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FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q3 | FY 2024/25 Düsseldorf, 14 August 2025
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AGENDA 01 Overview 3 02 Q3 Financials 4 03 Strategy & Business Highlights 17 04 Wrap-up + Q&A 23
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SOLID SALES GROWTH Group sales: +3.2% Omnichannel sales: Stores +2.1% E-Com +5.4% IMPROVED BOTTOM LINE Net income: - €71.6m + €17.3m Free Cash Flow: €101.8m €104.8m SAFEGUARDED PROFITABILITY Reported EBITDA: €152.4m (15.6%) €154.6m (15.3%) Adjusted EBITDA: €162.9m (16.7%) €158.2m (15.7%) Excluding Disapo: Group sales: +4.0% E-Com sales: +8.2% RESULTS DEVELOPMENT: Q3 2024/25 VS. Q3 2023/24 Net Leverage: 2.8x (30 June 2024) 2.7x (30 June 2025)
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Q3 FINANCIALS MARCO GIORGETTA, CFO
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5 1 For details on EBITDA adjustments see page 36 Q3 2024/25: Achieving solid growth Improving sales and profit trends MARGINS − Positive Easter effect in Q3 2024/25, however solid growth even excluding this effect − Improved Stores and E-Com sales trend vs. Q2 2024/25 − Sales growth in four of our five segments − Decrease in profitability reflects the ongoing competitive environment − Gross profit margin pressure partially mitigated by a reduction as a percentage of sales in personnel, marketing and logistic expenses − Expenses related to ongoing investments in our IT infrastructure were higher than last year − Reported EBITDA up as there is now a limited amount of adjustments in m€ in m€ 977 Q3 2023/24 Q3 2024/25 1,008 SALES EBITDA +2.5% lfl +3.2% 163 158 Q3 2023/24 Q3 2024/25 16.7% 15.7% -2.9% +4.0% excluding Disapo 152 155 Q3 2023/24 Q3 2024/25 15.6% 15.3% +1.4% ADJUSTED EBITDA 1 REPORTED EBITDA
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6 Sales increased in both channels fueled by omnichannel services Sales Q3 2024/25 in m€in m€in m€ − Stores: 67.3% of Group sales (PY: 68.0%) − Increase in footfall and number of customers, partially due to openings − Basket sizes in line with previous year − Negative impact from exceptionally warm month of June 664 678 Q3 2023/24 Q3 2024/25 313 330 Q3 2023/24 Q3 2024/25 − E-Com: 32.7% of Group sales (PY: 32.0%) − E-Com regained sales momentum − The main driver for growth was a higher average order size +3.2% +2.1% +5.4% +2.5% lfl -0.7% lfl +8.4% lfl For details on quarterly lfl sales development see page 27 GROUP STORES E-COM 977 Q3 2023/24 Q3 2024/25 1,008
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− Store sales up by 1.3%, with a -2.9% lfl; reflecting tougher trading compared to a year ago − Positive development in Belgium, growing from 1 to 8 stores LTM − E-Com sales increased by 6.1%, supported by a higher average order size and a growing share of app sales − YoY adjusted EBITDA affected by a sublease income reclass to Corp. HQ; without this, stable adjusted EBITDA vs. previous year − A lower gross profit margin could be mitigated by savings in personnel and marketing expenses 7 Resilient performance led by E-Commerce MARGINS in m€in m€ 465 480 Q3 2023/24 Q3 2024/25 99 95 Q3 2023/24 Q3 2024/25 21.3% 19.8% +3.2% -4.4% +1.0% lfl DACHNL Q3 2024/25 1 For details on EBITDA adjustments see page 36 ² intercompany reallocation of sublease income ( -3.6m€) to the Corporate HQ segment which did not reoccur in Q3 2024/25 SALES ADJUSTED EBITDA 1 -3.62
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8 France Q3 2024/25 Continued market share gain MARGINS in m€in m€ 174 173 Q3 2023/24 Q3 2024/25 33 29 Q3 2023/24 Q3 2024/25 19.1% 16.9% -0.9% -12.1% -1.2% lfl 1 For details on EBITDA adjustments see page 36 − Store sales decreased by -1.6%, with a -2.2% lfl, reflecting an ongoing tough trading environment − E-Com sales increased by 2.2% helped by a higher average order size, while the number of orders was lower − Further market share gains in a declining market − Lower adjusted EBITDA caused by an ongoing highly competitive environment which led to a decrease in gross margin − Personnel cost ratio decreased, but IT-costs increased due to rollout of E-Commerce platform. Marketing costs were also higher compared to last year SALES ADJUSTED EBITDA 1
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9 Southern Europe Q3 2024/25 Positive store sales growth outweighs lower E-Com sales trend MARGINS in m€in m€ 146 148 Q3 2023/24 Q3 2024/25 29 29 Q3 2023/24 Q3 2024/25 20.1% 19.5% +1.4% -1.9% +0.9% lfl 1 For details on EBITDA adjustments see page 36 − Store sales increased by +2.5%, with +2.1% lfl, reflecting a more favorable Southern Europe consumer environment − E-Com sales decreased by -5.6%, with a lower number of orders, that could not be entirely offset by a higher average basket size − Sales performance affected by supply chain challenges in run-up to new warehouse in Italy − Adjusted EBITDA slightly lower, due to a slight decrease in gross profit margin and a slight increase in the IT expense ratio SALES ADJUSTED EBITDA 1
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10 Central Eastern Europe Q3 2024/25 Sales growth continues MARGINS in m€in m€ 144 159 Q3 2023/24 Q3 2024/25 36 35 Q3 2023/24 Q3 2024/25 25.0% 21.7% +10.5% -4.1% +7.6% lfl 1 For details on EBITDA adjustments see page 36 − Store sales increased by +7.7%, with a +3.6% lfl, reflecting the success of our expansion in the region − E-Com sales increased by +20.9% thanks to a combination of more orders and a higher average order size − Lower adjusted EBITDA margin due to a decrease in gross margin, with more intense price competition and a channel mix effect due to faster E- Com growth − Personnel cost ratio slightly up due to higher wages. The store expansion program also has a negative effect on the adj. EBITDA margin SALES ADJUSTED EBITDA 1
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11 Parfumdreams/NICHE BEAUTY Q3 2024/25 Strong performance in core markets MARGINS in m€in m€ 40 48 Q3 2023/24 Q3 2024/25 0 1 Q3 2023/24 Q3 2024/25 0.2% 1.3% +19.2% +20.4% lfl 1 For details on EBITDA adjustments see page 36 − Our brands Parfumdreams and NICHE BEAUTY both realized similar sales growth − Sales benefitted from a more effective commercial approach of Parfumdreams as well as ongoing strong development at Niche Beauty, driven by a growing assortment − The prior-year quarter was affected by temporary supply chain disruptions during the integration of PD into the OWAC in Hamm − Increase in adjusted EBITDA SALES ADJUSTED EBITDA 1 +670.9%
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P&L – Continued strong improvement in net income Q3 2024/25 − Gross profit margin: Higher promotional pressure in a competitive environment − Lower net operating expenses thanks to several measures to safeguard profitability: improved personnel cost ratio and lower marketing and logistic costs − Reported EBITDA: Slight increase thanks to lower adjustments − D&A: increase due to larger store base, OWAC rollout and asset impairment − Financial result: Ongoing benefits from the post-IPO lower debt level and lower interest rates − Net profit improvement of 89 million euros compared to last year 1 For details on EBITDA adjustments see page 36 Q3 2023/24 Q3 2024/25 Net sales Gross profit margin Reported EBITDA Adjustments Adjusted EBITDA1 Adjusted EBITDA margin1 Reported EBIT Financial result 162.9 158.2 16.7% 15.7% Gross profit Net income Net operating expenses Income taxes Cost of raw materials, consumables and supplies and merchandise Amortization/depreciation/impairment -83.3 -99.1 977.1 1,008.1 -520.0 -551.0 457.1 457.1 46.8% 45.3% -304.7 -302.5 152.4 154.6 10.4 3.6 69.2 55.5 -130.0 -32.9 -10.7 -5.3 -71.6 17.3 in m€ ∆ % 3.2% 6.0% 0.0% -1.4ppts -0.7% 1.4% -65.6% -2.9% -1.0ppts 19.0% -19.8% -74.7% -50.3% 12
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13 1 Average NWC as of 30 June 2025, LTM Sales 30 June 2025; for details on NWC see page 37 Average Net Working Capital now at 5.0% of sales As of 30 June 2025 in m€ in m€ Average NWC as % of Sales1 36 43 − Average inventory slightly higher due to buffer stock for the new NOWAC and new store openings − DIO reduced to 122 (PY: 124) − Other short-term liabilities are higher thanks to roll-out of a new supply chain financing program − Capex program on track − Majority of capital expenditure spent in the Stores channel on store refurbishments (39) and own store openings (22) − Ongoing investment in further platform rollout, IT stack and international E-Com AVERAGE NET WORKING CAPITAL CAPEX 232 228 Q3 2023/24 Q3 2024/25 5.3% 5.0% -1.9% 21.2% Q3 2024/25 Q3 2024/25
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14 Free Cash Flow shows sustained strength 9M 2024/25 in m€ 9M 2023/24: 634 420 413 Adj EBITDA -115 CAPEX -50 Working Capital 1 -35 TAX -15 Others² Adj FCF -7 EBITDA Adjustments (Cash effect)³ Free Cash Flow 657 -89 -29 -51 41 530 -65 465 1 Excluding impact of supply chain financing; for details on Net Working Capital development, see page 37 2 Change in Other Assets, Liabilities and Accruals; 3 For details on EBITDA adjustments see page 36
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15 Further steps made in reducing leverage ratio As of 30 June 2025 in m€ in m€ 1 Including IFRS 16 liabilities; net debt/adjusted EBITDA including IFRS 16 effects; adj. EBITDA LTM (30 June 2025) AVAILABLE LIQUIDITY NET DEBT STRUCTURE 106 93 342 333 June-24 June-25 448 426 Cash 924 1,044 1,150 June-24 1,209 June-25 Lease liabilities Net financial debt 2,194 2,133 June-24 June-25 - Net leverage ratio improved to 2.7 compared to 2.8 for both June 2024 and March 2025 - Ample financial flexibility - Bridge facility repaid in March 2025 led to better financing conditions - Higher lease liabilities reflect 66 new stores, 2 new OWAC and contract extensions in LTM - Net fin. debt lower thanks to cash generation TOTAL NET LEVERAGE 1 RCF 2.8 2.7
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16 Confirmation of 2024/25 guidance DOUGLAS Group 2023/24 reported 2024/25 guidance Sales €4,451m around €4,500m Adjusted EBITDA margin 18.2% around 17% Average net working capital as % of sales 5.3% <5% We expect sales to be slightly above EUR 4.5bn We confirm our above guidance for 2024/25 leading to a net income expectation of around EUR 175m (FY 2023/24: EUR 84m) for the current financial year We will provide an update on our new mid-term financial forecast with the publication of the full year results on 18 December 2025 WIP
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STRATEGY & HIGHLIGHTS SANDER VAN DER LAAN, CEO
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18 “Let it Bloom” 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 Organization – Fit for Purpose Capital Efficiency Omnichannel Global Process Design Data Strategy & AI
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Assortment Offering the most relevant range of brands Category development in Q3 – relative to average growth: INDUSTRY & EXCLUSIVE BRANDS − Top performing brands include Sol de Janeiro, Rituals, Erborian, Kerastase and Color Wow − Notable launches: Billie Eilish fragrance “Your Turn”, Khloé XO, L’Oréal derma brands in NL (E-Com) CORPORATE BRANDS − Strong sales development of Jardín Bohéme: +21%, driven by two launches: annual Summer Collection (outperforming previous years) and Fruit Collection FRAGRANCE SKINCARE MAKE- UP HAIRCARE Category & Brands Corporate Brands
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20 Store Network Development Ongoing expansion and modernization − Major progress in the period from April to June 2025: − On track to achieve expansion and modernization goals: − Around 200 openings by end of CY 2026 − Around 400 refurbishments by end of CY 2026 − 40 net openings in first nine months of the financial year − Q3 highlights in the store network include: − Opening of 300m² flagship store in Paris La Défense, Europe’s largest shopping center, in prime location − Opening of 500m² flagship store in Antwerp − Opening of 160th DOUGLAS store in Poland (Lublin) * including 5 relocations Network Development 22 OPENINGS (own stores, gross) 39* REFURBISHMENTS (own stores) 1,924 NETWORK as of 30 June 2025
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Omnichannel Development Customers are shopping across channels − DOUGLAS Group cross-channel services encompass Click & Collect, Click & Collect Express, and in-store orders – convenient, channel-breaching offerings building upon our unique omnichannel model − Strong traction of these services (+24%), particularly in the DACH region, where sales increased by 45% in Q3 − Biggest growth driver: Click & Collect Express, recently introduced in Austria, Czech Republic, Slovakia and Italy − Cross-channel services are currently being rolled out to all omnichannel countries – expected to drive further growth Omnichannel is the winning model for premium beauty Omnichannel
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22 Supply Chain Update Go-live of North OWAC („NOWAC“) in Poland − Rollout of OWAC model („One Warehouse, All Channels“) proceeding well – 5 out of 7 planned OWACs now live − NOWAC in Poland recently commenced operations, first packages shipped to customers; handling all E-Com and store orders in Poland as of this month − From 2026, NOWAC will serve six additional countries: − In the course of the transition to NOWAC, the old E-Com and CDC facility in Poland will be closed this month − New logistics conditions agreed with ~99% of suppliers OWAC model leads to improved availability & lead times, higher SCM efficiency and better inventory control. 2025 2026 Supply Chain (Poland) ( Cz . Rep., Slovakia) (Hungary) ( Estonia, Lithuania, Latvia)
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WRAP-UP SANDER VAN DER LAAN, CEO
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SUMMARY − Execution of “Let it Bloom” strategy continues steadily − Continued focus on keeping SG&A costs under control − Premium beauty market growth continues, yet slower than in past years; largest market Germany picked up again and grew year-on-year in Q3; subdued development in France − Omnichannel model proves highly effective and attractive − Safeguarded profitability and significantly improved net result (turned quarterly loss 2023/24 into profit in 2024/25) − FY 2024/25 guidance confirmed: Sales expected slightly above 4.5 billion euros (previously around 4.5 billion euros); adj. EBITDA margin at around 17%, net income at around 175 million euros and NWC of <5% of sales (Ø LTM)
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Q&A
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APPENDIX
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27 Douglas Group like-for-like sales development Quarterly overview Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 DACHNL France Southern Europe Central Eastern Europe NB/PD Group Stores 20.4%7.4% 9.3% -1.0% 13.1% 5.2% -4.7% 1.0% -0.1% 0.9% -3.3% 10.7% 5.7% -0.9% 0.9% 12.6% 10.3% 4.5% 8.3% 10.0% 5.3% -2.4% 2.5% 8.5% 3.6% -2.4% E-Com 13.0% 8.3% -2.5% 8.4% Q3 2023/24 11.4% 4.3% 4.6% 13.8% -10.2% 7.3% 10.0% -1.2% 7.6% -0.7%
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28 9M 2024/25 net sales by channel E - COMSTORESGROUP in m€in m€in m€ Q3 2023/24 YTD Q3 2024/25 YTD 3,491 3,593 Q3 2023/24 YTD Q3 2024/25 YTD 2,333 2,405 Q3 2023/24 YTD Q3 2024/25 YTD 1,158 1,188 +2.9% +3.1% +2.6% +2.4% lfl +0.7% lfl +5.3% lfl
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29 DACHNL 9M 2024/25 MARGINS in m€ 1 For details on EBITDA adjustments see page 36 in m€ Q3 2023/24 YTD Q3 2024/25 YTD 1,613 1,653 342 328 Q3 2023/24 YTD Q3 2024/25 YTD 21.2% 19.8% +2.5% -4.2% +1.2% lfl NET SALES ADJUSTED EBITDA 1
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30 France 9M 2024/25 MARGINS in m€in m€ 678 679 Q3 2023/24 YTD Q3 2024/25 YTD 151 140 Q3 2023/24 YTD Q3 2024/25 YTD 22.3% 20.6% +0.2% -7.4% -0.7% lfl 1 For details on EBITDA adjustments see page 36 NET SALES ADJUSTED EBITDA 1
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31 Southern Europe 9M 2024/25 MARGINS in m€in m€ 522 539 Q3 2023/24 YTD Q3 2024/25 YTD 123 121 Q3 2023/24 YTD Q3 2024/25 YTD 23.5% 22.4% +3.3% -1.5% +2.5% lfl 1 For details on EBITDA adjustments see page 36 NET SALES ADJUSTED EBITDA 1
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32 Central Eastern Europe 9M 2024/25 MARGINS in m€in m€ 506 561 Q3 2023/24 YTD Q3 2024/25 YTD 135 137 Q3 2023/24 YTD Q3 2024/25 YTD 26.8% 24.4% +10.9% +1.3% +8.0% lfl 1 For details on EBITDA adjustments see page 36 NET SALES ADJUSTED EBITDA 1
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33 Parfumdreams/NICHE BEAUTY 9M 2024/25 MARGINS in m€in m€ 9 5 Q3 2023/24 YTD Q3 2024/25 YTD 5.9% 3.4% +9.3% -37.4% +9.3% lfl 1 For details on EBITDA adjustments see page 36 NET SALES ADJUSTED EBITDA 1 147 161 Q3 2023/24 YTD Q3 2024/25 YTD
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34 Selected Segmental KPIs Q3 2024/25 REPORTED EBITDA CAPEX Q3 2023/24 Q3 2024/25 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 96.8 94.9 29.5 30.0 30.7 28.1 36.1 33.5 -40.7 -32.5 152.4 154.6 NB/PD 0.0 0.6 In m€ Q3 2023/24 Q3 2024/25 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 9.6 13.6 6.7 9.7 4.0 6.0 6.3 7.5 8.5 5.5 35.8 43.4 NB/PD 0.7 1.0 In m€
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35 Selected Segmental KPIs 9M 2024/25 REPORTED EBITDA CAPEX Q3 2023/24 YTD Q3 2024/25 YTD DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 333.7 327.1 143.9 139.2 123.2 119.8 134.3 136.0 -165.2 -100.7 577.4 626.7 NB/PD 7.5 5.5 In m€ Q3 2023/24 YTD Q3 2024/25 YTD DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 19.9 31.2 15.5 26.2 10.4 11.0 14.8 16.5 17.3 14.4 80.0 102.0 NB/PD 2.0 2.8 In m€
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36 Adjustments to EBITDA Q3/9M 2024/25 in m€ Q3 2023/24 Q3 2024/25 Reported EBITDA 152.4 154.6 M&A Restructuring Strategic initiatives Other Adjusted EBITDA 162.9 158.2 5.5 0.0 -1.4 -0.5 7.3 4.0 Q3 2023/24 YTD Q3 2024/25 YTD 577.4 626.7 657.1 634.1 10.5 -0.6 -1.7 0.1 15.6 7.9 -1.0 0.0 55.2 0.0
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37 Development of Average Net Working Capital As of 30 June 2025 Average NWC as % of LTM SalesX% in m€ 240 228 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 232 234 245 Inventory Trade accounts receivable Trade accounts payable other1 Average NWC 232.4 234.4 245.4 239.9 227.9 818.1 825.5 833.4 842.3 75.9 80.0 78.2 79.3 -671.3 -674.0 -670.5 -666.2 11.7 14.0 -1.2 -27.5 807.5 74.6 -660.6 10.9 5.3% 5.4% 5.3% 5.0%5.3% 1 Incl. receivables from reimbursed marketing costs, bonus receivables, voucher liabilities. The average LTM values used for the supply chain financing program are zero for Q1 2024/25 and before, €13,7m in Q2 2024/25 and €40,2m in Q2 2024/25. As from Q2 2024/2025, Douglas 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 to improve on long- term liquidity, optimize working capital and enhance cash flow. All values are average LTM
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38 P&L 9M 2024/25 Q3 2023/24 YTD Q3 2024/25 YTD Net sales Gross profit margin Reported EBITDA Adjustments Adjusted EBITDA 1 Adjusted EBITDA margin 1 Reported EBIT Financial result 657.1 634.1 18.8% 17.6% Gross profit Net income Net operating expenses Income taxes Cost of raw materials, consumables and supplies and merchandise Amortization/depreciation/impairment -255.9 -285.4 3,491.1 3,593.5 -1,895.9 -1,994.7 1,595.3 1,598.7 45.7% 44.5% -1,017.8 -972.1 577.4 626.7 79.7 7.4 321.5 341.3 -260.4 -97.7 -48.9 -82.3 12.2 161.3 1 For details on EBITDA adjustments see page 36 in m€ ∆ % 2.9% 5.2% 0.2% -1.2ppts -4.5% 8.5% -90.7% -3.5% -1.2ppts 11.5% 6.2% -62.5% 68.4% 1,217.4%
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39 Cash flow statement 9M 2024/25 Net cash flow from operating activities Net cash flow from investing activities Free cash flow 465.2 412.8 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 106.2 92.9 552.8 525.9 -87.6 -113.1 -623.0 -418.9 -157.8 -6.2 262.3 98.9 1.7 0.1Net change in cash and cash equivalents due to currency translation Q3 2023/24 YTD Q3 2024/25 YTDIn m€
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40 Financing structure As of 30 June 2025 1 Adjusted EBITDA LTM 30.06.2025: 785.7 m€ Carrying amounts m€ x Adj. EBITDA Maturity Pricing Cash and Equivalents 92.9 RCF (€350m Volume) 0 Mar 29 E+2.00% Term Loan 801.1 Mar 29 E+2.25% Promissory loan (Schuldscheindarlehen) 201.7 2028-2032 E+1.75% - E+1.95% IFRS 16 Liabilities 1,209.2 Net Debt incl. IFRS 16 Liabilities 2,133.0 2.7x
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41 Douglas Group store network As of 30 June 2025 NUMBER OF STORES Own stores Franchise stores DEVELOPMENT 31 March 2025 – 30 June 2025 Store openings 24 Store closures 1 Total 23 Store openings: 7 stores in DACHNL (DE, NL, BE), 2 in France, 4 in SE (IT, HR), 9 in CEE (PL, BG, CZ, RO), 1 franchise Store in France and 1 franchise Store in NL Store closures: 1 in DACHNL (NL) 128 September 24 129 1,795 June 25 1,884 1,924 1,756
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42 Disclaimer on forward-looking statements This presentation contains forward-looking statements in which terms such as "believe", "estimate", "assume", "can" and the like are used, and which are based on assumptions and estimates. Although Douglas AG believes that these assumptions and estimates are correct, actual future results may differ materially from these assumptions and estimates due to a variety of factors. These may include changes in the macroeconomic environment, in the legal and regulatory framework in Germany and the EU as well as changes within the industry. Douglas AG provides no guarantee and accepts no liability or responsibility for any discrepancies between future developments and actual results on the one hand and the assumptions and estimates stated in this publication on the other. Douglas AG does not intend or assume any obligation to update any forward-looking statements to reflect actual events or developments after the date of this publication.