Slide 1: FY2025 Results and Trading Update
FY2025 Results and Trading Update 15 July 2025 Julie Lavington – Co-CEO and Co-Founder Ali Hall – Co-CEO and Co-Founder Steve Dilks – CFO 1
Slide 2: Agenda
Agenda • Financial Results FY25 • Current Trading & FY26 Outlook • Conclusion • Questions 2
Slide 3: Financial Results FY25
Financial Results FY25
Slide 4: FY25 Overview
FY25 Overview Strengthening the foundations for profitable growth: • Lower revenue as expected due to reduced price promotions • Further improved gross margin 62.1% (vs 57.6% LY) • Reduced loss before tax of £0.1m • Cash strong @ £7.3m as at end March 2025, which includes funding six store openings
Slide 5: FY25 Overview (continued)
FY25 Overview (continued) • Strong operational progress: • Website operating at much higher margin • Retained top position with third parties • Opened Sosandar physical stores • First licensing agreement signed • Successfully completed move to new state of the art warehouse • At an inflection point
Slide 6: Financial KPI's
Financial KPI’s Loss Before Tax * EBITDA 0.0 0.8 0.8 0.7 -0.1 -0.1 0.6 -0.1 0.5 -0.2 0.4 -0.2 0.3 -0.3 0.2 -0.3 0.1 -0.3 -0.4 - FY to Mar 24 FY to Mar 25 FY to Mar 24 FY to Mar 25 -0.1 * Includes exceptional costs relating to the warehouse move GP % Net Revenue 63.0% 62.1% 50.0 46.3 62.0% 45.0 61.0%
Slide 7: FY 2025 Significant Margin Increase
FY 2025 Significant Margin Increase GP % 63.0% 62.1% 62.0% 61.0% 60.0% 59.0% 58.0% 57.6% 57.0% 56.0% 56.2% 56.0% 55.0% 54.0% 53.0% 52.0% FY to Mar 22 FY to Mar 23 FY to Mar 24 FY to Mar 25 GP % 7
Slide 8: FY 2025 Income Statement
FY 2025 Income Statement Income Statement FY 2025 FY2024 Variance % £m £m £m Revenue 37.1 46.3 (9.1) -20% Cost of Goods (14.1) (19.6) 5.6 -28% • Positive swing in profitability Gross Profit 23.1 26.7 (3.6) -13% Gross Profit % 62.1% 57.6% 453 bps despite drop in revenue Admin expenses (21.8) (26.4) 4
Slide 9: Robust Balance Sheet
Robust Balance Sheet Balance Sheet Mar-25 Mar-24 • Net Assets £17.9m £m £m Intangible assets - software 0.7 0.4 Property, plant and equipment 1.8 0.3 • Cash of £7.3m (no debt) Right of use asset 4.1 0.6 Deferred income tax asset 0.1 0.6 Non-current assets 6.8 1.9 • Stores opened Inventory 11.1 10.9
Slide 10: Self Funded Store Roll Out
Self Funded Store Roll Out Cash Flow FY 2025 FY 2024 • Strong cash balance of £7.3m £m £m Group EBITDA 0.8 0.1 Share based payments 0.3 0.3 Change in inventory (0.2) 1.4 • Store CAPEX (£1.7m) Change in trade and other receivables (1.1) (0.0) Change in trade and other payables 2.0 (3.3) Net cash flow
Slide 11: Current Trading & FY26 Outlook
Current Trading & FY26 Outlook
Slide 12: Q1 FY26 – Strong Year on Year Growth
Q1 FY26 – Strong Year on Year Growth • Revenue growth +15% year on year • Return to growth on own website, up 15% year on year • Further improvement in gross margin +160bps vs Q1 last year to 65% • No revenue from M&S for 2.5 months • Cash generative quarter - balance £8m 12
Slide 13: Substantial Growth in Q1 (April to June 2025)
Substantial Growth in Q1 (April to June 2025) Net Revenue YOY 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% Apr-Jun 2024 Jul-Sep 2024 Oct-Dec 2024 Jan-Mar 2025 Apr-Jun 2025 13
Slide 14: Substantial Growth in Q1 Despite M&S Impact
Substantial Growth in Q1 Despite M&S Impact Net Revenue Q1 FY2026 vs Q1 FY2025 10.0 1.8 9.5 9.5 9.0 8.5 8.3 8.0 (0.6) 7.5 7.0 Q1 FY2025 M&S All Other Channels Q1 FY2026 14
Slide 15: Reaching the Consumer Through Multiple Channels
Reaching the Consumer Through Multiple Channels Website Stores Third Parties Licensing 15
Slide 16: sosandar.com
sosandar.com • Single biggest revenue generating channel • Increase in margin to 65% driven by own site • Successful transition to full price trading, with minimal price promotion • Revenue up 15% year on year in Q1 FY26 • Economies of scale as revenue grows • Drives higher profitability 16
Slide 17: Stores
Stores • Successfully opened Sosandar stores – August 2024 to February 2025 • Enhanced brand equity and increased brand awareness: • 60% of customers are brand new to Sosandar • Increase in traffic and revenue in areas where we have opened stores 17
Slide 18: Stores
Stores Market Towns x 4 • First two openings (August 2024) already near break-even • Second two (February 2025) on a similar trajectory Shopping Centres x 2 • More challenging than market towns • Similar footfall, but lower conversion due to more varied demographic of customer visiting shopping cent
Slide 19: Third Parties
Third Parties • Strong start to FY26 sales, with the exception of M&S, up 11% year on year • Retain position as top selling brand with all third-party partners • Focus on optimising growth potential across all • Licensing categories also selling through selected third- party partners 19
Slide 20: Licensing Ranges Launching September 2025
Licensing Ranges Launching September 2025 Homewares Leather Handbags Home Fragrance 80-piece collection in Range of scented candles Range of 40 leather handbags and diffusers conjunction with Next No risks or costs to us with licensing - any profit will be straight on our bottom line 20
Slide 21: Conclusion
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Slide 22: Foundations Laid for Sustained, Profitable, Growth
Founda ons Laid for Sustained, Profitable, Growth • Infrastructure in place to deliver our long-term growth and profit ambitions • Revenue growth at high margin results in strong improvement in PBT • Own website in-particular is a key driver of PBT • Continue to be cash generative in FY26 22
Slide 23: Questions
Questions 23
Slide 24: Disclaimer
DISCLAIMER Important: Disclaimer and Notice to Readers This presentation is being made only to and directed at: (a) persons who have professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (t