Slides
Page 1
DOUGLAS GROUP FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q3 2025/2026 Düsseldorf , 12 August 2026
Page 2
AGENDA 01 Overview 02 Q3 2025/2026 Financials 03 Strategic Direction 04 Highlight Initiatives 05 Wrap-up + Q&A
Page 3
3 SUMMARY Q3 2025/ 20 26 KEY FIGURES (Q3 2025/ 2026) Group sales: – 2.0% to €987.8m − Stores: – 2.5% − E-Com: – 1.0% (incl. x-channel) Adj. EBITDA: €127.5m (margin: 12.9%) Net Income: € – 2.6m Net Leverage: 3.1x (2.2x pre-IFRS16) Performance in the quarter was impacted by weak dynamics in our largest markets, ongoing price competition and a high price sensitivity among consumers – leading to continued pressure on profitability and a sales decline in both channels. Omnichannel remains the winning model in beauty retail, but the shift towards E-Com has accelerated. Strategic initiatives are gaining traction but have not yet offset market headwinds. Overall, results are below our ambitions but in line with latest expectations.
Page 4
4 − The premium beauty market in Europe is growing − Growth is driven by dynamic markets in Southern and Central Eastern Europe − Consumer demand was lower than last year’s period in Germany and the Netherlands, and flat in France (together ~60% of our business) − Consumers are increasingly focused on price and value − Accelerating shift of beauty shopping towards more price-competitive E-Com channel; store channel sales are declining across almost all of Europe MARKET DEVELOPMENT Q3
Page 5
5 Lower end of € 4.65 - 4.8 bn GROUP SALES € 4.58 - 4.63 bn (0 - 1%) ~16.0% ADJ. EBITDA MARGIN ~15.0% Upper end of 2.5x - 3.0x NET LEVERAGE (30.09.2026) 3.0x - 3.5x Reflecting the market and current environment, we have adjusted our guidance for 2025/2026 on 18 June.
Page 6
Q3 FINANCIALS MARCO GIORGETTA, CFO
Page 7
7 Q3 2025/2026 Group Sales & EBITDA development − Sales decreased by 2.0% year on year affected by -2.5% in the stores channel and -1.0% in the E-Com channel − Net Sales decrease driven by DACHNL (-2.8%), France (-2.1%), SE (-3.9%) and PD/NB (-10.4%) whilst being partly offset by sales growth in CEE (+4.4%) in m€ in m€ 988 Q3 2024/25 Q3 2025/26 1,008 SALES ADJUSTED EBITDA 1 -2.0% 158 128 Q3 2024/25 Q3 2025/26 -19.4% 15.7% 12.9%-4.5% lfl MARGINS − Adj. EBITDA margin development reflected product and channel mix effects. − Lower gross margins due to ongoing promotional activity, and fixed cost inflation that could not be fully offset by cost-saving measures 1 For details on EBITDA adjustments click here
Page 8
8 Cross-channel services up +18% vs. PY in m€in m€in m€ − Stores: 66.9% of Group sales (PY: 67.3%) − Ongoing momentum in consumer migration to E-Com − Slightly lower traffic and lower conversion rate 678 661 Q3 2024/25 Q3 2025/26 330 327 Q3 2024/25 Q3 2025/26 − E-Com: 33.1% of Group sales (PY: 32.7%) − Decrease in total orders could not be offset by a slight increase in average basket size − Continued increase of sales through the DOUGLAS App 43% of E-Com sales (PY: 40%) − Retail Media revenue improved by +24% YoY -2.0% -2.5% -1.0% -4.5% lfl -6.5% lfl GROUP STORES E-COM 988 Q3 2024/25 Q3 2025/26 1,008 − Price increases in both channels were offset by volume declines − Cross-channel services 1 +18% vs. PY, now representing approx. 6% of net sales (+1pp vs PY) 1 Cross-channel services (Click & Collect, Click & Collect Express, In store orders) sales are included in E -Com
Page 9
9 Segment development in Q3 2025/2026 − Profitability declined across the Group as competitive pricing, promotional intensity and cost inflation continued to weigh on margins − CEE delivered positive EBITDA growth, supported by continued expansion and higher-than-average EBITDA margin % YoY % of salesSALES ADJ. EBITDA MARGIN 1 DACHNL France CEE SE PD/NB -2.8% -2.1% 4.4% -3.9% -10.4% DACHNL France CEE SE PD/NB 19.8% 15.8% 16.9% 15.2% 21.7% 21.6% 19.5% 16.4% 1.3% -1.0% Q3 FY24/25 Q3 FY25/26 − Lower traffic and weaker conversion (on lfl-basis) across all markets − PD/NB impacted by competitive online dynamics; following the 11 Akzente store closures, Parfumdreams is focused on its pure-play E-Com positioning 1 For details on EBITDA adjustments click here
Page 10
Margin pressure persists in m€ 1 1 Amounts rounded; totals may not sum due to rounding GP Margin: Gross profit Q3 24/25 Volume/Sales Effect Price/Promo/Mix Effect Supplier Contribution Effect Gross profit Q3 25/26 − Gross margin declined by 110bps, driven primarily by promotional and pricing effects as well as a different category and brand mix − Lower sales volumes and reduced supplier contributions further weighed on gross profit development -7 -10 -4 457 436 45.3% -1.1%p -0.1%p 44.2% 10
Page 11
11 Staff costs up from expansion 119 122 179 188 Q3 2024/25 Q3 2025/26 299 309 +3% NET OPERATING EXPENSES 1 STAFF COSTS OTHER NET OPERATING EXPENSES Higher staff cost to revenue ratio YoY − Staff costs increased mainly due to store openings − Wage increase due to social benefit contributions and general wage inflation across European markets drove higher personnel expenses Current measures − Reduction of working hours in stores with declining footfall − Temporary staff cost reductions − Store network optimization Staff costs Other net operating expenses in m€ 1Adjusted numbers Improved net marketing cost to revenue ratio − Continued improvement in DOUGLAS marketing cost efficiency Stable property (excl. rent) cost to revenue ratio − Optimizing cost management IT cost to revenue ratio increased slightly − Continued investments in our tech stack. Further efficiency potential expected from ongoing infrastructure integration Cost of delivery ratio stable − Despite lower revenue, the cost of delivery stable year-on-year, due to increase in logistic expenses
Page 12
Consumer price sensitivity weighs on earnings Q3 2025/2026 − Gross profit margin: Changing consumer environment and higher costs of goods sold weighed on gross margins which decreased by 110bps − Net operating expenses: Cost discipline offset by higher personnel expenses − Adjustments to EBITDA: Includes divestment gains after the sale of two real estate property companies in the Netherlands − D&A: Increase YoY due to the higher depreciation of investments in stores, refurbishments and IT projects made in prior periods − Financial result: Slightly lower interest expenses supported by favorable FX development − Tax: Higher reported ETR driven by lower EBT and non-deductible items. FY adjusted ETR expected at around 32%. − Net income: Declined YoY, mainly due to lower operating profitability driven by margin pressure, softer sales and higher cost levels 1 For details on EBITDA adjustments click here 2 For details on EBIT adjustments click here 3Adjusted net income is net income for the period, adjusted for non -recurring, extraordinary, and non -operating items, including impairment losses. Tax effects of the adjustments are accounted for by applying the tax rate to the total of adjustments, excluding adjustments related to goodwill. Income taxes accrual in PY followed a different phasing in the year, therefore not fully comparable 12 in m€ Q3 2024/25 Net sales 1,008.1 Gross profit (adjusted) 457.1 Q3 2025/26 Change 987.8 -2.0% 436.8 -4.4% Gross margin 45.3% 44.2% -110bps Net operating expenses (adjusted) -298.9 -309.3 -3.5% Adjusted EBITDA margin 15.7% 12.9% -280bps Reported EBITDA 154.6 129.6 -16.1% Amortization/Depreciation (adjusted) -92.7 -98.1 -5.8% Adjusted EBIT2 65.5 29.4 -55.1% Reported EBIT 55.5 30.3 -45.3% Financial result -32.9 -28.5 13.3% Income taxes -5.3 -4.4 n/m Reported net income 17.3 -2.6 -n/m Adjusted net income3 24.1 -3.8 n/m Adjusted EBITDA1 158.2 127.5 -19.4% Adjustments to EBITDA 3.6 -2.1 n/m Adjustments to EBIT 10.0 -0.9 n/m Adjusted EBIT margin 6.5% 3.0% -350bps
Page 13
228 166 30.06.2025 30.06.2026 13 Average Net Working Capital at 3.6% of sales As of 30 June 2026 in m€ in m€ Average NWC as % of Sales1 43 31 Q3 2024/25 Q3 2025/26 − DIO increased to 125 (PY: 122), with new openings leading to increased inventory − Higher other short-term liabilities are driven by the supply chain financing program rollout: − Utilization: €-135m (Jun-26) vs. €-133m (Jun-25) − Impact on LTM average NWC: €-139m (Jun-26) vs. €-40m (Jun-25) − Majority of capex was spent on store refurbishments (16) vs. 34 and own store openings (15) vs. 22 in prior year’s period − Capex decreased, reflecting fewer store openings and refurbishments than in the prior year AVERAGE NET WORKING CAPITAL 1 CAPEX 2 -27.0% -29.6% 5.0% 3.6% 1For details on NWC click here ; 2for details on CAPEX click here
Page 14
14 Adj. Free Cash Flow Conversion1 around 70 % 9M 2024/2025 634 -115 -50 -35 -15 420 -7 Amounts rounded; totals may not sum due to rounding 1 Free Cash Flow (FCF) Conversion = Adj. Free Cash Flow ÷ adj. EBITDA 2 Cash view (including change in capex payables) 3 Excluding supply chain financing; for details on Net Working Capital development click here 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 click here 6 Including payment for the redemption of lease liabilities for € 204.5m (PY: €190.3m) and finance cost component of leases for € 46.4m (PY: €45.1m) 413 -235 177 577 406 399 148 Adj EBITDA -102 CAPEX2 -52 Net Working Capital3 -36 Tax 18 Others4 Adj FCF -6 EBITDA Adjustments (Cash effect)5 Free Cash Flow -251 Property rents FCF post property rents6 9M 2025/2026
Page 15
15 Sound financial structure in m€ NET DEBT STRUCTURE - Higher net leverage of 3.1 (PY: 2.7) mainly due to increase in IFRS 16-related lease liabilities and lower EBITDA - On a pre-IFRS16 basis net leverage increased to 2.2x (PY: 1.9x) due to combination of lower net financial debt offset by a stronger decrease of adj. EBITDA - Lease liabilities increased, reflecting new store openings and lease extensions (incl. OWACs) - Net financial debt decreased, driven by cash generation and supply chain financing NET LEVERAGE 924 863 Jun-25 Jun-26 2,133 2,172 1,209 1,309Lease liabilities Net financial debt Jun-25 Jun-26 2.7x 1.9x 3.1x 2.2x Net leverage Net leverage excl. IFRS16 1 For details on financing structure click here
Page 16
16 9M 2026 Summary WIP ― 9M performance in line with expectations: ― Revenue stable +0.5 % yoy at 3.61 EURbn vs. 3.59 EURbn ― Adj. EBITDA Margin at 16.0 % vs. 17.6 % PY ― Net Leverage at 3.1x EBITDA ― Omnichannel execution remains a key growth driver, supporting customer engagement and rising share of Cross-channel services of overall revenue ― Looking ahead, we will provide further detail on our strategic priorities & growth initiatives in the fourth quarter of the calendar year
Page 17
17 Outlook 2025/2026 DOUGLAS Group 2024/2025 reported 2025/2026 guidance Net sales €4.58bn €4.58bn to €4.63bn (0 -1 %) Adjusted EBITDA margin 16.8% around 15.0% Net leverage 2.9x 3.0x to 3.5x WIP
Page 18
STRATEGIC DIRECTION SANDER VAN DER LAAN, CEO
Page 19
19 Our “Let it Bloom” Strategy Three commercial pillars, one strong foundation Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience Build the united, future-proof FOUNDATION for sustainable & profitable growth 1 FOUNDATION 2 3
Page 20
20 Our Highlights 21 Key Results – re-assessed and re-defined B Relevance & Customer Centricity Activation & Awareness V E C L E A R S Customer-centric E-Com Growth A Lead with Most Welcoming Services Enhance & Upgrade Store Network Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience Curate a Distinctive Assortment Lift Growth of Exclusive Brands Elevate Differentiation via Own Brands A R B R A V E S C A L E Build the united, future-proof FOUNDATION for sustainable & profitable growth U I E DN TU N I T Establish Standardized & Harmonized Tech Stack Develop a Scalable Supply Chain
Page 21
21 Our Highlights 21 Key Results – re-assessed and re-defined B Relevance & Customer Centricity Activation & Awareness V E C L E A R S Customer-centric E-Com Growth A Lead with Most Welcoming Services Enhance & Upgrade Store Network Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience Curate a Distinctive Assortment Lift Growth of Exclusive Brands Elevate Differentiation via Own Brands A R B R A V E S C A L E Build the united, future-proof FOUNDATION for sustainable & profitable growth U I E DN TU N I T E D We will share more details on the EVOLUTION OF OUR “LET IT BLOOM” STRATEGY in the fourth quarter of the calendar year 2026
Page 22
HIGHLIGHT INITIATIVES SANDER VAN DER LAAN, CEO
Page 23
We are leveraging our brand power on Social Media and with creator partnerships to drive visibility and convert engagement into sales. Activation & Awareness Be the #1 PREMIUM BEAUTY DESTINATION in all our markets +49% (Q3) +51% (9M) SOCIAL MEDIA & COMMERC E SALES Social Commerce includes Livestream, Clips, Affiliate, and Tracking Links
Page 24
We are strengthening our assortment with Exclusive Brands to improve differentiation. Differentiation +14.7% EXCLUSIVE BRANDS Q3 SALES GROWTH ~9% EXCLUSIVE BRANDS Q3 SHARE OF GROUP SALES
Page 25
Top brands by absolute Q3 growth Top brands by absolute Q3 growth Top brands by absolute Q3 growth Top brands by absolute Q3 growth Exclusive Brands Selective Brands Exclusive and Selective Brands are the top growth driver brands across all categories. Strong momentum for couture fragrances, K-Beauty, and trend makeup brands. DIFFERENTIATION MAKES US STRONGER 25
Page 26
Sales Performance at the DOUGLAS Group (Q3)1 Share at the DOUGLAS Group (Q3) 1 FRAGRANCES -3.4% SKIN CARE -4.2% +1.7% HAIR CARE +18.0% -7.8% MAKEUP ACCESSORIES Our largest category, fragrance, declined, reflecting market developments. Skincare declined as demand increasingly concentrated around a small number of trend brands, while the broader category remained challenged. Positive momentum continued in makeup and haircare, with strong haircare growth driven by brands like Kérastase and the new Exclusive Brand Lolavie. CLOSER LOOK: CATEGORY DEVELOPMENT 26 1 Excl. Partner Program, Beauty Services, Bulgaria and Niche Beauty
Page 27
The continued strong growth of cross-channel sales underscores the attractiveness of the omnichannel model in premium beauty retail. Lead with Most Welcoming Services Scale the most seamless OMNICHANNEL experience
Page 28
+4.1% CLICK & COLLECT +37.7% CLICK & COLLECT EXPRESS +5% INSTORE ORDERS NEW: Pilot live in Austria since April CLICK & RETURN +18.2% TOTAL Q3 SALES Customer demand for integrated services is unbroken as the beauty shopping journey increasingly blends channels. ~6% SHARE OF GROUP SALES Q3CROSS -CHANNEL SALES (Q3 2025/2026 VS. PY) 28
Page 29
We are accelerating our omnichannel transfor- mation with increased focus on E-Com to reflect the preferences of our customers. Customer Centric E-Com Growth Scale the most seamless OMNICHANNEL experience ANNA AI Beauty Advisor launched in German app & online shop in June 2026, int. rollout planned AI visibility Leading share of voice vs. peers across LLMs in Germany1 1 Source: external benchmarking (2026)
Page 30
Stores remain a crucial pillar of our omnichannel model as we structurally review our network with a focus on profitability. Enhance & Upgrade Store Network Scale the most seamless OMNICHANNEL experience STORE NETWORK (Q3) 15 Openings1 (19 closings) 19 Refurbishments1 incl. relocations 1,967 Stores (30.06.) incl. franchise ~75% customer journeys involve a store 1 Own stores
Page 31
Our Supply Chain Transformation is well underway: NOWAC is scaling up and BENE OWAC will commence operations in August. Scalable Supply Chain NOWAC transitioned to EWM (SAP) NOWAC also handling CE cluster NOWAC automation (HAI) rolled out BENE OWAC B2C go-live in August 2026 SOWAC tender underway 6/7 OWACs in operations
Page 32
We have made strong progress in harmonizing our infrastructure and customer experience across our 22 omni- channel countries. Harmonized Tech Stack E-Com: Live in 13 markets One online payment platform across 17 countries One E-Com platform across 14 countries
Page 33
WRAP-UP SANDER VAN DER LAAN, CEO
Page 34
SUMMARY − Premium beauty market continues to grow, while weak demand in Germany, France, and the Netherlands weighs on our performance − Continued consumer price sensitivity and high promotional activity in online retail further accelerate the shift of beauty shopping towards E-Com − We are making adjustments to align our business even more closely with the market reality, including an increased focus on E-Com and a structural assessment of our network − We focus on what differentiates us: Exclusive Brands and cross-channel services show strong growth − We are positioning the DOUGLAS Group for the future and will provide an update on the evolution of our “Let it Bloom” strategy in the fourth quarter of calendar year 2026 − Full-year 2025/2026 guidance confirmed
Page 35
Q&A
Page 36
APPENDIX
Page 37
Q3 2025/2026: − Store sales decreased by -1.3%, with a - 6.5% lfl performance − E-Com sales decreased by -4.9% − Lower adjusted EBITDA mainly reflects lower gross profit due to weaker customer demand and continued promotional activity 9M 2025/2026: − Store sales flat vs PY, with a -5.2% lfl − E-Com sales remained stable − YoY adjusted EBITDA affected by a lower gross profit and higher net operating expenses, mainly driven by lower marketing income and higher delivery costs 37 DACHNL Q3/9M Weaker consumer demand weighs on sales and profitability MARGINS in m€in m€ 480 467 Q3 2024/25 Q3 2025/26 95 74 Q3 2024/25 Q3 2025/26 19.8% 15.8% -2.8% -22.5% -5.8% lfl SALES ADJUSTED EBITDA 1 9M 2025/2026 9M 2024/25 9M 2025/26 1,653 1,650 -0.2% -2.8% lfl 328 291 9M 2024/25 9M 2025/26 Q3 2025/2026 19.8% 17.6% -11.4% 1 For details on EBITDA adjustments click here
Page 38
Q3 2025/2026: − Store sales decreased by -5.2%, with a - 8.2% lfl − E-Com sales increased by +10.8% − Lower adjusted EBITDA caused by an ongoing highly competitive environment which led to a decrease in gross margin 9M 2025/2026: − Store sales decreased by -2.1%, with a - 5.0% lfl − E-Com sales increased by +7.4% − Lower adjusted EBITDA driven by a gross margin decrease, due to higher promotional intensity. 38 Weak store performance partially offset by online growth MARGINS in m€in m€ 173 169 Q3 2024/25 Q3 2025/26 29 26 Q3 2024/25 Q3 2025/26 16.9% 15.2% -2.1% -12.4% -4.3% lfl France Q3/9M SALES ADJUSTED EBITDA 1 9M 2025/2026 679 679 9M 2024/25 9M 2025/26 -0.1% -2.0% lfl 140 132 9M 2024/25 9M 2025/26 Q3 2025/2026 20.6% 19.5% -5.4% 1 For details on EBITDA adjustments click here
Page 39
Q3 2025/2026: − Store sales increased by +1.3%, with a - 3.4% lfl − E-Com sales increased by +14.6% − Higher adjusted EBITDA mainly reflects higher sales which successfully offset higher operating expenses related to ongoing business expansion 9M 2025/2026: − Store sales increased by +4.1%, with a - 0.2% lfl − E-Com sales increased by +12.5% − Higher expansion-supported adjusted EBITDA, but with a lower margin mainly due to a decrease in gross margin, driven by intense price competition 39 Sales growth continues across both channels MARGINS in m€in m€ 159 166 Q3 2024/25 Q3 2025/26 35 36 Q3 2024/25 Q3 2025/26 21.7% 21.6% +4.4% +4.0% +1.1% lfl Central Eastern Europe Q3/9M SALES ADJUSTED EBITDA 1 9M 2025/2026 561 595 9M 2024/25 9M 2025/26 +6.1% +2.9% lfl 137 139 9M 2024/25 9M 2025/26 Q3 2025/2026 24.4% 23.4% +1.7% 1 For details on EBITDA adjustments click here
Page 40
Q3 2025/2026: − Store sales decreased by -6.2%, with - 7.4% lfl − E-Com sales increased by +12.5% − Lower Adjusted EBITDA mainly reflects lower sales and gross margin due to low consumer sentiment and promotion pressure 9M 2025/2026: − Store sales decreased by -2.5%, with - 3.9% lfl − E-Com sales increased by +7.7% − Lower Adjusted EBITDA driven by a sales decline and significant gross margin reduction both reflecting the challenging market conditions 40 Southern Europe Q3/9M Margin pressure outweighs strong E-Com topline growth MARGINS in m€in m€ 148 143 Q3 2024/25 Q3 2025/26 29 23 Q3 2024/25 Q3 2025/26 19.5% 16.4% -3.9% -19.0% -4.5% lfl SALES ADJUSTED EBITDA 1 9M 2025/2026 539 533 9M 2024/25 9M 2025/26 -1.2% -2.1% lfl 121 107 9M 2024/25 9M 2025/26 Q3 2025/2026 22.4% 20.1% -11.4% 1 For details on EBITDA adjustments click here
Page 41
Q3 2025/2026: − Sales decreased -10.4%. Both channels in decline − 11 of 18 Akzente stores were closed in Q3 2025/2026 − Lower adjusted EBITDA driven by a sales and gross margin decline due to strong pure-player competition 9M 2025/2026: − Sales decreased -4.1%. Both channels in decline. − Lower adjusted EBITDA driven by a sales and gross margin decline combined with rising staff costs 41 Building a more focused business amid challenging market conditions MARGINS in m€in m€ 48 43 Q3 2024/25 Q3 2025/26 -10.4% -166.3% -11.4% lfl Parfumdreams/NICHE BEAUTY Q3/9M SALES ADJUSTED EBITDA 1 9M 2025/2026 161 154 9M 2024/25 9M 2025/26 -4.1% -3.8% lfl Q3 2025/2026 -93.4% 1 0 Q3 2024/25 Q3 2025/26 1.3% -1.0% in m€ in m€ 5 0 9M 2024/25 9M 2025/26 3.4% 0.2% 1 For details on EBITDA adjustments click here
Page 42
H1 2025/26 -1.6% -1.3% 9M 2025/26 -2.8% -2.0% -1.1% -2.1% 3.6% 2.9% -0.5% -3.8% -0.6% -1.7% -3.0% -4.0% 3.6% 2.3% 42 Douglas Group like-for-like sales development Quarterly overview Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 DACHNL France Southern Europe Central Eastern Europe PD/NB Group Stores -11.4%12.8% 0.2% -1.5% 0.9% -1.4% -2.0% -5.8% -1.9% -0.6% -2.3% -2.5% -0.6% -2.2% -4.5% 4.5% 3.8% 3.3% 2.9% 1.1% -0.2% -1.3% -4.5% -2.0% -2.8% -3.4% E-Com 7.3% 4.2% 2.4% -1.1% Q3 2024/25 3.0% -2.4% -1.2% 8.5% 16.9% 0.0% 8.4% -4.3% 1.1% -6.5%
Page 43
43 Selected Segmental KPIs Q3 2025/2026 REPORTED EBITDA CAPEX Q3 2024/25 Q3 2025/26 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 94.9 80.8 30.0 25.8 28.1 22.9 33.5 35.6 -32.5 -34.0 154.6 129.6 PD/NB 0.6 -1.4 In m€ Q3 2024/25 Q3 2025/26 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 13.6 8.2 9.7 9.0 6.0 3.9 7.5 5.8 5.5 2.7 43.4 30.5 PD/NB 1.0 0.9 In m€
Page 44
44 Selected Segmental KPIs 9M 2025/2026 REPORTED EBITDA CAPEX 9M 2024/25 9M 2025/26 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 327.1 297.7 139.2 132.5 119.8 106.5 136.0 138.6 -100.7 -102.5 626.7 570.9 PD/NB 5.5 -1.8 In m€ 9M 2024/25 9M 2025/26 DACHNL France Southern Europe Central Eastern Europe Group Reconciliation to Group 31.2 30.0 26.2 20.9 11.0 9.7 16.5 14.9 14.4 7.4 102.0 85.3 PD/NB 2.8 2.4 In m€
Page 45
45 Adjustments to EBITDA Q3 & 9M 2025/2026 ADJUSTMENTS TO EBITDA Q3 2024/25 Q3 2025/26 Reported EBITDA M&A Restructuring Strategic initiatives 154.6 129.6 0.0 -0.5 1.0 4.0 3.9 Adjusted EBITDA 158.2 127.5 In m€ 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. In the current period, these adjustments related primarily to the divestment income on the sale of property in BENE. 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 finalized Store Optimization Project (SOP) and expenses for the restructuring program for Akzente. Strategic measures: Expenses in connection with strategic projects and initiatives. In the reporting period, the adjustments related to a number of different strategic projects, in particular the reorganization and centralization of the logistics structure (OWAC), the optimization of our global processes and further measures to implement our corporate strategy. Other: Other business transactions that are not recurring, extraordinary, or unsuitable for internal control purposes. Other 0.0 -0.2 -6.9 9M 2024/25 9M 2025/26 626.7 570.9 -0.6 -4.5 0.1 2.5 7.9 8.9 0.0 -0.5 634.1 577.3
Page 46
46 Adjustments to EBIT Q3 & 9M 2025/2026 ADJUSTMENTS TO EBIT Q3 2024/25 Q3 2025/26 Reported EBIT M&A Restructuring Strategic initiatives 55.5 30.3 0.0 -0.5 1.0 4.1 3.9 Adjusted EBIT 65.5 29.4 In m€ 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. In the current period, these adjustments related primarily to the divestment income on the sale of property in BENE. 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 finalized Store Optimization Project (SOP) and expenses for the restructuring program for Akzente. Strategic measures: Expenses in connection with strategic projects and initiatives. In the reporting period, the adjustments related to a number of different strategic projects, in particular the reorganization and centralization of the logistics structure (OWAC), the optimization of our global processes and further measures to implement our corporate strategy. Other: Other business transactions that are not recurring, extraordinary, or unsuitable for internal control purposes. Other (incl. Impairments) 6.3 1.0 -6.9 9M 2024/25 9M 2025/26 341.3 164.0 -0.6 -4.5 0.1 3.1 11.7 9.0 11.3 114.2 363.9 285.8
Page 47
228 200 168 161 166 47 Development of Average Net Working Capital As of 30 June 2026 Avg. NWC as % of LTM SalesX% in m€ 5.0% 4.4% 3.6% 3.5% 3.6% Average inventory Average trade accounts receivable Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 842.3 849.5 858.2 872.8 79.3 79.5 82.7 86.2 Average trade accounts payable -666.2 -663.2 -669.9 -675.9 Average other1 -27.5 -65.6 -103.0 -121.7 Average NWC 227.9 200.2 168.0 161.3 Q3 2025/26 883.3 87.1 -672.3 -131.7 166.5 1 Incl. receivables from reimbursed marketing costs, bonus receivables, voucher liabilities. The average LTM values used for th e supply chain financing program are €40.2m in Q3 2024/25, €75.5m in Q4 2024/25, €108.8m in Q1 2025/26, €128.8 in Q2 2025/26 and €139.5 in Q3 2025/26
Page 48
48 9M 2025/2026 1 For details on EBITDA adjustments click here 2 For details on EBIT adjustments click here 3Adjusted net income is net income for the period, adjusted for non -recurring, extraordinary, and non -operating items, including impairment losses. Tax effects of adjustments are accounted for by applying the tax rate to the total of the adjustments, excluding adjustments related to goodwill. in m€ 9M 2024/25 Net sales 3,593.5 Gross profit (adjusted) 1,598.9 9M 2025/26 Change 3,611.2 0.5% 1,569.6 -1.8% Gross profit margin 44.5% 43.4% -100bps Net operating expenses (adjusted) -964.8 -992.3 -2.9% Adjusted EBITDA 634.1 577.3 -9.0% Adjusted EBIT 363.9 285.8 -21.5% Reported EBIT 341.3 164.0 -51.9% Financial result -97.7 -91.6 6.2% Income taxes -82.3 -54.8 33.4% -89.1% -Adjusted Net income3 177.1 132.4 -25.2% Reported Net income 161.3 17.6 Adjustments to EBITDA1 7.4 6.4 -13.5% -8.9% Amortization/Depreciation -270.2 -291.5 -7.9% Adjustments to EBIT2 22.6 121.8 n/m Adjusted EBIT margin 10.1% 7.9% -220bps Adjusted EBITDA margin 17.6% 16.0% -170bps Reported EBITDA 626.7 570.9
Page 49
49 Financing structure As of 30 June 2026 Carrying amounts m€ x Adj. EBITDA LTM1 Maturity Pricing Cash and Equivalents 142.4 RCF (€350m Volume) 0.0 Mar 2029 E+2.25% Term Loan 802.9 Mar 2029 E+2.50% 2 Promissory note loans (Schuldscheindarlehen) 201.9 2028-2032 Non-variable: 3.9% to 4.2% Variable: 6M E+175bps to 195bps2 Other borrowings 0.6 IFRS 16 Liabilities 1,308.6 Net Debt incl. IFRS 16 Liabilities 2,171.6 3.1x EURIBOR fixed or partly fixed by hedging instruments 1Adjusted EBITDA LTM 30.06.2026: €711.6m 2
Page 50
50 Store network across Europe in Q3 As of 30 June 2026 NUMBER OF STORES Own stores Franchise stores DEVELOPMENT 31 March 2026 – 30 June 2026 Store openings 16 Store closures 19 Total -3 Store openings: 6 Stores in DACHNL (DE, BE), 7 in CEE (PL, EE, LV, RO), 2 in SE (IT) and 1 franchise Store in the Netherlands Store closures: 11 in DACHNL (DE), 3 in France, 3 in CEE (BG, LV, RO) and 2 in SE (IT, PT) 126 March 26 127 June 26 1,970 1,967 1,844 1,840 WIP
Page 51
51 Store network across Europe in 9M As of 30 June 2026 NUMBER OF STORES Own stores Franchise stores DEVELOPMENT 30 September 2025 – 30 June 2026 Store openings 43 Store closures 34 Total 9 Store openings: 17 Stores in DACHNL (DE, AT, NL, CH, BE), 1 in France, 18 in CEE (PL, BG, EE, CZ, HU, RO, LV, SK), 5 in SE (IT, HR), 2 franchise Stores in the Netherlands Store closures: 13 in DACHNL (DE, AT), 7 in France, 4 in CEE (RO, BG, LV), 7 in SE (IT, ES, PT) and 3 franchise Stores in France 128 Sep 2025 127 June 2026 1,958 1,967 1,830 1,840 WIP
Page 52
OMNICHANNEL IS THE WINNING MODEL IN BEAUTY CUSTOMERS SPEND MORE AND MORE OFTEN Source: Company information ~€257 ~€121 ~€117 Omnichannel Stores only E-Com only 2.2x2.1x ~4.5x ~2.2x ~1.7x Omnichannel Stores only E-Com only 2.6x2.0x Average sales (net) Annual purchase frequency OMNICHANNEL CUSTOMERS SPEND MORE AND MORE OFTEN THAN SINGLE CHANNEL CUSTOMERS Average sales (net) and annual frequency per Beauty Card member 52
Page 53
53 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.