Slides
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FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q2 & H1 | FY 2024/25 Düsseldorf, 15 May 2025
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AGENDA 01 Overview 3 02 Q2 Financials 5 03 Strategy & Business Highlights 18 04 Wrap-up + Q&A 31
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RELEVANT EFFECTS ON Q2 PERFORMANCE Q2 affected by shift of Easter business to April (Q3) this year, one trading day less, and sale of Disapo in 2024 SLIGHT SALES DECREASE Group sales: -2.0% Omnichannel sales: Stores -0.1%, E-Com -5.6% IMPROVED BOTTOM LINE Net income: -€41.3m -€19.0m INCREASED REP. EBITDA Reported EBITDA: €106.6m (11.1%) €122.0m (13.0%) Adjusted EBITDA: €145.9m (15.2%) €122.4m (13.0%) Excluding Disapo: Group sales: -1.0% E-Com sales: -2.6% RESULTS DEVELOPMENT: Q2 23/24 VS. Q2 24/25
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4 CURRENT TRADING April sales were above previous year’s figures, also supported by the Easter business.
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Q2 FINANCIALS MARCO GIORGETTA, CFO
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6 1 For details on EBITDA adjustments see page 36 Slight decline in sales and significant increase in Reported EBITDA Decline of consumer sentiment leading to market slowdown MARGINS − Late Easter and leap-year effect in PY as well as political/economic uncertainties weighing on consumer sentiment especially in Germany and France; slightly better Easter business in April 2025 − While E-com sales fell by -5.6% (-2.6% excluding Disapo), Stores sales remained stable with minimal -0.1% decline − Less footfall in stores but good conversion rate; high promotional intensity environment − Continued strong sales growth in CEE while SE remained flat. Weakened consumer sentiment turned into a sales decline in DACHNL, FR and PD/NB − Profitability suffered from higher promotional activity − Decrease in supplier bonus due to lower sales − Personnel cost below PY despite a higher number of employees due to new store openings, compensated by lower variable compensation accrual to reflect revised performance expectation − Net marketing costs ratio has seen a significant decrease; logistic costs have decreased in relation to sales; investments in IT infrastructure led to strongly increased IT costs in m€ in m€ 958 939 Q2 2023/24 Q2 2024/25 SALES EBITDA -2.5% lfl -2.0% 146 122 Q2 2023/24 Q2 2024/25 15.2% 13.0% -16.1% -1.0% excluding Disapo 107 122 Q2 2023/24 Q2 2024/25 11.1% 13.0% +14.5% ADJUSTED EBITDA 1 REPORTED EBITDA
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− Sales decrease driven by challenging market environment and increased competition leading to a sales decline in Store business-2.8% (-4.5% lfl) and -5.1% (-4.9% lfl) in E-Com sales. − However, positive performance in Belgium driven by successful store openings − Significantly reduced footfall, vigorous increase in baskets and slight increase in sales per item in Stores; strongly less orders not offset by significantly higher basket sizes − Decline in adj. EBITDA mainly due to lower other income due to intercompany reallocation of sublease income (-6.2m) to the Corporate HQ segment, slightly improved logistic cost ratio, higher IT- costs, increased personnel cost ratio; partially offset by lower marketing costs ratio 7 Market slowdown in E-Com and Store business MARGINS in m€in m€ 459 442 Q2 2023/24 Q2 2024/25 88 74 Q2 2023/24 Q2 2024/25 19.1% 16.8% -3.7% -14.9% -4.7% lfl DACHNL Q2 2024/2025 1 For details on EBITDA adjustments see page 36; ²intercompany reallocation of sublease income ( -6.2m) to the Corporate HQ segment which did not reoccur in Q2 2024/25 SALES ADJUSTED EBITDA 1 -6.22
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8 France Q2 2024/2025 Market slowdown in E-Com and Store business MARGINS in m€in m€ 168 164 Q2 2023/24 Q2 2024/25 34 27 Q2 2023/24 Q2 2024/25 20.4% 16.2% -2.5% -22.2% -3.4% lfl 1 For details on EBITDA adjustments see page 36 − Weakened consumer sentiment in the French market resulting in sales declining by -2.0% in Store business (-3.1% lfl) and -4.4% in E-Com channel − Significant decrease in footfall with significantly increased basket sizes, but slightly lower sales per item in Stores; strongly less orders in E-Com, but strong increase in baskets size − Higher promotional intensity resulted in lower price pass-through, increased IT-costs due to rollout of E-Commerce platform, personnel cost ratio improved by initiating profitability stabilization measures; positive one- off item in supplier bonus in prior year SALES ADJUSTED EBITDA 1
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9 Southern Europe Q2 2024/2025 Slight sales growth in Stores and declining growth in E-Com MARGINS in m€in m€ 142 142 Q2 2023/24 Q2 2024/25 27 26 Q2 2023/24 Q2 2024/25 19.2% 18.4% +0.4% -3.9% -0.9% lfl 1 For details on EBITDA adjustments see page 36 − Sales remained largly flat with increase in Store sales by+1.6% (+0.3% lfl) compensating for decline in E-Com sales of -6.8% − Solidly lower footfall with significantly reduced basket sizes and slightly less sales per item in Stores; strongly lower number of orders could not be offset by strongly larger baskets in E-Com − Successful pass-through of price increase, higher marketing income and slightly lower logistic costs ratio while personnel cost ratio slightly increased SALES ADJUSTED EBITDA 1
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10 Central Eastern Europe Q2 2024/2025 Significant sales growth with margin impacted by expansion program and competitive environment MARGINS in m€in m€ 136 146 Q2 2023/24 Q2 2024/25 30 30 Q2 2023/24 Q2 2024/25 21.8% 20.2% +7.6% +0.0% +4.4% lfl 1 For details on EBITDA adjustments see page 36 − Continuous sales momentum supported by both like-for-like growth and the store network development, +5.5% (+1.1% lfl) sales growth in Stores and +14.6% in E-Com (+14.2% lfl) − Significant increase in footfall and sales per item with solidly higher basket sizes; stable number of orders with a strong increase in basket sizes in E-Com − Less price pass-through due to higher promotional intensity, personnel cost ratio nearly in line with prior year despite higher number of employees for newly opened stores which are still in ramp-up; store expansion program with temporarily dampening effect on EBITDA margin SALES ADJUSTED EBITDA 1
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11 Parfumdreams/NICHE BEAUTY Q2 2024/2025 Increasing competitive pressure in Germany MARGINS in m€in m€ 44 43 Q2 2023/24 Q2 2024/25 2 -2 Q2 2023/24 Q2 2024/25 4.2% -4.3% -0.7% -1.0% lfl n/m 1 For details on EBITDA adjustments see page 36 − Stable sales with 0.2% in E-Com but -12.5% in stores − Less orders but larger basket sizes − Overall performance remains near previous year levels, with online channels showing minor growth and physical stores facing declines, largely influenced by altered Easter holiday timing, which has delayed consumer purchases − Increased price sensitivity among customers, which is weighing on gross margin performance. In parallel, after the integration into the German OWAC ("One Warehouse, All Channels"), the DACHNL region manages partner program orders with shared inventory, removing PD's backfill role and impacting PD's gross profit. SALES ADJUSTED EBITDA 1
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12 Sales decline affected by calendar effects and challenging market environment Sales Q2 2024/2025 in m€in m€in m€ − Vigorously decreased footfall and slight decrease in number of customers − Higher basket sizes in most segments − Slightly higher sales per item in DACHNL and CEE 627 626 Q2 2023/24 Q2 2024/25 332 313 Q2 2023/24 Q2 2024/25 − CEE strongly growing, PD/NB flat, downturn in the other segments − E-Com growth declined due slowed down consumer demand, competitive environment and a high promo pressure in the market that we did not want to follow to that extend − Less orders but larger basket sizes -2.0% -0.1% -5.6% -2.5% lfl -2.4% lfl -2.5% lfl For details on quarterly lfl sales development see page 38 GROUP STORES E-COM 958 939 Q2 2023/24 Q2 2024/25 -1.0% excluding Disapo Late Easter (shift to April while last year in March ) and leap-year effect in prior year affected both channels
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P&L – Net income improved significantly Q2 2024/2025 − Gross profit: Promotional pressure and lower supplier bonus from a lower sales basis led to decrease in gross profit and margin − Net operating expenses improved by initiating several measures to safeguard profitability; stable personnel costs, significantly improved marketing cost ratio and lower logistic costs − Reported EBITDA: strong improvement driven by significantly lower adjustments − Financial result positively influenced by the IPO proceeds and the new financing structure with lower debt and improved terms − Income taxes: increased due to the improved EBT 1 For details on EBITDA adjustments see page 36 Q2 2023/24 Q2 2024/25 Sales Gross profit margin EBITDA Adjustments Adjusted EBITDA1 Adjusted EBITDA margin1 EBIT Financial result 145.9 122.4 15.2% 13.0% Gross profit Net income Net operating expenses Income taxes Cost of raw materials, consumables and supplies and merchandise Amortization/depreciation/impairment -85.3 -96.6 958.4 939.0 -513.9 -514.4 444.6 424.5 46.4% 45.2% -338.0 -302.5 106.6 122.0 39.3 0.4 21.3 25.5 -50.0 -30.3 -12.6 -14.2 -41.3 -19.0 in m€ ∆ % -2.0% -0.1% -4.5% -1.2%p 10.5% 14.5% -99.0% -16.1% -2.2%p -13.2% 19.7% 39.4% -12.6% 54.0% 13
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14 1 Average NWC as of 31 March 2025, LTM Sales 31 March 2025; for details on NWC see page 40 Improved Average Net Working Capital in relation to sales; Capex program on track As of 31 March 2025 in m€ in m€ Average NWC as % of sales1 26 36 − Average inventory higher due to opening of new stores and brands rollout − Solidly higher average payables partially due to new supply chain financing program, and vigorously higher average trade receivables; lower bonus and marketing contribution due to sales slowdown − DIO reduced to 123 (PY: 125) − Majority of capital expenditure spent in the Stores channel on store refurbishments (22) and store openings (9) − Ongoing investment in further platform development and rollout, IT stack and international E-Com − Capex in H1 2024/25: €58.6m (H1 2023/24: €44.2m) AVERAGE NET WORKING CAPITAL CAPEX 239 240 31.03.2024 31.03.2025 5.5% 5.3% 0.5% 40.9% Q2 2023/24 Q2 2024/25
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15 Free Cash Flow on solid level H1 2024/2025 in m€ H1 2023/2024 476 312 308 Adj EBITDA -70 CAPEX 1 -57 Working Capital ² -25 TAX -12 Others ³ Adj FCF -4 EBITDA Adjustments (Cash effect) 4 Free Cash Flow 494 -54 -25 -32 35 418 -54 363 1 Excl. M&A-related investments (Cash Capex); 2 For details on Working Capital development see page 40; 3 Change in Other Assets, Liabilities and Accruals; 4 For details on EBITDA adjustments see page 36
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16 Reduction in net financial debt Slightly increased leverage ratio as of 31 March 2025 due to increase in lease liabilities in m€ in m€ Note: full refinancing concluded on 15 April 2024 1 For details on net debt and financing structure see page 49 2 Including IFRS 16 liabilities; net debt/adjusted EBITDA including IFRS 16 effects; adj. EBITDA LTM (31 March 2025); based on Adj. EBITDA LTM of €785m as of March 2024 and €790m as of March 2025. For details on EBITDA adjustments see page 36 AVAILABLE LIQUIDITY TOTAL NET LEVERAGE 2NET DEBT STRUCTURE 1 819 89 161 270 Mar-24 Mar-25 980 359 (cash) (RCF) (RCF) (cash) 2.7 2.8 Mar-24 Mar-25 1,106 1,010 1,043 1,176 Mar-24 Mar-25 2,148 2,186 Lease liabilities Net financial debt
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17 Outlook for 2024/2025 and beyond DOUGLAS Group (m€) 2023/2024 reported 2024/2025 guidance Sales 4.451 around 4.500 Adjusted EBITDA margin 18.2% around 17% Average net working capital as % of sales 5.3% <5% We confirm our above guidance for 2024/2025 leading to a net income expectation of around EUR 175m (FY 2023/2024: EUR 84.0m) for the current financial year and reconfirm our ongoing efforts in deleveraging the company towards a net leverage of 2.0x We will develop our new mid-term forecast as part of the business planning for 2025/2026 and beyond and communicate in our Q4 Investors Call in December 2025. WIP
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STRATEGY & HIGHLIGHTS SANDER VAN DER LAAN, CEO
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2025 is a year of anniversaries, honoring the pioneering spirit of the DOUGLAS Group 115 Years 1910: Opening of the very first DOUGLAS Store 25 Years 2000: Start of E-Com with the first DOUGLAS online shop 30 Years 1995: Launch of the DOUGLAS Beauty Card
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20 “Let it Bloom” Strategy Execution well on Track Be the #1 BEAUTY DESTINATION in all our markets Offer most relevant and distinctive RANGE OF BRANDS Deliver most customer friendly OMNICHANNEL experience Build focused and efficient OPERATING MODEL Brand Communication Social Media & Commerce Next-Generation CRM ESG Retail Media Category & Brands Corporate Brands Partner Program Beauty Services Omnichannel Pricing & Promotion Multiformat Network Development Customer Service Profitable E-Com Growth Supply Chain Tech Stack & Data Organization – Fit for Purpose Capital Efficiency Omnichannel Global Process Design
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21 “Let it Bloom” Strategy Execution well on Track Be the #1 BEAUTY DESTINATION in all our markets Offer most relevant and distinctive RANGE OF BRANDS Deliver most customer friendly OMNICHANNEL experience Build focused and efficient OPERATING MODEL Brand Communication Social Media & Commerce Next-Generation CRM ESG Retail Media Category & Brands Corporate Brands Partner Program Beauty Services Omnichannel Pricing & Promotion Multiformat Network Development Customer Service Profitable E-Com Growth Supply Chain Tech Stack & Data Organization – Fit for Purpose Capital Efficiency Omnichannel Global Process Design
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Rollout of new Loyalty Program New Beauty Card launched in the Netherlands & Belgium − New program launched in early April in first markets (BENE), gradual rollout to other countries set for the coming years − Greater personalization and incentives for omnichannel shopping, including rewards for purchases on- & offline − Objective: increase number of annual purchases and cross sales in additional categories by introducing tier system with individualized benefits EUROPE’S BIGGEST BEAUTY LOYALTY PROGRAM − Highly successful program: 62.1 million members (March 25) − Awarded “favorite loyalty program” in category “Lifestyle” at the Bonus Awards (customer vote, >115,000 participants) 22 Next-Generation CRM
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Smart Meters − Installation in all ~1,900 stores underway − 10 countries and >1,000 stores already completed (as of 5 May 2025) − Energy consumption tracked in dashboard − Objective: Tracking and reducing energy consumption effectively Store Format & Design − LED lighting installed in all ~1,900 stores − Implementation of timeless & clean design base with long-lasting, quality furniture − Whenever possible: reusing furniture − Eco-friendly air conditioning Green Lease − Contracts including dedicated ESG clauses, collaboration to reduce CO2 emissions − Agreements already with leading landlords for ~170 DOUGLAS and NOCIBÉ stores − Advanced discussions with more landlords ESG Integrating sustainability in our store network
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24 Retail Media continues to grow Leveraging our leading first-party data − DOUGLAS Marketing Solutions continued strong growth also in Q2 – DACH market performed exceptionally well − High-margin business leveraging unparalleled insights − DOUGLAS Marketing Solutions shortlisted for “Retail Media Network of the Year” at Retail MediaX Awards CONTINUED INNOVATION AND NEW SERVICES − Self-service platform in soft launch phase, with full launch later in 2025 – more flexibility and targeting for brands − Pilot: Data collaborations with TheTradeDesk & cmmrcl.ly, offering more brands access to our leading first-party data − Pilot: Digital screens in select stores in Germany, offering brands ability to showcase campaigns directly at the PoS Retail Media
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Key launch in haircare: TYPEBEA First exclusive launch in growing category − TYPEBEA by Rita Ora launched exclusively at DOUGLAS Group in February – key launch in the financial year 2024/25, and first exclusive launch in haircare category − Rolled out internationally and simultaneously across 20 omnichannel countries, including 900+ stores − Expanding & authenticating the haircare category − 360° international omnichannel brand activation: − Around 2,000 in-store activations in all 20 markets − Personal visits of founders Rita Ora and Anna Lahey in five European markets including 360° influencer events − Successful start with top positions in various countries − TYPEBEA product portfolio to be expanded later in 2025 with styling range and hair repair range Category & Brands
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Key launch in fragrance: XO Khloé Exclusive launch underlines assortment strategy − Big exclusive launch in largest category fragrance in March 2025: XO Khloé by American celebrity Khloé Kardashian − Celebrity brands in high demand by customers − Rolled out simultaneously to 20 omnichannel countries, including 1,700 stores, with pan-European activation plan − 360° international omnichannel brand activation: − ~1,000 shop windows and ~90 homepage activations − >100 social media postings with 4.4m impressions − >3,100 in-store activations in all 20 countries − Market visits & influencer events: Khloé visited DOUGLAS stores in Düsseldorf and Milan − XO Khloé entered Group top 10 in several markets Exclusive launches are a focus of our assortment strategy and a strong market differentiator Category & Brands
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Update from our Corporate Brands Launch of THE BOTANIST Line − DOUGLAS & NOCIBÉ COLLECTION premium bathcare sub-brand launched in March 2025 − 16 SKUs: shower gel, body lotion, hand wash & hand balm − No. 176 – Relaxation: Lavender & Chamomile − No. 241 – Comfort: Neroli & Geranium − No. 450 – Purity: Rosemary & Sage − No. 689 – Energy: Mandarin & Basil − Launched across all countries and all channels − Vegan formula with >95% natural ingredients − Scent is #1 purchase driver in bath category 27 Corporate Brands are a key pillar of our assortment strategy Corporate Brands
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28 Store Network Development Ongoing expansion and modernization − Store program proceeding according to plan: − Around 200 openings by end of CY 2026 − Around 400 refurbishments by end of CY 2026 − Q2: 9 openings and 11 closings 2 net closings; 17 net openings in first half of the financial year − 28 refurbishments* in Q2; postponed some refurbishments to balance capital expenditures − More than 15 openings or refurbishments in April 2025 in Germany, including Hamburg, Gelsenkirchen and Berlin 1,901 NO. OF STORES, INCLUDING FRANCHISEStore network across Europe as of 31 March 2025 * including six relocations Network Development
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29 Future OWAC Set-up Network of seven omnichannel warehouses LIVE LIVE 2027 (TBC) LIVE Q3 ‘26 Q3 ‘26 LIVE LIVE LIVE Q3 ‘25 Q1 ‘27 (TBC) 2026 (TBC) 2026 (TBC) Q1 ‘26 Q2 ‘26 Q1 ‘26 Q3 ‘26 Q3 ‘26 Q3 ‘26Dates indicate currently planned go- live date of deliveries to respective country from corresponding OWAC Q3 ‘26 (TBC) Illescas / Spain Douvrin / France Move from two warehouses to one omnichannel center Netherlands «BENOWAC» Tender launched Hamm / Germany Bologna / Italy Move to new warehouse and operator switch Mszczonów / Poland («NOWAC») OWAC in ramp-up with go-live in Q3 ’25 Romania («SOWAC») Project not yet launched Mszczonów / Poland («NOWAC») Corporate brands warehouse commenced operations in May ‘25 Bönen / Germany (Niche-Beauty) Supply Chain
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Mszczonów / Poland («NOWAC») Corporate brands warehouse commenced operations in May ‘25 Supply Chain Bologna / Italy Move to new warehouse and operator switch Douvrin / France Move from two warehouses to one omnichannel center 30 Future OWAC Set-up Network of seven omnichannel warehouses FEB ‘25 LIVE 2027 (TBC) LIVE Q3 ‘26 Q3 ‘26 LIVE LIVE LIVE Q1 ‘27 (TBC) 2026 (TBC) 2026 (TBC) Dates indicate currently planned go- live date of deliveries to respective country from corresponding OWAC Q3 ‘26 (TBC) Illescas / Spain Netherlands «BENOWAC» Tender launched Hamm / Germany Romania («SOWAC») Project not yet launched Bönen / Germany (Niche-Beauty) Q3 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Q3 ‘26 Q3 ‘26 Mszczonów / Poland («NOWAC») OWAC in ramp-up with go-live in Q3 ’25 Q1 ‘26 North OWAC (Poland) − NOWAC to ramp up operations later in 2025, serving all CEE markets going forward
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Mszczonów / Poland («NOWAC») OWAC in ramp-up with go-live in Q3 ’25 Supply Chain Bologna / Italy Move to new warehouse and operator switch Douvrin / France Move from two warehouses to one omnichannel center 31 Future OWAC Set-up Network of seven omnichannel warehouses FEB ‘25 LIVE 2027 (TBC) LIVE Q3 ‘26 Q3 ‘26 LIVE LIVE LIVE Q1 ‘27 (TBC) 2026 (TBC) 2026 (TBC) Dates indicate currently planned go- live date of deliveries to respective country from corresponding OWAC Q3 ‘26 (TBC) Illescas / Spain Netherlands «BENOWAC» Tender launched Hamm / Germany Romania («SOWAC») Project not yet launched Bönen / Germany (Niche-Beauty) Mszczonów / Poland («NOWAC») Corporate brands warehouse commenced operations in May ‘25 Corporate Brands Warehouse − NOWAC building in Poland also includes shared CB warehouse − Commenced operations in May, now central hub for both inbound and delivery to all Group OWACs − Corporate Brands products shipping from Poland to all future 7 OWACs and from there to all 22 Group countries
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WRAP-UP SANDER VAN DER LAAN, CEO
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SUMMARY − DOUGLAS Group is on track to reach guidance for 2024/25: sales of ~€4.5 billion; adj. EBITDA margin at ~17%; net income of ~€175 million; NWC of <5% of sales (Ø LTM) − Q2 strongly influenced by volatile environment and negative calendar effects: Easter date shift and one less day of trading − Several measures initiated to stabilize sales and safeguard profitability, including SG&A cost reductions, tightening of Net Working Capital and phasing of returns − Increased reported EBITDA and significantly improved quarterly net income (+54.0% vs. PY) − DOUGLAS Group will set up a new mid-term forecast as part of the business planning for the coming years and will thus comment on that at the full-year reporting in December − Implementation of “Let it Bloom” strategy continues steadily 33 DOUGLAS Group has full confidence in its winning omnichannel business model and “Let it Bloom” strategy
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Q&A
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APPENDIX
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36 Adjustments to EBITDA Q2 2024/2025 in m€ Q2 2023/24 Q2 2024/2025 Reported EBITDA 106.6 122.0 M&A Restructuring Costs Strategic Initiatives Other Adjusted EBITDA 3.5 -0.9 1.5 0.3 3.9 0.8 30.5 0.1 145.9 122.4 Q2 2023/24 YTD Q2 2024/25 YTD 425.0 472.1 5.0 -0.6 -0.3 0.6 8.3 3.9 56.2 0.0 494.2 475.9 Release of unused provisions OWAC project, HQ and warehouse move France, ‘Let it bloom’, business project optimization
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37 Selected Segmental KPIs Q2 2024/2025 REPORTED EBITDA CAPEX Q2 2023/24 Q2 2024/25 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 83.2 74.7 31.0 26.3 24.7 26.1 28.5 29.6 -61.6 -32.8 106.6 122.0 PD/NB 0.7 -1.9 In m€ Q2 2023/24 Q2 2024/25 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 3.6 12.1 6.1 9.9 4.5 2.1 5.0 4.9 5.7 6.0 25.5 35.9 PD/NB 0.6 1.0 In m€
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38 Deep Dive into like-for-like sales development Quarterly overview Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 DACHNL France Southern Europe Central Eastern Europe PD/NB Group Stores -1.0%-10.2% 7.4% 9.3% 11.3% 13.0% 5.4% -4.7% 4.4% -0.1% 0.9% 4.7% 10.6% 6.1% -0.9% 13.7% 12.5% 11.0% 13.3% 8.2% 9.9% 5.5% -2.5% 7.3% 8.4% 3.9% E-Com 10.0% 13.0% 8.6% -2.5% Q2 2023/24 16.0% 4.6% 7.4% 19.5% 20.4% 12.4% 14.9% -3.4% 4.4% -2.4%
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39 Selected Segmental KPIs H1 2024/25 REPORTED EBITDA CAPEX Q2 2023/24 YTD Q2 2024/25 YTD DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 236.9 232.2 114.4 109.1 92.5 91.7 98.2 102.5 -124.5 -68.2 425.0 472.1 PD/NB 7.5 4.8 In m€ Q2 2023/24 YTD Q2 2024/25 YTD DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 10.4 17.6 8.9 12.8 6.4 8.6 8.5 9.0 8.8 8.8 44.2 58.6 PD/NB 1.2 1.7 In m€
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40 Development of Average Net Working Capital As of 31 March 2025 Average NWC as % of LTM SalesX% in m€ 239 232 234 245 240 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 Average inventory Average trade accounts receivable Average trade accounts payable Average other1 Average NWC 238.7 232.4 234.4 245.4 239.9 807.5 818.1 825.5 833.4 74.6 75.9 80.0 78.2 -660.6 -671.3 -674.0 -670.5 10.9 11.7 14.0 -1.2 803.2 74.8 -651.2 12.0 5.3% 5.3% 5.4% 5.3%5.5% 1 Incl. receivables from reimbursed marketing costs, bonus receivables, voucher liabilities and liabilities from supply chain f inancing program Since the Q2 2024/2025, Douglas Group rolled-out a supply chain financing program to optimize working capital, which will allow the payment term to be extended by 60 days, with unchanged timely payment to suppliers. Extending payment terms to 60 days without involvement or changes for supplier will allow Douglas Group to improve on long-term liquidity, optimize working capital and enhance operating cash flow.
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41 DACHNL H1 2024/25 Slightly positive sales development in both channels MARGINS in m€ 1 For details on EBITDA adjustments see page 36 in m€ Q2 2023/24 YTD Q2 2024/25 YTD 1,147 1,173 243 233 Q2 2023/24 YTD Q2 2024/25 YTD 21.2% 19.9% +2.2% -4.1% +1.2% lfl − Net sales increase driven by +2.1% (+0.2% lfl) growth in Store business and +2.4% E-Com sales (+2.5% lfl) − Net sales increase in Stores despite a solid decrease in footfall but a higher basket size and higher net sales per item; significantly less orders with increased baskets in E- Com − Stable gross profit despite under- proportionate growth in supplier bonus; higher marketing income and lower logistic costs due to OWAC strategy, slightly higher personnel cost ratio; adjusted EBITDA was primarily negatively influenced by an intercompany reallocation of sublease income to the Corporate HQ segment NET SALES ADJUSTED EBITDA 1
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42 France H1 2024/25 Slight sales growth achieved in both channels MARGINS in m€in m€ 504 506 Q2 2023/24 YTD Q2 2024/25 YTD 118 111 Q2 2023/24 YTD Q2 2024/25 YTD 23.4% 21.8% +0.5% -6.1% -0.5% lfl 1 For details on EBITDA adjustments see page 36 − Net sales increase driven by +0.4% (- 1.0% lfl) growth in Store business, E- Com grew by +1.2% − Less footfall and lower conversion rate overcompensated by higher basket sizes with higher net sales per item in Stores; significant decrease of orders but strong increase in basket sizes in E-Com − Lower gross profit margin from an increased promotional pressure, higher net marketing income, higher personnel cost ratio due to wage and salary increases, lower logistic costs ratio NET SALES ADJUSTED EBITDA 1
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43 Southern Europe H1 2024/25 Ongoing sales growth online and offline MARGINS in m€in m€ 376 391 Q2 2023/24 YTD Q2 2024/25 YTD 93 92 Q2 2023/24 YTD Q2 2024/25 YTD 24.8% 23.5% +4.0% -1.3% +3.3% lfl 1 For details on EBITDA adjustments see page 36 − Net sales increase driven by +4.2% (+3.4% lfl) growth in Stores, E-Com business increased by +2.7% − Net sales increase in Stores due to vigorous higher footfall although significantly smaller basket sizes with slightly lower net sales per item in Stores; smaller number of orders could be offset by a strong increase in basket sizes in E-Com − Reduction in Gross Profit is attributable to a positive one-time effect in the supplier bonus of previous year. Despite this, the operative gross profit margin remained stable in relation to sales, stable marketing costs ratio, personnel cost ratio while the logistic costs ratio slightly decreased NET SALES ADJUSTED EBITDA 1
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44 Central Eastern Europe H1 2024/25 Significant sales growth as reported and like-for-like MARGINS in m€in m€ 362 402 Q2 2023/24 YTD Q2 2024/25 YTD 99 103 Q2 2023/24 YTD Q2 2024/25 YTD 27.4% 25.5% +11.1% +3.2% +8.0% lfl 1 For details on EBITDA adjustments see page 36 − Net sales increase driven by +9.7% (+5.5% lfl) growth in Stores and +15.8% in E-Com − The Store business benefited from new openings and completed renovation measures contributing to a strong increase in footfall with larger baskets and slightly higher net sales per item; more orders and strong increase in basket sizes in E- Com − Gross profit growth mainly due to higher sales, lower supplier bonus with a slight COGS increase higher than sales increase, personnel cost ratio stable, logistic cost ratio improved, higher marketing spend to support sales increase NET SALES ADJUSTED EBITDA 1
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45 Parfumdreams/NICHE BEAUTY H1 2024/25 Significant sales growth for the online beauty businesses MARGINS in m€in m€ 9 5 Q2 2023/24 YTD Q2 2024/25 YTD 8.1% 4.3% +5.5% -44.0% +5.1% lfl 1 For details on EBITDA adjustments see page 36 − Net sales increase driven by +6.4% (+5.9% lfl) growth in E-Com, Stores decreased by -6.3%. − Store performance is driven by the deviating easter holidays and a noticeable slowdown since December; more orders and larger basket sizes in E-Com − Gross margin suffered from competitive pricing and reduced supplier bonus; higher marketing contribution, significantly higher marketing cost ratio, improved personnel cost ratio, logistic costs ratio increased NET SALES ADJUSTED EBITDA 1 107 113 Q2 2023/24 YTD Q2 2024/25 YTD
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46 Net Sales Growth fueled by Omnichannel business Net sales H1 2024/25 E - COMSTORESGROUP in m€in m€in m€ − Increase in footfall and number of customers − Higher basket sizes in most segments − Higher net sales per item in most segments Q2 2023/24 YTD Q2 2024/25 YTD 2,514 2,585 Q2 2023/24 YTD Q2 2024/25 YTD 1,669 1,727 845 858 Q2 2023/24 YTD Q2 2024/25 YTD − Slight growth in E-Com − Increased basket sizes and stable conversion rate over-compensating less visits +2.8% +3.5% +1.5% +2.4% lfl +1.4% lfl +4.1% lfl
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47 P&L –Significantly improved Net Income H1 2024/25 Q2 2023/24 YTD Q2 2024/25 YTD Sales Gross profit margin EBITDA Adjustments Adjusted EBITDA1 Adjusted EBITDA margin 1 EBIT Financial result 494.2 475.9 19.7% 18.4% Gross profit Net income Net operating expenses Income taxes Cost of raw materials, consumables and supplies and merchandise Amortization/depreciation/impairment -172.6 -186.3 2,514.0 2,585.4 -1,375.8 -1,443.7 1,138.1 1,141.6 45.3% 44.2% -713.2 -669.5 425.0 472.1 69.2 3.8 252.3 285.8 -130.3 -64.8 -38.2 -77.0 83.9 144.0 1 For details on EBITDA adjustments see page 36 Q2 2024/25 YTD reported − Net operating expenses: reduced through effective cost management. In addition, increased marketing income and an improved personnel expense ratio considering lower bonus accrual assumptions to reflect the current market development. − Reported EBITDA: strong improvement driven by significantly lower one-off expenses. − EBITDA adjustments: declined significantly, PY heavily impacted by IPO − Amortization/depreciation/impairme nt: Increased mainly due to store expansion and impairment losses − Financial result: positively influenced by the IPO and the new financing structure with lower debt and improved terms in m€ ∆ % -3.7% -1,3%p -7.9% 2.8% -4.9% 0.3% -1.1%p 6.1% 11.1% -94.5% 13.3% 50.3% -101.8% 71.7%
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48 Cash flow statement H1 2024/2025 Net cash flow from operating activities Net cash flow from investing activities Free cash flow 363.4 308.0 Net cash flow from financing activities Net change in cash and cash equivalents Cash & cash equivalents at beginning of period Cash and cash equivalents at the end of the reporting period 818.6 89.1 415.9 377.7 -52.5 -69.8 190.6 -318.0 554.0 -10.0 262.3 98.9 2.3 0.2Net change in cash and cash equivalents due to currency translation Q2 2023/24 YTD Q2 2024/25 YTDIn m€ Influenced by IPO proceeds and refinancing
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49 Financing structure as of 31 March 2025 Successful refinancing of the Bridge facility in March 2025 1 Adjusted EBITDA LTM 31.03.2025: 790.4 m€ Carrying amounts m€ x Adj. EBITDA Maturity Pricing Cash and Equivalents 89 RCF (€350m Volume) 0 Mar 29 E+2.00% Term Loan 801 Mar 29 E+2.25% Promissory note loan (Schuldscheindarlehen) 200 2028-2032 customary IFRS 16 Liabilities 1,176 Net Debt incl. IFRS 16 Liabilities 2,186 2.8x
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50 Store network across Europe As of 31 March 2025 NUMBER OF STORES Own stores Franchise stores DEVELOPMENT 30 September 2024 – 31 March 2025 Store openings 30 Store closures 13 Total 17 Store openings: 6 stores in DACHNL (DE, AT, CH, BE), 4 in France, 3 in SE (IT, HR, SI), 16 in CEE (PL, BG, CZ, EE, HU, RO, SK) and 1 franchise Store in France Store closures: 5 in DACHNL (DE, AT), 2 in FR, 3 in SE (IT, PT), 1 in CEE (LVA) and 2 franchise stores in FR, driven by usual fluctuation in store network 128 1,756 September 24 127 1,774 March 25 1,884 1,901