Home segment was announced. The programme 
included an agreement to transfer AH-Trading GmbH to the company’s current minority owner and founder, an 
agreement to transfer the Danish operations of My Home Møbler A/S to the company’s founder, and the closure of 
several physical stores in other parts of the Value Home segment. The programme lays a foundation for a long-term cost-
efficient and scalable business. As a consequence, BHG Group will have a more focused structure with a lower share of 
offline retail.

===== SIDA 3 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 3 
Comments by Gustaf Öhrn 
President and CEO, BHG Group  
In the third quarter, we continued to deliver on our communicated strategy to strengthen the Group’s competitiveness. 
We reduced our costs, continued the inventory reduction, significantly improved our balance sheet, and simplified and 
consolidated our operations. Having fewer, clearer platforms will make us more cost-efficient, while also honing our 
customer offering and achieving larger economies of scale. We have accomplished a lot in all three segments, but there is 
still a great deal of work to be done.  
 
As part of our strategy, we carried out a major restructuring in the Value Home segment in the third quarter. The decision 
was taken after a thorough review of the entire Group, which identified a number of operations where we do not see a 
clear path back to profitability, or which made the Group more complex without enabling scalability.  
 
By divesting our German operations, AH-Trading, and our Danish operations, My Home, and closing a large share of the 
physical stores in other parts of our Value Home segment, we are laying a foundation for an efficient organisation over the 
long term and for profitable growth. The financial effects of the programme for the first nine months of the year include a 
pro-forma improvement in EBIT of SEK 59 million (see table on page 7) and a reduction in fixed costs of SEK 276 million. In 
line with our strategy, we are continuing to review all three segments in order to become more cost-effective and to 
consolidate into fewer platforms that will be competitive in the long term. 
 
The market remained challenging in the third quarter. Nevertheless, our assessment is that we are continuing to gain 
market shares. Inflation and higher interest rates mean that household disposable income is lower than it was a year ago, 
and the prevailing economic uncertainty is affecting our customers. There is also still an element of “Corona rebalancing” 
at play, with customers prioritising consumption in the form of dining at restaurants and travel over their homes. We are 
therefore continuing to adapt the operation for what we believe will be a challenging last quarter of 2023 and 2024. We 
now expect the consumer market to remain challenging for a longer period than we originally thought at the beginning of 
the year. 
 
In addition to structural measures to simplify and streamline our operations, we have continued to cut costs, reduce our 
inventory and strengthen our balance sheet. The previously announced cost savings of SEK 150-200 million are 
continuing according to plan, and in the third quarter, we reduced our fixed costs compared to the same period last year. 
Reducing our inventory is the single most important measure to improve cash flow and strengthen the balance sheet in 
the short term. We reduced our inventory by SEK 222 million in the third quarter (excluding the effect of divested 
operations), which means that we have reduced our inventory by SEK 731 million so far this year (excluding the effect of 
divested operations). Looking ahead, we see continued opportunities to further reduce our inventory.  
 
Through a strong cash flow and mainly through the sale of 20.1% of our subsidiary Furniture1, which was completed in the 
third quarter, we have reduced our net debt by SEK 312 million and total interest-bearing liabilities by SEK 1.0 billion to 
date this year, primarily through a reduction of our acquisition-related liabilities by SEK 884 million, down to SEK 370 
million. 
 
While also taking major steps to simplify our structure and improve our cost base, we are actively implementing numerous 
measures to maximise our sales and margins, such as price communication, strategic pricing and internationalisation, and 
focusing on improving our offering and market position. One example is our strong Nordic Nest brand in the Premium 
Living segment. With a clear concept focused on high-quality Scandinavian design, Nordic Nest continued to expand 
internationally in the third quarter. Nordic Nest demonstrates that with the right platform and strong brands, we can grow 
profitably and internationally from a strong Nordic base.

===== SIDA 4 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 4 
To sum up, our financial focus in 2023 has been on improving our cash flow and strengthening our balance sheet. From a 
structural perspective, we have simplified our structure by consolidating and divesting operations where we do not see the 
potential for profitable growth, thereby building a stronger organisation and laying the foundation for a business that will 
remain cost-efficient and scalable going forward. This has been a necessary condition for the aggressive investments we 
have made in various areas, such as a geographic expansion from our Nordic base and development of tech platforms. 
With the measures that have been implemented and planned, our assessment is that we have extremely good prospects 
for returning BHG to the profitability and cash flow we delivered in the years before the pandemic, as a first step.  
 
Our assessment is also that the migration from brick-and-mortar to online 
shopping will continue in all of our categories and in all segments. In a difficult 
market, we are strengthening our business both structurally and financially. 
When the market recovers, we will be well positioned. 
 
In conclusion, I would like to thank our customers for their trust, our 
colleagues for their hard work and our 12,700 shareholders, and assure you 
that we will continue to work hard and decisively to ensure that BHG emerges 
from this challenging environment even stronger than before. 
 
Malmö, 26 October 2023 
 
Gustaf Öhrn,  
President and CEO, BHG Group

===== SIDA 5 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 5 
2,000 
employees 
We put the 
customer first 
With the customer as a 
starting point, we can 
anticipate wishes, 
needs and 
communication 
preferences. This is the 
basis for how our 
destinations and 
business units build 
long-lasting 
relationships with their 
customer groups. 
>1.9 
million products 
100+ 
online destinations 
Sustainability 
Sustainability is a long-term 
strategic focus area in order 
to accelerate the 
organisation’s capabilities and 
drive a sustainable offering. 
By combining the UN 
Sustainable Development 
Goals (SDGs) with our 
materiality pyramid from 
2020, we designed the 
following three overall 
targets: 
Reducing CO
2 emissions by 
50% by 2030* 
 
An equitable workplace and 
sustainable supply chain 
 
Corporate governance and 
economic growth 
 
 
      
 
We make living easy! 
We offer a broad array of products and services in  
our three segments: Home Improvement, Value Home, and 
Premium Living.  
The business model is based on building blocks such as the broadest 
product range in the market, competitive prices, a first-class online 
customer experience, the market’s best professional service and 
support, and cost efficiency. 
Home 
Improvement 
 
Value  
Home 
 
 
Premium  
Living 
 
 
 Nordic home markets  
 
Our presence in 
continental Europe

===== SIDA 6 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 6 
Condensed consolidated information 
 
* Refer to “Relevant reconciliations of non -IFRS alternative performance measures (APMs)” on page 35 of this report for a more detailed description.  
 
COMMENTS ON THE RESULT FOR THE PERIOD  
Third quarter of the year 
The third quarter of the year was characterised by a 
continued challenging market, with a clear slowdown in 
demand towards the end of the quarter. We continued to see 
a trend of weak underlying demand in several product 
categories, particularly capital-intensive categories. In a weak 
market, we successfully reduced our fixed costs and 
continued to reduce our inventory during the quarter, and we 
remain ahead of our original inventory reduction plan.  
• The Group’s net sales amounted to SEK 2,861.9 million 
(3,106.7) for the quarter. Total growth amounted to -7.9%, 
pro-forma organic to -7.5% and organic growth to -7.5%.  
• Adjusted EBIT amounted to SEK 12.5 million (47.8) for 
the quarter, corresponding to an adjusted EBIT margin of 
0.4% (1.5).  
• We reduced our inventory by a further SEK 222.0 million 
during the third quarter (excluding the effect of divested 
operations). 
• Cash flow from operating activities improved significantly 
to SEK 223.7 million (-133.0) during the quarter, mainly 
driven by a positive development in working capital.  
• Interest-bearing liabilities amounted to SEK 3,126,8 
million by the end of the quarter, a reduction of SEK 
1,014,3 million since the end of last year. 
Structural measures to reduce costs and increase 
competitiveness 
Given the challenging market that we have experienced in 
recent quarters and that we expect to continue for the rest of 
this year and next, we have taken several decisive measures in 
line with our strategy in order to streamline our cost base and 
build a stronger and more competitive business going 
forward.  
Our strategic ambition is to consolidate our companies into 
a smaller number of larger platforms and thereby achieve 
economies of scale and simplify our structure, and to divest 
businesses where we do not see the potential for profitable 
growth in the future. 
During the third quarter, we continued to implement our 
strategy by divesting our German operations, AH-Trading, 
and our Danish operations, My Home, and closing a large 
share of the physical stores in other parts of our Value Home 
segment. For the first nine months of the year, these 
structural measures will result in a pro-forma improvement in 
EBIT of SEK 59.0 million and a reduction in fixed costs of SEK 
275.9 million, attributable to selling, general and 
administrative expenses and amortisation of lease assets. 
AH-Trading was acquired during the pandemic, and in 
retrospect we can see that the decline in the company’s 
product margins from their peak during the pandemic was 
larger than the decline noted in our comparable Nordic 
operations. The conditions for achieving the sustainable 
profitability required for AH-Trading’s business model have 
thus deteriorated, and our assessment is that the company 
would be a burden on the Group’s profitability going forward. 
Jan-Dec
SEKm (if not otherwise stated) 2023 2022 ∆% 2023 2022  ∆% 2022
Net sales 2,861.9 3,106.7 -7.9 8,961.4 10,125.7 -11.5 13,433.6
Gross profit 667.7 371.4 79.8 2,207.2 2,188.8 0.8 2,981.1
Gross margin (%) 23.3 12.0 11.4 p.p. 24.6 21.6 3.0 p.p. 22.2
Adjusted gross profit* 687.2 746.0 -7.9 2,226.7 2,563.4 -13.1 3,368.4
Adjusted gross margin (%) 24.0 24.0 0.0 p.p. 24.8 25.3 -0.5 p.p. 25.1
Adjusted EBITDA* 139.1 162.9 -14.6 424.8 664.5 -36.1 813.8
Adjusted EBITDA margin (%) 4.9 5.2 -0.4 p.p. 4.7 6.6 -1.8 p.p. 6.1
Adjusted EBIT* 12.5 47.8 -73.8 42.0 344.2 -87.8 374.9
Adjusted EBIT margin (%) 0.4 1.5 -1.1 p.p. 0.5 3.4 -2.9 p.p. 2.8
Items affecting comparability -1,287.1 -384.1 235.1 -1,297.3 -409.0 217.2 -449.7
Operating income -1,299.3 -361.5 259.5 -1,330.6 -140.1 849.6 -183.9
Operating margin (%) -45.4 -11.6 -33.8 p.p. -14.8 -1.4 -13.5 p.p. -1.4
Net profit for the period -1,300.2 -83.8 1452.4 -1,393.1 220.9 -730.5 45.7
Cash flow from operating activites 223.7 -133.0 n/a 1,201.3 -173.1 n/a -105.6
Visits (thousands) 74,041 80,185 -7.7 236,234 272,938 -13.4 365,076
Orders (thousands) 1,103 1,117 -1.2 3,339 3,510 -4.9 5,033
Conversion rate (%) 1.5 1.4 0.1 p.p. 1.4 1.3 0.1 p.p. 1.4
Average order value (SEK) 2,639 2,815 -6.2 2,727 2,939 -7.2 2,695
Jul-Sep Jan-Sep

===== SIDA 7 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 7 
After the sale of AH-Trading, BHG will still have significant 
sales in Germany from its Nordic base. During the third 
quarter, BHG’s sales in Germany (excluding AH-Trading) 
amounted to SEK 64.2 million. 
My Home’s business model is mainly based on offline retail 
through 22 physical stores and a smaller share of online sales. 
Given My Home’s overall cost structure and business model 
and BHG’s strategic prioritisation of the online business, the 
Group’s assessment is that My Home is not a good fit with the 
Group’s strategy and will be a burden on the Group’s 
profitability going forward. 
The closure of several physical stores in other parts of our 
Value Home segment took place after an evaluation of the 
current profitability and future potential of all of the stores. By 
closing the stores, we significantly reduced our fixed costs, 
thereby reducing our risk. We will continue to have a physical 
store presence when it strengthens our offering, our brands 
and our business. 
Going forward, we will continue to implement our strategy 
to consolidate our companies into a smaller number of larger 
platforms and thereby achieve economies of scale and 
simplify our structure, but mainly by consolidating smaller 
businesses into larger platforms within our three segments. 
 
Financial impact of restructuring programme 
 
* Definition on page 43. 
 
Operational measures to improve profitability 
In addition to strengthening the business through structural 
changes, we are taking numerous operational measures to 
improve our profitability. 
Our previously announced gross savings of SEK 150-200 
million is continuing according to plan. During the quarter, we 
reduced our personnel costs by SEK 26.4 million and SEK 
56.2 million year to date (adjusted for currency effects) 
compared with the same period last year. 
We have also continued to improve the efficiency of our 
inventory handling during the third quarter, and we are seeing 
a positive development in the form of lower costs, primarily as 
we reduce our inventory. During the quarter we have, through 
efficiency improvements, reduced inventory handling costs 
by SEK 15.9 million and SEK 38.0 million year to date 
(adjusted for currency effects) compared to the same period 
last year. In total personnel cost and inventory handling cost 
savings amount to SEK 94.3 million (adjusted for currency 
effects) so far this year compared to last year. 
Moreover, we are continuously working to strengthen our 
margins by adjusting our shipping revenue from customers to 
compensate for inflationary pressure on last-mile costs and 
through price communication and strategic pricing.  
Measures to improve cash flow and strengthen the balance 
sheet 
The single most important measure taken this year to improve 
our cash flow and strengthen our balance sheet was to 
reduce our inventory. Systematic work and clearly defined 
goals at the subsidiary level enabled us to reduce our 
inventory by a further SEK 222.0 million during the third 
quarter (excluding the effect of divested operations). We 
have reduced our inventory level every quarter since mid-
2022. Overall, we have thus reduced our inventory by SEK 
731.1 million so far this year (excluding the effect of divested 
operations) and by SEK 952.8 million over the last four 
quarters (excluding the effect of divested operations). The 
pace of inventory reduction so far this year has been faster 
than our original plan. Our assessment is that we will be able 
to further reduce our inventory going forward, but not as fast 
as in previous quarters. If we look beyond 2023, we see the 
potential to reduce our inventory further.  
In addition to significantly improving our cash flow during 
the quarter, primarily by reducing inventory, we have taken 
additional measures to strengthen our balance sheet. As we 
previously announced, we completed the divestment of 
20.1% of our subsidiary Furniture1 to its founder in July. The 
founder refrained from exercising his put option on BHG as 
part of the transaction. BHG’s obligations related to the put 
option have now been terminated since the founder of 
Furniture1 is refraining from exercising it. The transaction 
SEKm Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.* Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.* Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.* 
Net sales 2,861.9 -304.1 2,557.7 8,961.4 -997.4 7,964.0 13,433.6 -1,309.6 12,124.0
Adjusted gross profit 687.2 -92.9 594.3 2,226.7 -298.6 1,928.1 3,368.4 -422.5 2,945.9
Adjusted gross margin (%) 24.0 30.5 23.2 24.8 29.9 24.2 25.1 32.3 24.3
Adjusted EBITDA 139.1 -5.7 133.4 424.8 -30.0 394.8 813.8 -50.0 763.8
Adjusted EBITDA margin (%) 4.9 1.9 5.2 4.7 3.0 5.0 6.1 3.8 6.3
Adjusted EBIT 12.5 22.9 35.4 42.0 59.0 101.0 374.9 59.3 434.3
Adjusted EBIT margin (%) 0.4 -7.5 1.4 0.5 -5.9 1.3 2.8 -4.5 3.6
Adjusted EBITDA ex. IFRS 16 43.0 20.6 63.6 137.6 49.9 187.4 493.0 44.2 537.3
Adjusted EBITDA margin ex. 
IFRS 16 (%) 1.5 -6.8 2.5 1.5 -5.0 2.4 3.7 -3.4 4.4
Jul-Sep 2023 Jan-Sep 2023 Jan-Dec 2022

===== SIDA 8 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 8 
significantly reduced BHG’s acquisition-related liabilities and 
eliminated the risk of a future cash flow effect of EUR 40 
million, equivalent to SEK 439.5 million. In addition, our 
acquisition-related liabilities were reduced by a further SEK 
83.0 million through the divestment of AH-Trading. 
Combined, this means that we have reduced our acquisition-
related liabilities by SEK 522.5 million as a result of the two 
transactions. Acquisition-related liabilities amounted to SEK 
369.8 million at the end of the quarter, down SEK 884.4 
million since year-end.  
The divestments of AH-Trading and My Home also 
reduced our lease liabilities by SEK 71.5 million during the 
quarter.  
Total interest-bearing liabilities at the end of the quarter 
amounted to SEK 3,126.8 million, SEK 1,014.3 million lower 
than at the beginning of the year. 
The market 
The third quarter was characterised by a continued 
challenging market. The quarter started on a relatively strong 
note, but demand weakened towards the end of the quarter. 
We are continuing to experience a weak market, primarily in 
our capital-intensive product categories, due to factors such 
as lower disposable income among consumers as well as 
fewer transactions in the housing market and therefore a 
weaker renovation market. This picture is confirmed by for 
example E-handelsindikatorn from Swedish Commerce (Sw: 
Svensk Handel) which shows that online sales in Sweden 
during the first 9 months of the year has fallen 46% for 
furniture compared to the same period last year, building 
materials has fallen 9% and home decoration has fallen 8%. 
Available market data indicates that Sweden and Denmark 
performed worse than the other Nordic markets.  
Our assessment is that the online market in our product 
categories is smaller than in the same period last year, but 
larger than before the outbreak of the pandemic. At the same 
time, our assessment is that we performed better than the 
market as a whole, thereby gaining market share. 
Outlook 
With the third quarter behind us, the outlook for the 
consumer market remains uncertain. While we expect there 
to be less uncertainty concerning interest rate hikes and 
inflation going forward, the impact of these developments 
has left consumers with less money in their wallets than at this 
time last year. Combined with the uncertainty about a 
potential increase in unemployment and growing geopolitical 
concerns, this means that our overall outlook remains 
unchanged: we expect the rest of 2023 and 2024 to be 
challenging. However, we now expect the consumer market 
to remain challenging for a longer period than we originally 
thought when we announced our outlook at the beginning of 
the year. 
High inventory levels in the market and continued weaker 
demand in some of our product categories have resulted in 
price pressure, and we expect this to continue until the 
inventory situation is normalised through reduced purchase 
volumes and inventories. We have already seen a significant 
decline in shipping costs for the part of the range purchased 
from Asia, and the Shanghai Containerized Freight Index is 
down significantly compared with a year ago. We are also 
seeing less pressure on production capacity, resulting in 
declining prices, as market players adjust their purchase 
volumes downward.  
The difficult market situation will also present 
opportunities. As competitors are weakened, shut down or 
leave product categories – as we have seen in the past 
quarter, for example – BHG will be able to advance its leading 
position.  
Our assessment is that the fundamental structural trends 
that have driven BHG’s growth journey are continuing. We 
believe that the migration from brick-and-mortar to online 
shopping will continue in our categories for the foreseeable 
future, while at the same time interest in the home and thus in 
our categories continues to grow. For further information, 
refer to the Group’s medium-term financial targets (page 11). 
Acquisitions 
Acquisitions have been a core part of BHG’s business model 
and success since the start and will remain an important part 
of the Group’s development in the future. The rate of activity 
is lower due to the current market conditions, and 
acquisitions are currently not our primary focus. 
Nonetheless, we are continuing to evaluate potential 
acquisition candidates and partnerships so that, when we are 
ready, we will be able to make bolt-on acquisitions that 
strengthen our offering in the Group’s core areas.

===== SIDA 9 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 9 
Distribution of net sales by country (%), Jul-Sep 2023 
 
Net sales 
The net sales trend in the third quarter was impacted by a 
continued challenging market. At the same time, our 
initiatives to achieve geographic expansion outside our 
companies’ home markets are progressing well. 
The gardening category, which is a major category in the 
third quarter, continued to display a positive trend and 
performed better than the Group as a whole. Capital-
intensive categories such as floors, doors, windows and 
bathrooms, on the other hand, delivered a weaker 
performance. 
Sales in the Nordic region were weaker than in other 
geographies, primarily driven by the Swedish market. Sales 
outside the Nordic region improved during the quarter, and 
now represent 20% of sales, compared with 16% in the same 
period last year. In recent quarters, several of our sites have 
succeeded in efficiently expanding their offerings outside 
their Nordic home markets, while also maintaining 
profitability. 
Net sales decreased -7.9% to SEK 2,861.9 million  
(3,106.7) for the quarter and -11.5% to SEK 8,961.4 million 
(10,125.7) for the first nine months of the year. Organic growth 
was -7.5% for the quarter and -11.2% for the first nine months 
of the year, while pro-forma organic growth was -7.5% for the 
quarter and -11.2% for the first nine months of the year.  
Net sales for the Home Improvement segment decreased -
13.7% to SEK 1,420.1 million (1,646.5) for the quarter and -
16.3% to SEK 4,382.9 million (5,234.8) for the first nine months 
of the year. Organic growth was -12.9% for the quarter and -
15.5% for the first nine months of the year, while pro-forma 
organic growth was -12.9% for the quarter and -15.5% for the 
first nine months of the year.  
Net sales for the Value Home segment decreased -4.6% to 
SEK 1,004.0 million (1,052.1) for the quarter and -9.9% to SEK 
3,228.4 million (3,583.1) for the first nine months of the year. 
Organic growth was -4.4% for the quarter and -8.8% for the 
first nine months of the year, while pro-forma organic growth 
was -4.4% for the quarter and -8.6% for the first nine months 
of the year.  
Net sales for the Premium Living segment increased 6.1% 
to SEK 452.0 million (426.1) for the quarter and decreased -
1.9% to SEK 1,418.5 million (1,446.3) for the first half of the 
year. Organic growth was 6.1% for the quarter and -1.9% for 
the first nine months of the year, while pro-forma organic 
growth was 6.1% for the quarter and -1.9% for the first nine 
months of the year. 
Net sales (SEKm) 
 
Gross margin
 
The adjusted product margin amounted to 37.3% (37.3) for 
the quarter and 37.8% (38.1) for the first nine months of the 
year. The adjusted gross margin (that is, the margin after 
deductions for direct selling expenses, such as logistics, 
fulfilment, etc.) amounted to 24.0% (24.0) for the quarter and 
24.8% (25.3) for the first nine months of the year.  
• The product margin in the quarter has been impacted by 
price pressure from high campaign activity in the market. 
The margin pressure has been mitigated by higher 
shipping revenues from customers and positive mix 
effects. 
• Fulfillment costs have been improved as a result of cost 
initiatives and rationalisation of warehouse staff as well as 
a decrease in warehouses following a sharp reduction in 
inventory. However, last-mile costs increased during the 
quarter compared with the same period last year, 
primarily driven by inflation-driven cost increases among 
suppliers. These were partially but not fully offset by 
higher shipping revenue from customers.  
The Group carefully monitors the development of average 
order value (AOV) and focuses particularly on ensuring that 
the AOV for bulky products, which are sent on pallets, 
remains high. The AOV for Home Improvement was lower in 
the third quarter, driven by mix effects as a result of declining 
sales in capital-intensive product categories such as doors 
and windows.  The AOV was also slightly lower for Premium 
Living, as a result of mix effects, but higher for Value Home.  
SG&A 
Selling, general and administrative expenses (SG&A, defined 
as total personnel costs and other external costs adjusted for 
items affecting comparability) amounted to SEK 550.0 
million (585.5) for the quarter, corresponding to 19.2% (18.8) 
of net sales, and to SEK 1,807.1 million (1,911.4) for the first nine 
months of the year, corresponding to 20.2% (18.9) of net sales.  
Previously announced cost cuts equivalent to SEK 150–
200 million, which will partially affect SG&A, proceeded 
according to plan. Personnel costs decreased by SEK 19.3 
million compared to last year. In total, SG&A was negatively 
impacted by a negative currency effect of SEK 19.9 million 
during the quarter, of which SEK 7.2 million affected 
personnel costs. Adjusted for effects from currency, 
personnel costs decreased by SEK 26.4 million for the quarter 
year-over-year, although the implemented cost cuts have not 
yet had their full impact and despite inflation-driven cost 
52%
14%
7%
7%
7%
12% 1% Sweden
Finland
Denmark
No rway
Germany
Res t of Eu ro pe
Rest of World 0
1,000
2,000
3,000
4,000
5,000
Q1 Q2 Q3 Q4
2021 2022 2023

===== SIDA 10 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 10 
increases primarily of salaries and rents. So far this year 
personnel costs have been reduced by SEK 56.2 million 
(adjusted for currency effects) compared to last year. 
The reduction in SG&A for the quarter compared with the 
previous year is also attributable to lower costs for online 
marketing. These lower costs are in turn attributable to more 
effective marketing strategies and lower sales.  
Given the uncertainty regarding future demand, we are 
continuing to identify additional cost-saving measures. 
Earnings 
The Group’s adjusted EBIT amounted to SEK 12.5 million 
(47.8) for the quarter and SEK 42.0 million (344.2) for the first 
nine months of the year, corresponding to an adjusted EBIT 
margin of 0.4% (1.5) and 0.5% (3.4), respectively. Amortisation 
of tangible and intangible assets amounted to SEK 126.6 
million (115.1) for the quarter, of which SEK 89.5 million (79.5) 
pertained to amortisation of lease assets and SEK 382.9 
million (320.2) for the first nine months of the year, of which 
SEK 269.8 million (222.0) pertained to amortisation of lease 
assets. 
The Group’s operating income amounted to SEK -1,299.3 
million (-361.5) for the quarter, corresponding to an operating 
margin of -45.4% (-11.6), and SEK -1,330.6 million (-140.1) for 
the first nine months of the year, corresponding to an 
operating margin of -14.8% (-1.4).  
Items affecting comparability amounted to SEK -1,287.1 
million (-384.1) for the quarter and SEK -1,297.3 million (-
409.0) for the first nine months of the year. These items 
mainly pertain to costs for the restructuring programme 
launched in the Value Home segment.  
Amortisation and impairment of acquisition-related 
intangible assets amounted to SEK 24.7 million (25.2) for the 
quarter and SEK 75.3 million (75.4) for the first nine months of 
the year. Amortisation pertained to identified surplus values 
related to customer relationships and customer databases in 
acquired companies. No impairment of goodwill or other 
assets, except from impairment of leased assets included in 
items affecting comparability, was identified during the 
period. 
The Group’s net financial items amounted to SEK -68.1 
million (185.7) for the quarter and pertained to interest 
expenses amounting to SEK -54.0 million (-24.0) for the 
quarter, of which SEK -6.0 million (-5.2) are related to lease 
liabilities in accordance with IFRS 16. The Group’s net 
financial items amounted to SEK -153.6 million (302.1) for the 
first nine months of the year, which included reassessed earn-
outs of SEK +2.5 million (380). Interest expenses amounted to 
SEK -138.4 million (-62.0), of which SEK -19.1 million (-15.1) 
pertained to lease liabilities in accordance with IFRS 16. 
The Group reported a loss before tax of SEK -1,367.4 
million (-175.8) for the quarter and a loss before tax of SEK -
1,484.2 million (profit: 162.0) for the first nine months of the 
year. The Group reported a net loss of SEK -1,300.2 million (-
83.8) for the quarter and a net loss of SEK -1,393.1 million 
(profit: 220.9) for the first nine months of the year. The 
effective tax rate was -4.9% (-52.4), corresponding to SEK 
67.2 million (92.0) for the quarter, and SEK -6.1% (36.4), 
corresponding to SEK 91.1 million (58.9) for the first nine 
months of the year. 
Currency effects 
The Group does not hedge currency exposure, except for 
Hafa Brand Group (formerly Hafa Bathroom Group), which 
was acquired in the second quarter of 2021.  
Exchange-rate fluctuations had some positive impact on 
operating income for the quarter.  
Cash flow and financial position 
Cash flow from operating activities was SEK 223.7 million (-
133.0) for the quarter and SEK 1,201.3 million (-173.1) for the 
first nine months of the year, primarily driven by a positive 
effect from changes in working capital. The trend in working 
capital is in turn primarily a result of decreasing inventory 
levels in the period.  
Cash conversion (cash flow from operating activities in 
relation to adjusted EBITDA) was 137.0 % (-90.0) for the 
quarter and 275.6% (-17.7) for the first nine months of the 
year. 
The Group’s cash flow to investing activities amounted to 
SEK -374.1 million (-83.3) for the quarter and SEK -608.4 
million (-396.7) for the first nine months of the year. During 
the period, this was mainly attributable to disbursements for 
contingent considerations related to acquisitions in previous 
periods as well as IT investments related to technology 
platforms. 
Cash flow to and from financing activities amounted to 
SEK -116.5 million (392.9) for the quarter and SEK -296.9 
million (990.3) for the first nine months of the year, and was 
primarily attributable to amortisation of lease liabilities and 
interest payments. 
The Group’s cash and cash equivalents at the end of the 
reporting period, compared with the beginning of the year, 
amounted to SEK 768.5 million (477.6). 
The Group’s net debt, which is defined as the Group’s 
current and non-current interest-bearing liabilities to credit 
institutions, less cash and cash equivalents and investments in 
securities, etc., amounted to SEK 1,231.5 million at the end of 
the period, compared with SEK 1,543.4 million at the 
beginning of the year, corresponding to net debt in relation to 
pro-forma adjusted EBITDAaL, LTM (see definition on page 
46) of 4.28x, which is outside the range of the Group’s 
medium-term capital structure target.  
Work to improve profitability and cash flow continues with 
the aim to return to the profitability and cash flow that BHG 
delivered in the years before the pandemic, as a first step. 
The Group’s unutilised credit facilities amounted to  
SEK 1,300.0 million at the end of the period, compared with 
SEK 1,300.0 million at the beginning of the year.

===== SIDA 11 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 11 
FINANCIAL TARGETS 
Net sales  
The Group’s objective is to achieve net sales of SEK 20 billion 
over the medium term, including acquisitions. The target of 
SEK 20 billion in net sales is to be achieved by combining 
organic growth at least in line with the market, which is 
expected to grow by approximately 15% per year over a 
business cycle, with acquisitions, which are expected to add 
5-10 percentage points of growth per year. The combination 
of organic and inorganic initiatives is expected to translate 
into growth in the range of 20–25% per year. 
Profitability  
The Group intends to continue conducting its operations in 
such a manner that growth goes hand in hand with healthy 
profitability. The profitability target is to achieve an adjusted 
EBIT margin of at least 7%.  
Capital structure 
To maintain net debt, excluding IFRS 16 effects, in relation to 
rolling 12-month (LTM) EBITDA in the range of 1.5–2.5x, 
subject to flexibility for strategic activities. 
Dividend policy 
When free cash flow exceeds available investments in 
profitable growth, and provided that the capital structure 
target is met, the surplus will be distributed to shareholders.

===== SIDA 12 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 12

===== SIDA 13 =====

2023/Q3  
  
BHG GROUP AB (PUBL) | 559077-0763 13 
Home Improvement 
 
“Demand in the Home Improvement segment remained weak in all geographic markets.  Our companies are continuing their 
transformation journey with the aim of achieving a lower cost base, lower inventory levels and increased efficiency in line with 
the current strategy. At the same time, our offering is evolving in an effort to better meet current demand, with a focus on 
greater depth in categories with lower price points, an increased focus on energy-efficient products, and investments in IT 
infrastructure in order to better serve customers. We are increasing our competitiveness and strengthening our position as 
more players disappear from the market," says Mikael Hagman, Vice President and Head of the Home Improvement segment. 
 
• Net sales decreased -13.7% to SEK 1,420.1 million (1,646.5) for the quarter and -16.3% 
to SEK 4,382.9 million (5,234.8) for the first nine months of the year. Demand was 
especially weak in the Swedish market. Capital-intensive categories such as 
bathrooms, windows and doors delivered the relatively weakest performance. 
• Organic growth was -12.9% for the quarter and -15.5% for the first nine months of the 
year, while pro-forma organic growth was -12.9% for the quarter and -15.5% for the 
first nine months of the year.  
• The adjusted gross margin amounted to 20.8% (21.3) for the quarter and 20.9% (21.7) 
for the first nine months of the year. 
• Adjusted EBIT amounted to SEK 27.3 million (57.4) for the quarter and SEK 41.4 
million (200.5) for the first nine months of the year, corresponding to an adjusted 
EBIT margin of 1.9% (3.5) and 0.9% (3.8), respectively. The EBIT margin was positively 
impacted by lower fulfilment costs but negatively impacted by inflation-driven 
increases in last-mile costs, which have not been fully offset by higher shipping 
revenue from customers, as well as a loss of sales since fixed costs have not yet been 
fully adapted to the current demand situation.  
 
 
Net sales by segment,  
Jul-Sep 2023 
 
 
 
 
 
Home Improvement 49%
Value Home 
35%
Premium 
Living 16%
Jan-Dec
SEKm (if not otherwise stated) 2023 2022 ∆% 2023 2022 ∆% 2022
Net sales 1,420.1 1,646.5 -13.7 4,382.9 5,234.8 -16.3 6,856.3
Gross profit 289.2 220.1 31.4 912.2 1,002.2 -9.0 1,387.0
Gross margin (%) 20.4 13.4 7.0 p.p. 20.8 19.1 1.7 p.p. 20.2
Adjusted gross profit 294.9 351.5 -16.1 918.0 1,133.5 -19.0 1,521.1
Adjusted gross margin (%) 20.8 21.3 -0.6 p.p. 20.9 21.7 -0.7 p.p. 22.2
Adjusted EBITDA 74.3 99.8 -25.6 178.0 316.5 -43.8 434.1
Adjusted EBITDA margin (%) 5.2 6.1 -0.8 p.p. 4.1 6.0 -2.0 p.p. 6.3
Adjusted EBIT 27.3 57.4 -52.5 41.4 200.5 -79.4 276.1
Adjusted EBIT margin (%) 1.9 3.5 -1.6 p.p. 0.9 3.8 -2.9 p.p. 4.0
Items affecting comparability -13.6 -131.4 -89.6 -15.5 -133.4 -88.4 -148.3
Operating income -0.7 -88.3 -99.2 -17.2 23.9 -172.0 67.1
Operating margin (%) -0.1 -5.4 5.3 p.p. -0.4 0.5 -0.9 p.p. 1.0
Net profit for the period -18.2 110.7 -116.4 -79.6 312.4 -125.5 133.3
Visits (thousands) 24,635 31,183 -21.0 81,011 99,804 -18.8 128,523
Orders (thousands) 533 546 -2.4 1,578 1,665 -5.3 2,256
Conversion rate (%) 2.2 1.8 0.4 p.p. 1.9 1.7 0.3 p.p. 1.8
Average order value (SEK) 2,695 3,018 -10.7 2,803 3,210 -12.7 3,020
Jul-Sep Jan-Sep

===== SIDA 14 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 14 
COMMENTS ON THE HOME IMPROVEMENT SEGMENT 
The Home Improvement segment accounted for 49% of the 
Group’s total net sales for the quarter and 49% for the first 
nine months of the year. Home Improvement operates almost 
exclusively in the Nordic market, and it is mainly based on a 
drop shipping model with a low level of tied-up capital, with a 
broad product range and price matching. Sweden is its largest 
market, making up approximately two thirds of the segment’s 
sales in the third quarter. 
The leading brand in the segment is Bygghemma. Other 
brands in the segment include Netrauta, Hylte Jakt & 
Lantman, Hafa, Polarpumpen, Golvpoolen, Vitvaruexperten 
and Nordiska Fönster.  
The focus is on: 
• Grouping the segment’s operations around a smaller 
number of business units with shared technology 
platforms, warehouses and organisation in order to 
maintain a competitive cost structure. We are currently 
investing in Bygghemma’s technology platform in order 
to enable future consolidations and to improve the 
customer experience.  
• Streamlining purchasing processes, increasing the share 
of sales from proprietary brands, which generally have 
higher margins, and broadening the range of additional 
services. 
• Fully leveraging the product range through all relevant 
sales channels, an initiative supported by the Group’s 
proprietary system for exchanging product information, 
and continuing to drive geographic expansion for the 
operations with strong positions in their home markets.  
Distribution of net sales by country (%), Jul-Sep 2023 
 
Net sales (SEKm) 
 
Adjusted gross margin (%) 
 
Adjusted EBIT margin (%) 
 
65%
25%
5%
4% 1%
Sweden
Finland
Denmark
Norway
Germany
Rest of Europe
Rest of World
0
50 0
1,000
1,500
2,000
2,500
Q1 Q2 Q3 Q4
2021 2022 2023
0%
5%
10%
15%
20%
25%
30%
Q1 Q2 Q3 Q4
2021 2022 2023
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Q1 Q2 Q3 Q4
2021 2022 2023

===== SIDA 15 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 15 
Value Home 
 
“During the third quarter, we focused on designing and partly implementing the structural changes announced on 29 
September. We faced headwinds during the period, particularly in our two largest markets of Sweden and Norway, but we also 
saw positive signals from our newly opened sales channels in new geographies and marketplaces. Our AOV was higher than in 
the preceding year and we saw a positive trend in our conversion rates. However, our weak performance in terms of traffic had a 
significant impact on our total sales in the segment, which decreased approximately -5% year-over-year. Our ambition to 
drastically reduce our inventory levels continued as planned, and our focus in the segment will now shift to increased 
profitability. During the period, we worked actively to reduce our fixed costs in order to offset our lower volumes," says Christian 
Eriksson, Head of the Value Home segment. 
 
• Net sales decreased -4.6% to SEK 1,004.0 (1,052.1) for the quarter and -9.9% to SEK 
3,228.4 million (3,583.1) for the first nine months of the year. The Nordic market has 
been especially challenging.  
• The segment’s organic growth was -4.4% for the quarter and -8.8% for the first nine 
months of the year, while pro-forma organic growth was -4.4% for the quarter and -
8.6% for the first nine months of the year. 
• The adjusted gross margin amounted to 29.5% (28.1) for the quarter and 30.4% (30.3) 
for the first nine months of the year.  
• Adjusted EBIT amounted to SEK -3.6 million (-7.8) for the quarter and SEK 27.9 
million (114.4) for the first nine months of the year, corresponding to an adjusted EBIT 
margin of -0.4% (-0.7) and 0.9% (3.2), respectively. The EBIT margin was 
strengthened by an improved gross margin which was primarily due to a higher 
product margin as well as the impact of our savings initiatives for fulfilment costs, but 
it was weakened by slightly higher marketing costs during the quarter. 
 
Net sales by segment, Jul-Sep 
2023 
 
 
 
 
 
  
Home 
Improvement 
49%
Value Home 35%
Premium Living 
16%
Jan-Dec
SEKm (if not otherwise stated) 2023 2022 ∆% 2023 2022 ∆% 2022
Net sales 1,004.0 1,052.1 -4.6 3,228.4 3,583.1 -9.9 4,558.7
Gross profit 282.5 63.7 343.6 967.6 855.6 13.1 1,113.4
Gross margin (%) 28.1 6.1 22.1 p.p. 30.0 23.9 6.1 p.p. 24.4
Adjusted gross profit 296.2 295.4 0.3 981.4 1,087.3 -9.7 1,355.1
Adjusted gross margin (%) 29.5 28.1 1.4 p.p. 30.4 30.3 0.1 p.p. 29.7
Adjusted EBITDA 59.3 55.4 7.1 224.1 291.0 -23.0 317.0
Adjusted EBITDA margin (%) 5.9 5.3 0.6 p.p. 6.9 8.1 -1.2 p.p. 7.0
Adjusted EBIT -3.6 -7.8 -54.2 27.9 114.4 -75.6 76.0
Adjusted EBIT margin (%) -0.4 -0.7 0.4 p.p. 0.9 3.2 -2.3 p.p. 1.7
Items affecting comparability -1,269.8 -232.7 445.7 -1,268.0 -234.1 441.7 -250.1
Operating income -1,278.0 -245.6 420.4 -1,255.2 -134.9 830.8 -199.8
Operating margin (%) -127.3 -23.3 -103.9 p.p. -38.9 -3.8 -35.1 p.p. -4.4
Net profit for the period -1,244.5 -176.8 603.9 -1,257.8 -15.9 7787.1 -46.7
Visits (thousands) 30,654 32,952 -7.0 97,263 123,412 -21.2 155,953
Orders (thousands) 244 273 -10.5 760 880 -13.6 1,163
Conversion rate (%) 0.8 0.8 0.0 p.p. 0.8 0.7 0.1 p.p. 0.7
Average order value (SEK) 4,030 3,765 7.0 4,154 3,903 6.4 3,779
Jul-Sep Jan-Sep

===== SIDA 16 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 16 
COMMENTS ON THE VALUE HOME SEGMENT 
Net sales in the Value Home segment accounted for  
35% of the Group’s total net sales for the quarter and 36% for 
the first nine months of the year. Sales to customers from 
countries outside the Nordic region accounted for 39% of 
sales for the segment during the third quarter. 
Value Home operates primarily in the Nordic, Eastern 
European and German markets. It is a value-driven model 
that focuses on offering competitive prices, enabled by 
private label products. Trademax is the leading brand in the 
Value Home segment. Other brands include Furniture1, 
Chilli.se, Furniturebox, Hemfint, Outl1.se and Lampgallerian.    
The focus continues to be on: 
• Grouping the segment’s operations around a smaller 
number of business units when it comes to technology 
platforms, warehouses and organisation in order to 
maintain a competitive cost structure.  
• Opening new sales channels through geographic 
expansion and marketplaces. 
• Upgrading technology platforms to provide an improved 
customer experience on the website as well as reducing 
ongoing development costs. 
 
Distribution of net sales by country (%), Jul-Sep 2023 
 
Net sales (SEKm) 
 
Adjusted gross margin (%) 
 
Adjusted EBIT margin (%) 
 
 
36%
4%
12%9%
13%
26%
Sweden
Finland
Denmark
No rway
Germany
Res t of Eu ro pe
Rest of World
0
50 0
1,000
1,500
2,000
Q1 Q2 Q3 Q4
2021 2022 2023
0%
5%
10%
15%
20%
25%
30%
35%
Q1 Q2 Q3 Q4
2021 2022 2023
-5%
0%
5%
10%
15%
Q1 Q2 Q3 Q4
2021 2022 2023

===== SIDA 17 =====

2023/Q3   
 
 
BHG GROUP AB (PUBL) | 559077-0763 17 
Premium Living 
 
“We continued to see a positive sales trend in the third quarter of 2023, with year-on-year growth of 6%. Our sales in the Nordic 
region improved compared with the first half of the year, and our international growth outside the Nordic region remained 
strong. Although we had a positive sales trend, we were also negatively impacted by pressure on our gross margin during the 
quarter, largely due to the large competition with large promotional activity in the market. It is therefore gratifying to report that 
our cost efficiency improved during the period. This development confirms the success of our strategy and the impact of our 
efforts," says Bank Bergström, Head of the Premium Living segment. 
  
• Net sales increased 6.1% to SEK 452.0 (426.1) for the quarter and decreased -1.9% to 
SEK 1,418.5 million (1,446.3) for the first nine months of the year. Markets outside the 
Nordic region showed strong growth of 25.3% during the quarter. 
• Organic growth was 6.1% for the quarter and -1.9% for the first nine months of the 
year, while pro-forma organic growth was 6.1% for the quarter and -1.9% for the first 
nine months of the year.  
• The adjusted gross margin amounted to 21.4% (23.8) for the quarter and 23.4% (24.1) 
for the first nine months of the year. 
• Adjusted EBIT amounted to SEK 4.5 million (12.2) for the quarter and SEK 25.6 million 
(70.8) for the first nine months of the year, corresponding to an adjusted EBIT margin 
of 1.0% (2.9) and 1.8% (4.9), respectively. Profitability in the quarter improved, mainly 
as a result of lower fixed costs in relation to sales and lower fulfilment costs, but was 
negatively affected to a certain extent by lower product margins due to price pressure 
in the market.  
 
Net sales by segment, Jul-Sep 
2023 
 
 
 
 
 
  
Home 
Improvement 
49%
Value Home 
35%
Premium Living 16%
Jan-Dec
SEKm (if not otherwise stated) 2023 2022 ∆% 2023 2022 ∆% 2022
Net sales 452.0 426.1 6.1 1,418.5 1,446.3 -1.9 2,172.1
Gross profit 96.7 89.7 7.8 331.6 336.3 -1.4 487.8
Gross margin (%) 21.4 21.1 0.3 p.p. 23.4 23.3 0.1 p.p. 22.5
Adjusted gross profit 96.7 101.2 -4.5 331.6 347.9 -4.7 499.4
Adjusted gross margin (%) 21.4 23.8 -2.4 p.p. 23.4 24.1 -0.7 p.p. 23.0
Adjusted EBITDA 20.7 21.2 -2.4 73.9 97.1 -24.0 119.4
Adjusted EBITDA margin (%) 4.6 5.0 -0.4 p.p. 5.2 6.7 -1.5 p.p. 5.5
Adjusted EBIT 4.5 12.2 -63.1 25.6 70.8 -63.8 81.2
Adjusted EBITmargin (%) 1.0 2.9 -1.9 p.p. 1.8 4.9 -3.1 p.p. 3.7
Items affecting comparability - -11.5 -100.0 0.6 -11.5 n/a -19.6
Operating income -1.2 -5.1 -76.0 9.0 42.0 -78.6 38.7
Operating margin (%) -0.3 -1.2 0.9 p.p. 0.6 2.9 -2.3 p.p. 1.8
Net profit for the period -8.7 -4.9 79.3 -5.7 31.1 -118.4 25.4
Visits (thousands) 18,752 16,050 16.8 57,960 49,723 16.6 80,600
Orders (thousands) 325 298 9.2 1,001 964 3.8 1,614
Conversion rate (%) 1.7 1.9 -0.1 p.p. 1.7 1.9 -0.2 p.p. 2.0
Average order value (SEK) 1,504 1,574 -4.5 1,523 1,592 -4.3 1,460
Jul-Sep Jan-Sep

===== SIDA 18 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 18 
COMMENTS ON THE PREMIUM LIVING SEGMENT 
Net sales in the Premium Living segment accounted for 16% 
of the Group’s total net sales for the quarter and 16% for the 
first nine months of the year.  
Premium Living has a premium position that is primarily 
based on wholesale, which internationalises Scandinavian 
design in scalable way. From having almost exclusively 
focused on the Nordic markets until 2018, the segment has 
since successfully established a rapidly growing presence in 
the European market. Sales to customers from countries 
outside the Nordic region accounted for nearly 40% of sales 
for the segment during the third quarter. The leading brand in 
the segment is Nordic Nest, including Svenssons i Lammhult.  
The focus continues to be on: 
• Driving geographic growth for Nordic Nest 
• Continuing efficiency work. Nordic Nest’s warehouse 
automation solution, which was successfully deployed 
during the fourth quarter of 2022, is having an impact on 
the handling cost per order and the work continues. 
Distribution of net sales by country (%), Jul-Sep 2023
 
Net sales (SEKm) 
 
Adjusted gross margin (%) 
 
Adjusted EBIT margin (%) 
 
 
 
 
47%
3%3%
11%
13%
17%
6%
Sweden
Finland
Denmark
No rway
Germany
Res t of Eu ro pe
Rest of World
0
200
400
600
800
Q1 Q2 Q3 Q4
2021 2022 2023
0%
5%
10%
15%
20%
25%
30%
Q1 Q2 Q3 Q4
2021 2022 2023
0%
2%
4%
6%
8%
10%
Q1 Q2 Q3 Q4
2021 2022 2023

===== SIDA 19 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 19 
Other 
THE BHG SHARE 
The BHG Group AB (publ) share is listed on Nasdaq 
Stockholm under the ticker BHG with the ISIN code 
SE0010948588. 
The share price at the beginning of the year was SEK 18.7. 
On the last day of trading in the period, the share price was 
SEK 13.1. The highest price paid, quoted in January, was SEK 
23.0, and the lowest price paid, quoted in April, was SEK 8.2. 
During the period, 221,766,018 BHG shares were traded, 
equivalent to a turnover rate of 124%. 
As of 30 September, BHG had approximately 12,700 
shareholders, of which the largest were EQT (25.2%), Ferd AS 
(17.8%), Fidelity Investments (5.2%), Norges Bank (3.4%) and 
Vitruvian Partners (3.3%). 
As of 30 September 2023, the number of shares issued was 
179,233,563, all of which were ordinary shares.  
PARENT COMPANY 
The Parent Company’s net sales amounted to SEK 1.7 million 
(1.9) for the quarter and SEK 5.7 million (5.7) for the first nine 
months of the year. The Parent Company posted an 
operating loss of SEK -18.9 million (-20.1) for the quarter and 
SEK -56.7 million (-65.1) for the first nine months of the year. 
Outstanding incentive programmes were charged to Parent 
Company earnings for the quarter in an amount of SEK 0.0 
million (-0.5). The Parent Company’s cash and cash 
equivalents totalled SEK 33.6 million at the end of the 
reporting period, compared with SEK 8.9 million at the 
beginning of the year.

===== SIDA 20 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 20 
Malmö, 26 October 2023 
 
 
Gustaf Öhrn 
President and CEO 
 
 
BHG Group AB (publ) 
Hans Michelsensgatan 9 
SE-211 20 Malmö, Sweden 
Corporate registration number: 559077-0763 
 
This information is information that BHG Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CEST on 26 
October 2023. 
CONTACT INFORMATION 
For further information, visit www.wearebhg.com or contact: 
 
Gustaf Öhrn, President and CEO 
gustaf.ohrn@bhggroup.se 
+46 (0) 70-420 44 36 
 
 Jesper Flemme, CFO 
jesper.flemme@bhggroup.se 
+46 (0) 720-80 25 69 
   
  Jakob Nylin, Head of Investor Relations 
jakob.nylin@bhggroup.se 
+46 (0) 760-48 02 38 
 
CONFERENCE CALL IN CONNECTION WITH PUBLICATION OF THE INTERIM REPORT 
Gustaf Öhrn, President and CEO, and Jesper Flemme, CFO, will hold a conference call at 10:00 a.m. 
on Thursday, 26 October in connection with the publication of the interim report.  
The call will be held in English. Use the following link to participate in the webcast: 
https://ir.financialhearings.com/bhg-q3-report-2023. There will be an opportunity to ask questions in 
writing at the webcast. If you wish to ask questions verbally during the conference call, please register 
via the following link: https://conference.financialhearings.com/teleconference/?id=5007900. Once 
you have registered you will receive a telephone number and conference ID to log in to the 
conference. There will be an opportunity to ask questions verbally at the webcast. 
 
The presentation will be available from the Group’s website: 
https://www.wearebhg.com/investors/presentations/. 
 
INTERIM REPORTS ON WWW.WEAREBHG.COM 
The full interim report for the period January-September 2023 and previous interim and year-end 
reports are available at https://www.wearebhg.com/investors/financial-reports/. 
 
FINANCIAL CALENDAR 
26 January 2024 Year-end report January-December 2023 
25 April 2024 Interim report January-March 2024 
6 May 2024 Annual General Meeting 
18 July 2024 Interim report January-June 2024 
24 October 2024 Interim report January-September 2024

===== SIDA 21 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 21 
Auditor’s report 
 
BHG Group AB, corp. reg. no. 559077-0763 
INTRODUCTION 
We have reviewed the condensed interim financial information (interim report) of BHG Group AB as of 30 September 2023 and 
the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of 
the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to 
express a conclusion on this interim report based on our review. 
SCOPE OF REVIEW 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim 
Report Performed by the Independent Auditor of the Entity.  A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially 
less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally 
accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we 
would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit 
opinion.  
CONCLUSION 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all 
material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish 
Annual Accounts Act, regarding the Parent Company. 
 
Malmö, 26 October 2023 
 
Öhrlings PricewaterhouseCoopers AB 
 
 
Eric Salander     Vicky Johansson 
Authorized Public Accountant    Authorized Public Accountant 
Auditor in charge

===== SIDA 22 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 22 
Condensed consolidated income 
statement 
 
* The formula for earnings per share is as follows: earnings per share = net profit/loss for the period/( average number of ordinary shares outstanding + 
dilution effect due to outstanding warrants and share savings programmes). At the end of the period, there was a total of 8,2 63,660 (3,602,006) 
warrants and share awards under the share saving programme outst anding, of which 0 (0) had a dilution effect during the quarter and 0 (248,378) had 
a dilution effect during the first nine months of the year.  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 2,861.9 3,106.7 8,961.4 10,125.7 13,433.6
Other operating income 5.0 2.6 14.0 17.1 17.1
Total net sales 2,866.9 3,109.3 8,975.5 10,142.8 13,450.7
Cost of goods sold -2,194.2 -2,735.3 -6,754.2 -7,936.9 -10,452.5
Personnel costs -247.3 -264.6 -812.4 -835.5 -1,142.3
Other external costs and operating expenses -327.1 -330.3 -1,034.1 -1,108.8 -1,480.4
Other operating expenses -1,193.9 -0.9 -1,193.8 -6.4 -10.8
Depreciation and amortisation of tangible and 
intangible fixed assets -203.7 -139.6 -511.6 -395.4 -548.5
Operating income -1,299.3 -361.5 -1,330.6 -140.1 -183.9
Profit/loss from financial items -68.1 185.7 -153.6 302.1 165.6
Profit before tax -1,367.4 -175.8 -1,484.2 162.0 -18.3
Income tax 67.2 92.0 91.1 58.9 64.1
Profit for the period -1,300.2 -83.8 -1,393.1 220.9 45.7
Attributable to:
Equity holders of the parent -1,308.8 -87.1 -1,404.9 213.7 34.1
Non-controlling interest 8.7 3.4 11.8 7.2 11.7
Net income for the period -1,300.2 -83.8 -1,393.1 220.9 45.7
Earnings per share before dilution, SEK -7.30 -0.62 -7.84 1.61 0.25
Earnings per share after dilution, SEK -7.30 -0.62 -7.84 1.61 0.25
Jul-Sep Jan-Sep

===== SIDA 23 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 23 
Condensed consolidated statement of 
comprehensive income 
 
* The average number of shares before and after dilution differs for the comparative period because the exercise price for one of the outstanding 
employee warrant programmes is less than the average share price during the first nine months of the year and the full year, respectively.  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Profit for the period -1,300.2 -83.8 -1,393.1 220.9 45.7
Other comprehensive income
Items that subsequently could be reclassified 
to profit or loss
Translation differences for the period -107.4 27.3 -41.4 79.5 106.4
Other comprehensive income for the period -107.4 27.3 -41.4 79.5 106.4
Total comprehensive income for the period -1,407.6 -56.4 -1,434.4 300.4 152.1
Total comprehensive income attributable to:
Parent Company shareholders -1,418.0 -60.9 -1,451.5 290.1 136.2
Non-controlling interest 10.4 4.5 17.1 10.3 15.9
Total comprehensive income for the period -1,407.6 -56.4 -1,434.4 300.4 152.1
Shares outstanding at period's end 179,233,563 140,209,173 179,233,563 140,209,173 179,233,563
Average number of shares
Before dilution 179,233,563 140,209,173 179,233,563 132,402,772 136,793,019
After dilution 179,233,563 140,209,173 179,233,563 132,651,149 139,979,303
Jul-Sep Jan-Sep

===== SIDA 24 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 24 
Condensed consolidated statement of 
financial position 
 
31 Dec
SEKm 2023 2022 2022
Non-current assets
Goodwill 5,917.7 6,460.7 6,480.9
Other intangible fixed assets 2,450.4 2,903.0 2,879.2
Total intangible fixed assets 8,368.1 9,363.7 9,360.1
Buildings and land 20.9 21.8 21.5
Leased fixed assets 720.8 893.8 902.2
Tangible fixed assets 110.4 138.8 156.0
Financial fixed assets 16.7 12.8 15.1
Deferred tax asset 93.7 116.3 102.5
Total fixed assets 9,330.5 10,547.2 10,557.5
Current assets
Inventories 1,481.7 2,704.6 2,482.9
Current receivables 640.2 689.9 763.4
Cash and cash equivalents 768.5 692.3 477.6
Total current assets 2,890.4 4,086.8 3,723.9
Total assets 12,220.9 14,634.0 14,281.4
Equity
Equity attributable to owners of the parent 6,546.0 6,725.2 7,613.8
Non-controlling interest 179.2 50.4 56.0
Total equity 6,725.2 6,775.6 7,669.8
Non-current liabilities
Deferred tax liability 502.5 629.6 605.2
Other provisions 38.8 32.0 22.1
Non-current interest-bearing liabilites to credit institutions 1,989.4 2,816.9 2,009.3
Non-current lease liabilities 490.6 571.2 566.3
Non-current acquistion related interest-bearing liabilities 343.3 1,011.6 816.7
Total non-current liabilities 3,364.6 5,061.3 4,019.5
Current liabilities
Current lease liabilities 277.0 301.5 311.4
Current acquistion related interest-bearing liabilities 26.5 386.7 437.5
Other current liabilities 1,827.7 2,108.9 1,843.1
Total current liabilities 2,131.2 2,797.1 2,592.0
Total equity and liabilities 12,220.9 14,634.0 14,281.4
30 Sep

===== SIDA 25 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 25 
Condensed consolidated statement of 
cash flows  
 
* Adjustments for items not included in cash flow consist of capital loss divestment of operations of SEK 1,117.8 million, chan ge in obsolescence provision 
of SEK -64,1 million, change in other provisions of SEK 16,9 million and other items of SEK - 4,8 million. For the first nine months of the year regards SEK 
1,117.2 million capital loss divestment of operations, SEK - 167,2 million change in obsolescence provisions, SEK 17,0 million change in other provisions 
and SEK 3,2 million other items.   
Jan-Dec
SEKm 2023 2022 2023 2022 2022
EBITDA -1,022.5 -221.2 -747.0 255.5 369.2
Adjustments for items not included in cash 
flow* 1,065.9 382.3 963.8 379.6 369.2
Income tax paid -6.3 -27.9 -93.2 -195.3 -216.2
Cash flow from operating activities before 
changes in working capital 37.0 133.3 123.6 439.8 522.2
Changes in working capital 186.7 -266.2 1,077.8 -612.8 -627.9
Cash flow from operating activites 223.7 -133.0 1,201.3 -173.1 -105.6
Investments in operations -303.3 -43.4 -467.1 -254.3 -257.7
Redemption of loan to seller upon acquisition 
of operations - - - -6.9 -6.9
Investments in other non-current assets -39.0 -41.5 -123.5 -140.0 -198.6
Divestment of operations -39.5 - -32.8 0.6 0.6
Divestment of other tangible fixed assets 1.0 0.6 3.2 1.5 2.0
Received interest 6.6 0.9 11.8 2.3 5.8
Cash flow to/from investing activities -374.1 -83.3 -608.4 -396.7 -454.9
New share issue - -0.6 80.7 988.8 1,693.8
Loans taken - 500.0 - 800.0 800.0
Amortisation of loans -77.5 -82.2 -254.6 -732.6 -1,619.7
Issue of warrants - 0.9 5.2 1.0 1.0
Interest paid -56.4 -25.2 -145.6 -64.7 -99.5
Transactions with non-controlling interest 17.4 - 17.4 - -
Dividends to non-controlling interests - - - -2.1 -10.5
Cash flow to/from financing activities -116.5 392.9 -296.9 990.3 765.1
Cash flow for the period -266.9 176.6 296.0 420.5 204.6
Cash and cash equivalents at the beginning 
of the period 1,050.3 519.9 477.6 273.5 273.5
Translation differences in cash and cash 
equivalents -14.9 -4.2 -5.1 -1.7 -0.5
Cash and cash equivalents at the end of the 
period 768.5 692.3 768.5 692.3 477.6
Jul-Sep Jan-Sep

===== SIDA 26 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 26 
Condensed consolidated statement of 
changes in equity 
 
* The proceeds from the new issue for 2022 are recognised  net after a deduction for transaction costs of SEK 31.2 million for the full year and a tax effect 
of SEK -6.4 million. The new issues in the fourth quarter of 2022 were carried out in two stages: a first issue of 39,024,390 shares on 6 December 2022 
and a second issue of 3,972,097 shares on 30 December 2022 after a resolution by the Extraordinary General Meeting. The Group rec eived proceeds 
of SEK 81.4 million for the shares issued on 30 December 2022 during the first quarter of 2023. Transaction costs of  SEK 0.9 million and a tax effect of 
SEK -0.2 million were subsequently added, which resulted in a corresponding difference between the statement of changes in equity and the 
statement of cash flows. 
  
31 Dec
SEKm 2023 2022 2022
Opening balance 7,669.8 5,256.3 5,256.3
Comprehensive income for the period -1,434.4 300.4 152.1
Transactions with non-controlling interests 29.3 22.5 22.5
New share issues* -0.7 988.8 1,775.2
Issue of warrants 8.1 7.1 8.5
Dividends to non-controlling interests - -12.6 -12.6
Remeasurement of liabilities to non-controlling interests 453.2 213.1 467.8
Closing balance 6,725.2 6,775.6 7,669.8
30 Sep

===== SIDA 27 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 27 
Notes 
NOTE 1 ACCOUNTING POLICIES 
This report has been prepared by applying the rules of IAS 34 Interim Financial Reporting and applicable regulations contained 
in the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 
9 Interim Reports of the Swedish Annual Accounts Act. For the Group and the Parent Company, the same accounting policies 
and estimation techniques have been applied as in the 2022 Annual Report. The Group received support in accordance with the 
Ordinance on Electricity Support for Businesses (2023:223) during the quarter. The support is recognised as Other operating 
income. During the third quarter, the Group launched a restructuring programme in the Value Home segment that resulted in 
certain operations in the segment being divested or discontinued. The restructuring has not been recognised as a discontinued 
operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations since the divested and 
discontinued operations did not comprise separate lines of business and were not deemed to be major geographic areas of 
operation. 
The Group also applies the European Securities and Markets Authority’s (ESMA) guidelines for alternative performance 
measures. Definitions of alternative performance measures can be found in the relevant reconciliations on pages 35–47 of this 
report. 
The interim information on pages 1–19 is an integrated part of this financial report. 
NOTE 2 SEASONAL VARIATIONS 
The Group’s operations are impacted by seasonal variations’ effect on demand, especially for building products and outdoor 
furniture. Due to the effect of weather on demand, the Group’s sales and cash flow are usually highest in the second quarter. 
The third and fourth quarters are generally equal in terms of sales, with demand in the third quarter being impacted by the 
weather and demand in the fourth quarter growing as the importance of Black Week increased. Demand, and consequently the 
Group’s sales, have historically been lowest in the first quarter. Although seasonal variations do not normally affect the Group’s 
relative earnings and cash flow from year to year, earnings and cash flow may be impacted in years with extremely mild or severe 
weather conditions, or with very high or low rainfall. Weather conditions may also have a significant impact on individual 
quarters.

===== SIDA 28 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 28 
NOTE 3 SEGMENTS 
 
* The Group’s other operations primarily consist of Group -wide functions and financing arrangements. Accordingly, net sales consist in all material 
aspects of management fees. 
 
 
 
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales
Home Improvement 1,420.1 1,646.5 4,382.9 5,234.8 6,856.3
Value Home 1,004.0 1,052.1 3,228.4 3,583.1 4,558.7
Premium Living 452.0 426.1 1,418.5 1,446.3 2,172.1
Total net sales 2,876.2 3,124.6 9,029.9 10,264.2 13,587.2
Other* 7.0 7.0 25.1 21.5 30.4
Eliminations -21.3 -25.0 -93.5 -159.9 -183.9
Group consolidated total 2,861.9 3,106.7 8,961.4 10,125.7 13,433.6
Revenue from other segments
Home Improvement 1.5 2.8 5.1 6.7 9.4
Value Home 12.8 15.2 63.2 131.7 144.1
Premium Living 0.1 - 0.1 - -
Other* 7.0 7.0 25.1 21.5 30.4
Total 21.3 25.0 93.5 159.9 183.9
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Operating income and profit before tax
Home Improvement -0.7 -88.3 -17.2 23.9 67.1
Value Home -1,278.0 -245.6 -1,255.2 -134.9 -199.8
Premium Living -1.2 -5.1 9.0 42.0 38.7
Total operating income -1,279.9 -339.0 -1,263.4 -68.9 -93.9
Other* -19.3 -22.5 -67.2 -71.3 -89.9
Group consolidated operating income -1,299.3 -361.5 -1,330.6 -140.1 -183.9
Financial net -68.1 185.7 -153.6 302.1 165.6
Group consolidated profit before tax -1,367.4 -175.8 -1,484.2 162.0 -18.3
Jul-Sep Jan-Sep
Jul-Sep Jan-Sep
SEKm
Home 
Improve-
ment % 
Value 
Home % 
Premium 
living % Other 
Elim-
ination Group % 
Sweden 922.8 65.0% 360.7 35.9% 210.6 46.6% 7.0 -19.8 1,481.4 51.8%
Finland 348.6 24.5% 46.2 4.6% 13.5 3.0% - -0.4 407.9 14.3%
Denmark 71.8 5.1% 117.1 11.7% 14.3 3.2% - - 203.2 7.1%
Norway 58.4 4.1% 87.4 8.7% 51.0 11.3% - - 196.8 6.9%
Germany 3.0 0.2% 132.8 13.2% 60.9 13.5% - - 196.8 6.9%
Rest of Europe 15.5 1.1% 259.8 25.9% 75.2 16.6% - -1.2 349.2 12.2%
Rest of World - - - - 26.5 5.9% - - 26.5 0.9%
Net sales 1,420.1 100% 1,004.0 100% 452.0 100% 7.0 -21.3 2,861.9 100%
Jul-Sep 2023

===== SIDA 29 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 29 
 
 
 
 
 
 
 
 
SEKm
Home 
Improve-
ment % 
Value 
Home % 
Premium 
living % Other 
Elim-
ination Group % 
Sweden 1,094.4 66.5% 455.3 43.3% 227.5 53.4% 7.0 -23.7 1,760.5 56.7%
Finland 402.0 24.4% 36.3 3.5% 9.2 2.1% - -0.3 447.2 14.4%
Denmark 73.0 4.4% 124.4 11.8% 9.4 2.2% - - 206.8 6.7%
Norway 66.4 4.0% 70.4 6.7% 50.3 11.8% - - 187.0 6.0%
Germany 2.2 0.1% 112.9 10.7% 56.0 13.1% - - 171.1 5.5%
Rest of Europe 8.4 0.5% 252.8 24.0% 50.0 11.7% - -1.1 310.2 10.0%
Rest of World - - - - 23.8 5.6% - - 23.8 0.8%
Net sales 1,646.5 100% 1,052.1 100% 426.1 100% 7.0 -25.0 3,106.7 100%
Jul-Sep 2022
SEKm
Home 
Improve-
ment % 
Value 
Home % 
Premium 
living % Other 
Elim-
ination Group % 
Sweden 2,859.5 65.2% 1,208.0 37.4% 668.1 47.1% 25.1 -89.0 4,671.8 52.1%
Finland 1,067.5 24.4% 141.4 4.4% 38.3 2.7% - -1.0 1,246.2 13.9%
Denmark 227.4 5.2% 358.0 11.1% 40.6 2.9% - - 626.0 7.0%
Norway 183.7 4.2% 275.5 8.5% 142.9 10.1% - - 602.1 6.7%
Germany 9.1 0.2% 478.7 14.8% 224.8 15.8% - - 712.6 8.0%
Rest of Europe 35.8 0.8% 766.8 23.8% 218.5 15.4% - -3.5 1,017.5 11.4%
Rest of World - - - - 85.2 6.0% - - 85.2 1.0%
Net sales 4,382.9 100% 3,228.4 100% 1,418.5 100% 25.1 -93.5 8,961.4 100%
Jan-Sep 2023
SEKm
Home 
Improve-
ment % 
Value 
Home % 
Premium 
living % Other 
Elim-
ination Group % 
Sweden 3,525.3 67.3% 1,603.8 44.8% 769.9 53.2% 21.5 -154.9 5,765.6 56.9%
Finland 1,204.3 23.0% 110.4 3.1% 31.7 2.2% - -0.3 1,346.2 13.3%
Denmark 251.7 4.8% 396.0 11.1% 33.0 2.3% - - 680.6 6.7%
Norway 208.8 4.0% 214.1 6.0% 165.6 11.5% - - 588.4 5.8%
Germany 12.7 0.2% 502.2 14.0% 198.6 13.7% - - 713.5 7.0%
Rest of Europe 32.0 0.6% 756.6 21.1% 162.9 11.3% - -4.8 946.8 9.4%
Rest of World - - - - 84.6 5.9% - - 84.6 0.8%
Net sales 5,234.8 100% 3,583.1 100% 1,446.3 100% 21.5 -159.9 10,125.7 100%
Jan-Sep 2022
SEKm
Home 
Improve-
ment % 
Value 
Home % 
Premium 
living % Other 
Elim-
ination Group % 
Sweden 4,624.1 67.4% 1,760.4 38.6% 1,080.1 49.7% 30.4 -176.6 7,318.4 54.5%
Finland 1,580.9 23.1% 222.9 4.9% 50.6 2.3% - -0.6 1,853.9 13.8%
Denmark 311.3 4.5% 520.9 11.4% 49.7 2.3% - - 881.8 6.6%
Norway 281.9 4.1% 428.1 9.4% 270.5 12.5% - - 980.5 7.3%
Germany 16.8 0.2% 538.2 11.8% 337.3 15.5% - -0.6 891.6 6.6%
Rest of Europe 41.3 0.6% 1,088.1 23.9% 261.5 12.0% - -6.2 1,384.7 10.3%
Rest of World - - - - 122.6 5.6% - - 122.6 0.9%
Net sales 6,856.3 100% 4,558.7 100% 2,172.1 100% 30.4 -183.9 13,433.6 100%
Full-year 2022

===== SIDA 30 =====

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BHG GROUP AB (PUBL) | 559077-0763 30 
NOTE 4 DISCLOSURES ON ACQUISITIONS 
 
NOTE 5 FAIR VALUE 
Financial assets and financial liabilities measured at fair value in the consolidated statement of financial position comprise 
acquisition-related liabilities and currency forwards. The carrying amount for all financial assets and financial liabilities is deemed 
to be a reasonable approximation of the fair values of the items. 
Acquisition-related interest-bearing liabilities 
Acquisition-related interest-bearing liabilities pertain to contingent and deferred considerations attributable to the Group’s 
acquisitions and liabilities to non-controlling interests. These are included in Level 3 of the valuation hierarchy, meaning the 
level applicable for assets and liabilities that are considered illiquid and difficult to value, and for which inputs for measuring fair 
value are unobservable inputs in the market. The fair value of contingent considerations is calculated by discounting future cash 
flows with a risk-adjusted discount interest rate. Expected cash flows are forecast using probable scenarios for future EBITDA 
levels, amounts that will result from various outcomes and the probability of those outcomes. The table below shows the 
carrying amounts for the Group’s acquisition-related interest-bearing liabilities. 
 
Currency forwards 
The Group recognises currency forwards at fair value, which as of 30 September 2023 was SEK 0.2 million (2.6), of which SEK 
0.2 million (2.6) comprised assets and SEK 0.0 million (0.0) comprised liabilities for the Group. The currency forwards are 
measured based on a discount comprising the difference between the contracted forward rate and the actual forward rate for a 
currency forward maturing on the same date. This measurement is included in Level 2 of the valuation hierarchy. 
NOTE 6 RELATED-PARTY TRANSACTIONS 
Transactions between BHG Group AB and its subsidiaries have been eliminated in the consolidated financial statements. 
All transactions between related parties have been conducted on commercial terms, on an arm’s length basis. 
  
SEKm
Net 
identifiable 
assets and 
liabilities Goodwill 
Purchase 
price 
Cash and 
cash 
equivalent
s 
Contingent/ 
deferred 
purchase price, 
vendor loans 
Net cash 
flow 
Acquisition of non-controlling interests
Acquisition of shares in LampGallerian Växjö AB - - - - - -42.8
Acquisition of shares in IP-Agency Oy - - - - - -55.9
Acquisition of shares in Arc E-commerce AB - - - - - -70.6
Contingent consideration
Additional purchase price, Navitek Oy - - - - - -3.2
Additional purchase price, Hyma Skog & Trädgård AB - - - - - -268.0
Additional purchase price, Lindström & Sondén AB - - - - - -11.8
Additional purchase price, E. Svenssons i Lammhult AB - - - - - -13.1
Additional purchase price, Nordiska Fönster i 
Ängelholm AB - - - - - -1.5
- - - - - -467.1
2023
31 Dec
SEKm 2023 2022 2022
Reported value on the opening date 1,254.2 2,121.7 2,121.7
Recognition in profit or loss 7.1 -375.0 -271.6
Recognised in equity -426.2 -170.7 -414.9
Utilised amount -465.2 -218.6 -222.0
Acquisition value at cost - 40.9 41.0
Reported value on the closing date 369.8 1,398.3 1,254.2
30 Sep

===== SIDA 31 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 31 
NOTE 7 RISKS AND UNCERTAINTIES 
There are several strategic, operational and financial risks and uncertainties that can affect the Group’s financial results and 
position. Most risks can be managed through internal procedures, while others are largely driven by external factors. There are 
risks and uncertainties related to IT and management systems, suppliers, season and weather variations and exchange rates, 
while other risks and uncertainties may also arise in the case of new competition, changed market conditions or changed 
consumer behaviour for online sales. The Group is also exposed to interest-rate risk.  
During the past 12 months, the Group has strengthened its systems and processes in order to minimise risks related to cyber 
security. 
Other than the changes below, no significant changes to the Group’s risks and uncertainties are deemed to have taken place 
compared with what is stated on pages 31–32 of the 2022 Annual Report. 
Renegotiated loan terms  
As stated on page 32 of the 2022 Annual Report, BHG made the assessment that it could not be precluded that profitability 
could reach a level in 2023 whereby BHG would risk not meeting the terms of the financial covenants in the Group’s credit 
facilities. During the second quarter of 2023, BHG reached an agreement with its lenders that meant that existing financial 
covenants concerning the leverage ratio and interest coverage ratio were replaced by new financial covenants concerning 
earnings and liquidity during the period from 30 June 2023 through 31 March 2024. During the relief period, the pricing of the 
loans will be adjusted while BHG will pledge certain tangible assets as collateral.  
The total credit facilities amount to SEK 3,300 million divided between a term loan, a revolving credit facility and a bank 
overdraft facility, of which SEK 2,000 million had been utilised as of 30 September 2023. The current facilities expire in May 
2025, with the option for BHG to extend them until May 2026. As of 30 September 2023, the Group had fulfilled the financial 
covenants in its credit facilities.

===== SIDA 32 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 32 
Condensed Parent Company income 
statement 
 
A statement of other comprehensive income has not been prepared since the Parent Company did not conduct any 
transactions recognised as other comprehensive income. 
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 1.7 1.9 5.7 5.7 8.3
Total net sales 1.7 1.9 5.7 5.7 8.3
Personnel cost -11.8 -16.4 -44.0 -41.0 -56.3
Other external costs -8.7 -5.5 -18.1 -28.1 -33.1
Other operating expenses - - - -1.5 -1.5
Depreciation and amortisation of tangible and 
intangible fixed assets -0.1 -0.1 -0.2 -0.2 -0.2
Operating income -18.9 -20.1 -56.7 -65.1 -82.9
Profit/loss from financial items -31.9 4.1 -60.9 15.3 5.3
Group contributions - - - - 83.6
Profit/loss before tax -50.7 -16.0 -117.6 -49.8 6.0
Income tax 9.7 3.3 23.5 10.1 -0.3
Profit/loss for the period -41.0 -12.7 -94.1 -39.7 5.7
Jul-Sep Jan-Sep

===== SIDA 33 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 33 
Condensed Parent Company balance 
sheet 
 
31 Dec
SEKm 2023 2022 2022
Non-current assets
Other intangible fixed assets 0.5 0.8 0.7
Total intangible fixed assets 0.5 0.8 0.7
Financial fixed assets 7.7 - -
Participations in Group companies 3,678.3 3,678.3 3,678.3
Long-term receivables from Group companies 4,805.5 4,945.5 4,805.5
Deferred tax asset 5.8 - 0.1
Total fixed assets 8,497.8 8,624.6 8,484.6
Current assets
Short-term receivables 28.3 31.5 112.4
Short-term receivables from Group companies 119.1 61.4 145.7
Cash and cash equivalents 33.6 13.2 8.9
Total current assets 181.0 106.0 267.1
Total assets 8,678.7 8,730.5 8,751.7
Equity
Restricted equity 5.4 4.2 5.4
Unrestriced equity 6,620.2 5,884.0 6,714.7
Total equity 6,625.5 5,888.3 6,720.0
Untaxed reserves 20.0 28.6 20.0
Other provisions 0.1 - -
Non-current interest-bearing liabilites to credit institutions 1,989.4 2,794.8 1,988.2
Total non-current liabilities 1,989.5 2,794.8 1,988.2
Current liabilities
Other current liabilities 43.7 18.9 23.4
Total current liabilities 43.7 18.9 23.4
Total equity and liabilities 8,678.7 8,730.5 8,751.7
30 Sep

===== SIDA 34 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 34 
Key ratios 
 
 Q3 Q2 Q1 Jan-Sep Q4 Q3 Q2 Q1 Jan-Dec
THE GROUP
Net sales growth (%) -7.9 -10.9 -15.9 -11.5 -5.1 1.5 10.1 21.1 6.1
Organic growth (%) -7.5 -10.8 -16.8 -11.2 -3.7 -5.3 -8.1 0.6 -5.0
Proforma organic growth (%) -7.5 -10.7 -15.5 -11.2 -5.5 -6.8 -7.4 3.0 -4.5
Adjusted gross profit beofre direct selling costs (%) 37.3 38.3 37.8 37.8 37.6 37.3 37.6 39.7 38.0
Adjusted gross profit (%) 24.0 25.8 24.5 24.8 24.3 24.0 25.0 27.1 25.1
Adjusted EBIT (%) 0.4 2.8 -2.6 0.5 0.9 1.5 4.2 4.3 2.8
Earnings per share before dilution, SEK -7.30 0.12 -0.66 -7.84 -1.20 -0.62 1.44 0.89 0.25
Earnings per share after dilution, SEK -7.30 0.12 -0.66 -7.84 -1.20 -0.62 1.43 0.88 0.25
Equity/assets ratio % 55.0 52.6 52.7 55.0 53.7 46.3 45.1 37.2 53.7
Net debt (+) / Net cash (-) 1,231.5 968.8 1,429.3 1,231.5 1,543.4 2,129.8 1,803.2 2,319.3 1,543.4
Cash flow from operating activites (SEKm) 223.7 766.8 210.8 1,201.3 67.5 -133.0 -161.8 121.7 -105.6
Visits (thousands) 74,041 79,955 82,238 236,234 92,138 80,185 92,921 99,832 365,076
Orders (thousands) 1,103 1,220 1,016 3,339 1,523 1,117 1,227 1,166 5,033
Average order value (SEK) 2,639 2,914 2,599 2,727  2,134 2,815 3,121 2,866 2,695
Home Improvement
Net sales growth (%) -13.7 -13.7 -22.4 -16.3 -5.9 -1.3 10.0 27.4 6.1
Organic growth (%) -12.9 -12.7 -22.1 -15.5 -7.8 -7.9 -7.3 0.6 -5.2
Proforma organic growth (%) -12.9 -12.7 -21.8 -15.5 -7.2 -7.4 -7.4 6.5 -4.5
Adjusted gross profit beofre direct selling costs (%) 31.5 31.6 31.1 31.4 33.9 31.7 31.4 32.4 32.3
Adjusted gross profit (%) 20.8 21.3 20.6 20.9 23.9 21.3 21.1 22.7 22.2
Adjusted EBIT (%) 1.9 3.3 -3.7 0.9 4.7 3.5 4.4 3.5 4.0
Visits (thousands) 24,635 31,264 25,113 81,011 28,719 31,183 34,776 33,844 128,523
Orders (thousands) 533 614 431 1,578 590 546 600 519 2,256
Average order value (SEK) 2,695 2,878 2,830 2,803  2,485 3,018 3,321 3,282 3,020
Value Home
Net sales growth (%) -4.6 -10.7 -13.9 -9.9 -8.4 -0.1 6.2 3.3 0.6
Organic growth (%) -4.4 -10.6 -14.4 -8.8 3.0 -8.3 -15.7 6.6 -2.6
Proforma organic growth (%) -4.4 -11.4 -13.9 -8.6 -7.5 -13.6 -12.6 -8.5 -10.8
Adjusted gross profit beofre direct selling costs (%) 45.4 46.2 44.4 45.4 43.2 44.9 44.5 47.2 45.0
Adjusted gross profit (%) 29.5 31.7 29.6 30.4 27.4 28.1 30.0 33.0 29.7
Adjusted EBIT (%) -0.4 3.9 -2.0 0.9 -3.9 -0.7 4.3 5.5 1.7
Visits (thousands) 30,654 32,028 34,581 97,263 32,541 32,952 42,508 47,952 155,953
Orders (thousands) 244 286 230 760 283 273 316 291 1,163
Average order value (SEK) 4,030 4,410 3,969 4,154  3,391 3,765 4,219 3,690 3,779
Premium Living
Net sales growth (%) 6.1 -3.7 -6.7 -1.9 -2.1 14.9 27.0 70.3 20.1
Organic growth (%) 6.1 -3.7 -6.7 -1.9 -2.1 14.9 14.1 26.9 -14.5
Proforma organic growth (%) 6.1 -3.7 -6.7 -1.9 -2.1 14.9 18.2 36.9 13.5
Adjusted gross profit beofre direct selling costs (%) 36.2 39.6 40.3 38.8 37.6 39.0 38.8 40.9 39.0
Adjusted gross profit (%) 21.4 25.0 23.7 23.4 20.9 23.8 23.7 24.6 23.0
Adjusted EBIT (%) 1.0 2.0 2.4 1.8 1.4 2.9 5.2 6.3 3.7
Visits (thousands) 18,752 16,663 22,544 57,960 30,878 16,050 15,637 18,036 80,600
Orders (thousands) 325 321 355 1,001 649 298 311 356 1,614
Average order value (SEK) 1,504 1,647 1,429 1,523  1,266 1,574 1,617 1,584 1,460
2023 2022

===== SIDA 35 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 35 
Relevant reconciliations of non-IFRS 
alternative performance measures (APMs) 
Some of the data stated in this report, as used by management and analysts for assessing the Group’s development, is not 
defined in accordance with IFRS. Management is of the opinion that this data makes it easier for investors to analyse the 
Group’s development, for the reasons stated below. Investors should regard this data as a complement rather than a 
replacement for financial information presented in accordance with IFRS. The Group’s definitions of these performance 
measures may differ from similarly named measures reported by other companies. 
ADJUSTED EBIT, ADJUSTED EBITDA AND ADJUSTED GROSS PROFIT 
Adjusted EBIT corresponds to operating income excluding amortisation of acquisition-related intangible assets, gains/losses on 
sales of fixed assets and, where applicable, items affecting comparability. In other words, adjusted EBIT, in accordance with the 
accounting rules, includes all depreciation and amortisation of tangible and intangible assets attributable to the business. The 
difference between adjusted EBIT and EBIT is that the amortisation which arises as a result of the accounting treatment of 
purchase price allocations in conjunction with acquisitions is added back to adjusted EBIT.  
Using the estimation technique for adjusted EBIT facilitates the understanding of the Group’s earnings and profit, since 
adjusted EBIT provides a correct picture of the Group’s operating income, without deduction of the accounting-related 
amortisation arising due to the acquisition analyses in conjunction with the acquisitions (which are not related to the underlying 
operations). Furthermore, the measure simplifies peer comp analysis of companies that do not make acquisitions, while analysis 
and assessment of acquisition candidates becomes clearer and more transparent, since their EBIT contribution will then 
correspond to their actual contribution to the Group after consolidation. It is also important to note that the effect of 
acquisitions is already reflected in the Group’s capital structure and net debt, in accordance with generally accepted accounting 
practices. 
Adjusted gross profit and adjusted EBITDA correspond to gross profit and EBITDA adjusted for items affecting comparability.

===== SIDA 36 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 36 
Group 
Reconciliation between operating income & adjusted EBITDA 
 
  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Operating income -1,299.3 -361.5 -1,330.6 -140.1 -183.9
Costs related to LTIP 0.4 - 10.4 - -
Donation UNHCR - - - 1.5 1.5
Acquisition-related costs 2.0 1.0 4.0 12.9 12.9
Warehouse consolidation - - - 2.1 2.1
Strategy work - 3.1 - 12.5 12.5
Inventory impairment - 374.6 - 374.6 375.8
Salary expense for gardening leave 0.4 5.5 3.5 5.5 21.9
Impairment and restoreation costs when closing stores - - - - 7.8
Disposal of intangible assets when liquidating operations - - - - 5.1
Impairment of inventory when liquidating operations - - - - 10.1
Recieved electricity support for business - - -4.9 - -
Impaiment IT platform 65.6 - 65.6 - -
Impairment due to restructuring 79.3 - 79.3 - -
Resuructuring costs 21.5 - 21.5 - -
Capital losses disposal of operations 1,117.8 - 1,117.8 - -
Total items affecting comparability 1,287.1 384.1 1,297.3 409.0 449.7
Amortisation of acquisition-related intangible fixed assets 24.7 25.2 75.3 75.4 100.6
Scrapping of acquired brands when sites are discontinued - - - - 8.6
Adjusted EBIT 12.5 47.8 42.0 344.2 374.9
Adjusted EBIT (%) 0.4 1.5 0.5 3.4 2.8
Depreciation and amortisation of tangible and intangible fixed assets 125.2 114.5 382.5 320.0 438.7
Gain/loss from sale of fixed assets 1.4 0.6 0.4 0.2 0.2
Adjusted EBITDA 139.1 162.9 424.8 664.5 813.8
Adjusted EBITDA (%) 4.9 5.2 4.7 6.6 6.1
Jul-Sep Jan-Sep

===== SIDA 37 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 37 
Reconciliation between gross profit & adjusted gross profit 
 
 
Reconciliation of selling, general and administrative expenses (SG&A) 
 
  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 2,861.9 3,106.7 8,961.4 10,125.7 13,433.6
Cost of goods -1,815.1 -2,322.6 -5,590.5 -6,640.4 -8,717.4
Gross profit before direct selling costs 1,046.8 784.1 3,370.9 3,485.3 4,716.3
Gross profit before direct selling costs (%) 36.6 25.2 37.6 34.4 35.1
Direct selling costs -379.1 -412.7 -1,163.7 -1,296.5 -1,735.1
Gross profit 667.7 371.4 2,207.2 2,188.8 2,981.1
Gross profit (%) 23.3 12.0 24.6 21.6 22.2
Inventory impairment - 374.6 - 374.6 375.8
Impairment and restoreation costs when closing stores - - - - 1.3
Impairment due to restructuring 19.5 - 19.5 - -
Impairment of inventory when liquidating operations - - - - 10.1
Adjusted gross profit before direct selling costs 1,066.3 1,158.7 3,390.4 3,860.0 5,103.5
Adjusted gross profit before direct selling costs (%) 37.3 37.3 37.8 38.1 38.0
Adjusted gross profit 687.2 746.0 2,226.7 2,563.4 3,368.4
Adjusted gross profit (%) 24.0 24.0 24.8 25.3 25.1
Jul-Sep Jan-Sep
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Personnel costs -247.3 -264.6 -812.4 -835.5 -1,142.3
Other external costs and operating expenses -327.1 -330.3 -1,034.1 -1,108.8 -1,480.4
Total personnel costs and other external costs and operating 
expenses -574.4 -595.0 -1,846.5 -1,945.8 -2,624.3
Adjustment items affecting comparability related to personnel costs 7.4 5.5 20.2 5.5 21.8
Adjustment items affecting comparability related to other external 
costs and operating expenses 17.0 4.0 19.3 28.9 35.5
Selling, general and administrative expenses (SG&A) -550.0 -585.5 -1,807.1 -1,911.4 -2,566.9
Jul-Sep Jan-Sep

===== SIDA 38 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 38 
Home Improvement 
Reconciliation between operating income & adjusted EBITDA 
 
 
Reconciliation between gross profit & adjusted gross profit 
 
 
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Operating income -0.7 -88.3 -17.2 23.9 67.1
Acquisition-related costs 2.0 - 4.0 - -
Warehouse consolidation - - - 2.1 2.1
Inventory impairment - 131.4 - 131.4 131.6
Salary expense for gardening leave 0.4 - 2.9 - 6.5
Impairment and restoreation costs when closing stores - - - - 1.8
Disposal of intangible assets when liquidating operations - - - - 5.1
Impairment of inventory when liquidating operations - - - - 1.2
Recieved electricity support for business - - -2.5 - -
Impairment due to restructuring 11.7 - 11.7 - -
Resuructuring costs -0.5 - -0.5 - -
Total items affecting comparability 13.6 131.4 15.5 133.4 148.3
Amortisation of acquisition-related intangible fixed assets 14.4 14.4 43.1 43.1 57.5
Scrapping of acquired brands when sites are discontinued - - - - 3.2
Adjusted EBIT 27.3 57.4 41.4 200.5 276.1
Adjusted EBIT (%) 1.9 3.5 0.9 3.8 4.0
Depreciation and amortisation of tangible and intangible fixed assets 43.7 42.1 133.5 115.7 157.7
Gain/loss from sale of fixed assets 3.2 0.4 3.1 0.3 0.3
Adjusted EBITDA 74.3 99.8 178.0 316.5 434.1
Adjusted EBITDA (%) 5.2 6.1 4.1 6.0 6.3
Jul-Sep Jan-Sep
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 1,420.1 1,646.5 4,382.9 5,234.8 6,856.3
Cost of goods -978.7 -1,256.0 -3,011.1 -3,703.3 -4,776.7
Gross profit before direct selling costs 441.5 390.4 1,371.8 1,531.5 2,079.6
Gross profit before direct selling costs (%) 31.1 23.7 31.3 29.3 30.3
Direct selling costs -152.3 -170.3 -459.6 -529.4 -692.6
Gross profit 289.2 220.1 912.2 1,002.2 1,387.0
Gross profit (%) 20.4 13.4 20.8 19.1 20.2
Inventory impairment - 131.4 - 131.4 131.6
Impairment due to restructuring 5.7 - 5.7 - -
Impairment and restoreation costs when closing stores - - - - 1.3
Impairment of inventory when liquidating operations - - - - 1.2
Adjusted gross profit before direct selling costs 447.2 521.8 1,377.5 1,662.9 2,213.7
Adjusted gross profit before direct selling costs (%) 31.5 31.7 31.4 31.8 32.3
Adjusted gross profit 294.9 351.5 918.0 1,133.5 1,521.1
Adjusted gross profit (%) 20.8 21.3 20.9 21.7 22.2
Jul-Sep Jan-Sep

===== SIDA 39 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 39 
Reconciliation of selling, general and administrative expenses (SG&A) 
 
  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Personnel costs -105.6 -124.9 -365.2 -403.5 -543.4
Other external costs and operating expenses -115.2 -128.8 -381.5 -421.8 -556.8
Total personnel costs and other external costs and operating 
expenses -220.8 -253.7 -746.7 -825.3 -1,100.2
Adjustment items affecting comparability related to personnel costs 0.4 - 2.9 - 6.5
Adjustment items affecting comparability related to other external 
costs and operating expenses 1.5 - 3.5 2.1 2.7
Selling, general and administrative expenses (SG&A) -218.9 -253.7 -740.4 -823.2 -1,091.0
Jul-Sep Jan-Sep

===== SIDA 40 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 40 
Value Home 
Reconciliation between operating income & adjusted EBITDA 
 
 
Reconciliation between gross profit & adjusted gross profit 
 
 
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Operating income -1,278.0 -245.6 -1,255.2 -134.9 -199.8
Acquisition-related costs - 1.0 - 2.3 2.3
Inventory impairment - 231.7 - 231.7 232.7
Salary expense for gardening leave - - - - 1.3
Impairment and restoreation costs when closing stores - - - - 4.9
Impairment of inventory when liquidating operations - - - - 8.9
Recieved electricity support for business - - -1.8 - -
Impaiment IT platform 65.6 - 65.6 - -
Impairment due to restructuring 67.6 - 67.6 - -
Resuructuring costs 19.0 - 19.0 - -
Capital losses disposal of operations 1,117.6 - 1,117.6 - -
Total items affecting comparability 1,269.8 232.7 1,268.0 234.1 250.1
Amortisation of acquisition-related intangible fixed assets 4.6 5.1 15.0 15.1 20.3
Scrapping of acquired brands when sites are discontinued - - - - 5.3
Adjusted EBIT -3.6 -7.8 27.9 114.4 76.0
Adjusted EBIT (%) -0.4 -0.7 0.9 3.2 1.7
Depreciation and amortisation of tangible and intangible fixed assets 64.7 63.0 199.1 176.7 241.1
Gain/loss from sale of fixed assets -1.8 0.2 -2.8 -0.1 -0.1
Adjusted EBITDA 59.3 55.4 224.1 291.0 317.0
Adjusted EBITDA (%) 5.9 5.3 6.9 8.1 7.0
Jul-Sep Jan-Sep
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 1,004.0 1,052.1 3,228.4 3,583.1 4,558.7
Cost of goods -561.8 -811.2 -1,774.9 -2,186.8 -2,750.8
Gross profit before direct selling costs 442.3 240.9 1,453.6 1,396.3 1,807.9
Gross profit before direct selling costs (%) 44.0 22.9 45.0 39.0 39.7
Direct selling costs -159.8 -177.2 -485.9 -540.7 -694.5
Gross profit 282.5 63.7 967.6 855.6 1,113.4
Gross profit (%) 28.1 6.1 30.0 23.9 24.4
Inventory impairment - 231.7 - 231.7 232.7
Impairment due to restructuring 13.8 - 13.8 - -
Impairment of inventory when liquidating operations - - - - 8.9
Adjusted gross profit before direct selling costs 456.0 472.6 1,467.3 1,628.0 2,049.6
Adjusted gross profit before direct selling costs (%) 45.4 44.9 45.4 45.4 45.0
Adjusted gross profit 296.2 295.4 981.4 1,087.3 1,355.1
Adjusted gross profit (%) 29.5 28.1 30.4 30.3 29.7
Jul-Sep Jan-Sep

===== SIDA 41 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 41 
Reconciliation of selling, general and administrative expenses (SG&A) 
 
  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Personnel costs -98.9 -91.2 -292.4 -285.9 -390.4
Other external costs and operating expenses -160.7 -147.2 -488.7 -513.2 -656.9
Total personnel costs and other external costs and operating 
expenses -259.6 -238.4 -781.1 -799.2 -1,047.3
Adjustment items affecting comparability related to personnel costs 7.0 - 7.0 - 1.3
Adjustment items affecting comparability related to other external 
costs and operating expenses 12.0 1.0 12.0 2.3 7.2
Selling, general and administrative expenses (SG&A) -240.6 -237.4 -762.1 -796.8 -1,038.8
Jul-Sep Jan-Sep

===== SIDA 42 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 42 
Premium Living 
Reconciliation between operating income & adjusted EBITDA 
 
 
Reconciliation between gross profit & adjusted gross profit 
 
 
Reconciliation of selling, general and administrative expenses (SG&A) 
 
  
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Operating income -1.2 -5.1 9.0 42.0 38.7
Inventory impairment - 11.5 - 11.5 11.5
Salary expense for gardening leave - - - - 7.0
Impairment and restoreation costs when closing stores - - - - 1.1
Recieved electricity support for business - - -0.6 - -
Total items affecting comparability - 11.5 -0.6 11.5 19.6
Amortisation of acquisition-related intangible fixed assets 5.7 5.7 17.2 17.2 22.9
Adjusted EBIT 4.5 12.2 25.6 70.8 81.2
Adjusted EBIT (%) 1.0 2.9 1.8 4.9 3.7
Depreciation and amortisation of tangible and intangible fixed assets 16.1 9.0 48.2 26.4 38.1
Gain/loss from sale of fixed assets - - 0.1 - -
Adjusted EBITDA 20.7 21.2 73.9 97.1 119.4
Adjusted EBITDA (%) 4.6 5.0 5.2 6.7 5.5
Jul-Sep Jan-Sep
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 452.0 426.1 1,418.5 1,446.3 2,172.1
Cost of goods -288.3 -271.5 -868.7 -884.4 -1,337.3
Gross profit before direct selling costs 163.7 154.5 549.8 561.8 834.9
Gross profit before direct selling costs (%) 36.2 36.3 38.8 38.8 38.4
Direct selling costs -67.0 -64.8 -218.2 -225.5 -347.1
Gross profit 96.7 89.7 331.6 336.3 487.8
Gross profit (%) 21.4 21.1 23.4 23.3 22.5
Inventory impairment - 11.5 - 11.5 11.5
Adjusted gross profit before direct selling costs 163.7 166.1 549.8 573.4 846.4
Adjusted gross profit before direct selling costs (%) 36.2 39.0 38.8 39.6 39.0
Adjusted gross profit 96.7 101.2 331.6 347.9 499.4
Adjusted gross profit (%) 21.4 23.8 23.4 24.1 23.0
Jul-Sep Jan-Sep
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Personnel costs -31.5 -31.7 -103.7 -104.7 -153.1
Other external costs and operating expenses -44.5 -50.9 -154.1 -151.6 -242.4
Total personnel costs and other external costs and operating 
expenses -76.0 -82.6 -257.8 -256.3 -395.5
Adjustment items affecting comparability related to personnel costs - - - - 7.0
Adjustment items affecting comparability related to other external 
costs and operating expenses - - - - 1.1
Selling, general and administrative expenses (SG&A) -76.0 -82.6 -257.8 -256.3 -387.4
Jul-Sep Jan-Sep

===== SIDA 43 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 43 
FINANCIAL IMPACT OF RESTRUCTURING PROGRAMME  
 
* Defined as an adjustment corresponding to the amount included in the consolidated income statement for the performance period attributable to 
divested and discontinued operations. The adjustment is presented to show the effect of divested and discontinued operations on each performance 
measure and to facilitate comparisons between periods.  
** Defined as the sum of the reported performance measure and the adjustment attributable to divested and discontinued operation s. The sum shows 
what the reported performance measure would have been if the divested and discontinued operations had not been included in the consolidated 
income statement for the full period presented. The sum is presented to facilitate comparisons between periods by excluding t he earnings effects of 
the divested and discontinued operations. 
 
  
SEKm Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.** Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.** Reported 
Adj. 
divested 
comp.* 
Reported 
excl. 
divested 
comp.** 
Net sales 2,861.9 -304.1 2,557.7 8,961.4 -997.4 7,964.0 13,433.6 -1,309.6 12,124.0
Adjusted gross profit 687.2 -92.9 594.3 2,226.7 -298.6 1,928.1 3,368.4 -422.5 2,945.9
Adjusted gross margin (%) 24.0 30.5 23.2 24.8 29.9 24.2 25.1 32.3 24.3
Adjusted EBITDA 139.1 -5.7 133.4 424.8 -30.0 394.8 813.8 -50.0 763.8
Adjusted EBITDA margin (%) 4.9 1.9 5.2 4.7 3.0 5.0 6.1 3.8 6.3
Adjusted EBIT 12.5 22.9 35.4 42.0 59.0 101.0 374.9 59.3 434.3
Adjusted EBIT margin (%) 0.4 -7.5 1.4 0.5 -5.9 1.3 2.8 -4.5 3.6
Adjusted EBITDA ex. IFRS 16 43.0 20.6 63.6 137.6 49.9 187.4 493.0 44.2 537.3
Adjusted EBITDA margin ex. 
IFRS 16 (%) 1.5 -6.8 2.5 1.5 -5.0 2.4 3.7 -3.4 4.4
Jul-Sep 2023 Jan-Sep 2023 Jan-Dec 2022

===== SIDA 44 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 44 
NET DEBT/NET CASH 
Management is of the opinion that because the Group’s actual net debt/net cash corresponds to the Group’s non-current and 
current interest-bearing liabilities to credit institutions less cash and cash equivalents, investments in securities, etc. and 
transaction fees, other non-current and current interest-bearing liabilities should be excluded. The Group’s other non-current 
and current interest-bearing liabilities consist of contingent and deferred earn-outs related to acquisitions, which are subject to 
an implicit interest expense. Lease liabilities reflect the balance sheet effects of IFRS 16. 
 
31 Dec
SEKm 2023 2022 2022
Non-current interest-bearing debt 2,823.3 4,399.7 3,392.2
Short-term interest-bearing debt 303.5 688.2 748.9
Total interest-bearing debt 3,126.8 5,087.9 4,141.1
Cash and cash equivalents -768.5 -692.3 -477.6
Adjustment lease liabilities -767.6 -872.7 -877.7
Adjustment of earn-outs and deferred payments -369.8 -1,398.3 -1,254.2
Adjustment transaction costs 10.6 5.2 11.8
Net debt (+) / Net cash (-) 1,231.5 2,129.8 1,543.4
Adjusted EBITDAaL Pro-forma, LTM 287.6 620.6 491.2
Net debt (+) / Net cash (-) in relation to adjusted EBITDAaL Pro-forma, LTM 4.28x 3.43x 3.14x
Adjusted EBITDAaL Pro-forma, LTM
Adjusted EBITDA, LTM 574.2 940.2 813.8
Adjustment for IFRS 16 -374.0 -299.3 -320.8
Pro-forma adjustment fir acquired/divested businesses 87.4 -20.3 -1.8
Adjusted EBITDAaL Pro-forma, LTM 287.6 620.6 491.2
30 Sep

===== SIDA 45 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 45 
Definitions 
Performance measure Definition Reasoning 
Share turnover rate Number of shares traded during the period 
divided by the weighted-average number of 
shares outstanding before dilution. 
The share turnover rate shows the rate at which shares in 
BHG Group AB are bought and sold through trading on 
NASDAQ Stockholm. 
Number of visits Number of visits to the Group’s webstores 
during the period in question. Sessions only 
related to consumers with consent of 
cookies. 
This performance measure is used to measure customer 
activity. 
Number of orders Number of orders placed during the period in 
question. 
This performance measure is used to measure customer 
activity. 
Gross margin Gross profit as a percentage of net sales. Gross margin gives an indication of the contribution 
margin as a share of net sales. 
Gross margin before direct 
selling costs 
Gross profit before direct selling costs – 
primarily postage and fulfilment – as a 
percentage of net sales. 
An additional margin measure, complementing the fully 
loaded gross margin measure, allowing for further 
transparency. 
Gross profit Net sales less cost of goods sold. Gross profit 
includes costs directly attributable to goods 
sold, such as warehouse and transportation 
costs. Gross profit includes items affecting 
comparability. 
Gross profit gives an indication of the contribution 
margin in the operations. 
EBIT Earnings before interest, tax and acquisition-
related amortisation and impairment. 
Together with EBITDA, EBIT provides an indication of 
the profit generated by operating activities. 
EBITDA Operating income before depreciation, 
amortisation, impairment, financial net and 
tax. 
EBITDA provides a general indication as to the profit 
generated in the operations before depreciation, 
amortisation and impairment. 
EBITDA margin EBITDA as a percentage of net sales. In combination with net sales growth, the EBITDA 
margin is a useful performance measure for monitoring 
value creation. 
EBIT margin EBIT as a percentage of net sales. In combination with net sales growth, the EBIT margin is 
a useful performance measure for monitoring value 
creation. 
Average order value (AOV) Total order value (meaning Internet sales, 
postage income and other related services) 
divided by the number of orders. 
Average order value is a useful indication of revenue 
generation. 
Investments Investments in tangible and intangible fixed 
assets.  
Investments provide an indication of total investments in 
tangible and intangible assets. 
Adjusted gross margin Adjusted gross profit as a percentage of net 
sales. 
Adjusted gross margin gives an indication of the 
contribution margin as a share of net sales. 
Adjusted EBITDA EBITDA excluding items affecting 
comparability. 
This performance measure provides an indication of the 
profit generated by the Group’s operating activities. 
Adjusted EBITDA margin Adjusted EBITDA as a percentage of net 
sales. 
This performance measure is relevant to creating an 
understanding of the operational profitability generated 
by the business. 
Adjusted EBIT Adjusted EBIT corresponds to operating 
profit adjusted for amortisation and 
impairment losses on acquisition-related 
intangible assets, gain/loss from sale of fixed 
assets and, from time to time, items affecting 
comparability. 
This performance measure provides an indication of the 
profit generated by the Group’s operating activities. 
Adjusted EBIT margin Adjusted EBIT as a percentage of net sales. This performance measure provides an indication of the 
profit generated by the Group’s operating activities.

===== SIDA 46 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 46 
Performance measure Definition Reasoning 
Pro-forma adjusted 
EBITDAaL, LTM 
LTM adjusted EBITDA less depreciation of 
right-of-use assets and interest on lease 
liabilities under IFRS 16 (or “Adjusted EBITDA 
after leases”), plus adjusted EBITDAaL for 
acquired operations as though the acquired 
operations had been included in the 
consolidated income statement for the entire 
LTM period but not for the comparative 
period (pro-forma adjustment). For divested 
operations, a corresponding adjustment is 
made, meaning that adjusted EBITDAaL for 
the divested companies is excluded as 
though the divested companies were not 
included in the consolidated income 
statement for the entire LTM period but were 
included in the comparative period. 
Pro-forma adjusted EBITDAaL, LTM is a performance 
measure used to facilitate transparency and 
comparisons between periods by excluding item 
affecting comparability, correcting for acquired and 
divested operations, and including all leases as an 
operating expense rather than as 
depreciation/amortisation and interest in accordance 
with IFRS 16. The performance measures is also used as a 
denominator for Net debt (+) / Net cash (-) in relation to 
Pro-forma adjusted EBITDAaL, LTM. 
Selling, general and 
administrative expenses 
(SG&A) 
Total personnel costs and other external 
costs adjusted for items affecting 
comparability. 
The measure is relevant for showing costs for sales and 
administration during the period, thereby giving an 
indication of the efficiency of the company’s operations. 
Adjusted gross profit Net sales less cost of goods sold. Adjusted 
gross profit includes costs directly 
attributable to goods sold, such as 
warehouse and transportation costs. 
Adjusted gross profit excluding items 
affecting comparability. 
Adjusted gross profit gives an indication of the 
contribution margin in the operations. 
Items affecting 
comparability 
Items affecting comparability relate to events 
and transactions whose impact on earnings 
are important to note when the financial 
results for the period are compared with 
previous periods. Items affecting 
comparability include costs of advisory 
services in connection with acquisitions, 
costs resulting from strategic decisions and 
significant restructuring of operations, capital 
gains and losses on divestments, material 
impairment losses and other material non-
recurring costs and revenue. 
Items affecting comparability is a term used to describe 
items which, when excluded, show the Group’s earnings 
excluding items which, by nature, are of a non-recurring 
nature in the operating activities.  
Cash conversion Pre-tax cash flow from operating activities 
less investments in non-current assets 
(capex) as a percentage of adjusted EBITDA. 
Operating cash conversion enables the Group to 
monitor management of its ongoing investments and 
working capital. 
Net sales growth Annual growth in net sales calculated as a 
comparison with the preceding year and 
expressed as a percentage. 
Net sales growth provides a measure for the Group to 
compare growth between various periods and in relation 
to the overall market and competitors. 
Net debt/Net cash The sum of interest-bearing liabilities, 
excluding lease liabilities and earn-outs, less 
cash and cash equivalents, investments in 
securities, etc. and prepaid borrowing costs.  
Net debt/Net cash is a measure that shows the Group’s 
interest-bearing net debt to financial institutions. 
Net debt/Net cash in 
relation to adjusted 
EBITDAaL Pro-forma, LTM 
Net debt/Net cash divided by adjusted 
EBITDAaL Pro-forma, LTM. 
Net debt/Net cash in relation to adjusted EBITDAaL 
Pro-forma, LTM shows the Group’s capacity to repay 
debt with earnings generated by operating activities.  
Organic growth Refers to growth for comparable webstores 
and showrooms compared with the 
preceding year, including units with 
consolidated comparative data for a full 
calendar year, meaning changes in net sales 
after adjustment for acquired net sales in 
accordance with the above definition. 
Organic growth is a measure that enables the Group to 
monitor underlying net sales growth, excluding the 
effects of acquisitions.

===== SIDA 47 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 47 
Performance measure Definition Reasoning 
Pro-forma organic growth Refers to growth for comparable webstores 
and showrooms compared with the 
preceding year, including all current units 
comprising the Group, meaning including 
year-on-year growth of recent acquisitions. 
Pro-forma organic growth is a measure which includes 
the growth rates of recently acquired companies since 
joining the Group. This measure thus includes the effect 
of sales synergies as a result of acquisitions. 
Working capital Inventories and non-interest-bearing current 
assets less non-interest-bearing current 
liabilities. 
Working capital provides an indication of the Group’s 
short-term financial capacity, since it gives an indication 
as to whether the Group’s short-term assets are 
sufficient to cover its current liabilities. 
Operating margin (EBIT 
margin) 
EBIT as a percentage of net sales. In combination with net sales growth, operating margin 
is a useful measure for monitoring value creation. 
Equity/assets ratio Equity, including non-controlling interests, as 
a percentage of total assets. 
This performance measure reflects the company’s 
financial position and thus its long-term solvency. A 
favourable equity/assets ratio and strong financial 
position enable the Group to handle periods with a weak 
economic situation and provide the financial strength for 
growth. A lower equity/assets ratio entails a higher 
financial risk, but also higher financial leverage.

===== SIDA 48 =====

2023/Q3   
 
BHG GROUP AB (PUBL) | 559077-0763 48