Kid (AO) | Buy | Warehouse normalisation supports EBITDA beat

研报英文原文证据摘录

Kid (AO) | Buy | Warehouse normalisation supports EBITDA beat

News comment

Release date: 13 May 2026

Håkon Nelson

Equity Research Analyst

Buy +47 23 13 9073Kid hnelson@keplercheuvreux.com

Norway | General retail Beta Profile: MCap: NOK4.8bn

Target Price: NOK160.00 Bloomberg: KID NO Reuters: KID.OL

Current Price: NOK119.20 Free float 90%

Up/downside: 34.2% Avg. daily volume (NOKm) 14.9

YTD abs performance -12.0% Market data: 12 May 2026

52-week high/low (NOK) 157.20/117.60

Warehouse normalisation supports EBITDA beat

Key points:

Kid reported Q1 2026 results this morning, with revenue already pre-announced in the 13 April trading update. Adjusted EBITDA

came in at NOK133m, 10% above our estimate and 4% above consensus, driven by better cost development than we expected,

particularly in Hemtex.

The key operational positive is that warehouse operations are now normalising, with no material product shortages affecting

revenues in Q1 and no material inefficiency costs recognised in the quarter.

Overall, we see the report as slightly positive and expect the share to trade up 1–2% today, as the EBITDA beat and warehouse

normalisation outweigh the EPS miss from higher financial expenses.

Operational details and deviations

Group LFL growth was 6.1%, in line with our estimate and above last year’s 2.9%. Kid Interior was the key driver, with LFL growth

of 7.4% versus our 5.0% estimate, while Hemtex delivered 4.0%, broadly in line with our estimate.

Gross margin was 61.2%, in line with consensus but 1.3pp below our estimate. The margin still improved 0.6pp y/y, supported by

lower freight costs, reduced clearance sales and product mix, partly offset by campaign activity.

Kid Interior EBITDA was NOK91m, 7% below our estimate and broadly in line with consensus.