Announcement • Jun 05
XXL ASA Approves Board Appointments XXL ASA announced that at its AGM held on June 4, 2025 approved the appointment of Jon Gausen as chair, Ole Henrik Skirstad as board member and Karina Wigum as board member. Announcement • May 28
Frasers Group Plc (LSE:FRAS) completed the acquisition of 46.32% stake in XXL ASA (OB:XXL) from Altor Fund IV AB a fund managed by Altor Equity Partners AB for approximately NOK 405 million. Frasers Group Plc (LSE:FRAS) proposed to acquire remaining 67.10% stake in XXL ASA (OB:XXL) from Altor Fund IV AB a fund managed by Altor Equity Partners AB and Others on March 18, 2025. As cash consideration NOK 10 per share will be paid by Frasers Group Plc.
ABG Sundal Collier ASA acted as financial advisor and Advokatfirmaet Thommessen AS acted as legal advisor for XXL ASA. Danske Bank A/S, Norway Branch is acting as financial advisor and receiving agent to Frasers Group Plc. White & Case LLP and Advokatfirmaet Schjødt As acted as legal advisor to Frasers Group Plc.
Frasers Group Plc (LSE:FRAS) completed the acquisition of 46.32% stake in XXL ASA (OB:XXL) from Altor Fund IV AB a fund managed by Altor Equity Partners AB for approximately NOK 405 million on May 27, 2025. Altor Fund IV has accepted the mandatory offer from Frasers Group Plc for XXL ASA and thereby sold 23,491,568 A shares and 17,051,037 B shares in XXL ASA, representing all its shares and votes in the Company, at a price of NOK 10 per share. Following these transactions, Altor will own no shares in XXL. The acceptance period ends on May 27, 2025 and is not subject to any extension. The Financial Supervisory Authority of Norway had approved an offer document for Frasers Group Plc's mandatory offer to acquire all of the issued and outstanding shares in the company for NOK 10 per share on 15 April 2025. Board Change • May 21
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Employee Representative Director Tor Jacobsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 19
Frasers Group Plc (LSE:FRAS) proposed to acquire remaining 67.10% stake in XXL ASA (OB:XXL). Frasers Group Plc (LSE:FRAS) proposed to acquire remaining 67.10% stake in XXL ASA (OB:XXL) on March 18, 2025. Announcement • Mar 15
XXL ASA has completed a Follow-on Equity Offering in the amount of NOK 600 million. XXL ASA has completed a Follow-on Equity Offering in the amount of NOK 600 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: NOK 10
Transaction Features: Regulation S; Rights Offering; Rule 144A Reported Earnings • Feb 12
Full year 2024 earnings released: kr77.68 loss per share (vs kr185 loss in FY 2023) Full year 2024 results: kr77.68 loss per share. Revenue: kr7.18b (down 9.8% from FY 2023). Net loss: kr1.72b (loss widened 13% from FY 2023). Like-for-like sales growth: Down 11.7% vs FY 2023 Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail industry in the United Kingdom. Announcement • Dec 09
Frasers Group Plans Buyout Bid for Norwegian XXL British sporting goods and lifestyle brands retailer Frasers Group Plc (LSE:FRAS) on December 6, 2024 said it plans to launch an offer for the remaining shares of XXL ASA (OB:XXL), which it does not already own, valuing the Norwegian sports retailer at some NOK 246.4 million (USD 22.3 million/EUR 21.1 million). Frasers currently holds a 25.8% stake in XXL and is its second largest shareholder. It has offered NOK 10 per share for the remaining stock, representing a 25% premium over XXL’s closing price on December 5, 2024. Frasers' bid comes amid disagreements over XXL’s recent “alternative rights issue plan,” adopted after shareholders rejected an earlier proposal to raise NOK 600 million. Frasers said in its statement that the alternative plan as legally "questionable" and "detrimental" to minority shareholders. It proposed a solution to XXL’s financial struggles, involving up to NOK 500 million in consigned stock with deferred payment terms. In response, the Norwegian firm said its board would consider the proposal and its implications on the ongoing equity financing process. Board Change • Nov 27
No independent directors There are 10 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Employee Representative Director Tor Jacobsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 08
XXL ASA has filed a Follow-on Equity Offering in the amount of NOK 600 million. XXL ASA has filed a Follow-on Equity Offering in the amount of NOK 600 million.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Reported Earnings • Nov 07
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr1.84b (down 7.3% from 3Q 2023). Net loss: kr262.0m (loss widened 87% from 3Q 2023). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Specialty Retail industry in the United Kingdom. Board Change • Oct 18
No independent directors There are 10 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Employee Representative Director Tor Jacobsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Jul 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 31% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Announcement • Jul 15
XXL ASA, Annual General Meeting, Jun 04, 2025 XXL ASA, Annual General Meeting, Jun 04, 2025. Reported Earnings • Jul 14
Second quarter 2024 earnings released: kr0.13 loss per share (vs kr0.63 loss in 2Q 2023) Second quarter 2024 results: kr0.13 loss per share. Revenue: kr1.78b (down 8.7% from 2Q 2023). Net loss: kr283.0m (loss widened 15% from 2Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Specialty Retail industry in the United Kingdom. Announcement • Jul 01
XXL ASA Appoints Lars Syse Christiansen as Group CFO, Effective August 2024 XXL ASA has appointed Lars Syse Christiansen as the new Group CFO of XXL. Christiansen is an experienced CFO currently chairman of the board for Cardboard and Wanda, companies he has also co-founded, and he has a background as CFO of multiple European consumer focused businesses including CircleK, Otovo and Storebrand Bank. Christiansen is 46 years old and a Norwegian citizen. He holds a Master of Science in Management from the London School of Economics, as well a management program in Corporate Finance and Investment Analysis and a Master of Marketing Management from the Norwegian School of Management (BI i Oslo). Before co-founding Wanda, a circular logistics platform, he served as CFO of Otovo AS, a company he co-founded back in 2015. Otovo is a leading online solar sales platform, listed on the Oslo Stock Exchange, with operations in Norway, Sweden, France and Spain. From 2012-2014 he served as CFO in CircleK Europe, a global convenience retail chain. Lars Syse Christiansen has also been CFO in Storebrand Bank ASA as well as Head of Business Development in Posten Norge AS. In addition to these merits, Christiansen is also an experienced Board Member mostly within start-ups and venture companies. He is currently serving on the Board of Ruter AS, a provider of public transport in the Oslo region. Christiansen will join XXL in August 2024. Announcement • Jun 05
Xxl Asa Approves Board and Committee Changes XXL ASA at the annual general meeting, approved the following agendas: Petra Axdorff is elected as board member for the period until the annual general meeting in 2026. Following the election, the board of directors willcomprise the following board members in accordance with the nomination committee's recommendation: Håkan Lundstedt (chair), Tom Christian Jovik (board member), Petra Axdorff (board member), Kari Ekelund Thørud (board member), Ronny Blomseth (board member), Tor Andrin Jacobsen (employee representative), Kjell-Arne Fikerud (employee representative), Kine Ludvigsen (employee representative) . In accordance with the proposal from the nomination committee, the general meeting adopted the following resolutions: Øistein Widding is elected as a chairperson of the nomination committee for the period until the annua/general meeting in 2026. Christian Berg is elected as a member of the nomination committee for the period until the annual general meeting in 2026. Thomas Aanmoen is elected as a member of the nomination committee for the period until the annual/general meeting in 2026.Following the election, the nomination committee will comprise the following members in accordance with the nomination committee's recommendation: Øistein Widding (chairperson), Christian Berg (member), ThomasAanmoen(member). Announcement • May 15
XXL ASA Announces Resignation of Kjersti Hobøl from the Board of Directors XXL ASA announced that Kjersti Hobøl resigns from her position of the board of directors. Reported Earnings • Apr 25
First quarter 2024 earnings released: kr0.13 loss per share (vs kr0.75 loss in 1Q 2023) First quarter 2024 results: kr0.13 loss per share (improved from kr0.75 loss in 1Q 2023). Revenue: kr1.56b (down 22% from 1Q 2023). Net loss: kr209.0m (loss narrowed 7.1% from 1Q 2023). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Announcement • Mar 08
XXL ASA Announces Stein Eriksen, CFO to Step Down This Summer XXL ASA announced that CFO in XXL ASA, Stein Eriksen, has informed the Company that he has accepted a new position as CFO in another company. Consequently, he will leave XXL this summer, after the second quarter 2024 reporting in July, and XXL will immediately initiate a search for a new CFO. New Risk • Feb 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (491% increase in shares outstanding). Reported Earnings • Feb 09
Full year 2023 earnings released: kr0.98 loss per share (vs kr1.55 loss in FY 2022) Full year 2023 results: kr0.98 loss per share. Revenue: kr7.96b (down 5.5% from FY 2022). Net loss: kr1.63b (loss widened 315% from FY 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Specialty Retail industry in the United Kingdom. Board Change • Dec 29
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. 1 independent director (7 non-independent directors). Independent Vice Chairman Kjersti Helen Hobol is the most experienced director on the board, commencing their role in 2019. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Sep 27
XXL ASA Announces Board Appointments XXL ASA has carried out a new election for employee representatives to the board of directors of XXL ASA. The following employee representatives have been elected by the employee election to XXL ASA's board of directors: Tor Andrin Jacobsen, Kjell Arne Fikerud and Helena Ebersten Henriksen. In addition, the following deputy board members have been elected as deputies for the employee elected board members: Linn Sletvik, Thomas Brandsdal, Iselin Winther, Patrik Vågen, My Uyen Nguyen, Niklas Hallberg, Marcus Rosell, Jackson Ferrera, Anders Jakobsen, Kine Ludvigsen, Cristina Moreno and Thomas Vågan Pettersen. Announcement • Sep 08
XXL ASA has completed a Follow-on Equity Offering in the amount of NOK 500.000426 million. XXL ASA has completed a Follow-on Equity Offering in the amount of NOK 500.000426 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,250,001,065
Price\Range: NOK 0.4
Discount Per Security: NOK 0.024
Transaction Features: Regulation S; Rights Offering; Rule 144A Reported Earnings • Jul 16
Second quarter 2023 earnings released: kr0.64 loss per share (vs kr0.095 profit in 2Q 2022) Second quarter 2023 results: kr0.64 loss per share (down from kr0.095 profit in 2Q 2022). Revenue: kr1.95b (down 11% from 2Q 2022). Net loss: kr246.0m (down kr270.0m from profit in 2Q 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Announcement • Jul 15
XXL ASA to Report Q4, 2023 Results on Feb 08, 2024 XXL ASA announced that they will report Q4, 2023 results on Feb 08, 2024 New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (kr715.7m market cap, or US$66.3m). Reported Earnings • Apr 28
First quarter 2023 earnings released: kr0.75 loss per share (vs kr0.58 loss in 1Q 2022) First quarter 2023 results: kr0.75 loss per share (further deteriorated from kr0.58 loss in 1Q 2022). Revenue: kr1.98b (flat on 1Q 2022). Net loss: kr225.0m (loss widened 54% from 1Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 10
Full year 2022 earnings released: kr1.63 loss per share (vs kr0.74 profit in FY 2021) Full year 2022 results: kr1.63 loss per share (down from kr0.74 profit in FY 2021). Revenue: kr8.43b (down 16% from FY 2021). Net loss: kr412.0m (down 319% from profit in FY 2021). Like-for-like sales growth: Down 12.1% vs FY 2021 Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Kjersti Helen Hobol was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: kr0.16 (vs kr0.28 in 3Q 2021) Third quarter 2022 results: EPS: kr0.16 (down from kr0.28 in 3Q 2021). Revenue: kr2.31b (down 14% from 3Q 2021). Net income: kr42.0m (down 40% from 3Q 2021). Profit margin: 1.8% (down from 2.6% in 3Q 2021). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 18
Second quarter 2022 earnings released: EPS: kr0.12 (vs kr0.63 in 2Q 2021) Second quarter 2022 results: EPS: kr0.12 (down from kr0.63 in 2Q 2021). Revenue: kr2.19b (down 9.3% from 2Q 2021). Net income: kr29.0m (down 82% from 2Q 2021). Profit margin: 1.3% (down from 6.6% in 2Q 2021). Over the next year, revenue is forecast to grow 1.8%, compared to a 8.0% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 17
Independent Chairman of the Board recently bought kr5.8m worth of stock On the 15th of July, Hugo Maurstad bought around 1m shares on-market at roughly kr5.81 per share. This was the largest purchase by an insider in the last 3 months. This was Hugo's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to kr7.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 63% over the past three years. Upcoming Dividend • May 27
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 05 July 2022. Trailing yield: 6.3%. Within top quartile of British dividend payers (4.8%). Higher than average of industry peers (3.0%). Board Change • May 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Director Tor Jacobsen was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 09
Inaugural dividend of kr0.99 per share Eligible shareholders must have bought the stock before 16 December 2021. Payment date: 23 December 2021. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in February 2018. The average dividend yield among industry peers is 1.7%. Board Change • Nov 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Tor Jacobsen was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS kr0.28 (vs kr0.63 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr2.69b (down 4.9% from 3Q 2020). Net income: kr70.0m (down 56% from 3Q 2020). Profit margin: 2.6% (down from 5.6% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 32% per year. Upcoming Dividend • Sep 10
Inaugural dividend of kr0.99 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 24 September 2021. The company last paid an ordinary dividend in February 2018. The average dividend yield among industry peers is 1.6%. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS kr0.63 (vs kr0.66 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: kr2.42b (down 16% from 2Q 2020). Net income: kr159.0m (up 20% from 2Q 2020). Profit margin: 6.6% (up from 4.6% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 26
First quarter 2021 earnings released: kr0.15 loss per share (vs kr1.11 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses and improved control over expenses, although revenues were flat. First quarter 2021 results: Revenue: kr2.17b (flat on 1Q 2020). Net loss: kr39.0m (loss narrowed 79% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 11
New 90-day low: kr18.89 The company is down 16% from its price of kr22.50 on 11 September 2020. The British market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr27.11 per share. Is New 90 Day High Low • Nov 19
New 90-day low: kr19.10 The company is down 6.0% from its price of kr20.36 on 20 August 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr23.84 per share. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 6.4% at kr2.82b. Revenue is forecast to grow 3.6% over the next year, compared to a 3.5% growth forecast for the Specialty Retail industry in the United Kingdom. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of kr336.0m, with earnings decreasing by kr437.3m from the prior year. Total revenue was kr10.2b over the last 12 months, up 10% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day high: kr27.72 The company is up 16% from its price of kr23.98 on 16 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Specialty Retail industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr30.13 per share. 
