Nelly Group Ab · OMXSTO:NELLY
Nelly Group Ab — Q2 2026 Earnings Presentation
19 slides from Nelly Group Ab's earnings presentation, Jul 15, 2026
Slide 1: Nelly Group Investor Presentation Q2 2026
Nelly Group INVESTOR PRESENTATION Q2 2026 15 July 2026
Slide 2: Nelly Group Q2 2026 Presentation
Nelly Group Q2 2026 Presentation Helena Karlinder-Östlundh Josefin Dalum CEO CFO ir@nelly.com www.nellygroup.com
Slide 3: Today's presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q2 2026 • Financial summary • Q&A
Slide 4: Today's presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q2 2026 • Financial summary • Q&A
Slide 5: Overall, a weak quarter
Overall, a weak quarter • Net revenue -4.3% (15.1%) • Operating margin 9.3% (15.3%) • Operating profit 32.3 MSEK (55.4 MSEK) • H1 profitable – a sign of firmer foundations
Slide 6: Active customers
Active customers • Returning customers a larger Active customers Nordics LTM (000) share in Q2 1150 1100 1070 1055 • New customer recruitment held 1050 back by weaker assortment 1032 1029 1027 1 019 1001 1000 973 968 943 950 926 911 926 928 • Germany gaining traction 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 7: Gross margin
Gross margin • 53.2% (54.5%) Gross margin (%) 60% • Discounting weighed on the 57% 55% 55% 53% 55% 54% 55% 53% margin 55% 52% 51% 50% 49% 49% 50% 45% • Required to drive SS26 sell- 41% through 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2
Slide 8: Own brand share
Own brand share • 64.1% (54.8%) Own brand share (%) 70% 65% 62% 62% 63% 64% • Growth in jeans, pants and 60% knitwear 55% 55% 50% 50% 47% 45% 41% 44% 45% • Tops – a key category – fell short 40% 36% 39% 36% 40% in Q2 35% 30% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • The perfectly curated mix of ow
Slide 9: Return rate
Return rate • 27.7% (28.4%) Return Rate (%) 41% 38% 38% • Driven by category mix and 36% 34% 33% 33% specific trends 31% 31% 28% 28% 27% 28% 27% 26% 26% 25% • Directly linked to strength in 23% assortment 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025
Slide 10: Operating margin
Operating margin • 9.3% (15.3%) Operating margin (%) 20% 15% 15% 13% • Drove SS26 sell-through at a 15% 11% 10% 8% 10% 11% 8% 9% margin cost 5% 5% 3% 3% 1% 0% -5% • Reflecting growth investment – -10% -15% -14% new roles, Copenhagen store and -20% Germany Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20
Slide 11: Today's presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q2 2026 • Financial summary • Q&A
Slide 12: Lower net revenue and gross margin
Financial Summary Lower net revenue and gross margin Sales decrease of -4.3 % year-over-year Net Revenue, MSEK -4.3% (-5.8% in local currencies) 362 371 346 • Lower sales in the Nordic markets 314 318 284 222 240 248 243 • Return rate improved by 0.7 p.p. to 27.7% (28.4%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 13: Cost build up to secure continued development giving lower operating profit
Financial Summary Cost build up to secure continued development giving lower operating profit Operating expenses, MSEK FULFILMENT/ NET REV. Operating expenses increase of 10 MSEK • Fulfilment and distribution down 1 MSEK +10 152 12.0 % 142 Last year: 11.8 % • Marketing up on core-market advertising
Slide 14: Strong cash generation and a strengthened balance sheet
Financial Summary Strong cash generation and a strengthened balance sheet Operating cash flow of 99.0 MSEK (104.1 MSEK) Cash flow from operations • Lower result offset by positive working- 106 capital changes 104 99 77 72 • Investing activities -4 MSEK mainly IT/tech 50 51 and financing activities -
Slide 15: Nelly Group initiates share repurchase programme of up to SEK 30 million
Financial Summary Nelly Group initiates share repurchase programme of up to SEK 30 million Cash balance, MSEK • Optimize Nellys capital structure +15.8% 301 260 254 227 215 197 • Up to 2.500.000 shares for a total 190 160 173 96 amount of SEK 30m under EU Safe Harbour (max 10% of outstanding shares)
Slide 16: Summary of H1 – learnings and actions
Summary of H1 – learnings and actions • Insufficient precision in planning and execution • Several positive trends to build on • Programme of work underway across key areas • Assortment Committee and Strategy Committee set up
Slide 17: Our strategy holds firm
Our strategy holds firm • The customer is our compass • A unique fashion destination rooted in Stockholm and Scandi style • A curated mix of own and carefully selected external brands • Disciplined execution and innovation in a changing competitive landscape
Slide 18: Q&A
Q&A
Slide 19: Thank you
Thank you