XXL ASA – Payment to Norwegian tax authorities

Oslo, 3 October 2023: Reference is made to the stock exchange announcement published by XXL ASA ("XXL" or the "Company") on 15 June 2023 regarding a reassessment of taxable income for the subsidiary XXL Sport & Villmark AS relating to the XXL group's international transfer pricing model. XXL has today received a demand for payment of NOK 90 million from the Norwegian tax authorities due to be paid today, 3 October 2023. XXL will transfer the amount accordingly but does not agree with the reassessment. The amount is not based on a qualitative assessment of what is the expected outcome of the case. XXL has asked for MAP/APA negotiations between competent authorities in order to mitigate the net tax effects for the XXL group by adjustments to taxable income in another jurisdiction through mechanisms in relevant double taxation treaties between Norway and such jurisdiction and which could lead to a refund from that jurisdiction. XXL has also appealed the reassessment to the tax appeal board. The appeals process is put on hold pending MAP/APA negotiations.

For further queries, please contact:

Investor Relations:

Tolle O. R. Grøterud

Tel: +47 902 72 959

E-mail:ir@xxlasa.com

Press:

Jan Christian Thommesen

Tel: +47 918 21 387

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 of XXL ASA, on 3 October 2023 at 14.10 CET.

About XXL ASA: XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. 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.