Elumeo Se · XETR:ELB
Elumeo — FY2025 Earnings Presentation
31 slides from Elumeo's earnings presentation, Apr 30, 2026
Slide 1: FY 2025 Financial Earnings Call
FY 2025 Financial Earnings Call Preliminary figures, subject to final audit completion 30. April 2026 1
Slide 2: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in 2025 03 Summary Financials in 2025 04 Outlook 05 Financial Statements 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: Core strategy remains the same: emotional video shopping with integrated value chain
Core strategy remains the same: We combine emotional video 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 experi
Slide 5: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in 2025 03 Summary Financials in 2025 04 Outlook 05 Financial Statements 5
Slide 6: Summary of key developments FY 2025
elumeo Summary of key developments FY 2025 elumeo has successfully completed the cost and efficiency program announced in April 2025 with all KPIs in guidance for FY 2025. Adjusted EBITDA improved to EUR -0,5 Mio. (PY EUR -1,0 Mio), on a nine-month-period after the restructuring elumeo has remained
Slide 7: Restructuring successfully completed as announced on April 1st 2025
Preliminary figures, subject to final audit completion FY 2025 Group Restructuring successfully completed as announced on April 1st 2025 Revenue Gross profit SG & A reduction Adj. EBITDA In m EUR In m EUR In m EUR In m EUR -9% -9% -11% -0,5 43,4 23,8 -1,0 39,4 20,4 18,5 21,2 2024 2025 2024 2025 2024
Slide 8: We delivered on our guidance for FY 2025 for all three KPIs
Preliminary figures, subject to final audit completion FY 2025 We delivered on our guidance for FY 2025 for all three KPIs Guidance Guidance for 2024 (1) FY 2024 FY 2025 for 2025 Revenue -10% to -15% -9% growth Gross profit margin 47% - 49% 47% Adjusted EUR -0,5m – 0,1m EUR -0,5m EBITDA 8 elumeo fin
Slide 9: Restructuring program executed to return to profitability
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 Reduced live hours from 15 to 10 Cost reductions in personnel related Reduction of less profitable U50 hours per day to
Slide 10: 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 11: Example for AI efficiency: newsletter generation saves 75% time
EFFICIENCY 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
Slide 12: Focus on jewelry above 50 EUR per piece
PRODUCT STRATEGY Focus on Jewelry above 50 EUR per piece 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 2025 YoY Restructuring April 202
Slide 13: Gross profit margin improved over 2025 despite gold price increase
PROFIT MARGIN elumeo was able to improve its gross profit margin over the course of 2025 despite massive increase of gold price %-Margin of elumeo and Gold price in EUR %-Margin back to growth 2024 2025 4.000 57,00% - From 1st of January 2024 to 56,00% 31st of December 2025, the 3.500 55,00% gold pr
Slide 14: Completion of cost and efficiency program with total volume of 7,4m EUR
COST PERFORMANCE elumeo Successful completion of cost and efficiency program with total volume of 7,4m EUR 2025 vs. 2023 2023, 2024 and 2025– cost overview (in EUR m) and total cost in % of revenue Reduced personnel cost EUR - 6,2 m Restructuring cost, legal consulting, terminated EUR -7,4 m contrac
Slide 15: elumeo returned to positive adjusted EBITDA
Preliminary figures, subject to final audit completion PROFITABILITY elumeo returned to positive adjusted EBITDA Q4 2024 Q1 2025 Q2 2025 Positive Adj. EBITDA Q3 2025 Q4 2025 +0,2 m 0,1 0,1 Adjusted -0,05 EBITDA in m EUR -0,6 -1,2 15 Source: Financial data
Slide 16: TV business: fewer pieces sold, focus on profitable higher price points
Preliminary figures, subject to final audit completion 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 o
Slide 17: Profitability of new product Premieres improving
PRODUCT PROFITABILITY After our restructuring, the profitability of new product (“Premieres”) is improving again compared to previous year Improvement of Live TV Profit-per-show-minute (ppm) of Premieres H1 YoY H2 YoY ppm in EUR ppm in EUR -8% +16% 74 73 68 63 H1 2024 H1 2025 H2 2024 H2 2025 TV PREM
Slide 18: Web with small revenue growth, higher revenue per piece and customer
Preliminary figures, subject to final audit completion WEB Web with small revenue growth, 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 i
Slide 19: Optimized online marketing prepared the web for scaling
WEB We have optimized our online marketing and prepared the WEB for scaling by improving gross profit of new customers by 35% Current share of Online Marketing Budget CLV (margin) after 6 months of new web customer cohorts in 2024 vs. 2025 In EUR margin 21% +35% 104 15% 15% 77 2023 2024 2025 2024 20
Slide 20: Revenue of international channels returned to growth in Q4 2025
#juwelo100 Revenue of international channels returned to growth in Q4 2025 Revenue of international linear TV channels YoY Revenue of international linear TV channels Total TV sales in EUR in Spain and Italy Total TV sales in EUR in Spain and Italy 961.000 € +9% -15% +143% 250.000 € +18% +6% +11% 20
Slide 21: Reduction of unprofitable products impacted international revenue
#juwelo100 Reduction of unprofitable products with selling price below 50 EUR impacted revenue in international channels Revenue of “Below 50 EUR product” after restructuring Milestones and next steps for international scaling Q2-Q4 2025 YoY, Spain and Italy 300.000 In July 2024, we have started to
Slide 22: Full launch for Poland on May 1st 2026 including AI based TV show
EFFICIENCY Full launch for Poland on May 1st 2026 including AI based TV Show and webshop, Mobile App to follow soon Elumeo’s first non-€ AI generated TV Show has been launched in Poland Complete new backend in order to allow for foreign currency Full integration into Juwelos customers service system
Slide 23: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in 2025 03 Summary Financials in 2025 04 Outlook 05 Financial Statements 23
Slide 24: Revenue decreased by 9,1% in 2025, gross profit margin stable
Preliminary figures, subject to final audit completion Financials elumeo Revenue decreased by -9,1% in 2025, gross profit margin stable YoY 2025 vs. 2024 – performance overview (in m EUR) Revenue Gross profit margin % Gross profit in m EUR in m EUR -9,1% -0,1 %P. -9,2% 43,4 39,4 47,1% 47,0% 20,4 18,
Slide 25: Total expenses reduced vs. 2023, Adjusted EBITDA improved
Preliminary figures, subject to final audit completion Financials elumeo Total expenses reduced by EUR 6,2m EUR vs. 2023 (-20,8%), Adjusted EBITDA improved, negative effect from Q1 2025 before cost program 2025 vs. 2024 – performance overview (in m EUR) Total cost (SG & A + Shipping) Adjusted EBITDA
Slide 26: Effects – From EBIT to Adjusted EBITDA
Preliminary figures, subject to final audit completion Financials elumeo Effects – From EBIT to Adjusted EBITDA k EUR 0,0 -0,5 1,1 -0,5 -1,0 -1,9 -2,5 -1,5 0,2 0,6 0,1 -2,0 -2,5 -3,0 EBIT Depreciation EBITDA Stock Options Legal fees evaluation Restructuring Adjusted EBITDA Program cable net operator
Slide 27: elumeo is evaluating legal options against Vodafone over excessive feeds
Outlook 2026 elumeo elumeo is evaluating legal options against Vodafone over excessive feeds • The restructuring initiated in Q2 2025 was triggered by increased feed-in fees per household in cable networks following the elimination of the so-called ancillary cost privilege (“Nebenkostenprivileg”) fo
Slide 28: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in 2025 03 Summary Financials in 2025 04 Outlook 05 Financial Statements 28
Slide 29: Outlook 2026: AI-driven efficiencies to maintain profitability
Outlook 2026 elumeo Outlook 2026: Thanks to our focus on AI-driven efficiencies, we expect to maintain profitability despite strong market uncertainties Our guidance for 2026 reflects We will continue to maintain Thanks to our implementation of the elevated geopolitical strict cost discipline and wi
Slide 30: Outlook 2026 guidance: revenue, gross margin, adjusted EBITDA
Outlook 2026 elumeo Outlook 2026: Thanks to our focus on AI-driven efficiencies, we expect to maintain profitability despite strong market uncertainties Revenue Gross profit margin Adjusted EBITDA -7% / +10% 47 - 49% EUR -0,5m / EUR 1,5m 30
Slide 31: Executive Board and Investor Relations
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 31