Slide 1: Nelly Group Investor Presentation Q4 2025
Nelly Group INVESTOR PRESENTATION Q4 2025 10 February 2026
Slide 2: Nelly Group Q4 2025 Presentation
Nelly Group Q4 2025 Presentation Helena Karlinder-Östlundh Niklas Lingblom CEO CFO ir@nelly.com www.nellygroup.com
Slide 3: Today’s presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q4 2025 • Financial summary • Q&A
Slide 4: Today’s presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q4 2025 • Financial summary • Q&A
Slide 5: Growth & improved profitability – but a challenging market
Growth & improved profitability – but a challenging market • Net revenue growth 16.4% (5.5%) • Operating margin 12.9% (11.4%) • Operating profit 47.8 MSEK (36.2) • A particularly price-sensitive customer and intense discounting
Slide 6: More active customers
More active customers • Continued new customer acquisition Active customers Nordics LTM (000) 1150 1100 • More returning customers 1070 1055 1050 1032 1029 1000 1001 • 5th consecutive quarter of active 973 943 968 customer growth 950 926 926 928 911 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • Higher c
Slide 7: Hard-won gross margin improvement
Hard-won gross margin improvement • 54.0% (53.3%) Gross margin (%) 60% 55% 55% 53% 55% 57% 54% • Helped by increase in own brand share 55% 51% 52% 50% 49% 49% 50% 45% 41% • Negatively impacted by a hesitant 40% customer and a warm start to the winter 35% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023
Slide 8: Progress in key categories
Progress in key categories • 62.1% (47.2%) Own brand share (%) 65% 62% 62% • Positive development in key categories – 60% 55% jeans, sneakers and knitwear 55% 50% 50% 47% 45% 44% 45% 41% 39% 40% • High sell-through of the autumn- and 40% 36% 36% winter assortment 35% 30% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 9: Historically low return rate
Historically low return rate • 22.8% (27.9%) Return Rate (%) 41% 38% 38% 36% 34% • Constant focus required to protect 33% 33% 31% progress 31% 28% 28% 27% 26% 26% 25% 23% • Positively impacted by category mix 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2
Slide 10: Focus going forward
Focus going forward • Curated assortment • Strong external brand portfolio • Building the NELLY brand • Disciplined execution in a market that will continue to be under pressure
Slide 11: CEO’s comments Q4 2025
CEO’s comments Q4 2025 • Growth & improved profitability – but a challenging market • More active customers – but pressure on basket size & gross margin • Historically low return rate • Staying the course over time
Slide 12: Agenda
Agenda • Introduction to NELLY • CEO’s comments on Q4 2025 • Financial summary • Q&A
Slide 13: Sustained growth in the fourth quarter
Sustained growth in the fourth quarter Net revenue (SEK million) 400 +16.4% +15.1% 350 371 362 +18.4% 300 314 318 302 +11.5% 289 284 250 248 236 240 234 200 222 150 100 50 0 Q1 Q2 Q3 Q4 2023 2024 2025
Slide 14: Operating margin stable at strong levels
Operating margin stable at strong levels Operating profit/loss (SEK million) and Operating margin (%) 60 55 20% 48 50 43 15% 40 36 30 10% 30 24 25 20 5% 20 13 8 10 0% 1 0 -5% -10 -10% -20 -15% -30 -40 -34 -20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025
Slide 15: Continued momentum in LTM profitability
Continued momentum in LTM profitability Operating profit/loss LTM (SEK million) and Operating margin LTM (%) 200 20% 166 155 150 137 15% 112 93 100 81 10% 69 46 50 5% 11 0 0% -15 -50 -40 -5% -66 -100 -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025
Slide 16: Q4 2025 – Income statement
Q4 2025 – Income statement (SEK million) Q4 25 Q4 24 Net revenue 370.5 318.4 Gross profit 200.0 169.7 +30.3 Gross margin 54.0% 53.3% Warehousing and distribution costs -42.3 -40.5 -1.8 Marketing costs -37.3 -31.0 -6.3 Admin and other operating expenses -72.6 -61.9 -10.7 Operating profit 47.8 36.2 +1
Slide 17: Q4 2025 – Additional financial KPIs
Q4 2025 – Additional financial KPIs Healthy balance sheet Cash flow from operations (SEK million) 120 106 104 • Operating cash flow affected by increased 100 77 72 80 settlement of tax deferrals 60 50 51 40 20 • Investments in IT and new flaghship store 0 -20 -5 -13 -14 -19 -19 -40 in Copenhagen -60
Slide 18: Q&A
Q&A
Slide 19: Thanks!
Thanks!