Douglas Ag · XETR:DOU
Douglas — Q1 2025/26 Earnings Presentation
43 slides from Douglas's earnings presentation, Feb 11, 2026
Slide 1: Financial Results & Business Highlights Q1 2025/26
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q1 2025/26 Düsseldorf, 11 February 2026
Slide 2: Agenda
AGENDA 01 Overview 02 Q1 Financials 03 Strategy & Business Highlights 04 Wrap-up + Q&A
Slide 3: Leading Omnichannel Premium Beauty Retailer
With our four retail brands, we are Europe’s Leading Omnichannel Premium Beauty Retailer HOW WE LEAD THE MARKET IN EUROPE 22 61+m €4.6bn 1,970+ Omnichannel Beauty Card Sales (FY 24/25) Stores* Markets* Members* * as of 31 December 2025
Slide 4: Key Figures Summary Q1 2025/26
SUMMARY Q1 2025/26 E-Com momentum (incl. X-channel) leads sales growth in a quarter that is again characterized by high uncertainty, volatility and price sensitivity among consumers. These dynamics led to increased attention on promotions among customers, exerting notable pressure on gross margins a
Slide 5: Market Environment
MARKET ENVIRONMENT The premium beauty market market continues to grow, albeit at a slower pace with flat developments in Germany and France. Geopolitical and macroeconomic developments currently influence consumer confidence, leading to a high level of uncertainty and price sensitivity – visible in
Slide 6: Premium beauty market grows, but at a slower pace
Premium beauty market grows, but at a slower pace Growth partially outweighed by flat development in Germany and France In Q1, the market in Europe* grew 1.85% weighted by DOUGLAS Group sales share, yet +0.8% +0.1% +5.5% +7.8% -7.7% +9.2% +9.6% +5.0% +8.0% growth has slowed down everywhere. * Aggreg
Slide 7: Q1 Financials
MARCO GIORGETTA, CFO Q1 FINANCIALS
Slide 8: Group Sales & EBITDA development
Group Sales & EBITDA development Sales growth in an ongoing challenging market environment SALES ADJUSTED EBITDA1 in m€ in m€ 1,646 1,674 354 334 +1.7% -5.6% -0.3% lfl 21.5% 19.9% MARGINS Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 − Resilient sales performance with a growth of 1.7% − A challenging
Slide 9: Sales up in both channels
Sales up in both channels GROUP STORES E-COM in m€ in m€ in m€ − Growth in E-Com is driven by a positive − Stores: 66.1% of Group sales (PY 66.9%) − E-Com: 33.9% of Group sales (PY 33.1%) pricing effect slightly offset by volume − Sales growth driven by store openings and − Growth driven by higher a
Slide 10: Segment development in Q1 2025/26
Segment development in Q1 2025/26 SALES ADJ. EBITDA MARGIN1 % YoY % of sales DACHNL 0.6% 21.7% DACHNL 19.7% France 1.2% 24.5% France 23.5% 28.5% CEE 7.3% CEE 27.0% 26.5% SE 0.6% SE 24.7% 9.7% PD/NB -1.1% PD/NB Q1 FY24/25 1.6% Q1 FY25/26 − Despite subdued consumer environment, positive sales growth i
Slide 11: Gross Profit development affected by pricing and promotion
Gross Profit development affected by stronger impact of pricing and promotion initiatives in a competitive environment in m€ 1 718 +8 -16 710 +1 GP Margin: 43.6% -1.0%p -0.1%p 42.4% Gross profit Q1 24/25 Volume/Sales Effect Price/Promo/Mix Supplier Contribution Effect Gross profit Q1 25/26 Effect −
Slide 12: Network expansion leads to higher personnel and other net operating expenses
Network expansion leads to higher personnel and other net operating expenses NET OPERATING EXPENSES STAFF COSTS OTHER NET OPERATING EXPENSES in m€ 3.0% Slightly higher staff cost to revenue ratio YoY Lower net marketing cost to revenue ratio 400 378 367 − Wage inflation/salary review − Stable market
Slide 13: Solid development in challenging environment
Solid development in challenging environment in m€ Q1 2024/2025 Q1 2025/2026 Change Net sales 1,646.4 1,673.8 1.7% − Gross profit margin: Challenging consumer Costs of goods sold -929.3 -963.8 3.7% environment weighed on gross profit margins which decreased by 120bps Gross profit 717.1 710.0 -1.0% −
Slide 14: Average Net Working Capital now at 3.6% of sales
Average Net Working Capital now at 3.6% of sales As of 31 December 2025 AVERAGE NET WORKING CAPITAL CAPEX in m€ in m€ -31.6% 245 168 +29.0% Average 23 29 5.4% 3.6% NWC as % of Sales1 31.12.2024 31.12.2025 Q1 2024/25 Q1 2025/26 − Average inventory slightly higher due to 67 (net) new own store − Stron
Slide 15: Free Cash Flow development
Free Cash Flow development1 in m€ 466 464 -2 81 -81 383 -13 334 105 -42 Adj EBITDA CAPEX 2 Net Working Tax Others4 Adj FCF EBITDA Free Cash Flow Property rents FCF post Capital3 Adjustments property rents 6 (Cash effect)5 Q1 2024/2025 354 -34 119 -12 71 498 -3 494 -81 413 1 Amounts rounded; totals m
Slide 16: Sound financial structure
Sound financial structure NET DEBT STRUCTURE NET LEVERAGE in m€ Net leverage 1,884 1,909 Net leverage excl. IFRS16 Lease liabilities 1,095 1,300 2.6 2.3 1.5 1.4 Net financial debt 789 609 Dec 24 Dec 25 Dec 24 Dec 25 - Higher lease liabilities reflect store openings, - Higher net leverage of 2.6 (PY:
Slide 17: Outlook 2025/2026
WIP Outlook 2025/2026 DOUGLAS Group 2024/2025 2025/2026 reported guidance Net sales €4.58bn €4.65bn to €4.80bn Adjusted EBITDA margin 16.8% around 16.5% Net leverage 2.9x 2.5x to 3.0x As key components to deliver net leverage, in FY25/26 we expect: − Average net working capital as a % of sales to
Slide 18: Strategy and Highlights
SANDER VAN DER LAAN, CEO STRATEGY AND HIGHLIGHTS
Slide 19: Expanding our range of exclusive brands
Launch at the end of February We are expanding Soft-launch our range of exclusive in January, omnichannel brands, e.g. with the in March launches of about-face (Halsey) and Orebella (Bella Hadid), as a USP. Assortment / Exclusive Brands
Slide 20: Store Network Development
1,972 Stores as of 31 December 2025 (incl. franchises) Highlight: Flagship in We have opened 13 new own stores (net) in Cologne Q1, including the 170th store in Poland, and refurbished 22 stores*. Store Network Development * including relocations
Slide 21: E-Com @ Black Friday
TOTAL ORDERS PEAK ORDERS PER HOUR (9-10PM) ~358,000 25,000 We recorded high DOUGLAS App was the customer demand on WEB TRAFFIC VS AVERAGE FRIDAY #1 App the busiest shopping in “shopping” in the day of the year, Black >3.5 times German iOS AppStore during Black Friday Friday. E-Com @ Black Friday
Slide 22: X-Channel & Partner Program
X-Channel +17.6% vs. PY Cross-channel services (= C&C, C&C Express, In-store orders) as well as our Partner Program grow strongly and drive our E-Com momentum. X-Channel & Partner Program
Slide 23: Retail Media
Retail Media business active in 9 countries We are scaling up our (31.12.2025) strongly growing and highly profitable retail media business. In Q1, both sales and EBITDA increased double-digit. Retail Media
Slide 24: Tech Stack (IT)
Upgraded country tech stack Tech stack upgrade in progress We have completed 12 rollouts of our tech stack in 1.5 years as part of our Group-wide initiative to harmonize our software landscape. Tech Stack (IT) Enterprise Core & Enterprise Core & Awaiting Rollout Digital Experience Full Stack Store E
Slide 25: Harmonizing our payment platform
Store Payment Providers 2024 2025 Online Payment Providers We are harmonizing our 2024 2025 payment platform for both stores and E-Com for better infrastructure, cost, and an improved customer experience. Payment Payment Provider of choice Various Payment Providers Note: Rollout ongoing, maps show p
Slide 26: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 27: Summary
SUMMARY − We delivered a solid performance as Europe’s leading premium beauty retailer amid a challenging market and economic environment − Market keeps growing, yet at slower pace; flat development in Germany and France outweighs growth of other markets − Subdued consumer sentiment and increased pr
Slide 28: Video: Valentine's Day TVC
Video: „Valentine‘s Day TVC“ SHOW VIDEO 28
Slide 29: Q&A
Q&A
Slide 30: Appendix
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Slide 31: DACHNL Q1 2025/26
DACHNL Q1 2025/26 SALES ADJUSTED EBITDA1 − Store sales were -0.9% lower, with a -4.6% lfl in m€ in m€ 731 735 − E-Com sales increased by 2.6% +0.6% − YoY adjusted EBITDA affected by a lower gross profit and a €3.5m sublease income reclass to Corp. HQ 159 145 -8.8% -1.4% lfl 21.7% 19.7% MARGINS Q1 20
Slide 32: France Q1 2025/26
France Q1 2025/26 SALES ADJUSTED EBITDA1 − Store sales decreased by -0.7%, with a -3.6% lfl in m€ in m€ 342 346 − E-Com sales increased by 7.1% +1.2% − Lower adjusted EBITDA caused by an ongoing highly competitive environment which led to a decrease in gross profit margin 84 81 -3.1% -0.8% lfl 24.5%
Slide 33: Central Eastern Europe Q1 2025/26
Central Eastern Europe Q1 2025/26 SALES ADJUSTED EBITDA1 − Store sales increased by +5.4%, with a +0.7% lfl in m€ in m€ 274 − E-Com sales increased by +13.6% 255 +7.3% − Higher reported adjusted EBITDA, but with a lower margin mainly due to a decrease in gross profit margin, with more intense price
Slide 34: Southern Europe Q1 2025/26
Southern Europe Q1 2025/26 SALES ADJUSTED EBITDA1 − Store sales were stable at -0.1%, with -1.5% lfl in m€ in m€ 249 250 − E-Com sales increased by 4.5% +0.6% − Adjusted EBITDA slightly lower, mainly due to a decrease in gross profit margin 66 62 -6.1% -0.6% lfl 26.5% 24.7% MARGINS Q1 2024/25 Q1 202
Slide 35: Parfumdreams/NICHE BEAUTY Q1 2025/26
Parfumdreams/NICHE BEAUTY Q1 2025/26 SALES ADJUSTED EBITDA1 − Sales were -1.1% lower in m€ in m€ − Lower adjusted EBITDA reflects a 69 69 lower gross profit margin due to -1.1% intense price competition in the reporting period 7 -83.2% 9.7% 1.6% 1 MARGINS Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26
Slide 36: Douglas Group like-for-like sales development
Douglas Group like-for-like sales development Quarterly overview Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 DACHNL 6.6% 5.2% -3.0% -4.7% 3.1% 1.1% 1.1% 0.1% -1.4% France 1.0% -3.2% -1.1% -1.4% -0.8% Central Eastern Europe 13.4% 10.3% 4.6% 7.1% 9.1% 7.8% 5.3% 4.4% 3.6% Southern Europe 5.7
Slide 37: Selected Segmental KPIs
Selected Segmental KPIs Q1 2025/2026 REPORTED EBITDA CAPEX In m€ Q1 2024/25 Q1 2025/26 In m€ Q1 2024/25 Q1 2025/26 DACHNL 157.4 144.6 DACHNL 5.5 11.4 France 82.8 81.0 France 6.5 5.8 Central Eastern Europe 72.9 73.7 Central Eastern Europe 4.2 4.4 Southern Europe 65.7 61.7 Southern Europe 2.9 3.1 PD/N
Slide 38: Adjustments to EBITDA & EBIT
Adjustments to EBITDA & EBIT Q1 2025/2026 ADJUSTMENTS TO EBITDA ADJUSTEMENTS TO EBIT In m€ Q1 2024/25 Q1 2025/26 In m€ Q1 2024/25 Q1 2025/26 Reported EBITDA 350.1 331.9 Reported EBIT 260.3 234.5 M&A 0.3 0.0 M&A 0.3 0.0 Restructuring 0.3 0.0 Restructuring 0.3 0.0 Strategic initiatives 3.0 1.3 Strateg
Slide 39: Development of Average Net Working Capital
Development of Average Net Working Capital As of 31 December 2025 245 240 228 200 168 in m€ Avg. NWC as % of X% LTM Sales 5.4% 5.3% 5.0% 4.4% 3.6% Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Average inventory 825.5 833.4 842.3 849.5 858.2 Average trade accounts receivable 80.0 78.2 79.3 7
Slide 40: Financing structure
Financing structure As of 31 December 2025 Carrying amounts m€ x Adj. EBITDA1 Maturity Pricing Cash and Equivalents 396.6 RCF (€350m Volume) 0.0 Mar 2029 E+2.25% Term Loan 802.3 Mar 2029 E+2.50% Non-variable: 3.9% to 4.2% Promissory loan (Schuldscheindarlehen) 202.52 2028-2032 Variable: 6M E+175bps
Slide 41: Store network across Europe
Store network across Europe As of 31 December 2025 NUMBER OF STORES DEVELOPMENT 1,959 1,972 30 September 2025 – 31 December 2025 Store openings 16 Store closures 3 Total 13 1,830 1,843 Store openings: 6 stores in DACHNL (DE, AT, NL, CH, BE), 1 in France, 5 in CEE (PL, CZ, EE, RO), 3 in 129 129 SE (I
Slide 42: Disclaimer on forward-looking statements
Disclaimer on forward-looking statements This presentation contains forward-looking statements in which terms such as "believe", "estimate", "assume", "can" and the like are used, and which are based on assumptions and estimates. Although Douglas AG believes that these assumptions and estimates are
Slide 43: Douglas Group
LOUGLAS GROUP