Slide 1: HY26 Analyst Presentation
HY26 Analyst Presentation | 23 April 2026 Delivering our plan, and focusing on growth
Slide 2: Contents
CONTENTS 1. Introduction 2. CEO Highlights 3. Financial Highlights & Guidance 4. Strategic Outlook 5. Q&A
Slide 3: Introduction
01 Introduction
Slide 4: ASOS in 3 messages, delivering
ASOS in 3 messages, H1 highlights: delivering Delivering on ouron our promises promises 1 Our transformation is happening, we are building on solid pillars 2 We are focused on achieving and seeing early positive signs growth – 3 We have a clear and detailed plan execution in H2 for
Slide 5: CEO Highlights
02 CEO Highlights
Slide 6: ASOS the global destination for young fashion lovers
ASOS the global destination for young fashion lovers Unique fashion proposition Fashion-first discovery from structurally faster and more relevant product model Immersive, outfit -first, personalised and community driven shopping experience Adaptable and scalable platform supported by an efficient a
Slide 7: The transformation of ASOS is happening
The transformation of ASOS is happening 1 2 3 Building the new Addressing Re -engaging commercial legacy issues customers model
Slide 8: ASOS business has solid pillars
H126: YoY ASOS business has solid pillars We have delivered in our core priorities With a clear evolution over the last 3 years 1 ADJUSTED 1 GROSS MARGIN (%) ADJUSTED EBITDA (£’m) +330bps +51% Obtained balance sheet flexibility +560bps +14x 48.5% 64.0 Radically improved our gross margin 42.9% 4.6 H1
Slide 9: In 2026, Growth is our focus
In 2026, Growth is our focus We have put in place a structured plan to ignite growth with a strong focus on: 1. Improving our core segments of the business WW and UK 2. Rebuilding our customer base, starting by attracting more and better new customers
Slide 10: Focused on improving on our core segments of the business
Focused on improving on our core segments of the business 10 WW UK • Increased marketing • T&R spend as % of sales • Topshop • OOH, always -on • New Partner Brands marketing • Expansion of AFS • First with ASOS.WORLD • Exclusive collabs (adidas) • Offering Exchanges and • The Heart extension of NDD
Slide 11: Focused on improving on our core segments of the business
Focused on improving on our core segments of the business 11 WW UK • Increased marketing • T&R spend as % of sales • Topshop • OOH, always -on • New Partner Brands marketing • Expansion of AFS • First with ASOS.WORLD • Exclusive collabs (adidas) • Offering Exchanges and • The Heart extension of NDD
Slide 12: Focused on rebuilding our customer base. We are turning the curve
Focused on rebuilding our customer base. We are turning the curve Overall customer base decline plateauing… 24.0 Phase 2: New Commercial Phase 3: Focus on return Model, focused on full -price to growth through re - 22.0 model , rational marketing engaging our customers investment and fair at scale c
Slide 13: Focused on rebuilding our customer base. We are turning the curve
Focused on rebuilding our customer base. We are turning the curve … driven by significant improvement in churn Retention rate YoY (6 -month rolling) 130bps 80bps 30bps -20bps -70bps -120bps H124 H224 H125 H225 H126 …and new customer growth across top four markets. New customer growth YoY (6 -month r
Slide 14: This performance has been fuelled by a clear and detailed plan
This performance has been fuelled by a clear and detailed plan ASOS product getting increasingly ASOS shopping experience, from ASOS, underpinned by an relevant through speed, quality transactional browsing to efficient and agile operational and curation at scale confidence -led immerse discovery mo
Slide 15: Product increasingly relevant through speed, quality and curation at scale
Product increasingly relevant through speed, quality and curation at scale • A/W sell -through improved +5ppts YoY YTD TEST & REACT • T&R share grow +6ppts ASOS product getting increasingly relevant through speed, quality and curation at scale • Lead times improved by >30 days YoY 1. Our brand drivi
Slide 16: Product increasingly relevant through speed, quality and curation at scale
Product increasingly relevant through speed, quality and curation at scale Partner Brands • Onboarded c.60 new brands • 20% of total brands launched in last 18 months ASOS product getting increasingly relevant • c.50 brands with exclusive through speed, quality and products/collabs curation at scale
Slide 17: Offering the best portfolio of brands. And the best collabs
Offering the best portfolio of brands. And the best collabs x GLOBAL +43% Adidas halo >80% sell -through • Launched drop 3 – YoY growth in Adidas sales, excluding collection avg , >90% sell -through on collaboration bestsellers including US and physical shopping at adidas’ flagship Oxford Street sto
Slide 18: Revolutionising our Shopping Experience
Revolutionising our Shopping Experience, from transactional browsing to confidence -led, immerse discovery • Marketing spend as a % of sales +50bps YoY • More than 10% reduction YoY in cost per visit acquired ASOS shopping experience, from transactional browsing • ‘The Heart’ more than double rate o
Slide 19: Reinvented Marketing Approach. Sharpening outfit curation via 'The Heart'
Reinvented Marketing Approach. Sharpening outfit curation via ‘The Heart’ What is it? • Monthly edit bringing together best Own Brand and Partner Brand products What has been the impact? • ‘The Heart’ delivered double the rate of sale versus our ‘New In’ range in H1 • Continuation into H2 with April
Slide 20: Introduced a Step-change in shopping experience. Leveraging on our App
Introduced a Step -change in shopping experience. Leveraging on our App WHAT HAVE WE DONE? FY26 YoY first time iOS downloads • Concentrated efforts in our highest -value channel – iOS app • Deployed more targeted prompts across the web journey for consumers to shop in the app IMPACT • App downloads
Slide 21: A systematic approach to faster development
Introduced a step -change in shopping experience. A systematic approach to faster development WHAT HAVE WE DONE? 1. More than double the tech development velocity. Launched Achieved a success rate +16ppt YTD vs FY25 c.50 initiatives YTD including: • Virtual Try -On • Ways to Style Number of experime
Slide 22: Cutting edge functionalities
Introduced a step -change in shopping experience. Cutting edge functionalities Trending Virtual try on Ways to style
Slide 23: A reinvented Shopping Experience
A reinvented Shopping Experience. REVAMPED APP 2026 App Before Early trials have shown: c.9% uplift in net sales per customer c.10% uplift in orders per customer +60bps in DAU/MAU YoY in February App Store ranking increased by c.10 places to be in top 40 for UK for shopping
Slide 24: ASOS, underpinned by an efficient and agile operational model
ASOS, underpinned by an efficient and agile operational model • Reduction of 150bps of supply chain variable cost to serve • Underlying returns rate improved 160bps YoY ASOS, underpinned by an efficient and agile • Profit per order +30% YoY operational model • Full Customer Care AI solution improvin
Slide 25: AI driving productivity improvements
AI driving productivity improvements In November ASOS and Microsoft signed a strategic Productivity alliance – ASOS one of the top UK retail partners Rolled out advanced Copilot software from 10% to Complex tasks 90% of workforce with c.35,000 hours of productivity capacity Customer Care agent impro
Slide 26: ASOS in 3 messages, delivering
ASOS in 3 messages, H1 highlights: delivering Delivering on ouron our promises promises 1 Our transformation is happening, we are building on solid pillars 2 We are focused on achieving and seeing early positive signs growth – 3 We have a clear and detailed plan execution in H2 for
Slide 27: Financial Highlights & Guidance
03 Financial Highlights & Guidance
Slide 28: HY performance: Strong gross margin drives over 50% increase in AEBITDA
HY performance: Strong gross margin drives over 50% increase in AEBITDA 4 3 1 1 ADJUSTED COST TO SERVE (% OF GMV (£’m) ADJUSTED LFL REVENUE (£’m) ADJUSTED GROSS MARGIN (%) ADJUSTED REVENUE) (9%) +330bps (90bps) (14%) 1,277.4 1,291.6 48.5% 1,170.1 43.0% 1,113.5 42.1% 45.2% H1 FY25 H1 FY26 H1 FY25 H1
Slide 29: Segmental performance: UK continues to outperform the Group
Segmental performance: UK continues to outperform the Group UK EU US RoW Progress evident Traffic in growth from new initiatives Profitability remains ` supported by improved Reflects intentional ahead of prior year focus on top 4 markets deployed product offering H1 FY26 UK EU US RoW Group GMV 3 -5
Slide 30: Significant gross margin improvement
Significant gross margin improvement: continues to be driven by business model reset H1 FY26 Adjusted 1 Gross Margin 48.5% New commercial model Improvements in stock management and enhanced buying margins 45.2% New revenue streams Launch of AFS and growth of PF models delivering structural improveme
Slide 31: Cost to serve efficiencies enabled marketing reinvestment
Cost to serve efficiencies enabled marketing reinvestment H1 FY26 H1 FY25 % of % of Change H1 FY26 Cost to Serve 4 revenue revenue Adjusted 1 Gross 48.5% 45.2% 330bps Margin Distribution 10.3% 10.7% 40bps Warehouse 9.4% 10.5% 110bps (42.1%) Marketing 7.4% 6.9% (50bps) 2.2% (43.0%) (2.0%) Other 15.9%
Slide 32: AEBITDA improvement driven by gross margin and C2S
AEBITDA improvement driven by gross margin and C2S H1 FY26 Adjusted 1 EBITDA (£’m) 64 42 H1 FY25 Volume Gross Margin Marketing C2S H1 FY26 Reinvestment
Slide 33: H1 FY26 free cash flow: Reflecting normal seasonality
H1 FY26 free cash flow: Reflecting normal seasonality H1 FY26 Free Cash Flow 5 (£’m) Profitability Adjusted EBITDA >50% YoY, 32 reflecting structural profitability improvements 64 Working capital (87) Net working capital outflow reflects seasonal nature of ASOS (41) (28) (15) Interest (18) (93) Fina
Slide 34: H1 FY26 net debt: Increase driven primarily by non-cash interest on bond
H1 FY26 net debt: Increase driven primarily by non -cash interest on bond H1 FY26 Net Debt 6 (£’m) Modest increase YoY Mainly driven by the non-cash interest accretion on the convertible bond Refinancing 6 Successful refinancing completed in November 2025 (276) with reduction in interest 2026 Conver
Slide 35: Current trading: Continued improving trend in March
Current trading: Continued improving trend in March Group new customer growth YoY • Q3 -to-date GMV YoY showing improvement versus H1, with UK continuing to outperform • Womenswear YoY GMV 2 in growth for March • Group new customers +9% YoY in March, driven by an acceleration in our top 4 markets •
Slide 36: Reiterating FY26 guidance
Reiterating FY26 guidance FY26 Medium -term GMV to show an improving trajectory Return to GMV growth throughout the year Gross margin expansion towards 50% GMV performance 3 -4ppts ahead of revenue performance, driven by continued growth of Flexible Fulfilment models Adjusted EBITDA margin c.8% Gros
Slide 37: Strategic Outlook
04 Strategic Outlook
Slide 38: Our performance has been fueled by a clear and detailed plan
Our performance has been fueled by a clear and detailed plan ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale discover
Slide 39: In H2 we will continue building on what we have already achieved
In H2 we will continue building on what we have already achieved … ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale di
Slide 40: ... and will double down on 4 key areas
… and will double down on 4 key areas 1. Product ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale discovery 1. Own Bra
Slide 41: ... and will double down on 4 key areas
… and will double down on 4 key areas ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing 2. Marketing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale discovery 1. Own B
Slide 42: ... and will double down on 4 key areas
… and will double down on 4 key areas ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale discovery 1. Own Brand driving
Slide 43: ... and will double down on 4 key areas
… and will double down on 4 key areas ASOS product getting ASOS shopping experience, ASOS, underpinned by an increasingly relevant from transactional browsing efficient and agile through speed, quality and to confidence -led immerse operational model curation at scale discovery 1. Own Brand driving
Slide 44: Reinforcing our growth ambition on Product, Marketing and Shopping Experience
Reinforcing our growth ambition on Product, Marketing and 44 Shopping Experience Most relevant product to Doubling down on new Superior shopping remain at the heart marketing model experience • Further growth of T&R • Sustained marketing • Expansion of ASOS.WORLD towards 30% of OB investment • Roll
Slide 45: And leveraging on AI to underpin our whole model
And leveraging on AI to underpin our whole model Central cost optimisation to drive c.15% annualised Productivity benefit as we scale greater automation and organisational efficiency across buying and non -buying ERP onto Microsoft Dynamics providing real -time Complex tasks signals to support faste
Slide 46: An ultra-personalised experience
An ultra -personalised experience Content Creation: AI Studios Each consumer experiences a different store each time they • Unlock unlimited content visit ASOS creation • Aligned with their personal • Used for 95% of April’s ‘The taste Heart’ campaign • Aligned with their in-session • To be rolled o
Slide 47: This is AI Studios, enabling a superior shopping experience
This is AI Studios, enabling a superior shopping experience • Combination of different flat shots to generate new outfits Decouple the picture of • Show this outfits in a the clothing and the model picture of the model • Choose different models, backgrounds Generation of Flat shots
Slide 48: ASOS in 3 messages, delivering
H1 highlights: ASOS in 3 messages, delivering Delivering on our promises on our promises 1 Our transformation is happening, we are building on solid pillars 2 We are focused on achieving and seeing early positive signs growth – 3 We have a clear and detailed plan execution in H2 for
Slide 49: Q&A
05 Q&A
Slide 50: Appendix
Appendix 50 1. Excluding adjusting items. The alternative performance measures used by ASOS are explained, defined and reconciled to statutory measures in the Alternative Performance Measures note at the end of the financial statements in the RNS. 2. GMV excluding tax on a billed basis. 3. Gross Mer