Slide 1: Financial Results & Business Highlights Q2 2025/26
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q2 2025/26 Düsseldorf, 12 May 2026
Slide 2: Agenda
AGENDA 01 Overview 02 Q2 2025/26 Financials 03 Strategic Direction 04 Highlight Initiatives 05 Wrap-up + Q&A
Slide 3: Summary Q2 2025/26 and Key Figures
SUMMARY Q2 2025/26 We have grown our sales in the quarter while the ongoing uncertainty and price sensitivity among consumers continue to weigh on profitability. E-Com, including cross-channel sales, drove our growth, reflecting a shifting shopping behavior. The net result was impacted by impairment
Slide 4: Market Environment
MARKET ENVIRONMENT The premium beauty market is adapting to a “new normal”: 1. More mature markets lead to slower growth 2. Political & societal uncertainty makes consumers hesitant 3. Shopping behavior changes towards E-Com 4. Pure players & marketplaces challenge selective beauty distribution 5. F
Slide 5: Adjusted guidance for 2025/26
Reflecting the market and current environment, we have adjusted our guidance for 2025/26 on 30 April. ADJ. EBITDA NET LEVERAGE GROUP SALES MARGIN (30.09.2026) € 4.65-4.8 bn ~16.5% 2.5x - 3.0x Lower end of Upper end of € 4.65-4.8 bn ~16.0% 2.5x - 3.0x 5
Slide 6: Q2 Financials
MARCO GIORGETTA, CFO Q2 FINANCIALS
Slide 7: Q2 2025/26 Group Sales & EBITDA development
Q2 2025/26 Group Sales & EBITDA development Sales increase with lower profitability SALES ADJUSTED EBITDA1 in m€ in m€ 939 950 +1.1% -5.1% 122 116 -1.3% lfl 13.0% 12.2% Q2 2024/25 Q2 2025/26 Q2 2024/25 Q2 2025/26 MARGINS − Sales slightly up by +1.1% reported growth sustained by E-Com and − Ongoing c
Slide 8: Growth driven by E-Com and network expansion
Growth driven by E-Com and network expansion GROUP STORES E-COM in m€ in m€ in m€ − Price increase in both channels was partially − Stores: 66.3% of Group sales (PY 66.7%) − E-Com: 33.7% of Group sales (PY 33.3%) offset by volume declines − Sales growth driven by store openings and − Growth driven b
Slide 9: Segment development in Q2 2025/26
Segment development in Q2 2025/26 SALES ADJ. EBITDA MARGIN1 % YoY % of sales 16.8% DACHNL 1.4% DACHNL 16.2% 16.2% France -0.4% France 15.5% 20.2% CEE 5.9% CEE 19.1% 18.4% SE -1.3% SE 15.6% -4.3% Q2 FY24/25 PD/NB -2.1% PD/NB -0.8% Q2 FY25/26 − CEE continues to deliver the highest sales growth rates w
Slide 10: Margin pressure persists due to discount-driven sales
Margin pressure persists due to discount-driven sales in m€ 1 425 +3 423 -11 +5 GP Margin: 45.2% -1.2%p +0.4%p 44.5% Gross profit Q2 24/25 Volume/Sales Effect Price/Promo/Mix Supplier Contribution Effect Gross profit Q2 25/26 Effect − Sales generated positive gross profit while margins remained unde
Slide 11: Staff costs rise due to network expansion, other net operating expenses decreased
Staff costs rise due to network expansion, other net operating expenses decreased NET OPERATING EXPENSES 1 STAFF COSTS OTHER NET OPERATING EXPENSES in m€ 1.5% Slightly higher staff cost to revenue ratio YoY Improved net marketing cost to revenue ratio 302 307 − Marketing cost efficiency − Additional
Slide 12: Impairments drive Q2 non-cash charges
Impairments drive Q2 non-cash charges Elevated D&A and goodwill write-downs weigh on profitability in m€ • Goodwill impairments: -99 m € • Store asset impairments: -14m € 116 • EBITDA adjustments: -7m € - Reported EBIT significantly impacted by non-cash effects - Goodwill impairments linked -97 to p
Slide 13: Despite sales growth, consumer price sensitivity weighs on earnings
Despite sales growth, consumer price sensitivity weighs on earnings Q2 2025/2026 in m€ Q2 2024/25 Q2 2025/26 Change Net sales 939.0 949.7 1.1% − Gross profit margin: Challenging consumer Gross profit 424.5 422.8 -0.4% environment and higher cost of raw materials weighed on gross profit margins Gross
Slide 14: Average Net Working Capital now at 3.5% of sales
Average Net Working Capital now at 3.5% of sales As of 31 March 2026 AVERAGE NET WORKING CAPITAL CAPEX in m€ in m€ 240 -32.8% 161 36 -29.0% 5.3% 3.5% 26 Average NWC as % 31.03.2025 31.03.2026 of Sales1 Q2 2024/25 Q2 2025/26 − DIO stable at 123 (PY: 123), with new openings leading to increased − Majo
Slide 15: Free Cash Flow development
Free Cash Flow development1 H1 2025/2026 450 -71 -83 303 294 -25 32 -9 -168 127 Adj EBITDA CAPEX2 Net Working Tax Others4 Adj FCF EBITDA Free Cash Flow Property rents FCF post Capital3 Adjustments property rents6 (Cash effect)5 H1 2024/2025 476 -70 -57 -25 -12 312 -4 308 -158 150 1 Amounts rounded;
Slide 16: Sound financial structure
Sound financial structure NET DEBT STRUCTURE NET LEVERAGE in m€ 2,186 2,155 Net leverage Net leverage excl. IFRS16 1,176 Lease liabilities 1,303 2.8x 2.9x 2.0x 2.0x 1,010 Net financial debt 852 31.03.2025 31.03.2026 Mar-25 Mar-26 - Higher lease liabilities reflect store openings and contract - Sligh
Slide 17: Outlook 2025/2026
WIP Outlook 2025/2026 DOUGLAS Group 2024/2025 2025/2026 reported guidance €4.65bn to €4.80bn Net sales €4.58bn (lower end) Adjusted EBITDA margin 16.8% around 16.0% 2.5x to 3.0x Net leverage 2.9x (upper end) 17
Slide 18: Strategic Direction
SANDER VAN DER LAAN, CEO STRATEGIC DIRECTION
Slide 19: Our 'Let it Bloom' Strategy
Our „Let it Bloom“ Strategy Three commercial pillars, one strong foundation 1 2 3 Be the #1 PREMIUM Offer most relevant Scale the most seamless BEAUTY DESTINATION ASSORTMENT OMNICHANNEL in all our markets with clear differentiation experience FOUNDATION Build the united, future-proof FOUNDATION for
Slide 20: Our Highlights
Our Highlights 21 Key Results – re-assessed and re-defined Be the #1 PREMIUM BEAUTY DESTINATION in all our markets Offer most relevant ASSORTMENT with clear differentiation Scale the most seamless OMNICHANNEL experience B B C Curate a Distinctive Assortment S S R Relevance & Customer Centricity L Li
Slide 21: Highlight Initiatives
SANDER VAN DER LAAN, CEO HIGHLIGHT INITIATIVES
Slide 22: Beauty Card loyalty program relaunch
Be the #1 PREMIUM BEAUTY DESTINATION in all our markets The successful Beauty Card loyalty program relaunch supports our omnichannel platform – rolled out to nine >64m +3m +4.2% countries as of today. Members Members since Beauty Card 2.0 member sales (31.03.26) relaunch (Q2 vs. PY) Omnichannel Plat
Slide 23: Differentiation drives our assortment
Differentiation drives our assortment: We are investing in selective, exclusive and corporate brands, positioning us as the retailer of choice. Differentiation
Slide 24: Four new Exclusive Brands launched in 2026
March 2026 February 2026 | Bella Hadid January 2026 | Halsey March 2026 | Jennifer Aniston EXCLUSIVE BRANDS COMBINED SHARE Exclusives are a Q2 SALES GROWTH OF GROUP SALES In 2026, we have launched four new Exclusive growth engine Brands, which already proved very successful. for differentiation. +16
Slide 25: Curated Selective Brands
Top brands by absolute Q2 growth Top brands by absolute Q2 growth Top brands by absolute Q2 growth Top brands by absolute Q2 growth In addition, carefully curated Selective Brands We have recently introduced Fenty Beauty by make us the premium beauty retailer of choice. Rihanna in Belgium and the Ne
Slide 26: Category Trends
CATEGORY TRENDS All categories except for skin care are up YoY. Haircare continues to grow strongly, driven by brands like Kérastase and new launches. FRAGRANCES SKIN CARE MAKEUP HAIR CARE ACCESSORIES Sales Performance at the DOUGLAS Group (Q2) + - + ++++ - Share at the DOUGLAS Group (Q2) 26
Slide 27: Store network upgrade
Scale the most seamless OMNICHANNEL experience STORE NETWORK (Q2) As we focus on our omnichannel model, 11 20 1,970 Openings Refurbishments Stores (31.03.) we continue to upgrade (12 closings) our store network. We will also invest stronger in E-Com and IT. Store Network
Slide 28: Cross-channel services grow strongly
Scale the most seamless OMNICHANNEL experience Cross-channel services (= C&C, C&C Express, In-store orders) grow strongly and highlight the attractiveness of our omnichannel model. X-Channel
Slide 29: Closer look at our cross-channel performance
Closer look at our cross-channel performance Omnichannel customers have a higher annual spend and shop more frequently Stores play a role in the Increasing sales development vast majority of customer journeys (Q2 2025/26 vs. PY) Customer journeys Customer journeys that are digital only Click & Colle
Slide 30: AI Beauty Advisor launch in Germany
EXPECTED IMPACT ON EXPECTED IMPACT ON CUSTOMER BASKET SIZE & SATISFACTION ITEM VALUE Scale the most seamless OMNICHANNEL experience We will soon launch an AI Beauty Advisor in Germany for app and online shop, with more features and international rollouts EXPECTED IMPACT ON planned for the future
Slide 31: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 32: Summary
SUMMARY − We grew sales, while profitability remains under pressure − As the premium beauty market adapts to a “new normal”, we accelerate the execution of select strategic initiatives and focus on what differentiates us and drives growth − We put emphasis on our omnichannel model, cross-channel ser
Slide 33: Q&A
Q&A
Slide 34: Appendix
APPENDIX
Slide 35: DACHNL Q2/H1
DACHNL Q2/H1 Sales growth led by E-Com Q2 2025/2026 H1 2025/2026 SALES Q2 2025/26: in m€ in m€ 1,173 1,183 − Store sales increased by +1.5%, but lfl declined -4.6% +1.4% +0.9% − E-Com sales increased by +1.2% 442 448 − YoY adjusted EBITDA primarily affected by a lower gross margin -2.0% lfl -1.6% lf
Slide 36: France Q2/H1
France Q2/H1 Weak store performance not offset by online growth Q2 2025/2026 H1 2025/2026 SALES Q2 2025/26: − Store sales decreased by -1.7%, with in m€ a -4.5% lfl in m€ 506 510 − E-Com sales increased by +4.6% -0.4% +0.7% − Lower adjusted EBITDA caused by an ongoing highly competitive 164 164 envi
Slide 37: Central Eastern Europe Q2/H1
Central Easter Europe Q2/H1 Sales growth continues in both Channels Q2 2025/2026 H1 2025/2026 Q2 2025/26: SALES − Store sales increased by +5.1%, with in m€ a +1.6% lfl in m€ 429 402 − E-Com sales increased by +8.5% +5.9% +6.8% − Lower adjusted EBITDA margin due to margin dilution (-0.5%p) and 146 1
Slide 38: Southern Europe Q2/H1
Southern Europe Q2/H1 Slight decline in overall sales amid positive E-Com growth Q2 2025/2026 H1 2025/2026 Q2 2025/26: SALES − Store sales decreased by -2.9%, with in m€ -4.0% lfl in m€ 391 391 − E-Com sales increased by +8.7% -1.3% -0.1% − Lower Adjusted EBITDA due to a 142 141 decrease in gross pr
Slide 39: Parfumdreams/NICHE BEAUTY Q2/H1
Parfumdreams/NICHE BEAUTY Q2/H1 Battling pressure from Online pure play remains Q2 2025/2026 H1 2025/2026 SALES Q2 2025/26: in m€ in m€ − Sales were -2.1% lower 113 111 − Higher adjusted EBITDA reflects -2.1% -1.5% both a higher gross margin alongside lower net operating 43 42 expenses -1.6% lfl -0.
Slide 40: Douglas Group like-for-like sales development
Douglas Group like-for-like sales development Quarterly overview Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 DACHNL -3.0% 3.1% 1.0% -1.4% -2.0% France -2.3% -0.7% -0.2% -0.7% -2.4% Southern Europe 0.1% 1.1% 0.1% -0.6% -2.1% Central Eastern Europe 7.2% 9.2% 5.2% 3.8% 3.3% PD/NB -2.7% 17.3%
Slide 41: Selected Segmental KPIs Q2 2025/2026
Selected Segmental KPIs Q2 2025/2026 REPORTED EBITDA CAPEX In m€ Q2 2024/25 Q2 2025/26 In m€ Q2 2024/25 Q2 2025/26 DACHNL 74.7 72.4 DACHNL 12.1 10.4 France 26.3 25.7 France 9.9 6.0 Southern Europe 26.1 21.8 Southern Europe 2.1 2.7 Central Eastern Europe 29.6 29.3 Central Eastern Europe 4.9 4.7 PD/NB
Slide 42: Selected Segmental KPIs H1 2025/2026
Selected Segmental KPIs H1 2025/2026 REPORTED EBITDA CAPEX In m€ H1 2024/25 H1 2025/26 In m€ H1 2024/25 H1 2025/26 DACHNL 232.2 216.9 DACHNL 17.6 21.8 France 109.1 106.7 France 16.4 11.8 Southern Europe 91.7 83.6 Southern Europe 5.0 5.8 Central Eastern Europe 102.5 103.0 Central Eastern Europe 9.0 9
Slide 43: Adjustments to EBITDA
Adjustments to EBITDA Q2 & H1 2025/2026 ADJUSTMENTS TO EBITDA Q2 2024/25 Q2 2025/26 H1 2024/25 H1 2025/26 In m€ Reported EBITDA 109.4 472.1 441.3 122.0 M&A -0.9 2.4 -0.6 2.4 Restructuring 0.3 1.1 0.6 1.5 Strategic initiatives 0.8 3.7 3.9 5.0 Other 0.1 -0.4 0.0 -0.3 Adjusted EBITDA 122.4 116.1 475.9
Slide 44: Adjustments to EBIT
Adjustments to EBIT Q2 & H1 2025/2026 ADJUSTMENTS TO EBIT Q2 2024/25 Q2 2025/26 H1 2024/25 H1 2025/26 In m€ Reported EBIT 25.5 -100.7 285.8 133.7 M&A -0.9 2.4 -0.6 2.4 Restructuring 0.3 -2.1 0.6 2.1 Strategic initiatives 2.0 3.7 7.6 5.0 Other (incl. Impairments) 5.2 111.8 5.0 113.3 Adjusted EBIT 32.
Slide 45: Development of Average Net Working Capital
Development of Average Net Working Capital As of 31 March 2026 240 228 200 168 161 in m€ Avg. NWC as % of X% LTM Sales 5.3% 5.0% 4.4% 3.6% 3.5% Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Average inventory 833.4 842.3 849.5 858.2 872.8 Average trade accounts receivable 78.2 79.3 79.5 82.7
Slide 46: H1 2025/2026
H1 2025/2026 in m€ H1 2024/25 H1 2025/26 Change Net sales 2,585.4 2,623.5 1.5% Gross profit 1,141.6 1,132.8 -0.8% Gross profit margin 44.2% 43.2% -100bps Net operating expenses (adjusted) -665.7 -683.0 -2.6% Adjusted EBITDA1 475.9 449.8 -5.5% Adjusted EBITDA margin 18.4% 17.1% -130bps Adjustments to
Slide 47: Financing structure
Financing structure As of 31 March 2026 Carrying amounts m€ x Adj. EBITDA LTM1 Maturity Pricing Cash and Equivalents 150.8 RCF (€350m Volume) 0.0 Mar 2029 E+2.00% Term Loan 802.4 Mar 2029 E+2.25% Non-variable: 3.9% to 4.2% Promissory loan (Schuldscheindarlehen) 199.8 2028-2032 Variable: 6M E+175bps
Slide 48: Store network across Europe in H1
Store network across Europe in H1 WIP As of 31 March 2026 NUMBER OF STORES DEVELOPMENT 1,958 1,970 31 September 2025 – 31 March 2026 Store openings 27 Store closures 15 Total 12 1,830 1,844 Store openings: 11 stores in DACHNL (DE, AT, NL, CH, BE), 1 in France, 11 in CEE (PL, BG, EE, 128 126 CZ, HU,
Slide 49: Store network across Europe in Q2
Store network across Europe in Q2 WIP As of 31 March 2026 NUMBER OF STORES DEVELOPMENT 1,958 1,970 31 December 2025 – 31 March 2026 Store openings 11 Store closures 12 Total -1 1,830 1,844 Store openings: 5 stores in DACHNL (DE, BE), 6 in CEE (BG, CZ, HU, RO, SK) 128 126 Store closures: Sep 2025 Mar
Slide 50: Disclaimer on forward-looking statements
Disclaimer on forward-looking statements This presentation contains forward-looking statements in which terms such as "believe", "estimate", "assume", "can" and the like are used, and which are based on assumptions and estimates. Although Douglas AG believes that these assumptions and estimates are
Slide 51: Douglas Group
LOUGLAS GROUP