Douglas Ag · XETR:DOU
Douglas — Q3 2024/25 Earnings Presentation
43 slides from Douglas's earnings presentation, Aug 14, 2025
Slide 1: Financial Results & Business Highlights Q3 FY 2024/25
FINANCIAL RESULTS & BUSINESS HIGHLIGHTS Q3 | FY 2024/25 Düsseldorf, 14 August 2025
Slide 2: Agenda
AGENDA 01 Overview 3 02 Q3 Financials 4 03 Strategy & Business Highlights 17 04 Wrap-up + Q&A 23
Slide 3: Results Development: Q3 2024/25 vs. Q3 2023/24
RESULTS DEVELOPMENT: Q3 2024/25 VS. Q3 2023/24 SAFEGUARDED SOLID IMPROVED PROFITABILITY SALES GROWTH BOTTOM LINE Reported EBITDA: Group sales: Net income: €152.4m (15.6%) +3.2% - €71.6m + €17.3m €154.6m (15.3%) Omnichannel sales: Free Cash Flow: Adjusted EBITDA: Stores +2.1% €101.8m €104.8m €1
Slide 4: Q3 Financials
MARCO GIORGETTA, CFO Q3 FINANCIALS
Slide 5: Q3 2024/25: Achieving solid growth
Q3 2024/25: Achieving solid growth Improving sales and profit trends SALES EBITDA in m€ in m€ 977 1,008 ADJUSTED EBITDA1 REPORTED EBITDA 163 +3.2% 158 155 -2.9% 152 +1.4% +4.0% excluding Disapo 16.7% 15.7% 15.6% 15.3% +2.5% lfl Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 − Posi
Slide 6: Sales increased in both channels fueled by omnichannel services
Sales increased in both channels fueled by omnichannel services Sales Q3 2024/25 GROUP STORES E-COM in m€ in m€ in m€ − Stores: 67.3% of Group sales (PY: 68.0%) − E-Com: 32.7% of Group sales (PY: 32.0%) 977 1,008 − Increase in footfall and number of customers, − E-Com regained sales momentum +3.2% p
Slide 7: DACHNL Q3 2024/25
DACHNL Q3 2024/25 Resilient performance led by E-Commerce SALES ADJUSTED EBITDA1 − Store sales up by 1.3%, with a -2.9% lfl; reflecting tougher trading in m€ in m€ compared to a year ago 465 480 +3.2% − Positive development in Belgium, growing from 1 to 8 stores LTM − E-Com sales increased by 6.1%,
Slide 8: France Q3 2024/25
France Q3 2024/25 Continued market share gain SALES ADJUSTED EBITDA1 − Store sales decreased by -1.6%, with a -2.2% lfl, reflecting an ongoing in m€ in m€ tough trading environment 174 173 -0.9% − E-Com sales increased by 2.2% helped by a higher average order size, while the number of orders was low
Slide 9: Southern Europe Q3 2024/25
Southern Europe Q3 2024/25 Positive store sales growth outweighs lower E-Com sales trend SALES ADJUSTED EBITDA1 − Store sales increased by +2.5%, with +2.1% lfl, reflecting a more favorable in m€ in m€ Southern Europe consumer 146 148 environment +1.4% − E-Com sales decreased by -5.6%, with a lower
Slide 10: Central Eastern Europe Q3 2024/25
Central Eastern Europe Q3 2024/25 Sales growth continues SALES ADJUSTED EBITDA1 − Store sales increased by +7.7%, with a +3.6% lfl, reflecting the success of in m€ in m€ our expansion in the region 159 +10.5% − E-Com sales increased by +20.9% 144 thanks to a combination of more orders and a higher a
Slide 11: Parfumdreams/NICHE BEAUTY Q3 2024/25
Parfumdreams/NICHE BEAUTY Q3 2024/25 Strong performance in core markets SALES ADJUSTED EBITDA1 − Our brands Parfumdreams and NICHE BEAUTY both realized similar in m€ in m€ sales growth 48 +19.2% − Sales benefitted from a more 40 effective commercial approach of Parfumdreams as well as ongoing strong
Slide 12: P&L – Continued strong improvement in net income
P&L – Continued strong improvement in net income Q3 2024/25 in m€ Q3 2023/24 Q3 2024/25 ∆% Net sales 977.1 1,008.1 3.2% − Gross profit margin: Higher promotional pressure in a Cost of raw materials, consumables and -520.0 -551.0 6.0% competitive environment supplies and merchandise − Lower net opera
Slide 13: Average Net Working Capital now at 5.0% of sales
Average Net Working Capital now at 5.0% of sales As of 30 June 2025 AVERAGE NET WORKING CAPITAL CAPEX in m€ in m€ -1.9% 232 228 21.2% 36 43 5.3% 5.0% Average NWC as % of Sales1 Q3 2023/24 Q3 2024/25 Q3 2024/25 Q3 2024/25 − Average inventory slightly higher due to buffer stock for the new − Capex pro
Slide 14: Free Cash Flow shows sustained strength
Free Cash Flow shows sustained strength 9M 2024/25 in m€ 634 -115 -50 -35 420 413 -15 -7 Adj EBITDA CAPEX Working Capital 1 TAX Others² Adj FCF EBITDA Free Cash Flow Adjustments (Cash effect)³ 9M 2023/24: 657 -89 -29 -51 41 530 -65 465 1 Excluding impact of supply chain financing; for details on Net
Slide 15: Further steps made in reducing leverage ratio
Further steps made in reducing leverage ratio As of 30 June 2025 AVAILABLE LIQUIDITY NET DEBT STRUCTURE TOTAL NET LEVERAGE1 in m€ in m€ 448 2,194 426 2,133 2.8 2.7 Lease liabilities 1,044 1,209 RCF 342 333 Net financial debt 1,150 924 Cash 106 93 June-24 June-25 June-24 June-25 June-24 June-25 - Amp
Slide 16: Confirmation of 2024/25 guidance
WIP Confirmation of 2024/25 guidance DOUGLAS Group 2023/24 2024/25 reported guidance Sales €4,451m around €4,500m Adjusted EBITDA margin 18.2% around 17% Average net working capital as % of sales 5.3% <5% We expect sales to be slightly above EUR 4.5bn We confirm our above guidance for 2024/25 le
Slide 17: Strategy & Highlights
SANDER VAN DER LAAN, CEO STRATEGY & HIGHLIGHTS
Slide 18: "Let it Bloom" well on track
“Let it Bloom” well on track Deliver most Be the #1 BEAUTY Offer most relevant Build focused customer friendly DESTINATION and distinctive and efficient OMNICHANNEL in all our markets RANGE OF BRANDS OPERATING MODEL experience Brand Communication Category & Brands Multiformat Global Process Design S
Slide 19: Assortment
Category & Brands Corporate Brands Assortment Offering the most relevant range of brands Category development in Q3 – relative to average growth: F RAG RANCE SKI NCARE M AKE- UP H AI RCARE INDUSTRY & EXCLUSIVE BRANDS − Top performing brands include Sol de Janeiro, Rituals, Erborian, Kerastas
Slide 20: Store Network Development
Network Development Store Network Development Ongoing expansion and modernization − Major progress in the period from April to June 2025: O PENI NG S REF URBI SH M ENTS NETWO RK (own stores, gross) (own stores) as of 30 June 2025 22 39* 1,924 − On track to achieve expansion and modernization goals:
Slide 21: Omnichannel Development
Omnichannel Omnichannel Development Customers are shopping across channels − DOUGLAS Group cross-channel services encompass Click & Collect, Click & Collect Express, and in-store orders – convenient, channel-breaching offerings building upon our unique omnichannel model − Strong traction of these se
Slide 22: Supply Chain Update
Supply Chain Supply Chain Update Go-live of North OWAC („NOWAC“) in Poland − Rollout of OWAC model („One Warehouse, All Channels“) proceeding well – 5 out of 7 planned OWACs now live − NOWAC in Poland recently commenced operations, first packages shipped to customers; handling all E-Com and store or
Slide 23: Wrap-up
SANDER VAN DER LAAN, CEO WRAP-UP
Slide 24: Summary
SUMMARY − Execution of “Let it Bloom” strategy continues steadily − Continued focus on keeping SG&A costs under control − Premium beauty market growth continues, yet slower than in past years; largest market Germany picked up again and grew year-on-year in Q3; subdued development in France − Omnicha
Slide 25: Q&A
Q&A
Slide 26: Appendix
APPENDIX
Slide 27: Douglas Group like-for-like sales development
Douglas Group like-for-like sales development Quarterly overview Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 DACHNL 11.4% 13.1% 5.2% -4.7% 1.0% France 4.3% -0.1% 0.9% -3.3% -1.2% Southern Europe 4.6% 10.7% 5.7% -0.9% 0.9% Central Eastern Europe 13.8% 12.6% 10.3% 4.5% 7.6% NB/PD -10.2% 7.4
Slide 28: 9M 2024/25 net sales by channel
9M 2024/25 net sales by channel GROUP STORES E-COM in m€ in m€ in m€ 3,491 3,593 +2.9% 2,333 2,405 +3.1% 1,158 1,188 +2.6% +2.4% lfl +0.7% lfl +5.3% lfl Q3 2023/24 YTD Q3 2024/25 YTD Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 28
Slide 29: DACHNL 9M 2024/25
DACHNL 9M 2024/25 NET SALES ADJUSTED EBITDA1 in m€ in m€ 1,613 1,653 +2.5% 342 328 -4.2% +1.2% lfl 21.2% 19.8% MARGINS Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 1 For details on EBITDA adjustments see page 36 29
Slide 30: France 9M 2024/25
France 9M 2024/25 NET SALES ADJUSTED EBITDA1 in m€ in m€ 678 679 +0.2% 151 140 -7.4% -0.7% lfl 22.3% 20.6% MARGINS Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 1 For details on EBITDA adjustments see page 36 30
Slide 31: Southern Europe 9M 2024/25
Southern Europe 9M 2024/25 NET SALES ADJUSTED EBITDA1 in m€ in m€ 522 539 +3.3% 123 121 -1.5% +2.5% lfl 23.5% 22.4% MARGINS Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 1 For details on EBITDA adjustments see page 36 31
Slide 32: Central Eastern Europe 9M 2024/25
Central Eastern Europe 9M 2024/25 NET SALES ADJUSTED EBITDA1 in m€ in m€ 561 +10.9% 506 135 137 +1.3% +8.0% lfl 26.8% 24.4% MARGINS Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 1 For details on EBITDA adjustments see page 36 32
Slide 33: Parfumdreams/NICHE BEAUTY 9M 2024/25
Parfumdreams/NICHE BEAUTY 9M 2024/25 NET SALES ADJUSTED EBITDA1 in m€ in m€ 161 147 +9.3% 9 -37.4% +9.3% lfl 5 5.9% 3.4% MARGINS Q3 2023/24 Q3 2024/25 Q3 2023/24 Q3 2024/25 YTD YTD YTD YTD 1 For details on EBITDA adjustments see page 36 33
Slide 34: Selected Segmental KPIs Q3 2024/25
Selected Segmental KPIs Q3 2024/25 REPORTED EBITDA CAPEX In m€ Q3 2023/24 Q3 2024/25 In m€ Q3 2023/24 Q3 2024/25 DACHNL 96.8 94.9 DACHNL 9.6 13.6 France 29.5 30.0 France 6.7 9.7 Southern Europe 30.7 28.1 Southern Europe 4.0 6.0 Central Eastern Europe 36.1 33.5 Central Eastern Europe 6.3 7.5 NB/PD 0.
Slide 35: Selected Segmental KPIs 9M 2024/25
Selected Segmental KPIs 9M 2024/25 REPORTED EBITDA CAPEX In m€ Q3 2023/24 YTD Q3 2024/25 YTD In m€ Q3 2023/24 YTD Q3 2024/25 YTD DACHNL 333.7 327.1 DACHNL 19.9 31.2 France 143.9 139.2 France 15.5 26.2 Southern Europe 123.2 119.8 Southern Europe 10.4 11.0 Central Eastern Europe 134.3 136.0 Central Ea
Slide 36: Adjustments to EBITDA
Adjustments to EBITDA Q3/9M 2024/25 in m€ Q3 2023/24 Q3 2024/25 Q3 2023/24 YTD Q3 2024/25 YTD Reported EBITDA 152.4 154.6 577.4 626.7 M&A 5.5 0.0 10.5 -0.6 Restructuring -1.4 -0.5 -1.7 0.1 Strategic initiatives 7.3 4.0 15.6 7.9 Other -1.0 0.0 55.2 0.0 Adjusted EBITDA 162.9 158.2 657.1 634.1 36
Slide 37: Development of Average Net Working Capital
Development of Average Net Working Capital As of 30 June 2025 234 245 240 232 228 in m€ As from Q2 2024/2025, Douglas rolled-out a supply chain financing program to optimize working capital, which will allow the payment term to Average NWC X% as % of LTM Sales 5.3% 5.3% 5.4% 5.3% 5.0% be extended by
Slide 38: P&L 9M 2024/25
P&L 9M 2024/25 in m€ Q3 2023/24 YTD Q3 2024/25 YTD ∆% Net sales 3,491.1 3,593.5 2.9% Cost of raw materials, consumables and -1,895.9 -1,994.7 5.2% supplies and merchandise Gross profit 1,595.3 1,598.7 0.2% Gross profit margin 45.7% 44.5% -1.2ppts Net operating expenses -1,017.8 -972.1 -4.5% Reported
Slide 39: Cash flow statement 9M 2024/25
Cash flow statement 9M 2024/25 In m€ Q3 2023/24 YTD Q3 2024/25 YTD Net cash flow from operating activities 552.8 525.9 Net cash flow from investing activities -87.6 -113.1 Free cash flow 465.2 412.8 Net cash flow from financing activities -623.0 -418.9 Net change in cash and cash equivalents -157.8
Slide 40: Financing structure
Financing structure As of 30 June 2025 Carrying amounts m€ x Adj. EBITDA Maturity Pricing Cash and Equivalents 92.9 RCF (€350m Volume) 0 Mar 29 E+2.00% Term Loan 801.1 Mar 29 E+2.25% Promissory loan (Schuldscheindarlehen) 201.7 2028-2032 E+1.75% - E+1.95% IFRS 16 Liabilities 1,209.2 Net Debt incl. I
Slide 41: Douglas Group store network
Douglas Group store network As of 30 June 2025 NUMBER OF STORES DEVELOPMENT 1,884 1,924 31 March 2025 – 30 June 2025 Store openings 24 Store closures 1 Total 23 1,756 1,795 Store openings: 7 stores in DACHNL (DE, NL, BE), 2 in France, 4 in SE (IT, HR), 9 in CEE (PL, BG, 128 129 CZ, RO), 1 franchise
Slide 42: 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 43: DOUGLAS Group
LOUGLAS GROUP