Douglas Ag · XETR:DOU
Douglas — Investor Presentation (January 2026)
32 slides from Douglas's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
INVESTOR PRESENTATION January 2026
Slide 2: Content
CONTENT 01 DOUGLAS AT A GLANCE 02 BUSINESS MODEL AND STRATEGY 03 FY 2024/2025 FINANCIALS 04 OUTLOOK
Slide 3: Douglas at a Glance
DOUGLAS AT A GLANCE 3
Slide 4: #1 Omnichannel Premium Beauty Destination in Europe
#1 OMNICHANNEL PREMIUM BEAUTY DESTINATION IN EUROPE KEY STATS DOUGLAS GROUP LEADING PRESENCE EUROPEAN MARKET LEADER 5 − Omnichannel operations in 22 Sales by channel2 Sales by segment2 European countries 5% 25.1% 26.7% E-Com Total − 99% Brand awareness 1 33% 16% market market share5 share5 46% − €4.
Slide 5: Business Model and Strategy
I N V E S T M E N T H I G H L I G H T S BUSINESS MODEL AND STRATEGY 5
Slide 6: Market Situation: Changing Environment
MARKET SITUATION: CHANGING ENVIRONMENT The European premium beauty market continues to structurally grow, but at a slower pace than in recent years, and varying between countries. In this new environment, omnichannel is the winning model as consumers adapt their shopping behavior to the channel-brea
Slide 7: Our "Let it Bloom" Strategy
OUR “LET IT BLOOM“ STRATEGY 1 2 3 Be the #1 Offer most relevant Deliver most customer BEAUTY DESTINATION and distinctive friendly OMNICHANNEL in all our markets RANGE OF BRANDS experience One Foundation Grow our Build an efficient CULTURE OPERATING and VALUES MODEL 7
Slide 8: We Have the Largest Premium Beauty Community in Europe
WE HAVE THE LARGEST PREMIUM BEAUTY COMMUNITY IN EUROPE VISITS PER YEAR OMNICHANNEL DOUGLAS CARD HOLDERS DOUGLAS SOCIAL MEDIA FANS >1 Billion > 60 Million >10 Million Interested Loyal Beauty Highly engaged Beauty Fans Customers Beauty Lovers 8
Slide 9: The Leading Loyalty Card in the Premium Beauty Market
THE LEADING LOYALTY CARD IN THE PREMIUM BEAUTY MARKET WITH A STRONG TRACTION - NOW WE BRING IT TO THE NEXT LEVEL 1995 2002 2009 2012 2014 2016 2018 2025 BEAUTY CARD BEAUTY CARD MEMBERS AVG BASKET VALUE (LOYALTY PROGRAM) NO. IN MILLIONS3 PER ORDER 3 >60 + 3 2 . 6% >60 59 57 45 ~42 43 ~76% of sales by
Slide 10: Douglas Covering Masstige to Top Luxury Beauty Segments
DOUGLAS COVERING MASSTIGE TO TOP LUXURY BEAUTY SEGMENTS BRAND SEGMENTATION OVERVIEW1 Top Luxury / Niche Luxury FOCUS Selective Brands Premium Masstige Mass Mass Brands Source: internal Segmentation based on McK Analysis Note: Example logos (not exhaustive) Brand segmentation to illustrate DOUGLAS fo
Slide 11: Most International Omnichannel Footprint in European Premium Beauty
DOUGLAS HAS THE MOST INTERNATIONAL OMNICHANNEL FOOTPRINT IN THE EUROPEAN PREMIUM BEAUTY MARKET ILLUSTRATIVE OVERVIEW OF EUROPEAN RETAIL BEAUTY MARKET1 Online pu
Slide 12: Douglas Covers All Key Categories with Different Types of Brands and Services
DOUGLAS COVERS ALL KEY CATEGORIES WITH DIFFERENT TYPES OF BRANDS AND SERVICES Illustrative sales share FRAGRANCES COLOR COSMETICS SKIN CARE HAIR CARE ACCESSORIES Selective brands Exclusive brands Corporate brands Beauty-adjacent Partner Program categories Facial Make-up Eyebrows & Manicure & Beauty
Slide 13: Corporate and Exclusive Brands Enjoy Higher Margins
CORPORATE AND EXCLUSIVE BRANDS ENJOY HIGHER MARGINS AND SET US APART FROM THE COMPETITION Democratization of premium cosmetics Capitalization of selected growth segments − Premium price entry / full product range − Focus on ‘specialist face care’ & fragrance − Covering trends, leading to additional
Slide 14: Omnichannel Is the Winning Model in Beauty
OMNICHANNEL IS THE WINNING MODEL IN BEAUTY: OMNICHANNEL CUSTOMERS SPEND MORE AND MORE OFTEN STORES CONTINUE TO PLAY A ROLE IN >82% OMNICHANNEL CUSTOMERS SPEND MORE AND MORE OF CUSTOMER JOURNEYS OFTEN THAN SINGLE CHANNEL CUSTOMERS % of purchases by channel used Average sales (net) and annual frequenc
Slide 15: Future OWAC Set-up
FUTURE OWAC SET-UP 2027 (TBC) Network of seven omnichannel warehouses 2027 (TBC) 2027 Dates indicate currently planned go- (TBC) live date of deliveries to respective country from corresponding OWAC Q3 ‘26 Bönen / Netherlands (BENOWAC) Germany Tender launched LIVE (Niche-Beauty) Q3 ‘26 Mszczonów / P
Slide 16: Summary
I N V E S T M E N T H I G H L I G H T S SUMMARY 16
Slide 17: Summary: What Makes the Douglas Stock Attractive?
Summary: What makes the Douglas stock attractive? LEADING MARKET POSITION & UNMATCHED BRAND PORTFOLIO UNIQUE OMNICHANNEL BUSINESS MODEL LET IT BLOOM STRATEGY FOCUSED ON PROFITABLE GROWTH & DELEVERAGING SUPPLY CHAIN EXCELLENCE & INNOVATION 17
Slide 18: Europe's #1 Premium Beauty Destination (1/2)
DOUGLAS: Europe’s #1 Premium Beauty Destination (1/2) LEADING MARKET POSITION LEADING MARKET POSITION & SALES UNMATCHED BRAND PORTFOLIO € million 8% CAGR 4,575 − #1 Premium Beauty Retailer in Europe with a 4,451 dominant footprint across 22 countries 4,094 3,678 − Operating in a growing market drive
Slide 19: Europe's #1 Premium Beauty Destination (2/2)
DOUGLAS: Europe’s #1 Premium Beauty Destination (2/2) PROVEN STRATEGY & FINANCIAL DISCIPLINE INNOVATION & SUPPLY CHAIN CASH FLOW EXCELLENCE € million(1) 750 684 629 • Continuous investment in Customer Experience, 585 524 468 481 Data/CRM, and store network modernization 500 461 367 • State-of-the-ar
Slide 20: FY 2024/25 Financials
FY 2024/25 FINANCIALS
Slide 21: FY 2024/25: Performance by Quarter
FY 2024/25: Performance by quarter Volatility in market trends leading to swings in sales trend and margin investments SALES GROWTH (EX DISAPO) ADJ. EBITDA MARGIN % YoY % of sales 22.4% 21.5% 18.2% 6.5% 15.2% 16.7% 15.8% 16.8% 15.7% 13.0% 13.7% 4.0% 3.5% 2.6% Q1 Q2 Q3 Q4 FY -1.0% FY23/24 Q1 Q2 Q3 Q4
Slide 22: FY 2024/25: Group Sales and EBITDA Development
FY 2024/25: Group Sales and EBITDA development Sales and adjusted EBITDA in line with company guidance SALES EBITDA in m€ in m€ 4,451 4,575 ADJUSTED EBITDA1 REPORTED EBITDA +2.8% 809 768 730 757 -5.0% +3.6% +3.5% excluding Disapo 18.2% 16.8% 16.4% 16.5% +2.2% lfl 2023/2024 2024/2025 2023/2024 2024/2
Slide 23: FY 2024/25: Sales Increased in Both Channels
FY 2024/25: Sales increased in both channels GROUP STORES E-COM in m€ in m€ in m€ − Stores: 67.2% of Group sales (PY 67.4%) − E-Com: 32.8% of Group sales (PY 32.6%) − Sales growth primarily driven by store − Excluding sold off Disapo sales growth openings and refurbishments amounted to +5.6% − Avera
Slide 24: FY 2024/25: Strong Increase in Net Income
FY 2024/25: Strong increase in Net Income in m€ 2023/2024 2024/2025 Change Net sales 4,451.0 4,575.3 2.8% − Gross profit margin: Higher promotional Costs of raw materials -2,415.0 -2,539.3 5.1% pressure in a competitive environment; not reaching targets leading to lower Gross profit 2,036.0 2,036.1
Slide 25: Average Net Working Capital Now at 4.4% of Sales
FY 2024/25: Average Net Working Capital now at 4.4% of sales As of 30 September 2025 AVERAGE NET WORKING CAPITAL CAPEX in m€ in m€ -14.6% +9.7% 234 171 156 200 Average CAPEX as % 5.3% 4.4% NWC as % 3.5% 3.7% of Sales of Sales 2023/2024 2024/2025 2023/2024 2024/2025 − Average inventory higher due to
Slide 26: FY 2024/25: Free Cash Flow Development
FY 2024/25: Free Cash Flow development in m€ 768 -171 -45 -47 473 461 -32 -12 0 -315 146 Adj EBITDA CAPEX Working Tax Others Adj FCF EBITDA M&A FCF post M&A Property rents 3 FCF Post Capital1 Adjustments Property rents (Cash effect)2 FY 2023/2024 809 -151 -23 -63 26 597 -63 -10 524 -298 226 1 Exclud
Slide 27: FY 2024/25: Sound Financial Structure
FY 2024/25: Sound financial structure AVAILABLE LIQUIDITY NET DEBT STRUCTURE NET LEVERAGE1 in m€ in m€ Net leverage 438 2,287 2,265 Net leverage excl. IFRS16 380 Lease liabilities 1,107 1,307 2.8 2.9 RCF 340 2.3 331 2.1 Net financial debt 1,179 958 Cash 99 49 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-2
Slide 28: Outlook
OUTLOOK
Slide 29: Summary and Guidance FY 2025/26
SUMMARY − European premium beauty market transitioning from highly dynamic post-pandemic growth to a phase of rebalancing: It continues to structurally grow, albeit at a slower pace − “Let it Bloom” strategy sharpened towards efficiency; targeted investments in growth initiatives like IT & E-Com − F
Slide 30: Q1 25/26: Sales Growth +1.7% Amid Challenging Market
30 Q1 25/26: Sales growth + 1.7% amid challenging market SALES DEVELOPMENT − Sales +1.7% (6.5% ex-Disapo PY) SALES (EUR bn) 1.67 − Store sales in the quarter grew year-on-year with 1.65 +0.4%, supported by the opening of 13 new stores (net) − Singles’ Day and Black Week strong, but partially pulled
Slide 31: Mid-term Targets
Mid-term Targets CAPITAL GROWTH PROFITABILITY ALLOCATION Consistent sales growth Sustained profitability Continuous commitment on deleveraging Low- to mid-single-digit growth Stable adj. EBITDA margin 2.0 – 2.5x adj. EBITDA targeting considering premium beauty market dividend payout dynamics • E-Com
Slide 32: Contacts
Contacts Dafne Sanac Director Investor Relations Phone: +49 (0) 151 5567 5545 John David Roeg Investor Relations Lead Phone: +49 (0) 211 16847 8197 Niklas Esser Manager Investor Relations Phone: +49 (0) 152 0264 3480 E-Mail ir@douglas.de