Douglas Ag · XETR:DOU
Douglas — Q3 2025/2026 Earnings Presentation
54 slides from Douglas's earnings presentation, Aug 12, 2026
Slide 1: Financial Results & Business Highlights Q3 2025/2026
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q3 2025/2026 Düsseldorf, 12 August 2026
Slide 2: Agenda
AGENDA 01 Overview 02 Q3 2025/2026 Financials 03 Strategic Direction 04 Highlight Initiatives 05 Wrap-up + Q&A
Slide 3: Summary and Key Figures Q3 2025/2026
SUMMARY Q3 2025/2026 Performance in the quarter was impacted by weak dynamics in our largest markets, ongoing price competition and a high price sensitivity among consumers – leading to continued pressure on profitability and a sales decline in both channels. Omnichannel remains the winning model in
Slide 4: Market Development Q3
MARKET DEVELOPMENT Q3 − The premium beauty market in Europe is growing − Growth is driven by dynamic markets in Southern and Central Eastern Europe − Consumer demand was lower than last year’s period in Germany and the Netherlands, and flat in France (together ~60% of our business) − Consumers are i
Slide 5: Adjusted guidance for 2025/2026
Reflecting the market and current environment, we have adjusted our guidance for 2025/2026 on 18 June. ADJ. EBITDA NET LEVERAGE GROUP SALES MARGIN (30.09.2026) Lower end of ~16.0% Upper end of € 4.65 - 4.8 bn 2.5x - 3.0x € 4.58 - 4.63 bn ~15.0% 3.0x - 3.5x (0 - 1%) 5
Slide 6: Q3 Financials
MARCO GIORGETTA, CFO Q3 FINANCIALS
Slide 7: Q3 2025/2026 Group Sales & EBITDA development
Q3 2025/2026 Group Sales & EBITDA development SALES ADJUSTED EBITDA1 in m€ in m€ 1,008 988 -2.0% -19.4% 158 128 -4.5% lfl 15.7% 12.9% Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 MARGINS − Sales decreased by 2.0% year on year affected by -2.5% in the stores − Adj. EBITDA margin development reflected
Slide 8: Cross-channel services up +18% vs. PY
Cross-channel services up +18% vs. PY GROUP STORES E-COM in m€ in m€ in m€ − Price increases in both channels were offset by − Stores: 66.9% of Group sales (PY: 67.3%) − E-Com: 33.1% of Group sales (PY: 32.7%) volume declines − Ongoing momentum in consumer migration to − Decrease in total orders cou
Slide 9: Segment development in Q3 2025/2026
Segment development in Q3 2025/2026 SALES ADJ. EBITDA MARGIN1 % YoY % of sales 19.8% DACHNL -2.8% DACHNL 15.8% 16.9% France -2.1% France 15.2% 21.7% CEE 4.4% CEE 21.6% 19.5% SE -3.9% SE 16.4% 1.3% Q3 FY24/25 PD/NB -10.4% PD/NB -1.0% Q3 FY25/26 − Lower traffic and weaker conversion (on lfl-basis) acr
Slide 10: Margin pressure persists
Margin pressure persists in m€ 1 457 -7 -10 436 -4 GP Margin: 45.3% -1.1%p -0.1%p 44.2% Gross profit Q3 24/25 Volume/Sales Effect Price/Promo/Mix Supplier Contribution Effect Gross profit Q3 25/26 Effect − Gross margin declined by 110bps, driven primarily by promotional and pricing effects as well a
Slide 11: Staff costs up from expansion
Staff costs up from expansion NET OPERATING EXPENSES 1 STAFF COSTS OTHER NET OPERATING EXPENSES in m€ +3% Higher staff cost to revenue ratio YoY Improved net marketing cost to revenue ratio 309 299 − Staff costs increased mainly due to store − Continued improvement in DOUGLAS openings marketing cost
Slide 12: Consumer price sensitivity weighs on earnings
Consumer price sensitivity weighs on earnings Q3 2025/2026 − Gross profit margin: Changing consumer environment and higher costs of goods in m€ Q3 2024/25 Q3 2025/26 Change sold weighed on gross margins which Net sales 1,008.1 987.8 -2.0% decreased by 110bps Gross profit (adjusted) 457.1 436.8 -4.4%
Slide 13: Average Net Working Capital at 3.6% of sales
Average Net Working Capital at 3.6% of sales As of 30 June 2026 AVERAGE NET WORKING CAPITAL 1 CAPEX 2 in m€ in m€ -27.0% 228 166 43 -29.6% 31 5.0% 3.6% Average NWC as % 30.06.2025 30.06.2026 of Sales1 Q3 2024/25 Q3 2025/26 − DIO increased to 125 (PY: 122), with new openings leading to increased − Ma
Slide 14: Adj. Free Cash Flow Conversion around 70%
Adj. Free Cash Flow Conversion1 around 70 % 9M 2025/2026 577 -102 -52 406 399 -36 18 -6 -251 148 Adj EBITDA CAPEX2 Net Working Tax Others4 Adj FCF EBITDA Free Cash Flow Property rents FCF post Capital3 Adjustments property rents6 (Cash effect)5 9M 2024/2025 634 -115 -50 -35 -15 420 -7 413 -235 177 A
Slide 15: Sound financial structure
Sound financial structure NET DEBT STRUCTURE NET LEVERAGE in m€ 2,133 2,172 Net leverage Net leverage excl. IFRS16 Lease liabilities 1,209 1,309 3.1x 2.7x 2.2x 1.9x Net financial debt 924 863 Jun-25 Jun-26 Jun-25 Jun-26 - Lease liabilities increased, reflecting new store openings - Higher net levera
Slide 16: 9M 2026 Summary
WIP 9M 2026 Summary ― 9M performance in line with expectations: ― Revenue stable +0.5 % yoy at 3.61 EURbn vs. 3.59 EURbn ― Adj. EBITDA Margin at 16.0 % vs. 17.6 % PY ― Net Leverage at 3.1x EBITDA ― Omnichannel execution remains a key growth driver, supporting customer engagement and rising share of
Slide 17: Outlook 2025/2026
WIP Outlook 2025/2026 DOUGLAS Group 2024/2025 2025/2026 reported guidance €4.58bn to €4.63bn Net sales €4.58bn (0 -1 %) Adjusted EBITDA margin 16.8% around 15.0% Net leverage 2.9x 3.0x to 3.5x 17
Slide 18: Strategic Direction
SANDER VAN DER LAAN, CEO STRATEGIC DIRECTION
Slide 19: Our 'Let it Bloom' Strategy
Our “Let it Bloom” Strategy Three commercial pillars, one strong foundation 1 2 3 Be the #1 PREMIUM Offer most relevant Scale the most seamless BEAUTY DESTINATION ASSORTMENT OMNICHANNEL in all our markets with clear differentiation experience FOUNDATION Build the united, future-proof FOUNDATION for
Slide 20: Our Highlights
Our Highlights 21 Key Results – re-assessed and re-defined Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience B B C Curate a Distinctive Assortment S S R Relevance & Customer Centricity L Li
Slide 21: Our Highlights
Our Highlights 21 Key Results – re-assessed and re-defined Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience B B C Curate a Distinctive Assortment S S R Relevance & Customer Centricity L We
Slide 22: Highlight Initiatives
SANDER VAN DER LAAN, CEO HIGHLIGHT INITIATIVES
Slide 23: Leveraging brand power on Social Media and with creators
Be the #1 PREMIUM BEAUTY DESTINATION in all our markets SOCIAL MEDIA & COMMERCE SALES We are leveraging our brand power on Social +49% (Q3) +51% (9M) Media and with creator Social Commerce includes Livestream, Clips, Affiliate, and Tracking Links partnerships to drive visibility and convert engageme
Slide 24: Strengthening assortment with Exclusive Brands
EXCLUSIVE BRANDS EXCLUSIVE BRANDS Q3 Q3 SALES GROWTH SHARE OF GROUP SALES +14.7% ~9% We are strengthening our assortment with Exclusive Brands to improve differentiation. Differentiation
Slide 25: Differentiation makes us stronger
Top brands by absolute Q3 growth Top brands by absolute Q3 growth Top brands by absolute Q3 growth Top brands by absolute Q3 growth DIFFERENTIATION MAKES US STRONGER Exclusive and Selective Brands are the top growth driver brands across all categories. Strong momentum for couture fragrances, K-Beaut
Slide 26: Category development
FRAGRANCES SKIN CARE MAKEUP HAIR CARE ACCESSORIES Sales Performance at the DOUGLAS Group (Q3)1 -3.4% -4.2% +1.7% +18.0% -7.8% Share at the DOUGLAS Group (Q3)1 CLOSER LOOK: CATEGORY DEVELOPMENT Our largest category, fragrance, declined, reflecting market developments. Skincare declined as demand incr
Slide 27: Growth of cross-channel sales
Scale the most seamless OMNICHANNEL experience The continued strong growth of cross-channel sales underscores the attractiveness of the omnichannel model in premium beauty retail. Lead with Most Welcoming Services
Slide 28: Cross-channel services demand
CLICK & COLLECT CLICK & COLLECT EXPRESS INSTORE ORDERS CLICK & RETURN NEW: Pilot live in Austria +4.1% +37.7% +5% since April TOTAL Q3 SALES SHARE OF GROUP CROSS-CHANNEL SALES (Q3 2025/2026 VS. PY) SALES Q3 Customer demand for integrated services is unbroken as the beauty shopping journey increasing
Slide 29: Accelerating omnichannel transformation with E-Com focus
ANNA AI Beauty Advisor launched in German app & online shop in June 2026, int. rollout planned Scale the most seamless OMNICHANNEL experience We are accelerating our omnichannel transfor- mation with increased AI visibility focus on E-Com to Leading share of voice vs. peers reflect the preferences a
Slide 30: Enhance & Upgrade Store Network
~75% customer journeys involve a store Scale the most seamless OMNICHANNEL experience STORE NETWORK (Q3) Stores remain a crucial 15 19 1,967 Openings1 Refurbishments1 Stores (30.06.) pillar of our omnichannel (19 closings) incl. relocations incl. franchise model as we structurally review our network
Slide 31: Supply Chain Transformation well underway
6/7 OWACs in operations Our Supply Chain Transformation is well NOWAC transitioned to NOWAC also handling NOWAC automation BENE OWAC B2C go-live in SOWAC tender EWM (SAP) CE cluster (HAI) rolled out August 2026 underway underway: NOWAC is scaling up and BENE OWAC will commence operations in August.
Slide 32: Harmonized Tech Stack
One E-Com platform across 14 countries E-Com: Live in 13 markets We have made strong progress in harmonizing One online payment our infrastructure and platform across 17 countries customer experience across our 22 omni- channel countries. Harmonized Tech Stack
Slide 33: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 34: Summary
SUMMARY − Premium beauty market continues to grow, while weak demand in Germany, France, and the Netherlands weighs on our performance − Continued consumer price sensitivity and high promotional activity in online retail further accelerate the shift of beauty shopping towards E-Com − We are making a
Slide 35: Q&A
Q&A
Slide 36: Appendix
APPENDIX
Slide 37: DACHNL Q3/9M
DACHNL Q3/9M Weaker consumer demand weighs on sales and profitability Q3 2025/2026 9M 2025/2026 SALES Q3 2025/2026: in m€ − Store sales decreased by -1.3%, with a - in m€ 1,653 1,650 6.5% lfl performance -2.8% -0.2% − E-Com sales decreased by -4.9% 480 467 − Lower adjusted EBITDA mainly reflects low
Slide 38: France Q3/9M
France Q3/9M Weak store performance partially offset by online growth Q3 2025/2026 9M 2025/2026 SALES Q3 2025/2026: − Store sales decreased by -5.2%, with a - in m€ 8.2% lfl in m€ 679 679 − E-Com sales increased by +10.8% -2.1% -0.1% − Lower adjusted EBITDA caused by an ongoing highly competitive 17
Slide 39: Central Eastern Europe Q3/9M
Central Eastern Europe Q3/9M Sales growth continues across both channels Q3 2025/2026 9M 2025/2026 Q3 2025/2026: SALES − Store sales increased by +1.3%, with a - 3.4% lfl in m€ in m€ 595 − E-Com sales increased by +14.6% 561 +4.4% +6.1% − Higher adjusted EBITDA mainly reflects higher sales which suc
Slide 40: Southern Europe Q3/9M
Southern Europe Q3/9M Margin pressure outweighs strong E-Com topline growth Q3 2025/2026 9M 2025/2026 Q3 2025/2026: SALES − Store sales decreased by -6.2%, with - in m€ 7.4% lfl in m€ 539 533 − E-Com sales increased by +12.5% -3.9% -1.2% − Lower Adjusted EBITDA mainly reflects lower sales and gross
Slide 41: Parfumdreams/Niche Beauty Q3/9M
Parfumdreams/NICHE BEAUTY Q3/9M Building a more focused business amid challenging market conditions Q3 2025/2026 9M 2025/2026 SALES Q3 2025/2026: in m€ in m€ − Sales decreased -10.4%. Both channels 161 154 in decline -10.4% -4.1% − 11 of 18 Akzente stores were closed in Q3 2025/2026 48 43 − Lower ad
Slide 42: Douglas Group like-for-like sales development
Douglas Group like-for-like sales development Quarterly overview Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 H1 2025/26 9M 2025/26 DACHNL 3.0% 0.9% -1.4% -2.0% -5.8% -1.6% -2.8% France -2.4% -1.9% -0.6% -2.3% -4.3% -1.3% -2.0% Southern Europe -1.2% -2.5% -0.6% -2.2% -4.5% -1.1% -2.1% Cent
Slide 43: Selected Segmental KPIs Q3
Selected Segmental KPIs Q3 2025/2026 REPORTED EBITDA CAPEX In m€ Q3 2024/25 Q3 2025/26 In m€ Q3 2024/25 Q3 2025/26 DACHNL 94.9 80.8 DACHNL 13.6 8.2 France 30.0 25.8 France 9.7 9.0 Southern Europe 28.1 22.9 Southern Europe 6.0 3.9 Central Eastern Europe 33.5 35.6 Central Eastern Europe 7.5 5.8 PD/NB
Slide 44: Selected Segmental KPIs 9M
Selected Segmental KPIs 9M 2025/2026 REPORTED EBITDA CAPEX In m€ 9M 2024/25 9M 2025/26 In m€ 9M 2024/25 9M 2025/26 DACHNL 327.1 297.7 DACHNL 31.2 30.0 France 139.2 132.5 France 26.2 20.9 Southern Europe 119.8 106.5 Southern Europe 11.0 9.7 Central Eastern Europe 136.0 138.6 Central Eastern Europe 16
Slide 45: Adjustments to EBITDA
Adjustments to EBITDA Q3 & 9M 2025/2026 ADJUSTMENTS TO EBITDA Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 In m€ Reported EBITDA 129.6 626.7 570.9 154.6 M&A 0.0 -6.9 -0.6 -4.5 Restructuring -0.5 1.0 0.1 2.5 Strategic initiatives 4.0 3.9 7.9 8.9 Other 0.0 -0.2 0.0 -0.5 Adjusted EBITDA 158.2 127.5 634.
Slide 46: Adjustments to EBIT
Adjustments to EBIT Q3 & 9M 2025/2026 ADJUSTMENTS TO EBIT Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 In m€ Reported EBIT 55.5 30.3 341.3 164.0 M&A 0.0 -6.9 -0.6 -4.5 Restructuring -0.5 1.0 0.1 3.1 Strategic initiatives 4.1 3.9 11.7 9.0 Other (incl. Impairments) 6.3 1.0 11.3 114.2 Adjusted EBIT 65.5
Slide 47: Development of Average Net Working Capital
Development of Average Net Working Capital As of 30 June 2026 228 200 168 161 166 in m€ Avg. NWC as % of X% LTM Sales 5.0% 4.4% 3.6% 3.5% 3.6% Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 Average inventory 842.3 849.5 858.2 872.8 883.3 Average trade accounts receivable 79.3 79.5 82.7 86.2
Slide 48: 9M 2025/2026 income statement summary
9M 2025/2026 in m€ 9M 2024/25 9M 2025/26 Change Net sales 3,593.5 3,611.2 0.5% Gross profit (adjusted) 1,598.9 1,569.6 -1.8% Gross profit margin 44.5% 43.4% -100bps Net operating expenses (adjusted) -964.8 -992.3 -2.9% Adjusted EBITDA 634.1 577.3 -9.0% Adjusted EBITDA margin 17.6% 16.0% -170bps Adju
Slide 49: Financing structure
Financing structure As of 30 June 2026 Carrying amounts m€ x Adj. EBITDA LTM1 Maturity Pricing Cash and Equivalents 142.4 RCF (€350m Volume) 0.0 Mar 2029 E+2.25% Term Loan 802.9 Mar 2029 E+2.50% 2 Promissory note loans Non-variable: 3.9% to 4.2% 201.9 2028-2032 (Schuldscheindarlehen) Variable: 6M E+
Slide 50: Store network across Europe in Q3
Store network across Europe in Q3 WIP As of 30 June 2026 NUMBER OF STORES DEVELOPMENT 1,970 1,967 31 March 2026 – 30 June 2026 Store openings 16 Store closures 19 Total -3 1,844 1,840 Store openings: 6 Stores in DACHNL (DE, BE), 7 in CEE (PL, EE, LV, RO), 2 in SE (IT) and 1 126 127 franchise Store i
Slide 51: Store network across Europe in 9M
Store network across Europe in 9M WIP As of 30 June 2026 NUMBER OF STORES DEVELOPMENT 1,958 1,967 30 September 2025 – 30 June 2026 Store openings 43 Store closures 34 Total 9 1,830 1,840 Store openings: 17 Stores in DACHNL (DE, AT, NL, CH, BE), 1 in France, 18 in CEE (PL, BG, EE, 128 127 CZ, HU, RO,
Slide 52: Omnichannel is the winning model in beauty
OMNICHANNEL IS THE WINNING MODEL IN BEAUTY CUSTOMERS SPEND MORE AND MORE OFTEN OMNICHANNEL CUSTOMERS SPEND MORE AND MORE OFTEN THAN SINGLE CHANNEL CUSTOMERS Average sales (net) and annual frequency per Beauty Card member ~€257 ~4.5x 2.1x 2.2x 2.0x 2.6x ~€121 ~€117 ~2.2x ~1.7x Omnichannel Stores only
Slide 53: 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 54: Douglas Group
LOUGLAS GROUP