Slides
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Q4 2025 Financial Results | February 12, 2026
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autostoresystem.com Certain statements included in this presentation includes forward- looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "should", "projects", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements as a general matter are all statements other than statements as to historic facts or present facts and circumstances. The forward-looking statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Group's financial strength and position, backlog, pipeline, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development and financial performance, and the industry in which the Group operates, such as but not limited to the Group's expansion in existing and entry into new markets in the future. Forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking Statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. 2 Disclaimer
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autostoresystem.com Agenda 3 01 02 03 Highlights of the quarter & business update Financials Q&A
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autostoresystem.com FY25 Financials • Revenue $538.6 million, -10.4% YoY • Order intake $638.2. million, +4.3% YoY • Gross margin of 72.4%, -0.7p.p. YoY • Adj. EBITDA1 margin 42.3%, -4.7p.p. YoY 4 FY25 and Q4 overview Despite challenging market, Q4 performance was strong, supported by growth initiatives 1. Adj. EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report Q4 Financials • Revenue $179.7 million, +29.3% QoQ and 9.0% YoY • Order intake $194.2 million, +27.5% QoQ and +35.1% YoY • Gross margin of 73.7%, +0.6p.p. QoQ and +0.7p.p. YoY • Adj. EBITDA1 margin 43.3%, -3.8p.p. QoQ and -3.4p.p. YoY
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autostoresystem.com 5 2025: firm strategic progress through a volatile year Land & expand Recurring revenue Product strategy • Executed cost-efficiency measures • Reallocated resourcestowards commercial initiatives and product development Strengthening customer relationships through deeper engagement directly and through our partners Broadening set of recurring revenue streams from software, Pio and ASaaS1 to increase visibility Accelerating disruptive innovation, focused on expanding our market and improving customers’ ROI, through new hardware and software announcements bi-annually Enhanced operational efficiency Executing on strategy 150 new customers and 60% of revenue from existing customers TCV2 of $34.4 million, beginning to generate revenue in Q4 11 new products and features in 2025 incl. CarouselAI, AutoCase and Flexbins 1. AutoStore-as-a-Service 2. Total contract value represents the sum of contractional payments over the term of the contract, stated on an undiscounted basis
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autostoresystem.com 1. As per end of Q4 2025, includes installed base and backlog 2. As per end of Q4 2025 6 The cubic storage pioneers Global scale and leading position in an underpenetrated warehouse automation market Scaled and global platform Customers and partners Superior financial profile 65 ~87,500 ~1,900 246 23 ~3,000 ~1,300 1-3 years $539m 72% 42% 76% Countries Robots1 Systems1 R&D FTE2 Partners Certified sales representatives Unique customers Customer payback period FY 2025 revenue Gross margin LTM Adj. EBITDA margin LTM FCF conversion4 LTM Broad exposure to all end markets3 ~55% 3. Historical average (2021 – Q4’25) 4. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA Sales to existing customers
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autostoresystem.com 1. As per end of Q4 2025, includes installed base and backlog 7 Opportunities for expansion across a wide range of end-markets 2. End markets include aviation, aerospace and defense, building and construction, machinery and other industrials 3. End markets include toys and games, office supplies, home supplies, generalist retailer, books & media End-market # of systems1 2025 share of revenue Selected blue-chip customers Apparel / Sports accessories ~ 270 16% Industrials2 ~ 620 23% 3PL ~ 220 10% Other retail3 ~ 190 13% Grocery ~ 160 7% Automotive ~ 160 10% Healthcare ~ 180 6% Luxury & Personal Care ~ 40 6% Consumer electronics ~ 60 8%
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autostoresystem.com Polaris, founded in 1954, manufactures a wide range of terrain, military, commercial, and recreational vehicles. Their PG&A division portfolio includes parts, garments and accessories delivered to 100 countries. Travis Winans Distribution Center Manager, Polaris 8 Customer case: Polaris “ I would describe the AutoStore as a state-of-the-art solution. This system has completely transformed how our facility operates today. Installation 1 Bins 44K R5 Robots 74 Ports 14 ” Global powersports leader invested in AutoStore to meet growing demand, improve accuracy, and future-proof operations Polaris shifted 75% of daily volume into AutoStore, achieving ~150% higher pick rates and optimizing labor for each outbound container. AutoStore has enabled a 3x SKU capacity while providing a system built for long-term growth with flexibility and room for future expansion.
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autostoresystem.com 9
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Q4: Financials
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autostoresystem.com 1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report 2. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA 11 2025 key financial overview Solid margins and cash conversion in a challenging year Revenue -10% YoY $539m Gross margin -0.7p.p 72% Adj. EBITDA margin1 -4.7p.p.YoY 42% Cash conversion2 76% Order intake +4% YoY $638m Order backlog +22% YoY $557m
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autostoresystem.com 1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report 2. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA 12 Q4 key financial overview Positive Q4 supported by strong operational focus and sharpened strategy Revenue +29% QoQ and +9% YoY $180m Gross margin +0.6p.p. QoQ and +0.7p.p YoY 74% Adj. EBITDA margin1 -3.8p.p. QoQ and -3.4p.p. YoY 43% Cash conversion2 84% Order intake +28% QoQ and +35% YoY $194m Order backlog +3% QoQ and +22% YoY $557m TBD: Voice over fx YoY impact?
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autostoresystem.com Order intake ($ million) 13 Growing order intake and backlog Order backlog ($ million) 144 141 150 152 194 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +28% 458 513 529 543 557 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +3%
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autostoresystem.com Revenue 14 Revenue by region EMEA NAM APAC($ million) ($ million) Strong revenue driven by improved conversion rate 165 86 134 139 180 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 29% 57 30 29 35 43 97 46 98 95 130 11 Q4’24 10 Q1’25 7 Q2’25 9 Q3’25 7 Q4’25 165 86 134 139 180 ASaaS in voice over
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autostoresystem.com Gross marginSustainable gross margin Gross profit ($ million) 15 Delivering robust profitability, continuing to invest for future growth Adj. EBITDA margin1 Adj. EBITDA ($ million) 47% 25% 48% 47% 43% Gross margin Adj. EBITDA margin 73% 74% 69% 73% 74% Solid gross margin driven by consistent operational efficiency and product mix Adj. EBITDA margin1 reflected investments in long-term growth initiatives Adj. EBITDA margin1 1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report 120 64 92 102 133 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 77 21 64 66 78 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
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autostoresystem.com Movement in net debt from Q3’25 to Q4’25 ($ million) 16 Observations 166 180 26 32 15 Net debt 30 Sept EBITDA contribution incl. tax paid Working capital 12 CF from investing activities 5 CF from financing activities Currency effects Net debt 31 Dec Strong balance sheet with net debt/Adj. EBITDA 0.8x • Re-financing completed 5 November with $150m term loan and $350m RCF • Significant liquidity headroom with $282m undrawn RCF and $90m cash • Net debt1 = 0.8x adjusted EBITDA of $228m $44m increase in receivables as large volume of sales booked in December 1. Net debt includes finance lease liabilities
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Q&A
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autostoresystem.com Key takeaways 18 01 Massive under-penetrated market driven by megatrends 03 Multiple ways to win 05 Positioned for long-term value creation 04 Innovation remains core 02 Investing in - and executing on - our growth strategy
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Appendix
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autostoresystem.com Hi again, is it ok now? I haven't heard anything more from Navan regarding this. 20 Presentation of Adj. EBITDA1 breakdown 1. Adj. EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report 2. Reference is made to the reconciliation of the adjustments in connection with the transformation project commenced in the period in the Q2 2025 report Fourth quarter YTD USD million 2025 2024 2025 2024 Profit/loss for the period 40.9 40.2 81.8 136.6 Income tax 12.5 14.3 24.0 39.5 Net financial items 2.4 5.3 34.3 46.4 EBIT 55.8 59.7 140.1 222.5 Depreciation 4.8 4.2 18.7 15.8 Amortization of intangible assets 11.1 9.7 42.2 47.0 Impairment 1.4 1.1 2.0 1.1 EBITDA¹ 73.2 74.8 203.0 286.4 Ocado Group litigation costs - - - 0.4 Option costs 3.3 2.2 4.8 -4.0 Transformation costs² - - 19.0 - ERP system implementation costs 1.3 - 1.3 - Total adjustments 4.6 2.2 25.1 -3.6 Adj.EBITDA¹ 77.9 77.0 228.1 282.8 Total revenue and other operating income 179.7 164.8 538.6 601.4 EBITDA margin¹ 40.7% 45.4% 37.7% 47.6% Adj.EBITDA margin¹ 43.3% 46.7% 42.3% 47.0%