Clas Ohlson (CLAS) Q3 25/26 earnings summary

Executive summary

• Q3 sales reached SEK 4.08 billion (4,080 MSEK), with 8% organic growth and 17% online sales growth, now 21% of total sales.

• Operating profit hit SEK 659 million (16.2% margin), both all-time Q3 highs.

• Store network expanded to 244 locations, with 8 new stores in 2025/26 and a target of 10 for 2026/27.

• Broad-based growth across prioritized consumer missions, geographies, and product niches, with high customer satisfaction.

• Strong financial position with net debt/EBITDA at -1.3, indicating a net cash position.

Financial highlights

• Net sales up 6% in Q3 (8% organic, 1% acquisitions, -2% to -3% currency effects).

• Gross margin improved to 46.8% in Q3, up from 44.9% prior year.

• EPS for Q3 was SEK 8.09; nine-month EPS at SEK 16.22, both up year-over-year.

• Free cash flow for nine months at SEK 1.5 billion (1,493 MSEK), up from 1,351 MSEK.

• Operating cash flow for nine months at SEK 2.1 billion.

Outlook and guidance

• February sales showed 9% organic growth, with Norway leading at 11%.

• Targeting approximately 10 new stores for fiscal year 2026-2027.

• Board to decide on dividend proposal in Q4; capital allocation remains focused on core investments, selective M&A, and shareholder returns.

• Monitoring currency volatility and input costs; no current price pressure observed in core markets.

• Strategic focus on needs-driven assortment and high customer satisfaction.