Slide 1: FY25 Analyst Presentation
FY25 Analyst Presentation
Slide 2: Agenda
2 1. Our opportunity 2. CEO Update: Our journey 3. FY25 Financial Results 4. Outlook 5. Q & A
Slide 3: Our opportunity
Our opportunity 3 Profitable, Most inspirational destination for flexible and fashion lovers resilient business model Relevant Inspirational Efficient 1 fashion product 2 shopping experience 3 operating model Offer a unique Provide customers Maintain operational assortment of brands with an increasi
Slide 4: Agenda: CEO Update: Our journey
4 1. Our opportunity 2. CEO Update: Our journey 3. FY25 Financial Results 4. Outlook 5. Q & A
Slide 5: Our journey
Our journey 5 1 Addressing legacy issues 2 Building the new commercial model 3 Re-engaging customers
Slide 6: Dealing with the legacy of the old model
Our journey 6 Dealing with the legacy of the old model 1 Addressing legacy issues 2 Building the new commercial model 3 Re-engaging customers
Slide 7: We have addressed our legacy issues
We have addressed our legacy issues Inventory down >60% vs. FY22 to (£1.1bn to £400m), leading to less markdown activity and more newness successfully reset the Reduced our warehouse footprint essential by >50% vs. FY21, including the optimisation of our US operations foundations of our Improved bal
Slide 8: Building the new commercial model based on speed, agility and profitability
Our journey 8 Building the new commercial model based on speed, agility and profitability 1 Addressing legacy issues 2 Building the new commercial model 3 Re-engaging customers
Slide 9: Building a new commercial model: Better product for our customers
Building a new commercial model: 9 Better product for our customers • Production times reduced by up to Ensure we are 30% YoY on all Own Brands first for fashion • T&R >20% of Own Brand sales More flexibility and • Deepened relationships with availability for our existing partners Partner Brands • F
Slide 10: Building a new commercial model: Rigorous inventory management
Building a new commercial model: 10 Rigorous inventory management Inventory Cover (Weeks) New commercial model sets systematic targets for ROI throughout the lifetime of our fashion products >20% improvement in stock Improved speed to Flexible Fulfilment Effective in-season turn over the last two ye
Slide 11: Building a new commercial model: More efficient operations
Building a new commercial model: More efficient operations Structurally improved Opex efficiencies Better profitability gross margin Gross margin +370bps YoY Supply chain costs down Adj. EBITDA +60% YoY c.20% YoY Higher full-price mix and Profit per order +30% YoY structurally lower reliance on Dist
Slide 12: Re-engaging consumers with the most relevant product and inspirational shopping experience
Our Journey 12 Re-engaging consumers with the most relevant product and inspirational shopping experience 1 Addressing legacy issues 2 Building the new commercial model 3 Re-engaging consumers
Slide 13: We have a plan to re-engage consumers at scale
We have a plan to re-engage 13 consumers at scale Double down our Invest in the Reinvent our shopping offer of the most ASOS brand with experience exciting and ROI-driven relevant product marketing • Scaling our speed models • Relaunch of the • App revamp • FF platform expansion ASOS brand • Inspira
Slide 14: Double down on the most relevant product
Re-engaging consumers at scale: 14 Double down on the most relevant product In FY26 we will… Continue to scale our speed and flexibility Scale T&R to >25% of own brand sales Scale FF to >15% of third-party GMV Continue accelerating our time to market Elevate our quality Invest to improve our
Slide 15: There has never been a better time to drive consumers to ASOS
Re-engaging consumers at scale: 15 There has never been a better time to drive consumers to ASOS We have got the foundations in place Why invest in We offer relevant, fashion-first products at speed marketing Our economics are healthy e.g. 30% increase in PPO now? Our marketing is more efficie
Slide 16: The most inspirational experience
Re-engaging consumers at scale: 16 The most inspirational experience and we are determined to make it more special Outfits Engagement Personalisation Our vision • Always in • Focus on • Adapted to each context Powered by AI inspirational consumer 1 :1 (1 :1 • Always real life shopping outfits, 1 :1
Slide 17: We have recently started the journey
Re-engaging consumers at scale: 17 We have recently started the journey ASOS.WORLD • Successfully launched in UK with experience- based benefits • Reached >1m members within 6 months • Increased shopping frequency and a reduction in paid marketing ASOS Live • Launched live and on-demand video shoppi
Slide 18: What's to come: Outfit-based shopping
Re-engaging consumers at scale: What’s to come Outfit-based shopping • Outfit generator • AI-powered flat-lay images • Save outfits, share looks and collaborate on boards
Slide 19: What's to come: Immersive & Engaging
Re-engaging consumers at scale: What’s to come Immersive & Engaging • Shoppable reels • Video led experience across product detail, search and home pages • Search by trends and occasion • Loyalty programme expansion • Influencer and community integration
Slide 20: What's to come: Personalised for you
Re-engaging consumers at scale: What’s to come Personalised for you • ‘For you’ tab • AI Stylist • Follow brands • Discovery feed
Slide 21: Coming in FY26
Coming in FY26
Slide 22: We are ready to go all in on the last step of our journey
We are ready to go all in on the last step of our journey 22 1 Addressing legacy issues 2 Building the new commercial model 3 Re-engaging customers
Slide 23: Agenda: FY25 Financial Results
23 1. Our opportunity 2. CEO Update: Our journey 3. FY25 Financial Results 4. Outlook 5. Q & A
Slide 24: FY performance reflects further profit improvements
FY performance reflects further profit improvements 24 24 3 1 2 2 ADJUSTED COST TO SERVE (% OF GMV (£’m) ADJUSTED LFL REVENUE (£’m) ADJUSTED GROSS MARGIN (%) ADJUSTED REVENUE) (12%) (14%) +370bps (130bps) 2,817.8 2,896.0 47.1% 42.0% 2,464.8 2,456.3 40.7% 43.4% FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25
Slide 25: Profit actions driving variation in segmental performance
Profit actions driving variation in segmental performance 25 Consumer backdrop Varied performance Change in distribution Segment primarily remained cautious but by country, reflecting has led to better represents non-core performance has been consumer demand, profitability and countries with wide- m
Slide 26: Gross margin improvement driven by lower markdown, higher full-price sales mix
Gross margin improvement driven by lower markdown, 26 higher full-price sales mix FY25 Adjusted1 Gross Margin New commercial model Improvement driven by lower 47.1% discounting, higher full-price sales mix New revenue streams 43.4% Impact of Flexible Fulfilment models (PF, AFS), and AMG FY24 Adj. Ne
Slide 27: Cost to serve improvements in supply chain offset by deleverage in other costs
Cost to serve improvements in supply chain offset by 27 deleverage in other costs (12%) FY25 FY24 % of % of Change revenue revenue 326 Adjusted Gross Margin1 47.1% 43.4% 370bps 262 Distribution 10.6% 11.3% 70bps 311 255 Warehouse 10.4% 10.7% 30bps 191 168 Marketing 6.8% 6.6% (20bps) 352 351 Other 14
Slide 28: Significant adj. EBITDA improvement driven by gross margin and C2S
Significant adj. EBITDA improvement 28 driven by gross margin and C2S FY25 Adjusted1 EBITDA (£’m) 132 80 FY24 Volume Gross Margin Variable C2S Fixed C2S FY25 1 Excluding adjusting items. Please see RNS for full breakdown.
Slide 29: FY25 free cash inflow ahead of broadly neutral guidance
FY25 free cash inflow ahead of broadly neutral guidance 29 driven by profitability and inventory FY25 Free Cash Flow1 (£’m) Strong profitability improvement Adj. EBITDA +60% YoY 110 Inventory movement (67) Smaller benefit YoY as we annualise 132 stock health actions and intake normalises (86) (33) (
Slide 30: Successful refinancing to significantly strengthen balance sheet
Successful refinancing to 30 significantly strengthen balance sheet Materially improved financial terms £150m term loan and £87.5m delayed draw term loan Extended 5-year term to 2030 Increased liquidity headroom Additional £87.5m of effective liquidity headroom Flexibility to embark on final phase o
Slide 31: Agenda: Outlook
31 1. Our opportunity 2. CEO Update: Our journey 3. FY25 Financial Results 4. Outlook 5. Q & A
Slide 32: Guidance
Guidance 32 32 FY26 Medium-term GMV to show an improving trajectory throughout the year Return to GMV growth GMV performance 3 to 4ppt ahead of revenue performance, Gross margin expansion towards 50% driven by continued growth of Flexible Fulfilment (FF) models Adjusted EBITDA margin c.8%
Slide 33: Our return to structural cash generation
Our return to structural cash generation 33 33 Free cash flow generation: FY24-25 Free cash flow generation: Medium-term1 FY24 FY25 155 Significant improvement in underlying free cash flow 43 Interest and 38 generation leases 14 Capex -29 Gross margin -118 Operating Medium Free cash flow ex- Change
Slide 34: Agenda: Q & A
34 1. Our opportunity 2. CEO Update: Our journey 3. FY25 Financial Results 4. Outlook 5. Q & A
Slide 35: Slide 35
Slide 36: APPENDIX: FY25 GMV to Adjusted retail sales bridge
APPENDIX: FY25 GMV to Adjusted retail sales bridge £m UK EU US RoW Group GMV 1,216.8 825.0 236.1 178.4 2,456.3 Less revenue (123.2) attributable to partners Adjusted retail sales 2,333.1