Slides
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Q2 2026 Investor presentation
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Today’s presenters 2 Hans Ohlsson Chief Executive Officer Johan Stigson Chief Financial Officer
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 65 3 Ellos Group at a glance SEK 3,541m Net sales, LTM Q2’26 SEK 220.9m Adj. EBITA, LTM Q2’26 2.1m Active customers, LTM Q2’26 Source: Arthur D. Little, Company information 5.1% Organic sales growth, YTD Q2’26 505 Full-time employees 6.2% Adj. EBITA margin, LTM Q2’26 9 countries Selling to customers, B2C Core markets Growth markets 43%/57% Fashion/Home interior Share of net sales, LTM Q2’26 Geographical split % of net sales RoW SE DK FI Strong Nordic position External brands Own brands at the core % of merchandise sales Own brand HQ in BoråsShare of net sales Q2’26, % 62% 38% Q2’26 54% 19% 12% 8%7% Q2’26 NO The leading Nordic online shopping destinations for fashion and home interior Own and external brands within the fashion and home interior segments Mainly own brands within the home interior segment Own and external brands within the home interior segment 73% 22% 4% Integrated payment solution 65% 35%
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD #E9DDD5 #000000 #C5B7AD ▪ New financial targets focused on driving profitable growth and long- term value creation ▪ Organisation adjustment completed to address increased digitalisation and AI ▪ Listing on Nasdaq Stockholm on 8 July 2026, the result of dedicated work to create a robust platform for continued value creation ▪ Administrative Court of Appeal issues judgment in tax matter concerning Ellos Group 4 Net sales Q2 2026 SEK 848.3m 5.9% total growth YoY 5.0% organic growth YoY Key events in quarter Adj. EBITA Q2 2026 SEK 41.8m 4.9% margin ▪ Continued and solid profitable sales growth across platforms ▪ Strong development in strategic Fashion and Home categories ▪ Own brands driving growth in the Nordics and across Europe ▪ Gross margin up 2.0 p.p. in Q2 and up 2.2 p.p. YTD ▪ Significantly improved cash flow ▪ Stronger financial platform post- IPO Q2 Comments Adj. EBITA margin, % Net sales, SEKm Note: Financial figures for 2024 based on Ellos Group Nordic AB and for 2025 and 2026 based on Ellos Holding AB Q2 Highlights Key events after quarter 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 0,0 200,0 400,0 600,0 800,0 1000,0 1200,0 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Active customers and increased share of own brands drive profitable growth Active customers Own share brands Return rate 0% 20% 40% 60% 80% 100% 120% Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 Own share brands Ellos, % Own share brands Jotex, % Own share brands Homeroom, % 0% 5% 10% 15% 20% 25% 30% 35% Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 Return rate Ellos, % Return rate Jotex, % Return rate Homeroom, % 0 200 400 600 800 1000 1200 1400 1600 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 Active customers Ellos Active customers Jotex Active customers Homeroom
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Growth strategy
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 7 Serving a large base of affluent women A complete offering for her, unlocking cross-selling potential Focusing on the Nordic midlife woman The typical Ellos Group customer 624 (525) 98% (98%) -/100 899 (914) 56% (51%) 66/34 1,422 (1,354) 684 (715) Active customers, R12 (000) Share of own brands Fashion/Home, % Average order value, SEK 92 (84) 32% (28%) -/100 1,504 (1,401) 32% (31%) 13% (14%) 10% (11%)Return rate Loyal and values convenient shopping Insights from first party data Mid-to-high disposable income Young singles 25-39 Middle-aged singles Middle-aged couples Families with small kids Attractive customer group customers Women aged 30-60+ Underwear & swimwear Shoes Apparel Beauty Textile curtains Kids Lighting Pets Man Large furniture SportswearKitchen & coffee Small furniture Textile bedding Herfamily Herhome The full offering for ”her” Textile carpets Strong own brand offering Under development / New Inclusive sizing from small to plus size across underwear & swimwear, apparel and sportswear 56% (52%) 61/39 1,422 (1,354) 719 (726) 30% (30%) 624 (525) 99% (99%) -/100 851 (880) 14% (14%) 92 (84) 32% (29%) -/100 1,471 (1,409) 10% (12%)
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Key margin improvement levers 8 Clear strategic roadmap for profitable growth TODAY MID-TERM Grow core customer base Increase customers in Nordic women 30-60+ buying Fashion, Home Interior & Lifestyle products Leverage strong position and the continued shift from physical to online, to gain market share Grow lifetime value Personalized and data-driven customer journeys to increase shopping value per customer (Fashion + Home / Multi-Category / Multi-Brand) Develop verticals Develop existing and new categories to increase wallet share in core customer segment / leverage private label opportunity in Fashion & Home [i.e. Underwear, Sports Apparel, Lighting & Small Furniture] Selective expansion Scaling through selective geographical expansion (DTC / external platforms) and potential M&A’s Own brand Own brand uniqueness and margin contribution Marketing efficiency Optimise marketing to increase customer acquisition efficiency [data/automation] International business Transition to profitability in international direct-to-consumer business Operational leverage Expand margins through scale and AI/data driven automation Key growth initiatives ELLOS GROUP ELLOS GROUP
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 9 Leveraging AI to streamline operations and drive cost efficiencies Operational excellence AI-generation and automated content production, sales- & marketing execution and potential to automate merchandising, price & discount optimization & purchasing decisions Automating customer interactions and internal workflows Increasing marketing and content output at lower marginal cost Live (in real-time) insights through AI generated reporting Large-scale automation programs in collection & assortment, merchandising and purchasing decisions and price & discount optimisation Ellos bot Hi, how can I help you today? Write a message… Socia media posts Email Customer service Content & Product creation AI Generative AI and automation have moved from pilots to production across Ellos Group customer, content and commercial workflows. The unit cost of content, language and customer interaction is collapsing A workforce review across the Group, designed to convert proven AI and automation gains into a structurally lower cost base and renewed reinvestment capacity Accelerating digitalisation and AI-driven automation are reshaping the competitive landscape across retail and e-commerce 7.5% of total white-collar employees across Ellos Group affected. New organisation implemented in July 2026. One-off cost of SEK 7.4m in Q2 2026 Examples of AI campaigns Fashion-campaign created using “AI-twin” of real model Home-campaign using AI ▪ Crucial to understand the brand and to give correct prompts ▪ Example info given includes choice of model, lightning, mood boards (environment & feeling), and facial expression Measures estimated to result in cost savings of approx. SEK 19m per year, with full effect from Q3 2026.
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Financial highlights
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 11 Net sales development Strong Q2 sales momentum across all segments SEKm1 1) Figures exclude group functions 4.8% growth Ellos Jotex Homeroom ▪ Growth driven by own brands both within fashion and home ▪ Share of own brands in Ellos increasing with 5 p.p. to 56% ▪ Increasing number of active customers ▪ Strong growth in strategic product categories 619,4601,5 187,4158,3 34,9 34,0 0 200 400 600 800 1 000 1 200 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 2 574,32 549,1 778,3727,9 160,7158,3 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 LTM Q2'26FY25 1216,61191,4 375,2324,8 74,4 72,0 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 YTD Q2'26YTD Q2'25 5.9% growth
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 12 Gross margin development Continued growth in gross profit with increasing gross margin ▪ Consistent increasing gross margin ▪ Gross margin expansion driven by own brands across Nordics and Europe ▪ Improved pricing and discounting in Jotex impacting positively ▪ Still benefitting from supplier consolidation and a stronger SEK % 46.3% Gross margin Q2 2026 44.6% Gross margin LTM Q2 2026 45.0% Gross margin YTD 46,3 43,7 44,544,144,3 41,2 40,2 37 38 39 40 41 42 43 44 45 46 47 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 23% 24% 25% 26% 27% 28% 29% 30%-300 -250 -200 -150 -100 -50 0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Selling expenses Selling expenses % of sales 13 Marketing cost ratio Selling expenses Administrative expenses Operational efficiencies combined with scale-driven operating leverage SEKm% SEKm 19,7 19,1 16,0 16,5 17,0 17,5 18,0 18,5 19,0 19,5 20,0 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 -140 -120 -100 -80 -60 -40 -20 0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 14 Adjusted EBITA development Adjusted EBITA improvement with continued investments in growth SEKm1 1) Figures exclude group functions ▪ Flat adjusted EBITA despite of a 13.1 MSEK negative swing in FX variances for the quarter and 19.5 MSEK for H1 reported in other income and other cost ▪ Gross margin expansion impacting positively; +2.0 p.p. for the quarter and +2.2 p.p. for H1 ▪ Increased marketing cost of 0.6 p.p. for the quarter and 0.9 p.p. for H1 to support growth in strategic categories and customer acquisition 4.9% Adj. EBITA margin Q2 2026 4.5% Adj. EBITA margin YTD 6.2% Adj. EBITA margin LTM Q2 2026 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 10 20 30 40 50 60 70 80 90 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 Adjusted EBITA Adjusted EBITA margin (%)
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 15 Inventory Adj. cash flow from operating activities Financial net debt and leverage ratio Capital structure and leverage as of 30 June 2026 SEKm SEK m 31 Dec 2025 30 Jun 2026 Bond loans 750.0 750.0 Borrowings 200.0 15.4 Cash and cash equivalents (188.3) (16.5) Financial net debt 761.7 748.9 Adjusted EBITDA excl. IFRS 16 rolling 12 months 253.4 254.2 Leverage ratio 3.0x 2.9x Leverage ratio SEKm 0 100 200 300 400 500 600 700 800 900 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 ( 100) ( 50) 0 50 100 150 200 Q2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24 Q2'26Q1'26 3.2x 2.9x 732,8 767,2 62,1 90,7
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Summary
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD 17 Financial targets Financial metric Target Net sales growth Profitability Dividend policy Capital structure Ellos Group targets an organic net sales growth in line with the addressable market, with the ambition to outperform the market over time Ellos Group targets an adjusted EBITA margin of above 8 percent in the medium term Ellos Group targets a financial net debt in relation to adjusted EBITDA excl. IFRS 16 rolling 12 months below 2.0x Ellos Group intends to distribute excess cash to shareholders after investments in profitable growth, subject to meeting its capital structure target
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Key takeaways 18 Q2 confirms continued profitable growth, with sales growth and stronger gross margins. Own brands remain the key growth and margin driver, now representing 65% of sales and supporting category momentum. Cash flow improved materially, strengthening financial flexibility and supporting the post-IPO investment case. European expansion continues to scale, led by Jotex and further own-brand penetration outside the Nordics. Focus ahead: margin-accretive growth, sharper pricing/discounts, enhanced customer experience and efficiency gains from data, automation and AI.
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD Q&A
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15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 #B9C6CC #E9DDD5 #EAEEEF #EEEAE7 #F8F6EC #000000 #585858 #7F746B #A49B93 #F2F2F2 #272727 #C5B7AD