E-commerce giant BHG Group, with flagship brands such as Bygghemma, Chilli and Nordic Nest in its portfolio, has delivered another strong quarter. During the third quarter of 2026, the Group's net sales increased by nearly 12 percent to SEK 2.9 billion, of which organic growth accounted for just over 9 percent. Sales were particularly strong in Norway, Denmark and Eastern Europe, with the furniture range being the main driver.
Even more noticeable is the uplift on the bottom line. Adjusted operating profit (EBIT) climbed 32 percent to SEK 122 million, up from SEK 92 million during the corresponding period last year. This represents an adjusted operating margin of 4.2 percent, bringing the company ever closer to its short-term target of 5 percent. The quarter also marks a significant milestone: BHG has now improved its adjusted operating profit for twelve consecutive quarters compared to the previous year, representing three full years of uninterrupted profit growth.
We continue to deliver on our strategy for profitable growth. In the third quarter, we grew organically by 9.3 percent, on top of strong organic growth of 13.4 percent in the comparison period, while also clearly improving profitability by 32.3 percent. For the twelfth consecutive quarter, we are improving adjusted EBIT compared to the corresponding quarter last year. This means three years of profitability improvements in each quarter,
writes CEO Gustaf Öhrn in the report.
Reaping the benefits of consolidation
After a couple of tough years following the pandemic, BHG has undergone a comprehensive restructuring where unprofitable companies have been cleaned up or merged. This has at times involved substantial million-dollar losses in individual subsidiaries as operations have been phased out, but the work to create a scalable structure is now fully paying off at Group level.
According to Gustaf Öhrn, the company is growing and improving profitability in all three business areas, although the profit improvement is mainly driven by the Value Home and Premium Living segments.
The improved profitability is mainly driven by good cost control and economies of scale. We are growing without fixed costs increasing at the same rate, which means that increased sales have an impact on the result,
explains Gustaf Öhrn.
AI agents boost conversion
A central part of BHG's future investment is the offensive AI strategy together with partner Algorithma that the Group presented earlier. In the report, Gustaf Öhrn reveals that the investment is now being rolled out in live mode and is already delivering measurable results in areas such as product information, search, pricing and customer service.
Through our collaboration with Algorithma, we now also have nine AI agents in operation on five of our platforms. We are seeing positive effects on both conversion and efficiency, including solutions that help customers choose the right product and streamline the handling of customer service issues. More agents are under development,
notes the BHG CEO.
In parallel with the customer-facing agents, an increasing number of employees are gaining access to AI support to analyze operational data and create decision-making material in everyday life. The Group is also focusing heavily on so-called AI visibility, i.e. ensuring that the company's products and brands are highlighted in AI-based search and recommendation services. A confirmation of this work came recently when Bygghemma won the award in the "AI Visibility" category at Swedish SEO Awards.
Rapid launch for new acquisition
The strengthened cash flow and reduced indebtedness also give BHG room to look towards new add-on acquisitions. During the summer, the Group struck a deal and acquired the historic outdoor furniture brand Hillerstorp, a deal that was completed at the end of July. Already during the third quarter, BHG reached an important milestone in the integration of the hundred-year-old company.
The integration is progressing according to plan and during the quarter we reached an important milestone by launching Hillerstorp's own consumer offering online. The launch provides us with a foundation to further develop the offering ahead of next outdoor season,
concludes Gustaf Öhrn.