Slides
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1 6 February 2026 Q4 2025
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AGENDA 2 Highlights Business review Q4 2025 financials Outlook
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3 Positioned for growth acceleration ▪ 2025 was a transformational year with significant business achievements ▪ Leaner organizational structure implemented in Q1 ▪ Improved inventory significantly in both quality and quantity ▪ Sharpened the positioning of Boozt and Booztlet to focus on premium sales ▪ Transition of HQ to become preferred employer in Scandinavia ▪ 4% constant currency growth in Q4 - showing improvement versus Q3 ▪ Strong profitability and record free cash flow. New buyback programme to succeed the current programme expiring in April ▪ In 2026, Boozt is positioned to play offence again with a clear plan for accelerated growth and further underlying margin expansion
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AGENDA Highlights Business review Q4 2025 financials Outlook
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5 2024-2025 Expansion ▪ Price leadership 2026- Launch 2011 2012-2020 Deceleration ▪ Decline in consumer confidence ▪ Online penetration stalling (after COVID) Rejuvenation ▪ AI driving the next wave of growth ▪ Service & convenience leadership Covid’sation ▪ Surge in online penetration 2020-2023 Entering the next growth phase
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6 Several engines of growth to rejuvenate sales in 2026 Relaunch of Club Boozt - Club Boozt 2.0 launch in April - Increased focus on sales generation Personalised shopping - Targeted curation - Personal prices AI - Improved customer experience and consumer journey - Improved service - Operational effectiveness ACCELERATE GROWTH Stronger assortment - Better inventory quality - New premium brands - Broader selection - Opportunistic buying plan, particularly in AW26 Signs of improving market conditions - Fiscal support for Nordic consumer - Pent-up demand
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7 AI powered operation ▪ Optimized warehouse operations and improved demand forecasting ▪ Automated finance tasks and improved accuracy ▪ Product descriptions (in all languages) ▪ Coding Leveraging AI as a key driver of growth 7 AI powered service ▪ Handling of common customer queries (35% of all inquiries are handled entirely by AI) ▪ Employee support and instant answers on demand ▪ BDI bot to give real-time, insights to brand partners AI powered customer journey ▪ Personalized product recommendations ▪ Image and video inspiration ▪ Visual search ▪ Google Vertex Search tests are live ▪ Virtual shopping assistance (launched in January in DK) ▪ Agentic commerce: Engaging with Google and OpenAI on emerging standards Non-exhaustive list of current AI-driven tools and functionalities
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Department store metrics continue to improve - Customers buying from multiple categories spend more on average, return less and are more loyal 44% Other (Kids, Sport, Beauty and Home) (FY24: 42%) 56% Fashion (Women and Men) (FY24: 54%) 44% of revenue on Boozt.com is now generated from products outside of Fashion (FY 2025) 54% of customers on Boozt.com buy from more than one category (FY 2025) 8 54% buy multiple categories (FY24: 52%) 46% buy from only one category (FY24: 48%)
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9 Active customers shopping from 1 to 6 different product categories on Boozt.com The multi-category department store strategy is on track - Robust growth in all consumer groups buying more than one category -3% +6% +6% +6% +9% +8% 0 300,000 600,000 900,000 1,200,000 1,500,000 1 2 3 4 5 6 FY 2025 FY 2024 Number of categories Active customers
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AGENDA Highlights Business review Q4 2025 financials Outlook
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4% constant currency growth in Q4 2025 11 ▪ Boozt.com revenue increased 7% in constant currency, while Booztlet declined 6% ▪ Growth on both platforms impacted by shift in focus to premium in-season sale ▪ Limited growth in Other revenue, impacted by the inventory management and implied lower purchase of goods ▪ Solid development across the Nordic countries at Boozt.com (Sweden +6%, Denmark +8% (CC)) ▪ Overall growth muted by the slow-down in Booztlet Revenue development Q4 2025 Q4 2024 % % (CER)* FY 2025 FY 2024 % % (CER)* Segments Boozt.com 2,550 2,461 4% 7% 6,659 6,658 0% 2% Booztlet.com 588 646 -9% -6% 1,628 1,586 3% 5% - Of which Other revenue 113 113 0% 0% 559 556 0% 0% Geographies Nordics 2,823 2,790 1% 4% 7,444 7,392 1% 3% - Of which Denmark 988 1,029 -4% 1% 2,615 2,731 -4% -1% - Of which Sweden 1,008 993 2% 2% 2,708 2,611 4% 4% Rest of Europe 315 317 -1% 4% 843 852 -1% 2% Total net revenue 3,138 3,107 1% 4% 8,287 8,244 1% 3% * Constant exchange rates
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Share of net revenue, % Q4 2025 Q4 2024 change FY 2025 FY 2024 change Gross margin 36.1% 37.5% -1.4pp 37.4% 39.0% -1.6pp Adjusted fulfilment cost ratio -9.0% -9.5% +0.5pp -9.9% -10.6% +0.7pp Adjusted marketing cost ratio -9.3% -9.8% +0.5pp -9.9% -10.1% +0.2pp Adjusted admin. and other costs ratio -5.7% -6.1% +0.4pp -8.3% -9.2% +0.9pp Adjusted depreciation ratio -2.4% -2.3% -0.1pp -3.5% -3.3% -0.2pp Adj. EBIT margin 9.8% 9.9% -0.1pp 5.7% 5.7% 0.0pp Underlying profitability improvement driven by operational efficiency 12 ▪ Adj. EBIT margin improves 0.9pp excluding FY impact of repayment of Norwegian customs in Q4 2024 ▪ Gross margin declined 1.4pp impacted by promotional environment and foreign exchange impact (SEK/EUR appreciation) ▪ Fulfilment cost ratio continues to improve with further potential in scope ▪ Marketing cost ratio improved 0.5pp driven by lower offline spend and AI-driven efficiencies ▪ Admin ratio improved 0.4pp (or 1.4pp on a like-for- like basis), mainly supported by reorganization in Q1
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13 Free cash flow generation supported by working capital improvement 404 331 -94 -27 614 253 149 16 1032 -144 -18 871 SEKm 0 200 400 600 800 1,000 1,200 Free cash flow 2025
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14 Returning excess capital to investors ▪ SEK 800m return target being achieved ▪ New SEK 200 million programme planned to be initiated from the AGM 2026 Cash generative ▪ Strong free cash flow in Q4 and FY 2025 Strong balance sheet ▪ Net cash position of SEK 1.1 billion at year-end 2025 ▪ Healthy liquidity to manage WC swings and be agile to pursue business opportunities Strong balance sheet and free cash flow - New share buyback program to be initiated 14 89 162 452 ~ 300 2023 2024 2025 2026E Committed to returning excess cash to shareholders (cash returned through share buyback - SEKm) * 2026 comprising around SEK 100 million related to the current programme and SEK 200 million from the new programme planned to be initiated after the AGM 2026
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AGENDA Highlights Business review Q4 2025 financials Outlook
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16 Significant SEK appreciation in December and January - With current exchange rates, revenue growth in 2026 will be impacted by -2pp and EBIT margin by -0.6pp vs. 2025 Group revenue impact EBIT drop- through (%) DKK/SEK (-10%) -3.0%-p ~20*% EUR/SEK (-10%) -1.8%-p ~20% NOK, CHF, PLN, ISK (-10%) -1.9%-p ~85% Main currency sensitivity 2025 avg. vs 2024 avg. 2026E vs 2025 avg. DKK/SEK -3.2% -3.9% EUR/SEK -3.2% -3.9% NOK/SEK -3.9% -1.8% Currency development (SEK) ▪ Revenue in 2025 was negatively impacted by the strengthening of the SEK: ▪ -2%-p on revenue growth ▪ -0.7%-p on adjusted EBIT-margin ▪ The relocation to Copenhagen will reduce the EBIT exposure with additional costs in DKK ▪ However, assuming current currency rates, 2026 will still be significantly impacted by a stronger SEK ▪ Around -2%-p on revenue growth ▪ Around -0.6%-p on adjusted EBIT margin 91.0 93.0 95.0 97.0 99.0 101.0 03/01/25 03/03/25 03/05/25 03/07/25 03/09/25 03/11/25 03/01/26 EUR/SEK DKK/SEK NOK/SEK *Based on 2025 exposure. Drop-through effect is going to decrease following headquarter relocation
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Adjusted EBIT outlook assumes exchange rates will remain at current levels. Outlook 2026 FY 2025 Revenue growth (Constant currency) 3-8% 3% Adjusted EBIT margin 5.3-6.5% 5.7% CAPEX (SEKm) 165-185 144 ▪ Revenue growth is expected to be 3-8% in constant currency ▪ Growth expected to gradually accelerate throughout the year, supported by build-up of inventory and new commercial initiatives (Club 2.0 to be launched in Q2) ▪ Adj. EBIT margin guidance is expected to be 5.3-6.5% ▪ Including expected negative impact of -0.6%-point from FX movements compared to 2025 ▪ Margin includes impact from the Copenhagen relocation, talent scaling, and commercial investment ▪ Capex between SEK 165-185 million ▪ Includes SEK 40 million related to fire securing the fulfilment centre ▪ Outlook subject to heightened geopolitical tensions Outlook 2026 - Continued margin improvement and accelerating growth throughout 2026 17 Q1 2026E Q2 2026E Q3 2026E Q4 2026E Growth anticipated to accelerate throughout 2026 (Growth per quarter – illustrative and indicatively)
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18 Solid underlying cash flow generation dented by timing and one-offs -50 -40 -140 Adjusted EBIT Normalized FCF One-off moving costs Compliance CAPEX Exit tax Inventory build up Free cash flow SEKm Moderate free cash flow in 2026 ~70% underlying cash conversion 5.3– 6.5% Adj. EBIT margin Non-recurring cash factors in 2026
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19 2025 - Strengthening the foundation Strategic relocation Inventory clean-up Trimming organisation Re-positioning Boozt/Booztlet 2026 – Playing offense Top-tier talent access Inventory ramp-up AI-powered shopping experience Club Boozt re-launch
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Q&A 20
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The Company’s financial targets set forth above constitute forward-looking information that is subject to considerable uncertainty. The financial targets are based upon a number of assumptions relating to, among others, the development of the Company’s industry, business, results of operations and financial condition. Company’s business, results of operations and financial condition, and the development of the industry and the macroeconomic environment in which the Company operates, may differ materially from, and be more negative than, those assumed by the Company’s when preparing the financial targets set out above. As a result, the Company’s ability to reach these financial targets is subject to uncertainties and contingencies, some of which are beyond its control, and no assurance can be given that the Company will be able to reach these targets or that the Company’s financial condition or results of operations will not be materially different from these financial targets. Disclaimer 21