Douglas Ag · XETR:DOU
Douglas — Q2 2024/25 Earnings Presentation
51 slides from Douglas's earnings presentation, May 15, 2025
Slide 1: Financial Results & Business Highlights Q2 & H1 FY 2024/25
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q2 & H1 | FY 2024/25 Düsseldorf, 15 May 2025
Slide 2: Agenda
AGENDA 01 Overview 3 02 Q2 Financials 5 03 Strategy & Business Highlights 18 04 Wrap-up + Q&A 31
Slide 3: Results Development: Q2 23/24 vs. Q2 24/25
RESULTS DEVELOPMENT: Q2 23/24 VS. Q2 24/25 INCREASED SLIGHT SALES IMPROVED REP. EBITDA DECREASE BOTTOM LINE Reported EBITDA: Group sales: €106.6m (11.1%) -2.0% €122.0m (13.0%) Net income: Omnichannel sales: -€41.3m -€19.0m Adjusted EBITDA: Stores -0.1%, €145.9m (15.2%) E-Com -5.6% €122.4m (13.
Slide 4: Current Trading
CURRENT TRADING April sales were above previous year’s figures, also supported by the Easter business. 4
Slide 5: Q2 Financials
MARCO GIORGETTA, CFO Q2 FINANCIALS
Slide 6: Slight decline in sales and significant increase in Reported EBITDA
Slight decline in sales and significant increase in Reported EBITDA Decline of consumer sentiment leading to market slowdown SALES EBITDA in m€ in m€ 958 939 ADJUSTED EBITDA1 REPORTED EBITDA 146 -2.0% 122 122 -16.1% 107 +14.5% -1.0% excluding Disapo 15.2% 13.0% 11.1% 13.0% -2.5% lfl Q2 2023/24 Q2 20
Slide 7: DACHNL Q2 2024/2025
DACHNL Q2 2024/2025 Market slowdown in E-Com and Store business SALES ADJUSTED EBITDA1 − Sales decrease driven by challenging market environment and increased competition leading to a sales decline in in m€ in m€ Store business-2.8% (-4.5% lfl) and -5.1% 459 442 -3.7% (-4.9% lfl) in E-Com sales. − H
Slide 8: France Q2 2024/2025
France Q2 2024/2025 Market slowdown in E-Com and Store business SALES ADJUSTED EBITDA1 − Weakened consumer sentiment in the French market resulting in sales in m€ in m€ declining by -2.0% in Store business 168 164 (-3.1% lfl) and -4.4% in E-Com channel -2.5% − Significant decrease in footfall with s
Slide 9: Southern Europe Q2 2024/2025
Southern Europe Q2 2024/2025 Slight sales growth in Stores and declining growth in E-Com SALES ADJUSTED EBITDA1 − Sales remained largly flat with increase in Store sales by+1.6% in m€ in m€ (+0.3% lfl) compensating for decline 142 142 in E-Com sales of -6.8% +0.4% − Solidly lower footfall with signi
Slide 10: Central Eastern Europe Q2 2024/2025
Central Eastern Europe Q2 2024/2025 Significant sales growth with margin impacted by expansion program and competitive environment SALES ADJUSTED EBITDA1 − Continuous sales momentum supported by both like-for-like in m€ in m€ growth and the store network 146 development, +5.5% (+1.1% lfl) 136 +7.6%
Slide 11: Parfumdreams/NICHE BEAUTY Q2 2024/2025
Parfumdreams/NICHE BEAUTY Q2 2024/2025 Increasing competitive pressure in Germany SALES ADJUSTED EBITDA1 − Stable sales with 0.2% in E-Com but -12.5% in stores in m€ in m€ − Less orders but larger basket sizes -0.7% 44 43 − Overall performance remains near previous year levels, with online channels
Slide 12: Sales decline affected by calendar effects and challenging market environment
Sales decline affected by calendar effects and challenging market environment Sales Q2 2024/2025 GROUP STORES E-COM in m€ in m€ in m€ − Vigorously decreased footfall and slight − CEE strongly growing, PD/NB flat, downturn in the 958 decrease in number of customers other segments 939 -2.0% − Higher b
Slide 13: P&L – Net income improved significantly
P&L – Net income improved significantly Q2 2024/2025 in m€ Q2 2023/24 Q2 2024/25 ∆% Sales 958.4 939.0 -2.0% − Gross profit: Promotional pressure Cost of raw materials, consumables and -513.9 -514.4 -0.1% and lower supplier bonus from a supplies and merchandise lower sales basis led to decrease in gr
Slide 14: Improved Average Net Working Capital in relation to sales; Capex program on track
Improved Average Net Working Capital in relation to sales; Capex program on track As of 31 March 2025 AVERAGE NET WORKING CAPITAL CAPEX in m€ 239 240 in m€ 0.5% 36 26 40.9% 5.5% 5.3% Average NWC as % of sales1 31.03.2024 31.03.2025 Q2 2023/24 Q2 2024/25 − Average inventory higher due to opening of n
Slide 15: Free Cash Flow on solid level
Free Cash Flow on solid level H1 2024/2025 in m€ 476 -70 -57 -25 312 308 -12 -4 Adj EBITDA CAPEX 1 Working Capital ² TAX Others ³ Adj FCF EBITDA Free Cash Flow Adjustments (Cash effect) 4 H1 2023/2024 494 -54 -25 -32 35 418 -54 363 1 Excl. M&A-related investments (Cash Capex); 2 For details on Worki
Slide 16: Reduction in net financial debt
Reduction in net financial debt Slightly increased leverage ratio as of 31 March 2025 due to increase in lease liabilities AVAILABLE LIQUIDITY in m€ 980 NET DEBT STRUCTURE1 TOTAL NET LEVERAGE2 161 in m€ (RCF) 2,148 2,186 2.7 2.8 Lease liabilities 1,043 1,176 819 359 (cash) 270 (RCF) Net financial de
Slide 17: Outlook for 2024/2025 and beyond
WIP Outlook for 2024/2025 and beyond DOUGLAS Group 2023/2024 2024/2025 (m€) reported guidance Sales 4.451 around 4.500 Adjusted EBITDA margin 18.2% around 17% Average net working capital as % of sales 5.3% <5% We confirm our above guidance for 2024/2025 leading to a net income expectation of aroun
Slide 18: Strategy & Highlights
SANDER VAN DER LAAN, CEO STRATEGY & HIGHLIGHTS
Slide 19: 2025 is a year of anniversaries, honoring the pioneering spirit of the DOUGLAS Group
30 Years 1995: Launch of the DOUGLAS Beauty Card 2025 is a year of anniversaries, 115 Years honoring the pioneering spirit 1910: Opening of the DOUGLAS Group of the very first DOUGLAS Store 25 Years 2000: Start of E-Com with the first DOUGLAS online shop
Slide 20: "Let it Bloom" Strategy Execution well on Track
“Let it Bloom” Strategy Execution well on Track Deliver most Be the #1 BEAUTY Offer most relevant Build focused customer friendly DESTINATION and distinctive and efficient OMNICHANNEL in all our markets RANGE OF BRANDS OPERATING MODEL experience Brand Communication Category & Brands Multiformat Glob
Slide 21: "Let it Bloom" Strategy Execution well on Track
“Let it Bloom” Strategy Execution well on Track Deliver most Be the #1 BEAUTY Offer most relevant Build focused customer friendly DESTINATION and distinctive and efficient OMNICHANNEL in all our markets RANGE OF BRANDS OPERATING MODEL experience Brand Communication Category & Brands Multiformat Glob
Slide 22: Rollout of new Loyalty Program
Next-Generation CRM Rollout of new Loyalty Program New Beauty Card launched in the Netherlands & Belgium − New program launched in early April in first markets (BENE), gradual rollout to other countries set for the coming years − Greater personalization and incentives for omnichannel shopping, inclu
Slide 23: Integrating sustainability in our store network
ESG Integrating sustainability in our store network Store Format & Design − LED lighting installed in all ~1,900 stores − Implementation of timeless & clean design base with long-lasting, quality furniture − Whenever possible: reusing furniture − Eco-friendly air conditioning Smart Meters − Installa
Slide 24: Retail Media continues to grow
Retail Media Retail Media continues to grow Leveraging our leading first-party data − DOUGLAS Marketing Solutions continued strong growth also in Q2 – DACH market performed exceptionally well − High-margin business leveraging unparalleled insights − DOUGLAS Marketing Solutions shortlisted for “Retai
Slide 25: Key launch in haircare: TYPEBEA
Category & Brands Key launch in haircare: TYPEBEA First exclusive launch in growing category − TYPEBEA by Rita Ora launched exclusively at DOUGLAS Group in February – key launch in the financial year 2024/25, and first exclusive launch in haircare category − Rolled out internationally and simultaneo
Slide 26: Key launch in fragrance: XO Khloé
Category & Brands Key launch in fragrance: XO Khloé Exclusive launch underlines assortment strategy − Big exclusive launch in largest category fragrance in March 2025: XO Khloé by American celebrity Khloé Kardashian − Celebrity brands in high demand by customers − Rolled out simultaneously to 20 omn
Slide 27: Update from our Corporate Brands
Corporate Brands Update from our Corporate Brands Launch of THE BOTANIST Line − DOUGLAS & NOCIBÉ COLLECTION premium bathcare sub-brand launched in March 2025 − 16 SKUs: shower gel, body lotion, hand wash & hand balm − No. 176 – Relaxation: Lavender & Chamomile − No. 241 – Comfort: Neroli & Geranium
Slide 28: Store Network Development
Network Development Store Network Development Ongoing expansion and modernization − Store program proceeding according to plan: − Around 200 openings by end of CY 2026 − Around 400 refurbishments by end of CY 2026 − Q2: 9 openings and 11 closings 2 net closings; 17 net openings in first half of th
Slide 29: Future OWAC Set-up
Supply Chain Future OWAC Set-up Q3 ‘26 Network of seven omnichannel warehouses Q3 ‘26 Q3 ‘26 Dates indicate currently planned go- live date of deliveries to respective country from corresponding OWAC Q3 ‘26 Bönen / Netherlands «BENOWAC» Germany Tender launched Q3 ‘25 Mszczonów / Poland («NOWAC») (Ni
Slide 30: Future OWAC Set-up
Supply Chain Future OWAC Set-up Q3 ‘26 Network of seven omnichannel warehouses Q3 ‘26 Q3 ‘26 Dates indicate currently planned go- live date of deliveries to respective country from corresponding OWAC Q3 ‘26 Bönen / Netherlands «BENOWAC» Germany Tender launched Q3 ‘25 Mszczonów / Poland («NOWAC») (Ni
Slide 31: Future OWAC Set-up
Supply Chain Future OWAC Set-up Network of seven omnichannel warehouses Corporate Brands Warehouse Dates indicate currently planned go- live date of deliveries to respective NOWACOWAC − corresponding country from building in Poland also Q3 ‘26 includes shared CB warehouse Bönen / Netherlands «BENOWA
Slide 32: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 33: Summary
SUMMARY − DOUGLAS Group is on track to reach guidance for 2024/25: sales of ~€4.5 billion; adj. EBITDA margin at ~17%; net income of ~€175 million; NWC of <5% of sales (Ø LTM) − Q2 strongly influenced by volatile environment and negative calendar effects: Easter date shift and one less day of tradin
Slide 34: Q&A
Q&A
Slide 35: Appendix
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Slide 36: Adjustments to EBITDA
Adjustments to EBITDA Q2 2024/2025 in m€ Q2 2023/24 Q2 2024/2025 Q2 2023/24 YTD Q2 2024/25 YTD Reported EBITDA 106.6 122.0 425.0 472.1 Release of unused provisions M&A 3.5 -0.9 5.0 -0.6 OWAC project, HQ and Restructuring Costs 1.5 0.3 -0.3 0.6 warehouse move France, ‘Let it bloom’, business project
Slide 37: Selected Segmental KPIs
Selected Segmental KPIs Q2 2024/2025 REPORTED EBITDA CAPEX In m€ Q2 2023/24 Q2 2024/25 In m€ Q2 2023/24 Q2 2024/25 DACHNL 83.2 74.7 DACHNL 3.6 12.1 France 31.0 26.3 France 6.1 9.9 Southern Europe 24.7 26.1 Southern Europe 4.5 2.1 Central Eastern Europe 28.5 29.6 Central Eastern Europe 5.0 4.9 PD/NB
Slide 38: Deep Dive into like-for-like sales development
Deep Dive into like-for-like sales development Quarterly overview Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 DACHNL 16.0% 11.3% 13.0% 5.4% -4.7% France 4.6% 4.4% -0.1% 0.9% -3.4% Southern Europe 7.4% 4.7% 10.6% 6.1% -0.9% Central Eastern Europe 19.5% 13.7% 12.5% 11.0% 4.4% PD/NB 20.4% -1
Slide 39: Selected Segmental KPIs
Selected Segmental KPIs H1 2024/25 REPORTED EBITDA CAPEX In m€ Q2 2023/24 YTD Q2 2024/25 YTD In m€ Q2 2023/24 YTD Q2 2024/25 YTD DACHNL 236.9 232.2 DACHNL 10.4 17.6 France 114.4 109.1 France 8.9 12.8 Southern Europe 92.5 91.7 Southern Europe 6.4 8.6 Central Eastern Europe 98.2 102.5 Central Eastern
Slide 40: Development of Average Net Working Capital
Development of Average Net Working Capital As of 31 March 2025 239 234 245 240 232 Since the Q2 2024/2025, in m€ Douglas Group rolled-out a supply chain financing program to optimize working capital, which will allow the Average NWC as % of payment term to be extended X% 5.5% 5.3% 5.3% 5.4% 5.3% LTM
Slide 41: DACHNL H1 2024/25
DACHNL H1 2024/25 Slightly positive sales development in both channels NET SALES ADJUSTED EBITDA1 − Net sales increase driven by +2.1% (+0.2% lfl) growth in Store business in m€ in m€ and +2.4% E-Com sales (+2.5% lfl) 1,147 1,173 +2.2% − Net sales increase in Stores despite a solid decrease in footf
Slide 42: France H1 2024/25
France H1 2024/25 Slight sales growth achieved in both channels NET SALES ADJUSTED EBITDA1 − Net sales increase driven by +0.4% (- 1.0% lfl) growth in Store business, E- in m€ in m€ Com grew by +1.2% 504 506 +0.5% − Less footfall and lower conversion rate overcompensated by higher basket sizes with
Slide 43: Southern Europe H1 2024/25
Southern Europe H1 2024/25 Ongoing sales growth online and offline NET SALES ADJUSTED EBITDA1 − Net sales increase driven by +4.2% (+3.4% lfl) growth in Stores, E-Com in m€ in m€ business increased by +2.7% 391 376 +4.0% − Net sales increase in Stores due to vigorous higher footfall although signifi
Slide 44: Central Eastern Europe H1 2024/25
Central Eastern Europe H1 2024/25 Significant sales growth as reported and like-for-like NET SALES ADJUSTED EBITDA1 − Net sales increase driven by +9.7% (+5.5% lfl) growth in Stores and in m€ in m€ +15.8% in E-Com − The Store business benefited from new openings and completed renovation measures con
Slide 45: Parfumdreams/NICHE BEAUTY H1 2024/25
Parfumdreams/NICHE BEAUTY H1 2024/25 Significant sales growth for the online beauty businesses NET SALES ADJUSTED EBITDA1 − Net sales increase driven by +6.4% (+5.9% lfl) growth in E-Com, Stores decreased by -6.3%. in m€ in m€ 113 − Store performance is driven by the 107 +5.5% deviating easter holid
Slide 46: Net Sales Growth fueled by Omnichannel business
Net Sales Growth fueled by Omnichannel business Net sales H1 2024/25 GROUP STORES E-COM in m€ in m€ in m€ − Increase in footfall and number of customers − Slight growth in E-Com 2,514 2,585 +2.8% − Higher basket sizes in most segments − Increased basket sizes and stable conversion rate over-compensa
Slide 47: P&L – Significantly improved Net Income
P&L –Significantly improved Net Income H1 2024/25 in m€ Q2 2023/24 YTD Q2 2024/25 YTD ∆% Q2 2024/25 YTD reported Sales 2,514.0 2,585.4 2.8% Cost of raw materials, consumables and -1,375.8 -1,443.7 -4.9% − Net operating expenses: reduced through effective cost management. supplies and merchandise In
Slide 48: Cash flow statement
Cash flow statement H1 2024/2025 In m€ Q2 2023/24 YTD Q2 2024/25 YTD Net cash flow from operating activities 415.9 377.7 Net cash flow from investing activities -52.5 -69.8 Free cash flow 363.4 308.0 Net cash flow from financing activities 190.6 -318.0 Net change in cash and cash equivalents 554.0 -
Slide 49: Financing structure as of 31 March 2025
Financing structure as of 31 March 2025 Successful refinancing of the Bridge facility in March 2025 Carrying amounts m€ x Adj. EBITDA Maturity Pricing Cash and Equivalents 89 RCF (€350m Volume) 0 Mar 29 E+2.00% Term Loan 801 Mar 29 E+2.25% Promissory note loan (Schuldscheindarlehen) 200 2028-2032 cu
Slide 50: Store network across Europe
Store network across Europe As of 31 March 2025 NUMBER OF STORES DEVELOPMENT 1,884 1,901 30 September 2024 – 31 March 2025 Store openings 30 Store closures 13 Total 17 1,756 1,774 Store openings: 6 stores in DACHNL (DE, AT, CH, BE), 4 in France, 3 in SE (IT, HR, SI), 16 in CEE (PL, 128 127 BG, CZ, E
Slide 51: DOUGLAS Group
LOUGLAS GROUP