While the group as a whole delivers black figures, the legal corporate structure surrounding furniture and home furnishings reports losses handled with internal capital transfers. At the same time, previous store companies are being transformed into pure holding companies that build their profits on group contributions, and behind the scenes, work is underway to pay off the last remnants of the pandemic debt mountain to the state. Here is an insight into the machinery behind the e-commerce giant's figures.
When looking at the bigger picture and considering the entire BHG Group, business is growing. The group generated SEK 10.6 billion in revenue during the full year 2025. This is an increase of 6 percent from 2024, when revenue stood at SEK 10 billion.
Purchases are also increasing. During the year, the e-retailer handled 4.28 million orders, an increase of 3 percent from the previous year's 4.16 million orders. Customers are also spending a little more money per purchase. The average order value increased by 0.9 percent to SEK 2,494.
Overall, the result for the entire group landed on a profit of SEK 203.5 million, which is a turnaround from the loss of SEK 640.1 million during 2024.
Increased growth in 2026
During the first half of 2026, BHG Group has continued to increase sales. In the first quarter, revenue grew by 1.9 percent to just over SEK 2.2 billion, and the company doubled its profitability compared to the same period last year. Indebtedness was also reduced.
During the second quarter, revenue increased further by 10.2 percent to just over SEK 3 billion. Organic growth was 9.6 percent. Adjusted operating profit landed at SEK 134.3 million, which gives an operating margin of 4.4 percent.
The company has now set a new goal of growing by 10 to 15 percent each year over a business cycle and is actively looking for new acquisitions.
As part of this, the company has acquired the Hillerstorp brand and is integrating AI to streamline operations. According to CEO Gustaf Öhrn, the company now has a more focused and efficient structure.
Profit for furniture stores – but loss in holding company
Within the group, there is a difference between the operational and legal structure for the Value Home business area, which operationally gathers the online stores Trademax, Hemfint, Furniture 1 and Lampgallerian.
Operationally, the segment is profitable and reported a positive operating profit of SEK 133 million in 2025. Revenue increased by 11.5 percent and landed at SEK 2.7 billion.
But in the legal structure, it looks different. The subgroup's parent company, BHG Value Home Holding AB, reported a negative profit after tax of SEK 107.2 million in 2025. This is a decrease in the loss of 22 percent compared to 2024. To manage the capital structure in the subsidiary, BHG Group carried out an internal capital allocation through a shareholder contribution of SEK 75 million.
The company also made write-downs of the value of its subsidiaries by SEK 73.9 million. This is a decrease in write-downs of 16 percent from last year's SEK 88.2 million.
Business disappears as companies change shape
The restructuring is also noticeable in the company that previously was called Lampgallerian Växjö AB. After the financial year, the company changed its name to BHG Premium Living Holding AB.
From having its own business, the company now functions solely as a holding company. The change has a direct effect on the income statement. Revenue decreased by 99.9 percent, from SEK 35.6 million in 2024 to just over SEK 41,000 in 2025. On the bottom line, the company still shows a profit of SEK 3.4 million.
The profit is created through a received group contribution of SEK 4.4 million.
Debt to the state is paid off
In the shadow of internal group restructuring, BHG Group continues to manage the tax deferrals created during the pandemic.
Figures from August 2026 show that the group is amortizing its debts to the Swedish Tax Agency. The remaining deferral now amounts to SEK 6.8 million. In 2024, the debt remained at SEK 13.7 million, before decreasing to SEK 11.4 million in 2025.
CORRECTION: In a previous version of this article, it was incorrectly stated that Nordic Nest and Sleepo are part of the Value Home business area. The correct information is that they operationally belong to the Premium Living segment. It also appeared that the business in Value Home was running at a loss and required capital contributions. The text has now been clarified to show that the operational segment was profitable, while the reported loss was in the legal holding company, and that the capital contribution was an internal transfer of funds.