Nelly Group Ab · OMXSTO:NELLY
Nelly Group Ab — Q1 2026 Earnings Presentation
17 slides from Nelly Group Ab's earnings presentation, Apr 28, 2026
Slide 1: Nelly Group Investor Presentation Q1 2026
Nelly Group INVESTOR PRESENTATION Q1 20 2 6 28 April 2026
Slide 2: Nelly Group Q1 2026 Presentation
Nelly Group Q1 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 Q1 2026 • Financial summary • Q&A
Slide 4: Today’s presentation
Today’s presentation • Introduction to NELLY • CEO’s comments on Q1 2026 • Financial summary • Q&A
Slide 5: A soft start to 2026
A soft start to 2026 • Net revenue -1,8% (11.5%) • Operating margin 3.3% (8.0%) • Operating profit 8.0 MSEK (19.9) • Result below our expectations
Slide 6: Active customers
Active customers • Active customer base in the Nordics Active customers Nordics LTM (000) broadly flat 1150 1100 1070 1050 1055 1032 1029 1027 • Shortfall in new customer recruitment 1001 1000 973 968 • Assortment didn’t resonate enough 943 950 926 926 928 911 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 7: Gross margin
Gross margin • 55.3% (51.6%) Gross margin (%) 60% 57% 55% • Positive impact from own brand growth 55% 55% 55% 54% 55% 53% 52% 51% 50% 49% 49% 50% • Pressured by higher discounting 45% 41% 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Q1 • Ma
Slide 8: Own brand share
Own brand share • 62.7% (50.1%) Own brand share (%) • Growth in jeans, pants and swimwear 65% 62% 62% 63% 60% 55% 55% 50% • Overall underweighted on trends 50% 47% 45% 44% 45% 41% 39% 40% 40% 36% 36% • External portfolio strengthened with 35% Diesel, Nike and Lois 30% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 9: Return rate
Return rate • 27.3% (24.8%) Return Rate (%) 41% 38% 38% • Higher return rate, partly trend-driven 36% 34% 33% 33% 31% 31% 28% 27% 28% 26% 27% • Certain categories and silhouettes carry 25% 26% 23% higher returns 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025
Slide 10: Operating margin
Operating margin • Lower operating margin despite higher gross margin Operating margin (%) 20% 15% 15% 13% 15% 11% 10% 11% 10% 5% 8% 8% • Higher marketing intensity required in a 3% 5% 3% 1% challenging period 0% -5% -10% -14% -15% • Reflect deliberate investments to build the -20% Q1 Q2 Q3 Q4 Q1 Q2
Slide 11: Strategy holds firm
Strategy holds firm • Curated assortment of own and international brands • Positioning NELLY as the most sought-after fashion destination • Customer preferences are our primary compass • Disciplined execution amid continued market pressure
Slide 12: Agenda
Agenda • Introduction to NELLY • CEO’s comments on Q1 2026 • Financial summary • Q&A
Slide 13: Net revenue decline, gross margin improvement
Financial Summary Net revenue decline, gross margin improvement Net Revenue, MSEK 362 -1.8% 371 Sales decrease of 1.8 % year-over-year 314 318 284 • Lower sales in Nordic markets • Increased return levels 240 248 243 222 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Gross p
Slide 14: Higher operating expenses, lower operating profit
Financial Summary Higher operating expenses, lower operating profit Operating expenses increase by 19 msek mainly Operating expenses, MSEK FUL FI L L ME NT/ NE T RE V. driven by investments in personnel +19 127 12,6 % • Fulfillment and distribution costs relatively flat in absolute measures 108 Last
Slide 15: Strong balance sheet with solid liquidity and equity ratio
Financial Summary Strong balance sheet with solid liquidity and equity ratio Cash flow following historical trend affected by first Cash flow from operations quarters weaker result. 106 104 • Operating cashflow affected by the weaker 77 72 operating result. 50 51 • Cashflow from investing activities
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Slide 17: Thank you
Thank you