Interim report
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Quarterly Statement for Q3 2026 HUGO BOSS AG Holy-Allee 3, 72555 Metzingen, Germany Phone +49 7123/94-0 Metzingen, November 3, 2026 HUGO BOSS UPDATES FULL-YEAR 2026 OUTLOOK Outlook 2026 • Currency-adjusted Group sales now expected to decline in the high single-digit percentage range • EBIT expected to range between EUR 250 million and EUR 300 million • Updated outlook reflects higher non-cash D&A expenses for IT assets in light of rapidly evolving AI and technology developments, as well as softer demand assumptions for Q4 amid elevated market uncertainty • Trade net working capital is now expected to amount to around 21% of Group sales, reflecting lower trade payables following adjustments to supplier payment terms • Capital expenditure is now anticipated to range between 4% and 5% of Group sales, including the strategic acquisition of a previously leased logistic property • Free cash flow in 2026 is now expected to remain below the level originally anticipated Key developments Q3 2026 • Group sales decline 5% currency-adjusted in Q3 amid ongoing strategic realignment and macroeconomic headwinds (YTD: –7%) • Gross margin improves strongly by 220 basis points to 63.3%, driven by the execution of CLAIM 5 TOUCHDOWN initiatives • EBIT declines to EUR 81 million with an EBIT margin of 8.6%, reflecting operating deleverage (YTD: EUR 175 million; 6.4%) • Free cash flow before leases increases to EUR 155 million, supported by a 14% reduction in inventories year over year Daniel Grieder, Chief Executive Officer of HUGO BOSS: “In the third quarter, our top-line performance reflected both the deliberate strategic realignment of our business and a persistently subdued consumer environment. At the same time, we made further progress in improving our gross margin and operating efficiencies. With demand likely to remain volatile in the fourth quarter, we are adjusting our full-year 2026 outlook to reflect a more realistic assessment of the market environment. Our strategic direction, however, remains unchanged. We are convinced that CLAIM 5 TOUCHDOWN addresses the right priorities and lays the foundation for the next phase of HUGO BOSS. While the full benefits of the related initiatives will take time to materialize and we recognize that there is still work ahead of us, they are fundamentally strengthening our business. We remain focused on the long term: building a more resilient, more profitable HUGO BOSS and creating sustainable value for our shareholders."
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 2 CLAIM 5 TOUCHDOWN – Update on Strategic Progress Brand initiatives • HUGO BOSS maintained marketing investments at 7.3% of Group sales while further improving marketing effectiveness. Key initiatives included new global brand campaigns and the launch of the latest BOSS by BECKHAM collection, which further boosted consumer engagement. • Both brands successfully launched their Fall/Winter 2026 collections in Q3. While BOSS celebrated its tailoring heritage through elevated craftsmanship and performance-driven design, HUGO’s collection focuses on contemporary tailoring. • Product complexity in the upcoming Spring 2027 collection was reduced by a high-single- digit percentage, a reflection of the Company’s continued focus on simplifying its assortment architecture. Distribution initiatives • A focus on distribution quality, including a deliberate emphasis on full-price sales and disciplined promotion management in own retail, supported earnings quality in Q3. Comparable brick-and-mortar sales were down 6% currency-adjusted, proving more resilient than the overall retail business despite persistently subdued consumer demand. • HUGO BOSS continued to optimize its global store network. In the first nine months of 2026, the Company recorded a net closure of 27 stores, including six in Q3. • HUGO BOSS further advanced its digital channels with the launch of its revamped hugoboss.com online store and app, which enhances the omnichannel experience. • The HUGO BOSS XP member base grew to 15 million, up 15% year over year, reflecting the broadening appeal of BOSS and HUGO, particularly among younger consumers. Operational initiatives • Gross margin expanded by 220 basis points to 63.3%, driven by sustained sourcing efficiencies and optimized pricing. • Inventories decreased by 200 basis points year over year to 23.5% of Group sales, contributing to a further reduction in trade net working capital to 19.2% of Group sales, down 100 basis points year over year. • Free cash flow before leases amounted to EUR 155 million in Q3 (Q3 2025: EUR 66 million), also supported by disciplined investment activity.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 3 Q3 sales development (in EUR million) Q3 2026 Q3 2025 Change in % Currency-adjusted change in % Group sales 946 989 (4) (5) Sales by brand BOSS 813 830 (2) (3) HUGO 133 159 (16) (17) Sales by segment EMEA 598 641 (7) (7) Americas 222 223 0 (3) Asia/Pacific 101 101 0 (2) Licenses 24 25 (2) (2) Sales by distribution channel Retail 516 552 (7) (8) Wholesale 406 412 (1) (2) Licenses 24 25 (2) (2) • In the third quarter of 2026, HUGO BOSS continued to execute its targeted brand and channel realignment under CLAIM 5 TOUCHDOWN. In particular, the Company remained focused on strengthening brand desirability and distribution quality, supporting the long- term success of its business. At the same time, global consumer demand remained subdued, impacted by heightened macroeconomic and geopolitical volatility. • Against this backdrop, currency-adjusted Group sales declined by 5% in the third quarter, while revenues in Group currency decreased by 4% to EUR 946 million (Q3 2025: EUR 989 million). In the first nine months of 2026, currency-adjusted Group sales came in 7% below the prior-year level. In Group currency, revenues decreased by 8% to EUR 2,756 million (9M 2025: EUR 2,989 million). Q3 sales development by brand • Currency-adjusted revenues for BOSS declined by 3% in the third quarter, reflecting continued emphasis on strengthening brand equity and profitability. While Menswear proved comparatively more resilient, Womenswear continued to be affected by its ongoing repositioning. • At HUGO, currency-adjusted revenues were 17% below the prior-year level, reflecting the brand's ongoing strategic refinement, including initiatives to strengthen its position in contemporary tailoring and optimize its product assortment. Q3 sales development by segment • In EMEA, currency-adjusted revenues declined by 7%. While Germany showed a comparatively more resilient performance, the UK and France recorded more pronounced
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 4 declines amid subdued consumer demand. In the Middle East, geopolitical volatility continued to weigh on store traffic, notably impacting sales performance. • In the Americas, currency-adjusted revenues were 3% below the prior-year level. While the U.S. performed slightly better than the region overall, Latin America recorded a moderate decline. • In Asia/Pacific, currency-adjusted sales declined 2%, driven by lower sales in both China and Southeast Asia & Pacific. • Sales in the license business declined by 2%, mainly reflecting lower revenues in the fragrance business. Q3 sales development by channel • In the Group’s retail business (including brick-and-mortar and self-managed digital touch- points), currency-adjusted revenues declined by 8%, mainly reflecting softer store traffic. At the same time, HUGO BOSS continued to optimize its global store network, reducing net selling space by 4% year over year. Comparable store sales in brick-and-mortar retail declined by 6% currency-adjusted. Revenues generated via self-managed digital channels (hugoboss.com and online concessions) decreased by 16% currency-adjusted to EUR 59 million (Q3 2025: EUR 69 million), reflecting the continued focus on full-price sales. • Revenues in the wholesale business (including brick-and-mortar and digital wholesale) declined by 2% currency-adjusted, reflecting the Company’s continued focus on distribution quality alongside a cautious order environment among wholesale partners.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 5 Q3 earnings development (in EUR million) Q3 2026 Q3 2025 Change in % Sales 946 989 (4) Cost of sales (347) (384) 10 Gross profit 599 605 (1) In % of sales 63.3 61.2 220 bp Operating expenses (518) (510) (2) In % of sales (54.8) (51.6) (320) bp Thereof selling and marketing expenses (411) (420) 2 Thereof administration expenses (107) (90) (19) Operating result (EBIT) 81 95 (15) In % of sales 8.6 9.6 (100) bp Financial result (13) (12) (15) Earnings before taxes 67 83 (19) Income taxes (19) (23) 19 Net income 49 60 (19) Attributable to: Equity holders of the parent company 48 59 (18) Non-controlling interests 0 1 (55) Earnings per share (in EUR)1 0.70 0.85 (18) Tax rate in % 28 28 1 Basic and diluted earnings per share. • The Group’s gross margin improved by 220 basis points to 63.3% in the third quarter. This development was driven by the Company’s focus on enhancing business quality, including additional sourcing efficiencies and optimized pricing. • Operating expenses grew 2%, as higher administration expenses more than offset a reduction in selling and marketing expenses. As a percentage of sales, operating expenses increased by 320 basis points to 54.8%. • Selling and marketing expenses were down 2% in the third quarter, driven by disciplined cost management. While retail expenses and marketing investments remained broadly stable year over year, the Company continued to invest in brand- building initiatives to strengthen brand equity. As a percentage of sales, selling and marketing expenses amounted to 43.5% (Q3 2025: 42.5%). • Administration expenses increased by 19%, reflecting a particularly low prior-year comparison base as well as one-off personnel-related expenses in the current year. Apart from this, disciplined cost management remained firmly in place. As a percentage of sales, administration expenses came in at 11.3% (Q3 2025: 9.1%). • Driven by the significantly higher gross margin, HUGO BOSS partially offset the impact of lower revenues on profitability. Accordingly, operating profit (EBIT) decreased 15% to EUR 81 million in the third quarter, corresponding to an EBIT margin of 8.6%. • Net income amounted to EUR 49 million in the third quarter. Net income attributable to shareholders declined by 18% to EUR 48 million, resulting in earnings per share of EUR 0.70.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 6 Trade net working capital (in EUR million) September 30, 2026 September 30, 2025 Change in % Currency-adjusted change in % Inventories 950 1,083 (12) (14) Trade receivables 321 328 (2) (3) Trade payables (492) (502) (2) (2) Trade net working capital (TNWC) 779 909 (14) (16) • Trade net working capital (TNWC) improved by 16% on a currency-adjusted basis, driven by continued progress in inventory management. Inventories decreased by 14% currency- adjusted year over year, reducing inventory levels to 23.5% of Group sales (September 30, 2025: 25.6%). Disciplined inventory and working capital management continued to support solid cash generation, further enhancing financial flexibility. The moving average of TNWC as a percentage of sales based on the last four quarters improved to 19.2% (September 30, 2025: 20.2%). Outlook Results 2025 Initial outlook 2026 Updated outlook 2026 Group sales EUR 4,270 million Decrease in the mid- to high-single- digit range (currency-adjusted) Decrease in the high single-digit range (currency-adjusted) Operating result (EBIT) EUR 391 million EUR 300 million to EUR 350 million EUR 250 million to EUR 300 million Group's net income EUR 259 million Decrease broadly in line with EBIT Decrease broadly in line with EBIT TNWC as a percentage of sales 20.0% Around 20% Around 21% Capital expenditure 4.6% of Group sales Around 4% of Group sales 4% to 5% of Group sales • HUGO BOSS remains committed to the disciplined execution of CLAIM 5 TOUCHDOWN, with a clear focus on further strengthening the overall quality of its business. • The Company updates its outlook for fiscal year 2026 to reflect softer demand assumptions for the remainder of the year amid continued uncertainty in the consumer environment. • Consequently, management now anticipates currency-adjusted Group sales to decline in the high single-digit percentage range. • HUGO BOSS now expects EBIT to range between EUR 250 million and EUR 300 million in 2026. In addition to the softer demand assumptions, this also reflects expected higher non-cash depreciation and amortization related to reductions in the useful lives of selected IT and software assets, reflecting the rapidly evolving technology environment.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 7 • In fiscal year 2026, TNWC is now expected to amount to around 21% of Group sales. While the Company remains committed to disciplined inventory management, this reflects anticipated lower trade payables following adjustments to supplier payment terms. • Capital expenditure is now expected to range between 4% and 5% of Group sales, reflecting the strategic acquisition of a formerly leased logistic property at the Company’s headquarters. Events after the balance sheet date On October 23, 2026, Frasers Group plc notified HUGO BOSS that it had crossed the threshold of 50% of the total share capital of HUGO BOSS AG. According to the voting rights notification, Frasers directly held 50.08% of the voting rights in HUGO BOSS AG at that date, while a further 21.87% was being held through instruments. Following this transaction, Frasers announced that the earnings, assets and liabilities of HUGO BOSS are expected to be consolidated into the earnings, assets and liabilities of Frasers, and that HUGO BOSS will thereby become a subsidiary of the Frasers Group. The crossing of the 50% threshold may potentially trigger change-of-control clauses in certain third-party agreements of HUGO BOSS. HUGO BOSS is currently reviewing the relevant contractual arrangements. As of October 27, 2026, based on the most recent voting rights notification available to HUGO BOSS, Frasers directly holds 49.41% of the voting rights in HUGO BOSS AG, while a further 21.87% continues to be held through instruments. If you have any questions, please contact: Media Relations Carolin Westermann Senior Vice President Global Corporate Communications Phone: +49 7123 94-86321 E-mail: carolin_westermann@hugoboss.com Investor Relations Lena Biberacher Head of Investor Relations Phone: +49 7123 94-84272 E-mail: lena_biberacher@hugoboss.com
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 8 FINANCIAL INFORMATION FOR Q3 2026 AND JANUARY – SEPTEMBER 2026 Key figures – quarter (in EUR million) Q3 2026 Q3 2025 Change in % Currency-adjusted change in % Sales 946 989 (4) (5) Sales by brand BOSS 813 830 (2) (3) HUGO 133 159 (16) (17) Sales by segment EMEA 598 641 (7) (7) Americas 222 223 0 (3) Asia/Pacific 101 101 0 (2) Licenses 24 25 (2) (2) Sales by distribution channel Retail 516 552 (7) (8) Wholesale 406 412 (1) (2) Licenses 24 25 (2) (2) Results of operations Gross profit 599 605 (1) Gross margin in % 63.3 61.2 220 bp EBIT 81 95 (15) EBIT margin in % 8.6 9.6 (100) bp EBITDA 174 182 (4) EBITDA margin in % 18.4 18.4 0 bp Net income attributable to equity holders of the parent company 48 59 (18) Financial position Capital expenditure 29 44 (34) Free cash flow 155 66 >100 Depreciation/amortization 93 87 7 Additional key figures Personnel expenses 239 232 3 Shares (in EUR) Earnings per share 0.70 0.85 (18) Last share price (as of Sep. 30) 38.05 40.44 (6) Number of shares (as of Sep. 30)1 69,016,167 70,400,000 (2) 1 As resolved by the Annual General Meeting 2026 and announced on June 22, 2026, HUGO BOSS canceled all 1,383,833 treasury shares.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 9 Key figures – nine months (in EUR million) Jan. ‒ Sep. 2026 Jan. ‒ Sep. 2025 Change in % Currency-adjusted change in % Sales 2,756 2,989 (8) (7) Sales by brand BOSS 2,384 2,536 (6) (5) HUGO 371 453 (18) (18) Sales by segment EMEA 1,698 1,890 (10) (9) Americas 646 671 (4) (3) Asia/Pacific 340 354 (4) (2) Licenses 71 74 (5) (5) Sales by distribution channel Retail 1,590 1,724 (8) (7) Wholesale 1,095 1,191 (8) (7) Licenses 71 74 (5) (5) Results of operations Gross profit 1,751 1,847 (5) Gross margin in % 63.5 61.8 180 bp EBIT 175 237 (26) EBIT margin in % 6.4 7.9 (160) bp EBITDA 447 506 (12) EBITDA margin in % 16.2 16.9 (70) bp Net income attributable to equity holders of the parent company 98 141 (30) Net assets and liability structure as of Sep. 30 Trade net working capital 779 909 (14) (16) Trade net working capital in % of sales1 19.2 20.2 (100) bp Non-current assets 1,793 1,848 (3) Equity 1,682 1,440 17 Equity ratio in % 46 41 500 bp Total assets 3,620 3,547 2 Financial position Capital expenditure 89 118 (24) Free cash flow 293 137 >100 Depreciation/amortization 272 269 1 Net financial liabilities (as of Sep. 30)2 691 1,123 (38) Additional key figures Employees (as of Sep. 30)3 16,663 17,874 (7) Personnel expenses 731 739 (1) Shares (in EUR) Earnings per share 1.43 2.04 (30) Last share price (as of Sep. 30) 38.05 40.44 (6) Number of shares (as of Sep. 30)4 69,016,167 70,400,000 (2) 1 Moving average on the basis of the last four quarters. 2 Excluding the impact of IFRS 16, the net financial position totaled plus EUR 137 million (September 30, 2025: minus EUR 247 million). 3 Full-time equivalent (FTE). 4 As resolved by the Annual General Meeting 2026 and announced on June 22, 2026, HUGO BOSS canceled all 1,383,833 treasury shares.
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 10 Consolidated income statement – quarter (in EUR million) Q3 2026 Q3 2025 Change in % Sales 946 989 (4) Cost of sales (347) (384) 10 Gross profit 599 605 (1) In % of sales 63.3 61.2 220 bp Operating expenses (518) (510) (2) In % of sales (54.8) (51.6) (320) bp Thereof selling and marketing expenses (411) (420) 2 Thereof administration expenses (107) (90) (19) Operating result (EBIT) 81 95 (15) In % of sales 8.6 9.6 (100) bp Financial result (13) (12) (15) Earnings before taxes 67 83 (19) Income taxes (19) (23) 19 Net income 49 60 (19) Attributable to: Equity holders of the parent company 48 59 (18) Non-controlling interests 0 1 (55) Earnings per share (in EUR)1 0.70 0.85 (18) Tax rate in % 28 28 1 Basic and diluted earnings per share. EBIT and EBITDA – quarter (in EUR million) Q3 2026 Q3 2025 Change in % EBIT 81 95 (15) In % of sales 8.6 9.6 (100) bp Depreciation and amortization (93) (87) (7) EBITDA 174 182 (4) In % of sales 18.4 18.4 0 bp
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 11 Consolidated income statement – nine months (in EUR million) Jan. – Sep. 2026 Jan. - Sep. 2025 Change in % Sales 2,756 2,989 (8) Cost of sales (1,004) (1,142) 12 Gross profit 1,751 1,847 (5) In % of sales 63.5 61.8 180 bp Operating expenses (1,576) (1,610) 2 In % of sales (57.2) (53.9) (330) bp Thereof selling and marketing expenses (1,230) (1,294) 5 Thereof administration expenses (346) (316) (9) Operating result (EBIT) 175 237 (26) In % of sales 6.4 7.9 (160) bp Financial result (35) (32) (9) Earnings before taxes 140 205 (32) Income taxes (39) (57) 32 Net income 101 147 (32) Attributable to: Equity holders of the parent company 98 141 (30) Non-controlling interests 2 7 (63) Earnings per share (in EUR)1 1.43 2.04 (30) Tax rate in % 28 28 1 Basic and diluted earnings per share. EBIT and EBITDA – nine months (in EUR million) Jan. – Sep. 2026 Jan. - Sep. 2025 Change in % EBIT 175 237 (26) In % of sales 6.4 7.9 (160) bp Depreciation and amortization (272) (269) (1) EBITDA 447 506 (12) In % of sales 16.2 16.9 (70) bp
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Quarterly Statement for Q3 2026 Metzingen, November 3, 2026 Page 12 Consolidated statement of financial position (in EUR million) September 30, 2026 September 30, 2025 December 31, 2025 Property, plant and equipment, intangible assets, and right-of-use assets 1,623 1,685 1,700 Inventories 950 1,083 918 Trade receivables 321 328 386 Other assets 411 369 374 Cash and cash equivalents 315 82 343 Assets 3,620 3,547 3,721 September 30, 2026 September 30, 2025 December 31, 2025 Group equity 1,682 1,440 1,558 Provisions and deferred taxes 227 209 202 Financial liabilities 178 328 296 Lease liabilities 829 876 887 Other liabilities 213 192 250 Trade payables 492 502 529 Equity and liabilities 3,620 3,547 3,721 Consolidated statement of cash flows (in EUR million) Jan. – Sep. 2026 Jan. ‒ Sep. 2025 Cash flow from operating activities 379 253 Cash flow from investing activities (86) (116) Free cash flow 293 137 Cash flow from financing activities (326) (261) Change in cash and cash equivalents (28) (129) Cash and cash equivalents at the beginning of the period 343 211 Cash and cash equivalents at the end of the period 315 82 Number of own retail stores Sep. 30, 2026 EMEA Americas Asia/Pacific Total Number of own retail points of sale 514 530 342 1,386 thereof freestanding retail stores 174 143 141 458 Dec. 31, 2025 Number of own retail points of sale 540 558 364 1,462 thereof freestanding retail stores 185 148 152 485