Slides
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April 25, 2025 Q1 2025
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2 Q1 2025 Highlights ▪ Q1 2025 revenue increased by 2%, impacted by increasingly challenging market conditions ▪ Booztlet.com increased by 18%; however, Boozt.com slightly declined (-1%) ▪ The customer base continued to expand and increased by 7% across Boozt.com and Booztlet.com, reaching 3.8 million active customers ▪ 52% of customers on Boozt.com bought from more than one category ▪ Customer satisfaction still best in class: Trustpilot score of 4.2 (4.5) and NPS of 74 (77) ▪ Adj. EBIT margin increased to 2.3% vs. 1.2% in Q1 2024 ▪ Transfer cells installed in 2024 are generating significant efficiency and cost savings in fulfilment ▪ Exemption from customs in Norway ▪ Cash position remains solid at SEK 391 million ▪ Current SEK 200m buyback programme completed (buying for SEK 134m in the quarter) ▪ Board preparing launch of new programme (pending formal resolution) ▪ AI/technology driven restructuring successfully implemented in the quarter to enhance efficiency ▪ Outlook for 2025 revised to reflect heightened market uncertainty and increased currency headwinds ▪ Revenue growth: 0-6% (from 4-9%) ▪ Adj. EBIT margin: 4.5-5.5% (from 5.8-6.5%)
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Approximately 270,000 new customers in the quarter - Total active customers increase 7% in Q1 2025 (LTM) +1% +23% +6% +17% +28% +84% +2% +22% 2,423,000 848,000 Boozt.com Booztlet.com The Nordics 2,751,000 1,037,000 Boozt.com Booztlet.com Total 232,000 175,000 Boozt.com Booztlet.com Rest of Europe 93,000 Boozt.com Booztlet.com The Baltics *Growth in active customers, Q1 2025 (LTM) vs Q1 2024 (LTM)
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4 Active customers shopping from 1 to 6 different product categories on Boozt.com More customers buying across categories on Boozt.com - 52% of customers buy from more than one category +0% +2% +2% +3% +8% +5% 0 300,000 600,000 900,000 1,200,000 1,500,000 1 2 3 4 5 6 Q1 2025 (LTM) Q1 2024 (LTM)
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5 Active customers shopping from 1 to 6 different product categories on Booztlet.com Multi-category shopping also increasing on Booztlet.com - 42% of customers buy from more than one category +20% +26% +31% +46% +151% +23% 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 1 2 3 4 5 6
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Financial Highlights 6 Q1 2025
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SEK million Q1 2025 Q1 2024 Change Net revenue 1,652 1,614 +2% Gross profit 627 627 +0% Gross margin 38.0% 38.9% -0.9pp Adj. EBIT 38 20 +91% Adj. EBIT margin 2.3% 1.2% +1.1pp Profit for the period 4 2 +77% Q1 2025 - Financial Highlights 7
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Boozt.com ▪ The overall market for Fashion and Lifestyle in the Nordics remains challenging ▪ Less aggressive pricing on Boozt.com to preserve brand value, but affecting sales ▪ Margin supported by lower fulfilment cost ratio and exemption from customs in Norway Booztlet.com ▪ Number of active customers increased 22% to 1 million ▪ Initiative to attract customers with more competitive prices continued in the quarter ▪ Sweden the main driver of growth (+39%) ▪ Margin impacted by price initiative SEK million Q1 2025 Q1 2024 Change Net revenue 1,324 1,335 -1% Adj. EBIT 39 13 +211% Adj. EBIT margin 3.0% 0.9% +2.0pp SEK million Q1 2025 Q1 2024 Change Net revenue 328 279 +18% Adj. EBIT -1 7 N/A Adj. EBIT margin -0.2% 2.6% -2.8pp Q1 2025 – Segments 8
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Share of net revenue, % Q1 2025 Q1 2024 Change Gross margin 38.0% 38.9% -0.9pp Fulfilment cost ratio -10.8% -11.6% +0.8pp Marketing cost ratio -10.1% -10.0% -0.0pp Admin. and other costs ratio -12.7% -13.3% +0.6pp Adjusted admin. and other costs ratio -10.7% -11.9% +1.1pp Depreciation ratio -4.1% -4.1% +0.0pp EBIT margin 0.3% -0.2% +0.5pp Adj. EBIT margin 2.3% 1.2% +1.1pp Q1 2025 – Cost ratios 9
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SEK million Q1 2025 Q1 2024 Change Net working capital 1,396 993 41% NWC share of net revenue (LTM) 16.9% 12.7% +4.2pp Free cash flow -619 -685 +10% CAPEX 42 97 -57% Net cash 8 236 -96% Q1 2025 – Cash development 10
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11 Through rough waters in full control ▪ Uncertain economic outlook and declining consumer confidence ▪ Impacting spending, particularly in the fashion sector ▪ Organisation streamlined during the quarter, through increased use of AI and technology ▪ Workforce reduced by 10% ▪ ~0.3% uplift to adj. EBIT margin in 2025 ▪ A more resilient organisation, with a strong foundation ▪ Effective cost control and a solid cash position ▪ Diverse product portfolio, reducing exposure to fashion ▪ Efficient and adaptable supply chain ▪ Ready for when the tide turns…
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The outlook assumes exchange rates will remain at current levels. Outlook 2025 Updated outlook Previous outlook FY 2024 Revenue growth 0-6% 4-9% 6% Adjusted EBIT margin 4.5-5.5% 5.8-6.5% 5.7% CAPEX (SEKm) 150-170 170-200 237 ▪ Guidance adjusted to reflect increased market uncertainty and unfavourable currency movements ▪ Increased geopolitical unrest ▪ Heavy fluctuations in trading performance in April following increased trade tensions ▪ Significant currency headwinds have emerged since the guidance was issued ▪ Around 3% revenue headwind ▪ Negative impact of around 1 percentage points on the EBIT margin Outlook 2025 updated 12
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Q&A 13
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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 14