Elumeo Se · XETR:ELB
Elumeo — Investor Day (November 2025)
67 slides from Elumeo's investor day presentation, Nov 7, 2025
Slide 1: Q3 2025 Capital Markets Day
Q3 2025 Capital Markets Day 7. November 2025 1
Slide 2: Table of contents
Tabe of contents 01 elumeo at a glance 02 Key developments in Q3 2025 03 What does AI mean for eCommerce companies? 04 Growth strategy 2033 - #juwelo100 2
Slide 3: One Mission: Bringing emotion back into e-commerce
One Mission: Bringing emotion back into e-commerce Bringing emotion back into e-commerce by building next-level video-shopping experiences Core belief Core driver Core approach Emotion is the driving force behind Video-shopping is the key to elumeo builds technology platforms successful e-commerce g
Slide 4: One Mission: Bringing emotion back into e-commerce TV Web
One Mission: Bringing emotion back into e-commerce Bringing emotion back into e-commerce by building next-level video-shopping experiences TV Web 4
Slide 5: Video-shopping is more relevant than ever
Video-shopping is more relevant than ever Best-Ager continue Mobile “PocketTV” Videos in webshops to enjoy TV Experience on the rise 95% of Best-Ager continue to watch Mobile Commerce makes 60% of e- Non-linear video content is changing traditional linear TV on a regular basis commerce and selling v
Slide 6: Video-shopping is our core strength
Video-shopping is our core strength Improved CVR Customer frequency Product videos improve conversion Video-shopping generates high customer rate up to 4 times compared to buying frequencies and high customer traditional static web shops lifetime values Video Facts & emotion Shopping Gemstone knowle
Slide 7: We operate local TV programs in Germany, Italy, Spain and Poland
We operate local TV programs in Germany, Italy, Spain and Poland and distribute our gemstone jewelry shows in all European countries 7
Slide 8: Our TV program
We combine TV shopping, documentaries and entertainment to create inspiring video-shopping shows on gemstone jewelry Our TV program Juwelo Entertainment TV Shopping Documentaries 8
Slide 9: Customers rate their shopping experience with 4,8 out of 5 stars
Customers rate their shopping experience with 4,8 out of 5 stars… Authentic customer reviews from real buyers Buying Product Customer Fast shipping & experience (quality & price) service unboxing 9 Source: Score from third party platform “Trusted Shops”, based on 2.784 real customer reviews from cus
Slide 10: Gemstone offering
elumeo makes fine jewelry an affordable luxury for everyone Sample product portfolio Positioning towards affordable luxury Gemstone offering (5) AAA Tanzanite Amethyst (Uruguay) Black Diamond Blue Topaz Black Star Sapphire Capelinha Sphene Diamond Gold South Sea Pearl Jade Laos Sapphire MoP Mozambiq
Slide 11: We offer our customers best prices and a huge jewelry product variety
We offer our customers best prices and a huge jewelry product variety Huge variety Fast reaction times Elumeo offers over 1000 different Short time-to-market creation formats in gemstone varieties, substantially which personalized jewelry is created more than traditional jewellers after purchase wit
Slide 12: elumeo has several inhouse brands, covering price points between 50 EUR and >5.000 EUR
elumeo has several inhouse brands, covering price points between 50 EUR and >5.000 EUR 12
Slide 13: AI-driven digital transformation from linear TV to personalized non-linear shopping
AI-driven digital transformation from a linear TV show (one-to-many) to highly personalized non-linear shopping shows for all devices 1-to-1 (non-linear, fully 1-to-many (linear) personalized) We run a linear TV program AI-driven digital We are transforming our video distributed via cable, satellite
Slide 14: What went wrong after elumeo's IPO?
What went wrong after elumeo’s IPO? 2010 2012 2014 2016 2018 2020 2024 One fully integrated factory > 35 fully integrated suppliers Closure and The company was started as a Joint Venture liquidation of From 2019 until 2025 the entire between Thai (Production) and German (TV) the factory workflow for
Slide 15: Core strategy remains the same
Core strategy remains the same: We combine emotional TV shopping experience with our integrated value chain on our AI-tech-platform Jewelry video shopping via our TV channels and online Via our TV channels and video-based shopping formats, we provide an emotional and inspirational shopping experienc
Slide 16: Elumeo company presentation video
Elumeo company presentation video 16
Slide 17: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in Q3 2025 03 What does AI mean for eCommerce companies? 04 Growth strategy 2033 - #juwelo100 17
Slide 18: Summary of key developments in 9M & Q3 2025
elumeo Summary of key developments in 9M & Q3 2025 After successful execution of our cost and efficiency program in April 2025, elumeo has remained profitable on a six-month basis (adjusted EBITDA: Q2/2025: EUR 73 k and Q3/2025: EUR -46 k, corresponding to EUR 27 k in the period from April to Septem
Slide 19: In October, gold price and consumer sentiment went both up at the same time
MARKET In October, gold price and consumer sentiment went both up at the same time Gold price in EUR and consumer sentiment (GfK) Market condition in 9M 2025 Q1 2025 Q2 2025 Q3 2025 -12,0 3.288 - After a stabilization in Q2 -14,0 2025, the gold price started to 2.951 increase again at the end of 3.0
Slide 20: TV business: fewer pieces sold, focus on higher price points and high-value customers
TV As planned, in our TV business we reduced the volume of pieces sold and focused on more profitable higher price points and high-value customers Pieces sold Revenue Average revenue per piece Revenue per customer of TV business of TV business of TV business of TV business in k in m EUR in EUR in EU
Slide 21: Web shops with stable revenue, increased revenue per piece and per customer
WEB Web shops with stable revenue, but increased revenue per piece and revenue per customer Pieces sold Revenue Average revenue per piece Revenue per customer of WEB business of WEB business of WEB business of WEB business in k in m EUR in EUR in EUR -18% -1% +20% +29% 148 330 11,0 10,9 106 122 88 2
Slide 22: On 1st April 2025, a restructuring program was executed
RESTRUCTURING On 1st April 2025, a restructuring program was executed in order to return to profitability Transition to automated shows and AI -based platform Product profitability Reduce live hours from 15 to 10 Cost reductions in personnel related Reduction of less profitable U50 hours per day to
Slide 23: Q3 2025 shows successful development of all main KPIs
RESTRUCTURING Q3 2025 shows successful development of all main KPIs Plan announced on 1st April 2025 Actuals Q2 YoY Actuals Q3 YoY Run rate compared to FY 2024 Pieces -40% -25% ( ) -30% Revenue -14% ( ) -18% -11% Gross profit -14% -21% -9% Cost -27% -27% -27% (12 Month (12 Month measures run rate )
Slide 24: Product performance program leads to more profitable products
TV Also in Q3, our product performance program continues to lead to more profitable products and customers with limited impact on revenue Pieces sold Revenue Average revenue per piece Revenue per customer of TV business of TV business of TV business of TV business in k in m EUR in EUR in EUR -32% -1
Slide 25: TV gross profit margin has recovered and is growing again
TV GROSS PROFIT MARGIN %-Margin has recovered and is growing again with 3,9%-Points YoY in Q3 2025 Development of %-Margin of TV business YoY Gross profit Margin of TV business in %-Points Q3 YoY, in % 6 3,9 4 2 0 -1,3 -2 -4 54,0% -6 50,1% -7,8 -8 -10 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q3 2025 25 Sourc
Slide 26: Focus on Jewelry above 50 EUR reduced number of pieces disproportionately
PRODUCT STRATEGY Focus on Jewelry above 50 EUR allowed us to reduce number of pieces disproportionately to the gross profit Average Revenue per Piece increased after Pieces sold below EUR 50 and impact restructuring on gross profit In EUR, revenue per piece Q3 2025 YoY 2024 2025 95 96 -51% Pieces be
Slide 27: Profitability of new product (Premieres) continues to improve
PRODUCT PROFITABILITY After our restructuring in April, the profitability of new product (“Premieres”) continues to improve compared to previous year Development of Live TV Profit-per-show-minute (ppm) of Premieres Q1 YoY Q2 YoY Q3 YoY ppm in EUR ppm in EUR ppm in EUR -18% +1% +33% 77 72 63 72 73 54
Slide 28: Web business: focus on higher priced jewelry improves revenue per piece
WEB Also in our web business, the focus on higher priced jewelry allowed to reduce the volume and to improve revenue per piece and per customer Pieces sold Revenue Average revenue per piece Revenue per customer of WEB business of WEB business of WEB business of WEB business in k in m EUR in EUR in E
Slide 29: Cost decrease of 15% in 9M YoY, excluding one-time restructuring costs
elumeo Cost decrease of 15% in 9M YoY, excluding one-time restructuring costs Restructuring cost Includes mainly follow-up costs due to notice periods for employees who have been dismissed and released from their duties as of 1st April 2025. Total expenses in 9M Total expenses in Q3 -15% -13% 17,4 5
Slide 30: elumeo returned to positive adjusted EBITDA after restructuring in April
PROFITABILITY elumeo returned to positive adjusted EBITDA after restructuring in April Positive Adj. EBITDA Positive EBIT Q4 2024 Q1 2025 Q2 2025 Q3 2025 0,1 +0,2 m Adjusted -0,05 EBITDA in m EUR -1 m -0,6 -1,2 30 Source: Financial data
Slide 31: International linear TV channel revenue after portfolio restructuring
#juwelo100 Revenue reduced QoQ as expected after portfolio restructuring, YoY still with substantial growth Revenue of international linear TV channels Revenue of international linear TV channels Total TV sales in EUR in Spain and Italy Total TV sales in k EUR in Spain and Italy +9% +23% 250.000 € +
Slide 32: Product below 50 EUR impacted international channels; new TV format in 2026
#juwelo100 Product below 50 EUR impacted revenue also in international channels, in 2026 launch of new TV format with suitable price points Revenue of “Below 50 EUR product” in Q3 YoY Milestones and next steps for international scaling in Spain and Italy 100.000 In July 2024, we have started to dist
Slide 33: Customer Lifetime Value of international customers with strong growth
#juwelo100 JUWELO Customer Lifetime Value (CLV) of international customers with strong growth Customer Lifetime Value (CLV) CLV of international customers with German Live TV business vs. Internationalization 2.0 similar strong development compared to average CLV from German Live TV 300 € customers
Slide 34: Juwelo Poland has been softlaunched on October 1st, 2025
EFFICIENCY Juwelo Poland has been softlaunched on October 1st, 2025 Elumeo’s first non-€ AI generated TV Show has been launched in Poland Complete new backend in order to allow for foreign currency Broadcasting currently limited to one night-time hour per day Testing until End of November with no ma
Slide 35: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in Q3 2025: Financials 03 What does AI mean for eCommerce companies? 04 Growth strategy 2033 - #juwelo100 35
Slide 36: Revenue decreased by 10% in the first nine months of 2025
elumeo Revenue decreased by -10% in the first nine month of 2025, gross profit margin stopped decline throughout 2025 9M 2025 vs. 9M 2024 – performance overview (in m EUR) Revenue Gross profit margin % Gross profit in m EUR in m EUR -10% -14% -1,8 %P. 33,0 15,9 29,6 48,3% 46,5% 13,8 9M 2024 9M 2025
Slide 37: Total expenses reduced by 9% in first nine months, adjusted EBITDA decreased
elumeo Total expenses reduced by 9% in first nine month of 2025, adjusted EBITDA decreased 9M 2025 vs. 9M 2024 – performance overview (in m EUR) Total expenses Adjusted EBITDA in m EUR in m EUR -15% -8,5% 0,4 17,4 -0,5 16,0 14,8 -478 9M 2024 9M 2025 9M 2025 9M 2024 9M 2025 Adjusted cost Cost perform
Slide 38: In Q3, revenue decreased by 10% due to restructuring
elumeo In Q3, revenue decreased by -10% due to restructuring, gross profit margin returned to small growth YoY Q3 2025 vs. Q3 2024 – performance overview (in m EUR) Revenue Gross profit margin % Gross profit in m EUR in m EUR -11% +1 %P. -9% 10,5 46,6% 47,5% 9,4 4,9 4,4 Q3 2024 Q3 2025 Q3 2024 Q3 20
Slide 39: Total expenses reduced by 2% in Q3, and by 13% adjusted
elumeo Total expenses reduced by 2% in Q3, and by 13% adjusted Q3 2025 vs. Q3 2024 – performance overview (in m EUR) Total expenses Adjusted EBITDA in m EUR in k EUR -13% -2% 110 5,4 5,2 -46 4,7 -551 9M 2024 9M 2025 9M 2025 Q3 2024 Q3 2025 Adjusted cost Effects of cost performance program starting t
Slide 40: Q3 2025 Effects – From EBIT to Adjusted EBITDA
elumeo Q3 2025 Effects – From EBIT to Adjusted EBITDA k EUR 100 0 -46 -100 201 -200 -300 -610 -400 -773 357 -500 6 -600 -700 163 -800 -900 EBIT Depreciation EBITDA Stock Options Restructuring Legal and Adjusted EBITDA Program Cost consulting fees 40
Slide 41: Outlook 2025 confirmed
elumeo Outlook 2025 confirmed – elumeo lays basis for return to profitable growth Revenue decrease Adjusted EBITDA Gross profit margin -10% / -15% EUR -0,5m / EUR 0,1m 47 - 49% 41
Slide 42: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in Q3 2025 03 What does AI mean for eCommerce companies? 04 Growth strategy 2033 - #juwelo100 42
Slide 43: Disappointment with AI in Germany is based on two misunderstandings
#juwelo100 JUWELO Disappointment with AI in Germany is based on two misunderstandings Myth #1: Myth #2: LLMs and GenAI will quickly generate Germany and Europe have lost the race measurable impact to benefit from the rapid development in AI 43
Slide 44: Myth #1 debunked: Profound disruptions do not happen overnight
#juwelo100 JUWELO Myth #1 debunked: Profound disruptions do not happen overnight 1769 1785 1830 Ca. 1850 1852 Invention of the Invention of Invention of the Fashion designers, The first modern steam machine mechanized weaving sewing machine standard clothing department store: sizes, Sales, etc. Au b
Slide 45: Myth #2 debunked: Germany and EU are not falling behind in AI implementation
#juwelo100 JUWELO Myth #2 debunked: Germany and EU are not falling behind in AI Implementation Germany lags in AI-Tech investment… … but is ahead in AI implementation AI Tech Investment score (USA=100)1 Satisfaction with EBIT generation from AI projects2 0 20 40 60 80 100 120 0 10 20 30 40 50 USA 10
Slide 46: Examples of active AI automated processes across the value chain
#juwelo100 JUWELO Examples for currently active AI automated processes in elumeo’s entire valuechain and outlook to 2026 and 2027 AI supported email-service AI generated pictures AI gernerated article descriptions In Poland Live in 2025 AI generated shows AI supported storage and picking Order & Pic
Slide 47: Juwelo will have to streamline the entire value chain with harmonized data
#juwelo100 JUWELO In order to fully exploit the potential of AI, Juwelo will have to streamline the entire valuechain with harmonized data Purchasing of Order & manu- Delivery to Presentation & Picking, packing Customer Design material facturing Germany sale and shipping service Data format <2023 Da
Slide 48: Increased platform efficiency thanks to digitalization and AI
EFFICIENCY Increased platform efficiency thanks to digitalization and implementation of Artificial Intelligence Example: AI generated beauty shots Thanks to recently released automation features of our Input: Output: platform and the impressive development of AI, we are able to improve the efficienc
Slide 49: Increased platform efficiency thanks to digitalization and AI
EFFICIENCY Increased platform efficiency thanks to digitalization and implementation of Artificial Intelligence Example: AI generated beauty shots Thanks to recently released automation features of our Input: Output: platform and the impressive development of AI, we are able to improve the efficienc
Slide 50: Increased platform efficiency thanks to digitalization and AI
EFFICIENCY Increased platform efficiency thanks to digitalization and implementation of Artificial Intelligence Example: AI generated beauty shots Thanks to recently released automation features of our Input: Output: platform and the impressive development of AI, we are able to improve the efficienc
Slide 51: Increased platform efficiency thanks to digitalization and AI
EFFICIENCY Increased platform efficiency thanks to digitalization and implementation of Artificial Intelligence Example: AI generated beauty shots Thanks to recently released automation features of our Input: Output: platform and the impressive development of AI, we are able to improve the efficienc
Slide 52: Leveraging AI and Automation for sustainable expansion across countries & channels
Example for AI implementation : Technical foundation for pan-European expansion Leveraging AI and Automation for sustainable expansion across countries & channels 1 2 3 Agentic AI Automation AI Agent summarizes customer enquiries and provides Using automation clicking a button we translate the conte
Slide 53: AI efficiency: newsletter generation saves time by 75%
EFFICIENCY Example for AI efficiency: generation of newsletter allows to save time by 75% Newsletter generation before AI Newsletter generation with AI Manual tasks 8 Automated / AI tasks hours • Comparison with competitors • Automated market screening and summary of competitor marketing specials •
Slide 54: AI efficiency: Article text generation
EFFICIENCY Example for AI efficiency: Article text generation Time needed to generate >20.000 article texts Manual tasks Over 3 years of work time for a FTE Automated: 10 hours for setup and implementation 1 hour per month to analyze and optimize implementation 54
Slide 55: New digital purchase process enables full AI supported product management
#juwelo100 JUWELO Outlook: elumeo’s new digital purchase process enables full AI supported product management Fully AI supported merchandising process Checks for comparable Checks recent products in inventory performance of collection Checks recent Checks recent performance of gemstone performacne o
Slide 56: Fully digital warehouse positioned for automated packing and shipping
#juwelo100 JUWELO Outlook: elumeo’s fully digital warehouse is perfectly positioned for automated packing and shipping Existing fully digital storage facility Today Next steps 2026/2027 Fully automated and AI- Integration of automated managed storage and packing into the system picking-process 56
Slide 57: Substantial improvement of efficiency achieved, more potential in 2026/2027
#juwelo100 JUWELO A substantial improvement of efficiency has already been achieved with more potential in 2026/2027 Revenue per FTE (€ ‘000)1 467 346 261 230 2023 2024 2025 2026/2027 57 1) For 2026/2027 only preliminary estimates
Slide 58: Market outlook: Do the Capital Markets reflect this revolution?
#juwelo100 JUWELO Market outlook: Do the Capital Markets reflect this revolution? P/E Ratio SAP 2018-2025 P/E Ratio Allianz 2018-2025 93 52 45 37 29 28 26 26 12 12 13 12 12 13 10 11 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 58 Source: börse.de 2018-2014; onvista
Slide 59: Table of contents
Table of contents 01 elumeo at a glace 02 Key developments in Q3 2025 03 What does AI mean for eCommerce companies? 04 Growth strategy 2033 - #juwelo100 59
Slide 60: Tech-driven internationalization from a position of strength
Tech-driven internationalization from a position of strength Key developments & strategic outlook 60
Slide 61: #juwelo100 growth program targeting EUR 100m by 2033
#juwelo100 With “#juwelo100”, we have launched a growth program with the target to reach EUR 100m by 2033 Videoshopping AI-driven cost performance From linear TV and static Extensive implementation webshop to non-linear of AI in all areas of business online videoshopping, in order to improve increas
Slide 62: Juwelo's new multi-language platform: AI as catalyst for internationalization
#juwelo100 Juwelo’s new multi-language platform AI is the catalyst for lean & fast tech-driven internationalization German Live show AI translated international shopping shows AI translation Using our self-developed We combine AI translations and This allows us to leverage our video technical platfo
Slide 63: Juwelo covers only 23% of European households
#juwelo100 Significant growth potential as Juwelo is currently covering only 23% of European households Out of a total of 259 million households in Europe, Juwelo currently reaches only 60 0,3%=0,1 90%=37,3 million households with its video content offering, which corresponds to 23%. Based on the ex
Slide 64: Substantial potential for further growth until 2033
Juwelo100 - International Substantial potential for further growth until 2033 Example for possible growth of households until 2033 140.000 120.000 100.000 80.000 60.000 40.000 20.000 0 2025 2026 2027 2028 2029 2030 2031 2033 2033 Possible new IT RO PT TR UK FI MA CA US countries: ES NL CZ GR FR SE S
Slide 65: Share of online marketing costs in web sales reduced to 15%
#juwelo100 The share of online marketing costs in web sales was reduced to 15% Current share of Online Marketing Budget Main growth driver 2025 – 2033: 21% Significant scaling potential in main online marketing channels 15% 15% International channels will drive webshop expansions Higher Conversionra
Slide 66: elumeo SE Investment highlights
elumeo SE Investment highlights Market Position Leading European video-shopping platform for fine jewelry, combining emotional storytelling with e-commerce efficiency, perfectly positioned to benefit from the rapid growth of video-driven e-commerce. Loyal customers Trusted brands like Juwelo enjoy s
Slide 67: Executive Board and Investor Relations contact
Executive Board Wolfgang Boyé , Boris Kirn, Dr. Susanne Ries, Christian Senitz Managing Directors Florian Spatz, Boris Kirn Investor Relations Florian Spatz Erkelenzdamm 59/61 10999 Berlin E - Mail: ir@elumeo.com Phone: +49 30 69 59 790 Fax: +49 30 69 59 79 - 650 67