Douglas Ag · XETR:DOU
Douglas — Q4 FY2024/25 Earnings Presentation
46 slides from Douglas's earnings presentation, Dec 18, 2025
Slide 1: Financial Results & Business Highlights Q4 & FY 2024/25
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q4 & FY 2024/25 Düsseldorf, 18 December 2025
Slide 2: Agenda
AGENDA 01 Overview 3 02 Q4 & Full-Year Financials 7 03 Strategy & Business Highlights 19 04 Wrap-up + Q&A 28
Slide 3: Q4 2024/25, Full-Year 2024/25 and Expectations
Q4 2024/25 FULL-YEAR 2024/25 EXPECTATIONS Solid sales growth in the final Guidance achieved, with solid Guidance for FY 2025/26 quarter in challenging market growth and doubled net based on economic and environment, driven by surge income. Omnichannel remains market conditions leading to in E-Com bu
Slide 4: Market situation: changing environment
MARKET SITUATION: CHANGING ENVIRONMENT The European premium beauty market continues to structurally grow, but at a slower pace than in recent years, and varying between countries. In this new environment, omnichannel is the winning model as consumers adapt their shopping behavior to the channel-brea
Slide 5: Current trading: peak season (October – December)
CURRENT TRADING: PEAK SEASON (OCTOBER – DECEMBER) Solid start into the new financial year – more information will be provided in a trading statement on Q1 25/26 on 19 January 2026.
Slide 6: Considering expansion to Middle East / GCC countries
We are considering to expand beyond continental Europe and evaluate a market entry in the growing Middle East / GCC countries. Image source: “Map indicating GCC members” by Masterdeis, https://commons.wikimedia.org/wiki/File:Carte_du_Conseil_de_Coop% C3%A9ration_du_Golfe.svg – image edited by DOUGLA
Slide 7: Q4 and Full-Year Financials
MARCO GIORGETTA, CFO Q4 FULL-YEAR AND FINANCIALS
Slide 8: Q4 2024/25 Group Sales & EBITDA development
Q4 2024/25 Group Sales & EBITDA development Further increase in sales, while a competitive environment weighs on profits SALES EBITDA2 in m€ in m€ ADJUSTED EBITDA1 REPORTED EBITDA 960 982 152 153 134 130 +2.3% -11.4% -15.1% +2.6% excluding Disapo 15.8% 13.7% 15.9% 13.2% +1.2% lfl Q4 2023/24 Q4 2024/
Slide 9: Q4 2024/25 Sales and EBITDA performance by segment
Q4 2024/25 Sales and EBITDA performance by segment Positive sales growth across segments SALES ADJ. EBITDA MARGIN % YoY % of sales DACHNL 1.5% 24.7% DACHNL 20.4% France 0.6% 15.7% France 14.4% 16.6% Southern Europe 1.3% Southern Europe 16.0% 24.5% CEE 8.0% CEE 19.5% -4.1% PD/NB 15.0% PD/NB Q4 FY23/2
Slide 10: FY 2024/25: Performance by quarter
FY 2024/25: Performance by quarter Volatility in market trends leading to swings in sales trend and margin investments SALES GROWTH (EX DISAPO) ADJ. EBITDA MARGIN % YoY % of sales 22.4% 21.5% 18.2% 6.5% 15.2% 16.7% 15.8% 16.8% 15.7% 13.0% 13.7% 4.0% 3.5% 2.6% Q1 Q2 Q3 Q4 FY -1.0% FY23/24 Q1 Q2 Q3 Q4
Slide 11: FY 2024/25: Group Sales and EBITDA development
FY 2024/25: Group Sales and EBITDA development Sales and adjusted EBITDA in line with company guidance SALES EBITDA in m€ in m€ 4,451 4,575 ADJUSTED EBITDA1 REPORTED EBITDA +2.8% 809 768 730 757 -5.0% +3.6% +3.5% excluding Disapo 18.2% 16.8% 16.4% 16.5% +2.2% lfl 2023/2024 2024/2025 2023/2024 2024/2
Slide 12: FY 2024/25: Sales increased in both channels
FY 2024/25: Sales increased in both channels GROUP STORES E-COM in m€ in m€ in m€ − Stores: 67.2% of Group sales (PY 67.4%) − E-Com: 32.8% of Group sales (PY 32.6%) − Sales growth primarily driven by store − Excluding sold off Disapo sales growth openings and refurbishments amounted to +5.6% − Avera
Slide 13: FY 2024/25: Strong increase in Net Income
FY 2024/25: Strong increase in Net Income in m€ 2023/2024 2024/2025 Change Net sales 4,451.0 4,575.3 2.8% − Gross profit margin: Higher promotional Costs of raw materials -2,415.0 -2,539.3 5.1% pressure in a competitive environment; not reaching targets leading to lower Gross profit 2,036.0 2,036.1
Slide 14: Average Net Working Capital now at 4.4% of sales
FY 2024/25: Average Net Working Capital now at 4.4% of sales As of 30 September 2025 AVERAGE NET WORKING CAPITAL CAPEX in m€ in m€ -14.6% +9.7% 234 171 156 200 Average CAPEX as % 5.3% 4.4% NWC as % 3.5% 3.7% of Sales of Sales 2023/2024 2024/2025 2023/2024 2024/2025 − Average inventory higher due to
Slide 15: FY 2024/25: Free Cash Flow development
FY 2024/25: Free Cash Flow development in m€ 768 -171 -45 -47 473 461 -32 -12 0 -315 146 Adj EBITDA CAPEX Working Tax Others Adj FCF EBITDA M&A FCF post M&A Property rents 3 FCF Post Capital1 Adjustments Property rents (Cash effect)2 FY 2023/2024 809 -151 -23 -63 26 597 -63 -10 524 -298 226 1 Exclud
Slide 16: FY 2024/25: Sound financial structure
FY 2024/25: Sound financial structure AVAILABLE LIQUIDITY NET DEBT STRUCTURE NET LEVERAGE1 in m€ in m€ Net leverage 438 2,287 2,265 Net leverage excl. IFRS16 380 Lease liabilities 1,107 1,307 2.8 2.9 RCF 340 2.3 331 2.1 Net financial debt 1,179 958 Cash 99 49 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-2
Slide 17: Outlook 2025/2026
WIP Outlook 2025/2026 DOUGLAS Group 2024/2025 2025/2026 reported guidance Net sales €4.58bn €4.65bn to €4.80bn Adjusted EBITDA margin 16.8% around 16.5% Net leverage 2.9x 2.5x to 3.0x As key components to deliver net leverage, in FY25/26 we expect: − Average net working capital as a % of sales to
Slide 18: Mid-term Targets
Mid-term Targets CAPITAL GROWTH PROFITABILITY ALLOCATION Consistent sales growth Sustained profitability Continuous commitment on deleveraging Low- to mid-single-digit growth Stable adj. EBITDA margin 2.0 – 2.5x adj. EBITDA targeting considering premium beauty market dividend payout dynamics • Consc
Slide 19: Strategy and Highlights
SANDER VAN DER LAAN, CEO STRATEGY AND HIGHLIGHTS
Slide 20: Sharpened focus within our strategy
Sharpened focus within our strategy „Let it Bloom“ remains our guiding framework … 1 Be the 2 Offer most 3 Deliver most 4 Build focused #1 BEAUTY relevant and customer friendly and efficient DESTINATION distinctive OMNICHANNEL OPERATING in all our RANGE OF experience MODEL markets BRANDS Foundation:
Slide 21: Sharpened focus within our strategy: operational efficiency
Sharpened focus within our strategy … but now with a stronger emphasis on operational efficiency 1 2 3 Be the #1 Offer most relevant Deliver most customer BEAUTY DESTINATION and distinctive friendly OMNICHANNEL in all our markets RANGE OF BRANDS experience One Foundation Grow our Build an efficient
Slide 22: Updates from four strategic initiatives
Updates from four strategic initiatives BRAND CATEGORY STORE NETWORK OWAC ROLLOUT COMMUNICATION & BRANDS DEVELOPMENT (SUPPLY CHAIN) #1 BEAUTY DESTINATION RANGE OF BRANDS OMNICHANNEL EXPERIENCE OPERATING MODEL 22
Slide 23: Brand Communication: new brand campaign platform
We have launched a new brand campaign platform driving a coherent, inspiring brand image & story. Brand Communication
Slide 24: Video: Welcome to Beautiful
Video: „Welcome to Beautiful“ SHOW VIDEO 24
Slide 25: Store Network Development
O PENI NG S REF URBI SH M ENTS (own stores, net) (own stores) 35 36* Q4 We have opened 74 new own stores (net) and refurbished 139* 1,959 existing own ones in the Stores financial year 2024/25. as of 30 September 2025 (incl. franchises) Store Network Development * including relocations
Slide 26: Category & Brands: exclusive brands
We have expanded EXCLUSI VE BRAND LAUNCH ES our offering of exclusive brands, 5 (FY 2024/25) 3 (Q4) positioning us as the retailer of choice. Category & Brands
Slide 27: OWAC Rollout (Supply Chain)
5/7 OWACs in operation We signed the contract for the BENE OWAC and started operations © Arvato in our new OWACs in Poland and Italy. OWAC Rollout (Supply Chain)
Slide 28: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 29: Summary
SUMMARY − European premium beauty market transitioning from highly dynamic post-pandemic growth to a phase of rebalancing: It continues to structurally grow, albeit at a slower pace − “Let it Bloom” strategy sharpened towards efficiency; targeted investments in growth initiatives like IT & E-Com − F
Slide 30: Video: Christmas TVC
Video: „Christmas TVC“ SHOW VIDEO 30
Slide 31: Q&A
Q&A
Slide 32: Appendix
APPENDIX
Slide 33: DACHNL FY 2024/2025
DACHNL FY 2024/2025 Tougher trading environment weighs on overall performance SALES ADJUSTED EBITDA1 − Store sales increased by 1.4%, with a -1.3% lfl, reflecting tougher trading in m€ in m€ compared to a year ago 2,073 2,121 +2.3% − E-Com sales increased by 3.6%, supported by a growing customer bas
Slide 34: France FY 2024/2025
France FY 2024/2025 Continued market share gain in a declining market SALES ADJUSTED EBITDA1 − Store sales decreased by -0.4%, with a -1.9% lfl, reflecting tough trading in m€ in m€ conditions that started in the course 838 840 of the first quarter +0.3% − E-Com sales increased by 2.9% helped by a h
Slide 35: Southern Europe FY 2024/2025
Southern Europe FY 2024/2025 Positive store sales growth outweighs lower E-Com sales SALES ADJUSTED EBITDA1 − Store sales increased by +3.4%, with +2.4% lfl, reflecting a robust in m€ in m€ consumer spending environment 666 685 +2.8% − E-Com sales decreased by -0.7%. An average higher basket value w
Slide 36: Central Eastern Europe FY 2024/2025
Central Eastern Europe FY 2024/2025 Strong double-digit sales growth continues SALES ADJUSTED EBITDA1 − Store sales increased by +8.5%, with a +4.3% lfl, reflecting the ongoing in m€ in m€ success of our expansion in the 719 region 652 +10.3% − E-Com sales increased by +16.5% thanks to a combination
Slide 37: Parfumdreams/NICHE BEAUTY FY 2024/2025
Parfumdreams/NICHE BEAUTY FY 2024/2025 Strong performance in core markets SALES ADJUSTED EBITDA1 − Our brands Parfumdreams and NICHE BEAUTY realized strong sales in m€ in m€ growth of +10.6% 210 +10.6% − Both the number of customers and 190 the average order size increased − Decrease in adjusted EBI
Slide 38: P&L Q4 2024/2025
P&L Q4 2024/2025 in m€ Q4 2023/24 Q4 2024/25 Change Net sales 959.9 981.9 2.3% Costs of raw materials -519.1 -544.6 4.9% Gross profit 440.7 437.3 -0.8% Gross profit margin 45.9% 44.5% -140bps Net operating expenses -287.8 -307.5 6.8% Reported EBITDA 152.9 129.8 -15.1% Adjustments -1.4 4.5 n/a Adjust
Slide 39: Douglas Group like-for-like sales development
Douglas Group like-for-like sales development Quarterly overview Q4 2023/2024 Q1 2024/2025 Q2 2024/2025 Q3 2024/2025 Q4 2024/2025 DACHNL 13.2% 5.2% -4.7% 1.1% 0.1% France 0.0% 1.0% -3.2% -1.1% -1.4% Southern Europe 10.9% 5.7% -1.0% 0.8% -0.3% Central Eastern Europe 12.8% 10.3% 4.6% 7.8% 4.4% Parfumd
Slide 40: Selected Segmental KPIs
Selected Segmental KPIs FY 2024/2025 REPORTED EBITDA CAPEX In m€ 2023/2024 2024/2025 In m€ 2023/2024 2024/2025 DACHNL 445.1 423.2 DACHNL 52.1 56.5 France 171.9 163.3 France 29.9 38.7 Southern Europe 147.2 140.8 Southern Europe 20.3 19.3 Central Eastern Europe 169.7 166.1 Central Eastern Europe 29.9
Slide 41: Adjustments to EBITDA
Adjustments to EBITDA 2024/2025 in m€ Q4 2023/2024 Q4 2024/2025 2023/2024 2024/2025 Reported EBITDA 152.9 129.8 730.3 756.5 M&A -0.1 0.6 10.4 0.0 Restructuring -0.1 -0.7 -1.7 -0.6 Strategic initiatives 1.7 6.6 17.3 14.5 Other -2.9 -2.0 52.3 -2.0 Adjusted EBITDA 151.5 134.3 808.6 768.4 41
Slide 42: Development of Average Net Working Capital
Development of Average Net Working Capital As of 30 September 2025 234 245 240 228 200 in m€ NWC as % of X% LTM Sales 5.3% 5.4% 5.3% 5.0% 4.4% Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q4 2023/24 Average Inventory 818.1 825.5 833.4 842.3 849.5 Average Trade accounts receivable 75.9 80.0
Slide 43: Financing structure
Financing structure As of 30 September 2025 Carrying amounts m€ x Adj. EBITDA Maturity Pricing Cash and Equivalents 49.4 RCF (€350m Volume) 0 Mar 2029 E+2.00% Term Loan 802.0 Mar 2029 E+2.25% Promissory loan (Schuldscheindarlehen) 200.4 2028-2032 E+3.00% IFRS 16 Liabilities 1,307.1 Net Debt incl. IF
Slide 44: Store network across Europe
Store network across Europe As of 30 September 2025 NUMBER OF STORES DEVELOPMENT 1,884 1,959 30 Sep 2024 – 30 Sep 2025 Store openings 93 Store closures 18 Total 75 1,756 1,830 Store openings: 24 stores in DACHNL (DE, AT, NL, CH, BE), 9 in France, 15 in SE (IT, PT, HR, SI), 128 129 42 in CEE (PL, BG,
Slide 45: Disclaimer on forward-looking statements
Disclaimer on forward-looking statements This presentation contains forward-looking statements in which terms such as "believe", "estimate", "assume", "can" and the like are used, and which are based on assumptions and estimates. Although Douglas AG believes that these assumptions and estimates are
Slide 46: LOUGLAS
LOUGLAS GROUP