ITAB Shop Concept: Interim Report 9 months - 1 January-30 September 2025

ITABRegulatory press release2025-10-30 07:00

Third quarter (1 Jul-30 Sep 2025)

Net sales increased by 112 percent to MSEK 3,297 (1,553).
Currency-adjusted sales rose by 115 percent compared with the preceding year, with organic growth accounting for +8 percent and the acquisition of HMY contributing +107 percent.
Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -22 (-21) amounted to MSEK 369 (154). ²⁾
Operating profit amounted to MSEK 220 (69) and the operating margin was 6.7 percent (4.4). Operating profit was charged with non-recurring items of MSEK -22 (-21). ²⁾
Profit after financial items totalled MSEK 167 (73). Profit was charged with non-recurring items of MSEK -22 (-21). ²⁾
Profit after tax amounted to MSEK 99 (50). ²⁾
Earnings per share before and after dilution totalled SEK 0.36 (0.19). ²⁾
Cash flow from operating activities amounted to MSEK -9 (160).

Reporting period (1 Jan-30 Sep 2025)

Net sales increased by 94 percent to MSEK 9,358 (4,814).
Currency-adjusted sales rose by 97 percent compared with the preceding year, with organic growth accounting for +4 percent and the acquisition of HMY contributing +93 percent. ¹⁾
Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -116 (-21) amounted to MSEK 953 (589). ^{1, 2)}
Operating profit amounted to MSEK 466 (380) and the operating margin was 5.0 percent (7.9). Operating profit was charged with non-recurring items of MSEK -116 (-21). ^{1, 2)}
Profit after financial items totalled MSEK 288 (357). Profit was charged with non-recurring items of MSEK -119 (-21). ^{1, 2)}
Profit after tax amounted to MSEK 161 (250). ^{1, 2)}
Earnings per share before and after dilution totalled SEK 0.56 (1.09). ^{1, 2)}
Cash flow from operating activities amounted to MSEK -36 (301).
The equity/assets ratio at the end of the period was 33 percent (59).
Net debt excluding lease liabilities amounted to MSEK 3,070 (-392).

Pro forma combined financial information for the ITAB Group ³⁾

Due to the acquisition of HMY, which was completed on 31 January 2025, the 2025 reporting period and the comparative figures per quarter and for full-year 2024 are also presented on a pro forma basis to illustrate the financial effects of the acquisition. See Note 8 in the Interim Report for more information.

	Third quarter			Reporting period
	Outcome	Pro forma		Pro forma
(Mkr)	Jul-Sep 2025	Jul-Sep 2024	Δ	Jan-Sep 2025	Jan-Sep 2024	Δ
Net sales	3,297	3,356	-2%	9,847	9,636	+2%
Adjusted EBIT excl. non-recurring items 2) and amortisation of acquisition-related assets	260	230	+13%	648	715	-9%
Adjusted EBIT margin, %	7.9	6.9		6.6	7.4

1) HMY is consolidated in the ITAB Group as of 1 February 2025 and is therefore included for eight months (February-September) in the 2025 reporting period.
2) EBITDA, operating profit and profit after financial items for the third quarter of 2025 were charged with non-recurring items of MSEK -22. EBITDA/operating profit and profit after financial items for the 2025 reporting period were charged with non-recurring items of MSEK -116 and MSEK -119, respectively. Non-recurring items pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY.
3) Summary pro forma combined financial information for the ITAB Group including HMY for the 2025 reporting period (as of January 2025) as well as per quarter and full-year 2024. See Note 8 in the Interim Report for more information.

Events during the reporting period

The acquisition of HMY was completed on 31 January 2025, and the company is consolidated in the ITAB Group as of 1 February 2025.
In April, ITAB signed agreements with one of the UK's largest grocery chains for the roll-out of new smart gates in over 200 stores, and with one of Europe's largest DIY, home improvement and gardening chains for the delivery of solutions for the establishment of five new stores in Italy.
In May, ITAB acquired the remaining 82 percent of the shares in the technology and retail AI startup Signatrix GmbH.
During the second quarter, ITAB concluded the long-term incentive program for key individuals that was introduced in 2022. Refer to Note 6 on page 14.
ITAB's President & CEO, Andréas Elgaard, announced his resignation at the end of July 2025 and will leave the Group on 6 January 2026.
In October, the Board of Directors appointed Björn Borgman as the new President & CEO of ITAB Group, effective 1 May 2026. Glauco Frascaroli was appointed Interim President & CEO from 7 January until April 2026.
In December, ITAB will commence delivery and installation of self-checkouts to the stores of a leading grocery chain in multiple European countries. Although there are no minimum commitments, the total value of the undertaking is estimated at up to MEUR 27 for 2026 and 2027.

President's comments -
Strong profit development in the third quarter with a focus on positive synergies

"Following the merger with HMY, the third quarter for the new ITAB Group was dominated by continued integration efforts, resulting in positive synergies. The Group delivered a strong earnings trend for the quarter, although demand in some of our geographic markets and customer groups remained cautious. Increased sales of our more technical solutions and our efforts to generate synergies related to purchasing, additional sales and improved efficiency, along with the measures we have taken in France to strengthen our profitability, had a positive impact on earnings. Pro forma for the combined Group, adjusted EBIT increased by 13 percent to MSEK 260 during the quarter," concludes President & CEO Andréas Elgaard.

Please read the full President's comments in the Interim Report.

Jönköping, 30 October 2025

ITAB Shop Concept AB (publ)

Webcast presentation on 30 October 2025 at 10:30 a.m. CET
ITAB arranges a webcast presentation today, 30 October 2025 at 10:30 a.m. CET, in which Andréas Elgaard, President & CEO, and Andreas Helmersson, CFO, will present the Interim Report for the third quarter 2025 and answer any subsequent questions.
To participate via webcast - please use the weblink below. Via the webcast you are able to ask questions in writing.
https://itab-shop-concept.events.inderes.com/q3-report-2025

To participate in the teleconference, please register via the weblink below. After registration you will be provided phone numbers and a conference ID to access the conference call. You can ask questions verbally via the teleconference.
https://events.inderes.com/itab-shop-concept/q3-report-2025/dial-in

The information in this report is such that ITAB Shop Concept AB (publ) 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 below, at 7:00 a.m. CET on 30 October 2025.
This report is in all respects a translation of the Swedish original Interim Report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.