XXL delivered a growth of 7 per cent in the first quarter 2025 driven by
progress in the "Reset & Rethink" strategy. Total operating revenue amounted to
NOK 1.7 billion (NOK 1.6 billion) as XXL continued to see sales recovery. All
markets and sales channels contributed to the growth, despite muted winter
conditions, as XXL managed to compensate reduced winter sales with growth in
non-seasonal categories. The general availability of products improved in the
quarter, driven by increased quantities of products on lower price points,
especially within Private Label. The inventory was stable in value, and EBITDA
amounted to NOK 12 million (NOK 12 million). 

In the quarter XXL closed its rights issue of NOK 600 million, and subsequently
paid down a bridge loan facility of NOK 300 million, to support efforts in
regaining top line growth and continue to deliver on XXL's "Reset & Rethink"
plan. Looking ahead, XXL will remain committed to execute on its turnaround
agenda to restore profitability by utilizing all available measures to
strengthen its position as the leading mass-market sports retailer in the
Nordics.

Highlights: 
- Total operating revenues of NOK 1.7 billion (NOK 1.6 billion) as sales
recovery continues with growth in all markets and sales channels
- Increased sales resilience driven by strengthened campaign execution and
activation of non-seasonal categories to compensate for lower sales of seasonal
winter products
- Positive EBITDA of NOK 12 million (NOK 12 million)
- New cost and capital out target of gross NOK 300 million and continuing to
implement turnaround plan

CEO Freddy Sobin says:
" We are pleased to see that our renewed focus on delivering value for money and
staying relevant to the mass market is driving growth across all our markets.
For the first time in two years, we are back to top-line growth, a clear sign
that our Reset & Rethink strategy is gaining traction. Customers appreciate our
updated offering, where improved product availability, competitive price points,
and enhanced services in our workshops with repairs create real value. This,
combined with strengthened partnerships with our brand partners and strict cost
discipline, puts us in a solid position to continue growing - with profitability
now in clear focus." 

Outlook 
XXL is currently working on several short-term turnaround actions and a
longer-term strategic plan, called "Reset & Rethink", in order to improve sales
and profitability. Five must win battles are identified and is currently in
execution as part of the "Reset":

- Reset category strategies
- Secure product availability
- Improve store sales strategies and operations
- Strengthen pricing processes
- Increase e-commerce profitability

The identified must win battles are expected to deliver an EBITDA run-rate
uplift of NOK 500-750 million, conditional of sufficient availability of
products in key seasonal categories and positive market development for sporting
and outdoor goods in the Nordics. XXL has launched further ambitions to reduce
cost and free up capital with a target of gross NOK 300 million by 2026.

XXL's target and goal moving forward is to come back to sound profitability as
well as over time gain market shares in all markets and regain growth in the
E-commerce channel. XXL will continue to emphasize strict liquidity control and
stock management by prioritizing sales volume over gross margin optimization,
due to risk of material liquidity constraints.

In line with the existing strategy, XXL will continue to mainly invest in
operational efficiency, store footprint optimization, customer experience
enhancing projects in both stores and in the E-commerce platform, as well as in
IT and tech. Total CAPEX for XXL Group in 2025 is expected to remain at around
NOK 100 million. 

XXL has thus far one new store opening signed for 2025 as well as one store
closure. Mid- to long-term XXL continues to expect the pace of the store
roll-out to be 2-3 new stores per year including relocations of stores. At the
same time XXL will be downsizing several existing stores. Short term the Group
will continue to focus on optimizing the store portfolio, including evaluation
of selective closures of low performing stores with limited turnaround
abilities.

For further information please find attached the quarterly report and the
presentation material. 

For APMs please see the quarterly report for further definitions and
reconciliations. 

The results will be presented at 08:30 CET by CEO Freddy Sobin and CFO Lars Syse
Christiansen. The presentation will be held in English and will be webcasted at
www.xxlasa.com. 


For further queries, please contact: 
Investor Relations: 
Tolle O. R. Grøterud
Phone: +47 902 72 959 
E-mail: ir@xxlasa.com
 
Press:
Jan Christian Thommesen
Phone: + 47 918 21 387 
Email: presse@xxl.no


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Tolle O. R. Grøterud, Investor Relations Officer
at XXL ASA, on 29 April 2025 at 07:00 CEST.

About XXL ASA 
XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden
and Finland. It is the largest among the major sports retailers in the Nordics.
XXL pursues a broad customer appeal, offering a one stop shop experience with a
wide range of products for sports, hunting, skiing, biking and other outdoor
activities. XXL's concept is to have the largest stores with the best prices and
the widest assortment of products, focusing on branded goods.