Slides
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FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q1 2025/26 Düsseldorf, 11 February 2026
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AGENDA 01 Overview 02 Q1 Financials 03 Strategy & Business Highlights 04 Wrap-up + Q&A
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22 Omnichannel Markets* 61+m Beauty Card Members* €4.6bn Sales (FY 24/25) 1,970+ Stores* HOW WE LEAD THE MARKET IN EUROPE With our four retail brands, we are Europe’s Leading Omnichannel Premium Beauty Retailer * as of 31 December 2025
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4 SUMMARY Q1 2025/26 KEY FIGURES Group sales: +1.7% to €1.67bn − Stores: +0.4% − E-Com: +4.2% (incl. x-channel) Adj. EBITDA: €333.7m (margin: 19.9%) Net Income: €144.8m Net Leverage: 2.6x (1.4x pre-IFRS16) E-Com momentum (incl. X-channel) leads sales growth in a quarter that is again characterized by high uncertainty, volatility and price sensitivity among consumers. These dynamics led to increased attention on promotions among customers, exerting notable pressure on gross margins and adj. EBITDA.
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5 MARKET ENVIRONMENT The premium beauty market market continues to grow, albeit at a slower pace with flat developments in Germany and France. Geopolitical and macroeconomic developments currently influence consumer confidence, leading to a high level of uncertainty and price sensitivity – visible in mixed sales development during the quarter.
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6 Premium beauty market grows, but at a slower pace Growth partially outweighed by flat development in Germany and France +0.8% +0.1% +5.5% +7.8% -7.7% +9.2% +9.6% +5.0% +8.0% In Q1, the market in Europe* grew 1.85% weighted by DOUGLAS Group sales share, yet growth has slowed down everywhere. Flat (less than 1.0ppts change) Growing market (>4.9% growth) Decreasing market (negative growth) No market data available No DOUGLAS Group market Note: Market data provided by different research companies; methodology: identical brand classification and >70% sales coverage of the market * Aggregated, weighted % for markets covered in the table and map on the right
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Q1 FINANCIALS MARCO GIORGETTA, CFO
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354 334 Q1 2024/25 Q1 2025/26 8 Group Sales & EBITDA development Sales growth in an ongoing challenging market environment MARGINS − Resilient sales performance with a growth of 1.7% − Different sales trend across sales channels and segments − Forward pulling sales effect from key promotional events like Singles’ Day and Black Week on Christmas purchases − A challenging consumer environment drove heightened price sensitivity and adverse product mix effects, reducing gross profit margins − Network expansion leads to a temporary margin dilution due to ramp-up effect of new stores performance − Cost control measures to safeguard profitability in m€ in m€ Q1 2024/25 Q1 2025/26 1,646 1,674 SALES ADJUSTED EBITDA 1 +1.7% -5.6% 21.5% 19.9%-0.3% lfl 1 For details on EBITDA adjustments see page 38
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9 Sales up in both channels in m€in m€in m€ − Stores: 66.1% of Group sales (PY 66.9%) − Sales growth driven by store openings and refurbishments − Lower traffic overall, stable conversion Q1 2024/25 Q1 2025/26 1,101 1,106 545 568 Q1 2024/25 Q1 2025/26 − E-Com: 33.9% of Group sales (PY 33.1%) − Growth driven by higher avg basket size and increase in orders − Further strong uptake of Douglas app orders across all segments +1.7% +0.4% +4.2% -0.3% lfl -2.8% lfl GROUP STORES E-COM Q1 2024/25 Q1 2025/26 1,646 1,674 − Growth in E-Com is driven by a positive pricing effect slightly offset by volume decline, while in Stores positive pricing is mostly offset by volume declines − X-channel services 1 +17.6% vs. PY 1 X-channel services (Click & Collect, Click & Collect Express, In store orders) sales are included in E-Com
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10 Segment development in Q1 2025/26 − Adj. EBITDA margins impacted by lower gross margin − PD down due to competitive pressure of pure online players, phasing effects as well as positive one-off effects in the prior year % YoY % of salesSALES ADJ. EBITDA MARGIN 1 DACHNL France CEE SE PD/NB 0.6% 1.2% 7.3% 0.6% -1.1% DACHNL France CEE SE PD/NB 21.7% 19.7% 24.5% 23.5% 28.5% 27.0% 26.5% 24.7% 9.7% 1.6% Q1 FY24/25 Q1 FY25/26 − Despite subdued consumer environment, positive sales growth in all segments except for a slight decline in PD/NB − CEE continues to deliver the highest sales growth rates 1 For details on EBITDA adjustments see page 38
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43.6% +8 -16 -1.0%p +1 -0.1%p 42.4% 718 710 11 Gross Profit development affected by stronger impact of pricing and promotion initiatives in a competitive environment in m€ 1 1 Amounts rounded; totals may not sum due to rounding GP Margin: Gross profit Q1 24/25 Volume/Sales Effect Price/Promo/Mix Effect Supplier Contribution Effect Gross profit Q1 25/26 − Positive cash gross profit from sales was offset by underlying margin pressure, reflecting pricing and promo initiatives as well as mix dynamics − Supplier contributions were stable vs. PY
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Network expansion leads to higher personnel and other net operating expenses 169 175 198 203 0 100 200 300 400 Q1 2024/25 Q1 2025/26 367 378 3.0% NET OPERATING EXPENSES STAFF COSTS OTHER NET OPERATING EXPENSES Slightly higher staff cost to revenue ratio YoY − Wage inflation/salary review − In-sourcing opportunities (more than compensated by lower operating expenses) − Network expansion − LFL staff cost to revenue ratio in line with PY Mitigated by − More flexible working hours − Lower temporary staff costs − Stricter hiring criteria Staff costs Other net operating expenses in m€ Lower net marketing cost to revenue ratio − Stable marketing expense − Higher marketing income Higher property (excl. rent) cost to revenue ratio − Network expansion − LFL cost to revenue ratio in line with PY Stable IT cost to revenue ratio − Ongoing investments in our Beauty Card, technology stack and logistics setup 12
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-200bps Solid development in challenging environment − Gross profit margin: Challenging consumer environment weighed on gross profit margins which decreased by 120bps − Net operating expenses: Strong focus on costs resulted in a limited increase, mainly on the back of a higher personnel expense ratio − D&A: increase due to larger store base, store refurbishments and further OWAC rollout compared to a year ago. Impairments up by €1.2m to €1.4m − Financial result: Lower financial debt and lower interest rate margins contributed to a significant reduction in the financial result − Tax: ETR of 29.4% vs. 27.8% PY − Net income: €18m lower net income compared to last year; reported EPS of €1.35 (PY: €1.51) 1 For details on EBITDA and EBIT adjustments see page 38. Q1 2024/2025 Net sales Gross profit margin Reported EBITDA Adjustments Adjusted EBITDA1 Adjusted EBITDA margin1 Reported EBIT Financial result 353.5 333.7 21.5% 19.9% Gross profit Net income Net operating expenses Costs of goods sold Amortization/depreciation/impairment -89.7 -97.5 1,646.4 1,673.8 -929.3 -963.8 717.1 710.0 43.6% 42.4% -367,0 -378.1 350.1 331.9 3.5 1.8 260.3 234.5 -34.5 -29.3 163.0 144.8 in m€ 1.7% 3.7% -1.0% -120bps 3.0% -5.2% -49.2% -5.6% -150bps1 8.6% -9.9% -15.1% 13 Q1 2025/2026 Change Income taxes -62.8 -60.3 -3.9% -11,2% Adjusted EBIT margin1 16.2% 14.2% Adjusted EBIT1 266.4 237.3 -11.0%
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14 Average Net Working Capital now at 3.6% of sales As of 31 December 2025 in m€ in m€ Average NWC as % of Sales 1 23 29 Q1 2024/25 Q1 2025/26 − Average inventory slightly higher due to 67 (net) new own store openings over the past 12 months − DIO stable at 122 (PY: 121) − Other short-term liabilities are higher thanks to roll-out of the supply chain financing program (utilization as of Dec-25: € -126m; impact on LTM average NWC: €-109m) − Strong increase versus previous year is due to phasing. FY2025/26 CAPEX expected around €150m (PY: €171m) − Majority of CAPEX was spent on store refurbishments (18) and own store openings (15) − Ongoing investment in further platform rollout, IT stack and international E-Com AVERAGE NET WORKING CAPITAL CAPEX -31.6% +29.0% 245 168 31.12.2024 31.12.2025 5.4% 3.6% For details on NWC see page 39
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15 Free Cash Flow development1 in m€ Q1 2024/2025 334 466 464 383 105 81 Adj EBITDA -42 CAPEX 2 Net Working Capital3 -13 Tax Others4 Adj FCF -2 EBITDA Adjustments (Cash effect)5 Free Cash Flow -81 Property rents FCF post property rents 6 354 -34 119 -12 71 498 -3 1 Amounts rounded; totals may not sum due to rounding 2 Cash view (including change in capex payables) 3 Excluding supply chain financing; for details on Net Working Capital development see page 39 4 Consists of increase/decrease in provisions, other non -cash expense /income, loss/profit on the disposal of non -current assets, changes in other assets/liabilities not classifiable to investing or financing activities, proceeds from the disposal of non -current assets 5 For details on EBITDA adjustments see page 38 6 Including payment for the redemption of lease liabilities for €65.5m (PY: €66.5) and finance cost component of leases for €1 5.9m (PY: €14.4m) 494 -81 413
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16 Sound financial structure in m€ NET DEBT STRUCTURE - Higher net leverage of 2.6 (PY: 2.3) mainly due to increase in IFRS 16-related lease liabilities - On a pre-IFRS16 basis net leverage improved to 1.4x (PY: 1.5x) - Higher lease liabilities reflect store openings, refurbishments, contract extensions and two new OWAC sites - Net financial debt lower thanks to cash generation and supply chain financing initiative NET LEVERAGE 789 609 1,095 Dec 24 1,300 Dec 25 1,884 1,909 Lease liabilities Net financial debt Dec 24 Dec 25 2.3 1.5 2.6 1.4 Net leverage Net leverage excl. IFRS16
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17 Outlook 2025/2026 DOUGLAS Group 2024/2025 reported 2025/2026 guidance Net sales €4.58bn €4.65bn to €4.80bn Adjusted EBITDA margin 16.8% around 16.5% Net leverage 2.9x 2.5x to 3.0x As key components to deliver net leverage, in FY25/26 we expect: − Average net working capital as a % of sales to be <4% (compared to 4.4% in FY24/25) − CAPEX (ex leases) to be around €150m (compared to €171m in FY24/25) WIP
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STRATEGY AND HIGHLIGHTS SANDER VAN DER LAAN, CEO
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We are expanding our range of exclusive brands, e.g. with the launches of about-face (Halsey) and Orebella (Bella Hadid), as a USP. Assortment / Exclusive Brands Launch at the end of February Soft-launch in January, omnichannel in March
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We have opened 13 new own stores (net) in Q1, including the 170th store in Poland, and refurbished 22 stores*. Store Network Development * including relocations 1,972 Stores as of 31 December 2025 (incl. franchises) Highlight: Flagship in Cologne
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We recorded high customer demand on the busiest shopping day of the year, Black Friday. E-Com @ Black Friday ~358,000 TOTAL ORDERS 25,000 PEAK ORDERS PER HOUR (9 -10PM) >3.5 times WEB TRAFFIC VS AVERAGE FRIDAY DOUGLAS App was the #1 App in “shopping” in the German iOS AppStore during Black Friday
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Cross-channel services (= C&C, C&C Express, In-store orders) as well as our Partner Program grow strongly and drive our E-Com momentum. X-Channel & Partner Program X-Channel +17.6% vs. PY
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We are scaling up our strongly growing and highly profitable retail media business. In Q1, both sales and EBITDA increased double-digit. Retail Media Retail Media business active in 9 countries (31.12.2025)
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We have completed 12 rollouts of our tech stack in 1.5 years as part of our Group-wide initiative to harmonize our software landscape. Tech Stack (IT) Awaiting Rollout Digital Experience Enterprise Core & Store Experience Enterprise Core & Digital Experience Full Stack Upgraded country tech stack Tech stack upgrade in progress
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We are harmonizing our payment platform for both stores and E-Com for better infrastructure, cost, and an improved customer experience. Payment Online Payment Providers Store Payment Providers Note: Rollout ongoing, maps show progress as of 31 December 2025 2024 2024 2025 2025 Payment Provider of choice Various Payment Providers
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WRAP-UP SANDER VAN DER LAAN, CEO
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SUMMARY − We delivered a solid performance as Europe’s leading premium beauty retailer amid a challenging market and economic environment − Market keeps growing, yet at slower pace; flat development in Germany and France outweighs growth of other markets − Subdued consumer sentiment and increased price sensitivity led to notable sales fluctuations and promotional pressure − E-Com momentum boosted by cross-channel services as well as strong performance of Partner Program and Retail Media − We keep investing in strengthening our USP: the unique integration of off- and online and exclusivity of our range − We ensure our future-readiness with the development of our store network and harmonization of our IT landscape − Guidance for the full-year 2025/26 remains unchanged
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28 Video: „Valentine‘s Day TVC“ SHOW VIDEO
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Q&A
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APPENDIX
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− Store sales were -0.9% lower, with a -4.6% lfl − E-Com sales increased by 2.6% − YoY adjusted EBITDA affected by a lower gross profit and a €3.5m sublease income reclass to Corp. HQ 31 MARGINS in m€in m€ 731 735 Q1 2024/25 Q1 2025/26 159 145 Q1 2024/25 Q1 2025/26 21.7% 19.7% +0.6% -8.8% -1.4% lfl DACHNL Q1 2025/26 SALES ADJUSTED EBITDA 1 1 For details on EBITDA adjustments see page 38
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32 France Q1 2025/26 MARGINS in m€in m€ 342 346 Q1 2024/25 Q1 2025/26 84 81 Q1 2024/25 Q1 2025/26 24.5% 23.5% +1.2% -3.1% -0.8% lfl − Store sales decreased by -0.7%, with a -3.6% lfl − E-Com sales increased by 7.1% − Lower adjusted EBITDA caused by an ongoing highly competitive environment which led to a decrease in gross profit margin SALES ADJUSTED EBITDA 1 1 For details on EBITDA adjustments see page 38
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33 Central Eastern Europe Q1 2025/26 MARGINS in m€in m€ 255 274 Q1 2024/25 Q1 2025/26 73 74 Q1 2024/25 Q1 2025/26 28.5% 27.0% +7.3% +1.4% +3.6% lfl − Store sales increased by +5.4%, with a +0.7% lfl − E-Com sales increased by +13.6% − Higher reported adjusted EBITDA, but with a lower margin mainly due to a decrease in gross profit margin, with more intense price competition and a channel mix effect due to faster E-Com growth SALES ADJUSTED EBITDA 1 1 For details on EBITDA adjustments see page 38
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34 Southern Europe Q1 2025/26 MARGINS in m€in m€ 249 250 Q1 2024/25 Q1 2025/26 66 62 Q1 2024/25 Q1 2025/26 26.5% 24.7% +0.6% -6.1% -0.6% lfl − Store sales were stable at -0.1%, with -1.5% lfl − E-Com sales increased by 4.5% − Adjusted EBITDA slightly lower, mainly due to a decrease in gross profit margin SALES ADJUSTED EBITDA 1 1 For details on EBITDA adjustments see page 38
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35 Parfumdreams/NICHE BEAUTY Q1 2025/26 MARGINS in m€in m€ 69 69 Q1 2024/25 Q1 2025/26 7 1 Q1 2024/25 Q1 2025/26 9.7% 1.6% -1.1% − Sales were -1.1% lower − Lower adjusted EBITDA reflects a lower gross profit margin due to intense price competition in the reporting period SALES ADJUSTED EBITDA 1 -83.2% 1 For details on EBITDA adjustments see page 38
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36 Douglas Group like-for-like sales development Quarterly overview Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 DACHNL France Central Eastern Europe PD/NB Group Stores 0.1%-0.2% 20.2% 15.7% -3.0% 3.1% 1.1% -1.4% -3.2% -1.1% -1.4% 7.1% 9.1% 5.3% 3.6% 6.9% -0.7% 3.9% 2.2% -0.3% -2.3% -0.6% -1.9% E-Com -2.4% 8.4% 7.3% 4.2% Q1 2024/25 6.6% 1.0% 13.4% 9.6% 3.6% 8.3% -0.8% -2.8% Southern Europe 5.7% -1.0% 0.8% -0.3% -0.6% 36 Quarterly overview Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 DACHNL France Central Eastern Europe PD/NB Group 0.1%-0.8% 20.5% 15.3% -4.7% 1.1% 0.1% -1.4% 4.6% 7.8% 4.4% 3.6% 5.3% -2.4% 2.6% 1.2% -0.3% E-Com -2.5% 8.5% 7.3% 4.2% Q1 2024/25 5.2% 10.3% 9.3% 8.3% -0.8% -2.8%
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37 Selected Segmental KPIs Q1 2025/2026 CAPEX Q1 2024/25 Q1 2025/26 DACHNL France Central Eastern Europe Southern Europe Group Reconciliation to Group 5.5 11.4 6.5 5.8 4.2 4.4 2.9 3.1 2.9 3.7 22.7 29.3 PD/NB 0.8 0.9 In m€ REPORTED EBITDA Q1 2024/25 Q1 2025/26 DACHNL France Central Eastern Europe Southern Europe Group Reconciliation to Group 157.4 144.6 82.8 81.0 72.9 73.7 65.7 61.7 -35.4 -30.2 350.1 331.9 PD/NB 6.7 1.1 In m€
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38 Adjustments to EBITDA & EBIT Q1 2025/2026 ADJUSTEMENTS TO EBITADJUSTMENTS TO EBITDA Q1 2024/25 Q1 2025/26 Reported EBITDA M&A Restructuring Strategic initiatives 350.1 331.9 0.3 0.3 0.0 3.0 1.3 Adjusted EBITDA 353.5 333.7 In m€ Q1 2024/25 Q1 2025/26 Reported EBIT M&A Restructuring Strategic initiatives 260.3 234.5 0.3 0.0 0.3 0.0 5.6 1.3 Adjusted EBIT 266.4 237.3 In m€ Other¹ -0.2 1.5 The respective categories of adjustments mainly comprise the following items: M&A - investments and divestments :Effects on income related to investments and divestments, in particular from the acquisition/sale or discontinuation of a business unit and the closure or sale of a branch group. Restructuring: Comprehensive measures leading to a reduction in personnel in accordance with IAS 37/IAS 19. In the reporting period, these mainly related to income from the reversal of the discontinued Store Optimization Project (SOP). Strategic measures: Expenses in connection with strategic projects and initiatives. In the reporting period, the adjustments were related to a number of different strategic projects, in particular the reorganization and centralization of the logistics structure (OWAC) and further measures to implement our "Let It Bloom" corporate strategy. Other: Other business transactions that are not recurring, extraordinary, or unsuitable for internal control purposes. In the comparative period, these adjustments related in particular to expenses in connection with the IPO of Douglas AG in March 2024, including related management incentive programs, and to risk provisions for legal disputes in connection with a squeeze-out of former minority shareholders. Other -0.2 0.4 0.0 1 Including intangible asset impairments
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245 240 228 200 168 39 Development of Average Net Working Capital As of 31 December 2025 Avg. NWC as % of LTM SalesX% in m€ 5.4% 5.3% 5.0% 4.4% 3.6% Q1 2024/25 Average inventory 825.5 Average trade accounts receivable 80.0 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 833.4 842.3 849.5 858.2 78.2 79.3 79.5 82.7 Average trade accounts payable -674.0 -670.5 -666.2 -663.2 -669.9 Average other1 14.0 -1.2 -27.5 -65.6 -103.0 Average NWC 245.4 239.9 227.9 200.2 168.0 1 Incl. receivables from reimbursed marketing costs, bonus receivables, voucher liabilities. The average LTM values used for th e supply chain financing program are zero for Q1 2024/25 and before, €13.7m in Q2 2024/25, €40.2m in Q3 2024/25, €75.5m in Q4 2024/25 and €108.8m in Q 1 2025/26.
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40 Financing structure As of 31 December 2025 Carrying amounts m€ x Adj. EBITDA1 Maturity Pricing Cash and Equivalents 396.6 RCF (€350m Volume) 0.0 Mar 2029 E+2.25% Term Loan 802.3 Mar 2029 E+2.50% Promissory loan (Schuldscheindarlehen) 202.52 2028-2032 Non-variable: 3.9% to 4.2% Variable: 6M E+175bps to 195bps IFRS 16 Liabilities 1,300.0 Net Debt incl. IFRS 16 Liabilities 1,909.0 2.6 1 Adjusted EBITDA LTM 31.12.2025: €748.6m 2 Non-variable (nominal) portion: €38m, variable (nominal) portion: €162m
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41 Store network across Europe As of 31 December 2025 NUMBER OF STORES Own stores Franchise stores DEVELOPMENT 30 September 2025 – 31 December 2025 Store openings 16 Store closures 3 Total 13 Store openings: 6 stores in DACHNL (DE, AT, NL, CH, BE), 1 in France, 5 in CEE (PL, CZ, EE, RO), 3 in SE (IT, HR), 1 franchise Store in the Netherlands Store closures: 1 in DACHNL (AT), 1 in SE (PT) and 1 franchise store in France 129 1,830 Sep 2025 129 1,843 Dec 2025 1,959 1,972
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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.