2025 H1 Results Presentation

21 st AU G U S T 2 0 2 5

H1 2025 PERFORMANCE KEY INITIATIVES

SEGMENT REPORTING

CONSOLIDATED FINANCIALS

OUTLOOK FULL YEAR 2025

ASMALLWORLD is

the trusted community

for the modern luxury traveller

Our mission is to encourage our members to find travel inspiration, book unique journeys, and connect with like-minded members

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New strategic initiatives launched across products and partnerships to drive long-term profitability

• Grew member base by 53% to 109.5K customers

• Accelerated growth in ASW Travel services, driving >150% profit growth year over year

• Developed new paid membership tier for ASMALLWORLD members (launched in August)

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• Negotiated first new airline partner since 2022 (launched in August)

Reduced Sales and EBITDA largely due to one-off items in 2024 and 2025

Total Sales Members

11.5M

11.7M

9.7M

9.2M 9.1M

+53%

109.5K

88.2K

67.4K 70.2K 71.6K

-23%

EBITDA

-54%

1.0M 1.0M

0.9M

0.4M 0.4M

H1

H2

2023

H1 H2

6

2024

H1 H2

H1

H2

2023

2024

H1 H2

H1

H2

2023

2024

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2025 marks an important year as we shift focus to external commercial growth and opportunities to scale

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Expand Product and Partners

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Accelerate Scale

Signed new global financial services partner to launch later in 2025

Scale relevant customer base through partners

• Improve cross-sell across the ASW Group

• Build portfolio of B2B distribution partners offering ASW products and services to their customer base

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Grow Travel Services

Doubled travel advisors YTD and 150% growth in ASW Travel profit Y-o-Y

Grow online and offline travel business

• Continue to increase bookings for ASW Collection

• Expand team of travel designers to drive offline business at higher margins

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Prioritise Profit

OpEx reduction underway

Drive Operational Efficiencies

• Identify investments and cost-savings needed to drive sustainable, profitable growth

• Focus on lower cost acquisition of relevant, valuable members

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We are now are focused on articulating the value of the services and driving revenue and cost synergies across the group

COLLE CTI ON

Online hotel booking engine focused on luxury hotels

BE SP OK E TRAVE L

Full-service travel agency for curated travel arrangements

Partner for independent hotels participating in GHA DISCOVERY loyalty platform

Flight booking engine, focused on Business and First Class

The trusted community for the modern luxury traveller

HOSP I TALI TY

Consulting and hotel management company

EVENTS

Event management

for 800+ ASW events per year

The world's leading nightlife concierge

Smart luxury travel service for best flight and hotel deals

ASW continues to scale its online and offline travel bookings, driving increased profit

ASW Collection Bookings by Half Year

Value of stays per half year (indexed)

+25%

2023 H1 2023 H2 2024 H1 2024 H2 2025 H1

ASW Collection

• Value of stays up by 32% vs. last year (commissionable stays in the period)

• Value of bookings up 25% vs. last year

• 123 hotels added during H1 2025, more than 1,700 hotels online now

  ASW Bespoke Travel

• 150% growth in profit year-over-year, supported by doubling travel advisor team

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• Adding experienced advisors in key source markets

  Segment Reporting
  
  
  
  
  
  Subscriptions Business

  Lower sales in certain memberships but overall profitability maintained

  
  
  

  In CHF	HY 25	HY 24	Change
  Revenue	7.0M	7.7M	-8%
  EBITDA	0.3M	0.3M	-2%
  EBITDA margin	4.7%	4.4%	+0.3%-pt.

  • Decrease in higher tier subscriptions Y-o-Y : Lower sales of one particular air miles-related membership

    product amid uncertainty surrounding changes to this airline's loyalty program structure. This was partly offset by higher sales of other ASMALLWORLD Prestige and Signature membership products.

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  • EBITDA remained stable: This was also supported by strong year-end 2024 Prestige and H1 2025 Signature membership sales.

    Services Business

    Elevated prior-year comparative due to extraordinary, one-off impacts

    
    
    

    In CHF	HY 25	HY 24	Change
    Revenue	1.7M	4.1M	-57%
    EBITDA	0.1M	0.6M	-84%
    EBITDA margin	5.6%	14.6.%	-9.0%-pt.

  • Prior-Year Comparison: The prior-year period benefited from significant one-off revenues generated from low-margin event-related activities. In addition, a one-time gain from the resolution of the dispute with MAG of Life positively

    impacted both sales and profitability, with some costs delayed into H1 2025.

  • Underlying Business Performance: Excluding these one-off effects, travel services have demonstrated steady growth, particularly within ASMALLWORLD Collection and

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going forward.

ASMALLWORLD Bespoke Travel. Both business lines are expected to continue their trajectory of profitable growth

Improved EBITDA when adjusting for one-off impacts

• Net sales/result The prior-year period benefited from significant one-off revenues generated through low-margin event-related activities. Moreover, a one-time gain related to the resolution of the dispute with MAG of Life had a positive effect

  on both sales and profitability in the prior year.

• Direct expenses decreased in line with net sales.

• Personnel expenses increased due to one-off costs related to the CEO transition, including recruitment and overlapping salary costs.

• Other operating expenses decreased mainly due to lower legal and consulting fees.

• Higher amortization resulting from increased capitalization in 2024 related to the membership change and rebranding, as well as the adjustment of the amortization period from five

  years to three years in 2023.

• Financial Result is driven by foreign exchange rate fluctuations.

• Income taxes decreased due to lower deferred income tax expense and the release of a tax provision for FCAM GmbH in

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  Germany (liquidated).

  Balance Sheet - Assets
  
  
  

  In CHF '000	HY 25	FY 24
  Cash	919.2	1'999.1
  Securities	1'974.1	1'974.1
  Receivables from services	196.3	720.6
  Other short-term receivables	799.2	303.5
  Prepayments and accrued income	1'654.0	1'134.4
  Total current assets	5'542.9	6'131.7
  Tangible fixed assets	34.5	33.1
  Financial assets	4'370.5	4'370.5
  Intangible assets	1'388.3	1'391.3
  Total non-current assets	5'793.3	5'795.0
  Total assets	11'336.1	11'926.7

  Lower asset position through reducing receivables and cash used to reduce debt obligations

  • Cash position decreased primarily due to the reduction in financial liabilities.

  • Receivables from Services decreased due to the settlement of receivable from the successful legal dispute resolution in

    2024.

  • Other short-term receivables increased due to the recognition of revenue of TCHF 300 from the sale of a hospitality project.

  • Prepayments and accrued income increased due to advance supplier payments related to higher demand in the service business (Travel, Events).

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Continued reduction of financial liabilities to positively impact future operating results

• Payables from goods and services: High sales volumes of Prestige and Signature memberships resulted in an above-average outstanding balance from suppliers for air miles as of

  December 31, 2024. These payables were fully settled in January 2025, leading to a reduction in payables.

• Long-term Financial liabilities: Bank loan amortised by a further TCHF 400, reducing future interest payment requirements.

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  Cash Flow Statement - Part 1

  Operating cash flow improved

  
  
  

  In CHF '000	HY 25	HY 24
  Net result	29.0	595.3
  Depreciation of tangible fixed assets	8.6	6.3
  Amortisation of intangible assets	384.2	309.8
  Other non-cash items	2.2	209.6
  Operating cash flow before change in operating working capital	423.9	1'121.0
  Decrease/increase of receivables from services	524.2	-1'809.6
  Increase of other receivables and prepayments and accrued income	-1'015.3	-763.2
  Decrease/increase of payables for goods and services	-579.7	1'119.4
  Increase/decrease of other short-term liabilities and accrued liabilities and deferred income	367.0	-295.9
  Operating cash flow	-279.8	-628.2

• Operating Cash flow improved but still negative, primarily due to a lower net result and seasonality, as larger payments are usually due at the beginning of the year.

• Operating Cash flow before change in operating working capital remains positive and demonstrates ASW's ability to generate cash from its operations.

• Other short-term receivables/ Prepayments and accrued income increased due to the recognition of

revenue of TCHF 300 from the sale of a hospitality project

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and due to advance supplier payments related to higher demand in the service business (Travel, Events).

Bank loan amortised by a further TCHF 400

• Investment of intangibles decreased due to lower capitalization of development costs, as the

  implementation of the new membership model was completed in 2024. In 2025, activities focused on ongoing maintenance and incremental enhancements, resulting in lower capitalized development costs.

• Financial liabilities: Bank loan amortised by a further TCHF 400.

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In 2025 we are focusing on accelerating profitable growth and diversifying our revenue streams

Total Sales

Members

EBIDTA

-4-12%

+35-40%

21.2M

20.9M

18-20M 120-125K

2.4M

2.5M

2.1M

1.4M

0.95-1.15M

18.5M

15.6M

88.2K

63.3k

66.0K 70.2K

2021 2022 2023 2024 2025E

2021 2022 2023 2024 2025E

2021 2022 2023 2024 2025E

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Seidengasse 20, 8001 Zurich, Switzerland https://www.asmallworld.com