Slides
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1 3 November 2026 Q3 2026
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AGENDA Highlights Strategic update Q3 2026 financials Outlook
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3 Winning market share across all categories ▪ Revenue up 16% in constant currency (17% in SEK) and adjusted EBIT margin 5.5% (4.0%) ▪ Continued market share gains in the Nordics ▪ All categories and major markets grew by double digits ▪ Women’s fashion, the largest category, accelerated further from Q2 ▪ Wider AW26 assortment and improved commercial execution ▪ Better customer journey with AI-supported search and shopping assistant ▪ Strongest inventory position ever going into Black Friday ▪ Based on continued strong trading in October, net revenue growth for 2026 is expected to be in the high end of the 9-12% guidance range ▪ Adjusted EBIT margin for 2026 expected in the high end of the 6.5-7.0% guidance range, as announced on 26 October
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AGENDA Highlights Strategic update Q3 2026 financials Outlook
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5 Women’s fashion grew by double digits, lifting every category - The largest category builds on the Q2 turnaround ▪ Women’s fashion, the largest category, grew by double digits and accelerated further from Q2 ▪ The broadest autumn/winter assortment ever, with around 55% more style variations, was well received from day one ▪ Active customers shopping women’s fashion increased 17% compared with Q3 2025 ▪ The growth lifted other categories, which all grew by double digits in Q3 ▪ Close to 200,000 more customers on Boozt.com shop across categories than a year ago Quarterly growth in active customers buying Women’s fashion on Boozt.com -10% -2% 4% 3% 20% 17% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Budget follows new sales Spend goes to winning new customers and getting existing ones to shop in more categories, avoiding customers who are inclined to buy anyway More brand building, less bottom-of-funnel Budget moved from last-click ads to campaigns that build awareness and trust in the brand Tailor-made local marketing AI-made images and local planning tools fit every campaign to its market A content engine 10 times bigger (AI supported) 600+ local videos and category posts a month; creator-made content doubled return on ad spend 6 Sharper marketing is winning more new and multi-category customers ~20% more customers shopping on Boozt.com (Q3 2026 vs Q3 2025) 9.2% adjusted marketing cost ratio, last 12 months (Q3 2025 LTM: 10.1%) ~200,000 more multicategory customers on Boozt.com (Q3 2026 LTM)
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7 Faster returns and automated beauty picking at the fulfilment centre - A fourth AutoStore system at Ängelholm will add capacity by Q4 2027 New return handling centre ▪ Returns are checked, repacked and back on sale faster ▪ Customers get their refund sooner and shop again ▪ Built for the peak in returns after Black Friday Automated picking of beauty products ▪ Hairspray, perfume and other flammable goods picked by machine in the same flow as all other orders (from Q4) Fourth AutoStore system (AS4) ▪ Operational no later than Q4 2027, ahead of peak season ▪ Adds capacity for growth and further efficiency gains ▪ Investment of just under SEK 200m, paid in full in 2027 1.9m orders shipped in Q3 2026, up 16% SEK 3.8bn inventory, up 21% and the strongest ever going into peak season
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8 Capturing the growth momentum ▪ Inventory at the end of Q3 was SEK 3,820 million, 21% above last year (SEK 3,151 million), as planned after a lower level throughout most of H1 ▪ Strong inflow supported AW26 trading, which accelerated into Q3 ▪ Financial flexibility to keep a strong and relevant inventory position into early 2027 Inventory development (SEKm) 2,674 2,970 2,405 3,151 2,421 2,790 2,573 3,820 Q4 Q1 Q2 Q3 2024/25 2025/26
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9 Active customers shopping from 1 to 6 different product categories on Boozt.com (LTM, % growth YoY) Customers shopping from more than one category up 13% in Q3 2026 - Close to 200,000 more multi-category customers; customers buying from all six categories grew fastest (+20%) Number of categories Active customers 11% 14% 12% 13% 14% 20% 0k 200k 400k 600k 800k 1,000k 1,200k 1,400k 1,600k 1 2 3 4 5 6 Q3 2026 (LTM) Q3 2025 (LTM)
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AGENDA Highlights Strategic update Q3 2026 financials Outlook
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Broad-based growth across markets and categories 11 ▪ Boozt.com revenue up 17% and Booztlet.com up 9% in constant currency ▪ All categories delivered double-digit growth ▪ All major markets grew by double digits in constant currency, including Sweden (+13%) and Denmark (+15%) ▪ Norway up around 20% in constant currency ▪ Strong AW26 start; favourable September weather supported demand Revenue development Q3 2026 Q3 2025 % % (CER)* Segments Boozt.com 1,603 1,357 18% 17% Booztlet.com 348 316 10% 9% Other revenue, both segments 96 79 21% 21% Geographies Nordics 1,757 1,503 17% 16% - Of which Denmark 610 532 15% 15% - Of which Sweden 609 537 13% 13% Rest of Europe 194 170 14% 15% Total net revenue 1,951 1,673 17% 16% * Constant exchange rates
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12 Driving gross margin - Repositioning of Boozt.com and Booztlet.com supporting higher GM ▪ Gross margin was 40.0% in Q3 2026 (37.4%), including a currency tailwind of around 0.5pp ▪ Boozt.com positioned more as the premium site with a wider, more inspirational assortment ▪ Planned reduction in promotional activity as part of the platform’s strategic repositioning ▪ Positive mix effects from relatively more sales on Other revenue ▪ Clearance on Booztlet finalised during Q3 2025 Gross margin development 37.5% 38.0% 39.1% 37.4% 36.1% 36.8% 40.1% 40.0% Q4 Q1 Q2 Q3 2024/25 2025/26
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Share of net revenue, % Q3 2026 Q3 2025 Change Gross margin 40.0% 37.4% +2.6pp Adjusted fulfilment cost ratio -10.8% -10.4% -0.4pp Adjusted marketing cost ratio -9.6% -9.3% -0.4pp Adjusted admin and other cost ratio -10.0% -9.2% -0.8pp Adjusted depreciation cost ratio -4.1% -4.5% +0.5pp Adjusted EBIT margin 5.5% 4.0% +1.5pp Adjusted EBIT margin up 1.5pp to 5.5% 13 ▪ Gross margin up 2.6pp to 40.0% on fewer promotions and a stronger Boozt.com mix ▪ Currency added around 0.5pp, and around 0.5pp to the adj. EBIT margin net of hedging ▪ Adj. fulfilment cost ratio up 0.4pp on higher inbound volumes ahead of peak; underlying efficiency improved ▪ Adj. marketing cost ratio up 0.4pp on more offline marketing and brand building ▪ Adj. admin cost ratio up 0.8pp on higher salaries after the HQ move to Copenhagen ▪ Includes around 0.3pp from FX hedging and the stronger NOK versus SEK
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14 Inventory built for peak with improved working capital efficiency - Net working capital down 0.3pp to 12.9% of LTM net revenue, while inventory is up 21% ▪ Inventory up SEK 669 million (+21%), built ahead of peak season ▪ Accounts payable up SEK 607 million, at 28.5% of LTM net revenue (23.1%) ▪ Driven by higher inbound deliveries ahead of peak and working capital optimisation ▪ Net working capital of SEK 1,134 million (1,089), up 4% ~90% of the inventory increase covered by higher accounts payable -0.3pp net working capital as share of LTM net revenue, to 12.9% (13.2%) End of Q3 balances (SEKm) 3,151 1,906 1,089 3,820 2,513 1,134 Inventory Accounts payable Net working capital Q3 2025 Q3 2026
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15 Free cash flow of SEK 11 million in Q3 2026 (SEK 292 million) - LTM free cash flow of SEK 325 million; higher inbound deliveries ahead of peak and the exit tax drove the decline 292 39 7 -35 -277 -13 -2 11 FCF Q3 2025 EBIT Adjustments Paid tax Δ NWC CAPEX Other FCF Q3 2026 SEKm Free cash flow Q3 2026 vs Q3 2025
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AGENDA Highlights Strategic update Q3 2026 financials Outlook
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* Outlook assumes exchange rates remain at current levels for the remainder of 2026. Outlook 2026 Updated Previous FY 2025 Revenue growth (Constant currency) 9-12% 7-11% 3% Adjusted EBIT margin 6.5-7.0%* 6.0-6.8% 5.7% CAPEX (SEKm) 180-195 180-195 144 ▪ Revenue growth guidance raised to 9-12% in constant currency (from 7-11%) ▪ Expected in the high end of the range, based on continued strong trading in October ▪ Currency expected to add around 1pp growth ▪ Adj. EBIT margin guidance raised to 6.5-7.0% (from 6.0-6.8%) ▪ Expected in the high end of the range ▪ Currency expected to add around 0.5pp ▪ Higher gross margin and AI-driven efficiency, partly offset by relocation costs and investments in growth ▪ Fulfilment cost ratio expected roughly in line with 2025 (10.1%) Outlook 2026 - Outlook upgraded on 28 September 2026 17 Organisational realignment (announced 26 October 2026) ▪ One-off severance costs of around SEK 40 million in Q4 2026, of which SEK 10 million non-cash LTIP, reported as an adjustment to EBIT ▪ Expected to add around 0.3pp to the EBIT margin on a full-year basis, with full effect from 1 November 2026
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Q&A 18
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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. The 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 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 19