Slide 1: H1 2026 Results
H1 2026 Results 2 0 th A U G U S T 2 0 2 6
Slide 2: Agenda
Agenda H1 2026 PERFORMANCE KEY INITIATIVES SEGMENT REPORTING CONSOLIDATED FINANCIALS OUTLOOK FULL YEAR 2026
Slide 3: Overview of H1 2026 Performance
Overview of H1 2026 Performance
Slide 4: Operational Highlights H1 2026
Operational Highlights H1 2026 Continued strategic transformation across the Group, both broadening our core offering, as well as continuing to strengthen our profit generation capabilities across the business • Grew member base by 23% to 134.8K customers • Continued to accelerate growth in services
Slide 5: KPI View – H1 2026
KPI View – H1 2026 Successful transformation execution delivered continued EBITDA and member growth, while strategic discontinuation of non- core projects together with the conflict in the Middle East meant a lower topline Total Sales Members EBITDA +23% 0.9M 11.7M 134.8K -37% 121.9K 10.0M 109.5K +1
Slide 6: Key Initiatives
Key Initiatives ASMALLWORLD
Slide 7: Building a differentiated, profitable growth engine
Building a differentiated, profitable growth engine 1 2 3 4 Expand Product Grow Travel Accelerate Scale Prioritise Profit and Partners Services Scale paid memberships Diversify products and Grow travel business to Drive operational and services partner ecosystem to drive sustainable profit efficienc
Slide 8: Membership Development
1 Membership Development B2C • Free tier launched in 2024 has supported a strong pipeline of member growth. Now we have completely re-focused on revenue- driving paid memberships, including overhaul of backend tech architecture. • Launched a strategy for flexible membership bundling to allow increas
Slide 9: Engagement and Share of Wallet – ASW Concierge
1 Engagement and Share of Wallet – ASW Concierge • Launched in Q2 2026 with cross-functional team developing a dedicated ASW Concierge service (commercial structure, positioning, operational model, tech and systems, key verticals, and supply partners). • Leveraging existing global luxury travel supp
Slide 10: Accelerating growth of strategic partner portfolio
2 Accelerating growth of strategic partner portfolio New leadership has spearheaded transformational growth in the ecosystem of airline and hotel partners, offering benefits, elite status, access to currency, and acquisition of new, relevant, high spending members New CEO 2018 2022 2025 2026 Focus:
Slide 11: Travel booking volume continues to grow
3 Travel booking volume continues to grow ASMALLWORLD continues to scale its travel booking services, driving a pipeline of sustainable future profit ASW Collection ASW Collection Stays by Half Year • Value of stays up by 6.5% vs. last year (commissionable stays in the period) Value of stays per hal
Slide 12: Refocusing on profitable growth
4 Refocusing on profitable growth Streamlining structure, sharpening commercial focus, and simplifying the portfolio Cost Discipline Commercial Focus Portfolio Simplification • Strategic review of headcount and • Prioritisation of Sales, Marketing, and • Discontinued unprofitable projects to drive t
Slide 13: Building a Connected, Data-Led Business
Building a Connected, Data-Led Business Cross-company programme of work to define and unify data, test AI-enabled tools and processes quickly, and build a scalable future-proof platform which connects the business units and member data seamlessly H1 DESIGN & DELIVERY OF ‘QUICK WINS’ H2+ FOCUS 01 COM
Slide 14: Segment Reporting
Segment Reporting ASMALLWORLD
Slide 15: Subscriptions Business
Subscriptions Business Lower sales in certain memberships and temporary margin compression In CHF HY 26 HY 25 Change • Decrease in higher tier subscriptions Y-o-Y : Lower membership sales were largely driven by lower sales of higher value Emirates Skywards miles-related Revenue 4.0M 7.0M -43% member
Slide 16: Services Business
Services Business Significant gains achieved as accelerated transformation to a Services business continues In CHF HY 26 HY 25 Change • Revenue: Conscious decision to selectively exit low margin Revenue 1.7M 1.7M -4.7% Services projects (within Events and Hospitality businesses) drove a planned decl
Slide 17: Consolidated Financials
Consolidated Financials ASMALLWORLD
Slide 18: Income Statement
Income Statement Significantly improved EBITDA as a result of disciplined operations and business focus In CHF ‘000 HY 26 HY 25 • Net sales/result: Lower sales were driven by the discontinuation Net sales 5’648.1 8’770.9 of low margin, non-strategic projects and lower sales of Emirates Other operati
Slide 19: Balance Sheet - Assets
Balance Sheet - Assets Broadly stable asset base; cash position improved through working capital timing management In CHF ‘000 HY 26 FY 25 Cash 946.4 862.2 Securities 374.5 377.9 • Cash position improved through working capital timing Receivables from services 119.8 128.8 management. Other short-ter
Slide 20: Balance Sheet - Liabilities
Balance Sheet - Liabilities Current liabilities up due to loan reclassification, though underlying liability base continues to shrink In CHF ‘000 HY 26 FY 25 Short-term financial liabilities 2’400.0 0.0 Payables for goods and services 1’586.7 1’150.0 • Payables from goods and services: An adjusted 2
Slide 21: Cash Flow Statement – Part 1
Cash Flow Statement – Part 1 Operating cash flow now positive In CHF ‘000 HY 26 HY 25 Net result -25.4 29.0 • Net result was negative partly due to extraordinary costs, including those related to exiting non-strategic projects. Depreciation of tangible fixed assets 9.5 8.6 Amortisation of intangible
Slide 22: Cash Flow Statement – Part 2
Cash Flow Statement – Part 2 Positive cash generation vs. significant decline in prior period In CHF ‘000 HY 26 HY 25 Outflows for investment (purchase) of tangible fixed assets -1.4 -9.9 Outflows for investment (purchase) of intangible assets -326.4 -381.2 • Investment of intangibles decreased due
Slide 23: Outlook Full Year 2026
Outlook Full Year 2026 ASMALLWORLD
Slide 24: Updated Guidance for 2026
Updated Guidance for 2026 Continued transformation to drive growth in member base and strategic focus on sustainable improved profitability – rigorous discontinuation of low margin revenue activities Net Sales Members EBITDA 21.2M 20.9M 140-150K 2.5M 2.4M 18.5M 19.1M 121.9K 2.1M 15.6M 12-14M 88.2K 1
Slide 25: Q&A
Q&A
Slide 26: Seidengasse 20, 8001 Zurich, Switzerland
Seidengasse 20, 8001 Zurich, Switzerland www.asmallworld.com