Investor presentation Q1 2020

May 14, 2020

2

Key highlights

• Net revenue growth of 7.5% in Q1. Growth in line with expectations in January and February, but negatively impacted by coronavirus in March

• Boozt.com net revenue growth of 0.7% negatively impacted by lower spending on fashion due to economic uncertainty from coronavirus, participating less in end-of-season sales at very high discounts, change of agreement structure with large brand and ‘fair use’ implementation

• Booztlet.com net revenue growth of 112%

• Extraordinary stock write-down of prior season items of SEK 57.8m. Excluding this, the gross margin improved driven by contractual improvements and a higher share of campaign buys

• Adjusted EBIT of SEK -61m. Underlying adjusted EBIT (excluding stock write-down of SEK 57.8m and revaluation of lease contract effect of SEK 5.5m) positive for the quarter driven by gross margin improvements and operational improvements in fulfilment

• Insourcing fulfilment staff operations at fulfilment centre from January 1, 2021 to further improve delivery proposition and reduce cost

• Beauty store in Copenhagen permanently closed. New beauty store to open in Malmö and expected to be break-even

• Strong development in first part of Q2 on revenue and profitability

• Cash position of SEK 434m end of March (including SEK 200m from drawing new RCF) further strengthened by strong cash flow from recent trading

• New 2020 outlook of net revenue growth of 10-20% and an adjusted EBIT margin between 1% and 3%.

Net revenue growthQ1: 7.5% (29.1%)

Adjusted EBIT marginQ1: -8.0% (-1.6%)

New 2020 OutlookNet revenue growth: 10-20%

Adj. EBIT margin: 1-3%

3

Coronavirus impact initially negative...

Impact• General spending on fashion declined significantly in March as a result of the economic

uncertainty following government measures to control the outbreak• Net revenue in March declined on Boozt.com. Margins held up well• Consumers immediately started shopping at lower price points boosting the appeal of

Booztlet which grew +100% in March

Measures takenPeople• Office employees working from home since March 11• Extensive safety measures taken at fulfilment centre to protect the staff• 100% operational in all areas

Strategic/financial• Focus on making costs variable to sales. Most costs already variable to sales (minus most

admin & other costs)• Lowered up-front buy for AW20 season• Reduced offline marketing spend• Utilized new revolving credit facility of SEK 200m to safeguard liquidity• Secured the base to be able to quickly turn attention to the current growth opportunities

Suspension of 2020 outlook and extraordinary stock write-down

• Original 2020 outlook suspended due to high uncertainty

• Extraordinary write-down of prior season stock of SEK 57.8m

• Primarily SS19 stock but also parts of pre-AW19 stock

• With subdued demand expected, Boozt.com to focus on in season stock to secure healthy inventory going forward

• Booztlet.com to sell written down stock

KPI highlightsCustomer satisfaction

4.6 4.6

Q1 2019 Q1 2020

7072

Q1 2019 Q1 2020

Customer satisfactionTrustpilot* and Net Promoter Score®**

Boozt.com

Trustpilot NPS

* Trustpilot.com is a leading customer review site with ranking range from 0 to 5** Net Promoter Score (NPS) is a tool to gauge the loyalty of a firm’s customer relationships. The metric was developed by and is a registered trademark of Fred Reichheld, Bain & Company and Satmetrix

4

5

KPI highlightsOrder development

No. of orders(000)

Boozt.com

854 854

Q1 2019 Q1 2020

Average order value

774785

Q1 2019 Q1 2020

SEK

2.40 2.41

Q1 2019 Q1 2020

1,460

1,624

Q1 2019 Q1 2020

7.87.3

Q1 2019 Q1 2020

6

KPI highlightsCohort development

Active customers Customers who made at least one order during LTM (000)

Boozt.com

+11%

No. of orders per active customer True frequencyOrder frequency from customers buying in Q1 2019 (Q1 2018) and the following 12 months

6.8 6.6

Excluding ”fair use” customers

Moving Beauty by Boozt physcial retail to Sweden

Beauty by Boozt store in Malmö expected to be break-even

7

Background:• Access to beauty segment more expensive than expected with

Copenhagen store losing SEK 15-20m annually• No material improvement seen or expected despite many initiatives

Action:• Exit clause in lease contract to be exercised at first opportunity in

April 2021, terminating lease contract in April 2022• Temporary Booztlet store to be run out of location until April 2022

Impact:• One-off costs including write-downs of SEK 35.4m consists of:

• SEK 25.7m write-down of right-of-use asset of the store• SEK 9.7m relates to fixtures, inventory and staff

• Negative effect of SEK 5.5m from revaluation of the lease contract to include 18-month penalty fee, impacting adjusted EBIT

Opening Beauty store in MalmöClosing Beauty store in Copenhagen

• Store to open soon in Emporia shopping mall next to HQ at significant lower costs

• Positive feedback from suppliers• Moving many buying agreements to

Sweden, improving gross margin

We remain committed to Beauty Increases relevance to customer Improves unit economics Among fastest growing categories

Financial update

First quarter 2020

9

Group results

Gross profitSEK million

Net revenueSEK million

Adjusted EBITSEK million

269.9244.3

57.8

Q1 2019 Q1 2020

Margin 31.9%

Margin 37.9%

-11.3

61.0

Q1 2019 Q1 2020

Margin -8.0%

Margin -1.6%

Group

712.4766.0

Q1 2019 Q1 2020

+8%

Margin 39.4%

Extraordinary write-down

Gross margin

Gross margin excluding extraordinary stock write-down

Margin 0.3%

Adjusted EBIT margin

Adjusted EIT margin excluding extraordinary stock write-down and IFRS revaluation of lease contract

Extraordinary stock write-down of SEK 57.8m and IFRS revalaution of lease contract of SEK 5.5m

Highlights

• Growth in January and February in line with expectations, but March declined due to coronavirus impact

• Extraordinary stock write-down of SEK 41m of prior season items

• Underlying gross margin improved supported by contractual improvements and campaign buys

• Underlying adjusted EBIT margin improved from operational improvements in fulfilment

• Average order value increased driven by lower returns from ´fair use´ policy

• Strong development in first part of Q2

Boozt.com

The Boozt.com segment includes operations related to the Boozt.com site. More than 95% of the revenue comes from third party brands where the Group carries the inventory risk. 10

SEK million

Q12020

Q12019

Net revenue 665.1 660.6

Net revenue growth 0.7% 25.3%

Adjusted EBIT -48.4 -10.4

Adjusted EBIT margin -7.3% -1.6%

527

688

584

860

661

832

691

967

665

2.1%

3.0%2.5% 2.7%

2.4% 2.5%2.1%

3.2%

1.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

-85

115

315

515

715

915

1115

1315

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Net revenue

Adj. EBIT margin R12M

3.2% Excluding extraordinary write-down

11

Booztlet.com

Highlights

• Very strong momentum

• Attractive customer acquisition cost level secures strong growth and earnings

• Extraordinary stock write-down of SEK 17m

• Strong underlying profitability

• Increasing marketing investments including offline marketing

• High industry inventory level offer good opportunities for purchasing high quality stock at attractive prices

• Accelerating growth in first part of Q2

Segment Booztlet.com includes operations on the Booztlet.com site, which is the Group’s online outlet.

22 23

36

25

46

58

6875

97

12.8% 13.7% 11.3% 11.5% 9.6% 10.3% 11.1% 10.8%

6.1%

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Net revenue

Adj. EBIT margin R12M

SEK million

Q12020

Q12019

Net revenue 96.7 45.5

Net revenue growth 112% 104%

Adjusted EBIT -4.3 4.2

Adjusted EBIT margin -4.5% 9.1%

11.8%Excluding extraordinary write-down

12

3 46 7 6

9

57

4

-1.7-4.9 -6.1

-7.5-5.0 -3.7 -3.6 -3.3

-8.2Q1

2018Q2

2018Q3

2018Q4

2018Q1

2019Q2

2019Q3

2019Q4

2019Q1

2020

Net revenue

Adj. EBIT

Other

Highlights

• Net revenue decreased due to the coronavirus related closure of the stores during most of March. Eligible for government support, but none taken

• Adjusted EBIT decreased due to the revaluation of the lease contract at the beauty store to include a penalty fee for using the exit clause

• Underlying loss at unchanged level with no improvements expected

• Decision to close Beauty by Boozt store in Copenhagen by use of exit clause at first opportunity in April 2021, terminating the lease in April 2022. A temporary Booztlet store will be operated out of the location until April 2022

• One-off costs including write-downs of SEK 35.4m

• SEK 25.7m relates to future leasing costs

• SEK 9.7m relates to write-down of fixtures, inventory and terminated staff

• New Beauty by Boozt flagship store to open in Malmö, Sweden at significant lower costs. Expected to be around break-even

The segment Other includes the Group’s physical retail stores. This includes the Group’s physical retail outlet, Booztlet, which is a last resort for clearance of unsold inventory from the online business. The segment also includes the physical retail store Beauty by Boozt. The opening of a physical beauty store has been necessary in order to get the online distribution rights in the Nordics from many of the leading beauty brands.

SEK million

Q12020

Q12019

Net revenue 4.2 6.3

Adjusted EBIT -8.2 -5.0

Share of net revenue, %

Cost ratios

13

Gross margin 31.9 (6.0 pp)37.9

Adjusted EBIT margin (8.0) (6.4 pp)(1.6)

Fulfilment cost ratio (13.4) 1.4 pp(14.8)

Marketing cost ratio (10.3) 0.0 pp(10.3)

Adjusted1 admin & other cost ratio* (11.6) (0.6 pp)(11.0)

Adjusted2 depreciation cost ratio (4.5) (1.1 pp)(3.4)

Q1 2020 ChangeQ1 2019

*where of cost of personnel (7.9) (0.9 pp)(7.0)

1 Adjusted for social charges related to share based compensation 2 Adjusted for one-off costs including write-downs related to the closure of Copenhagen beauty store

3.4 1.3

9.1 13.8

Q1 2019 Q1 2020

Fixed assets

Intangibles (excl. Goodwill)

-55.0

-6.9

Q1 2019 Q1 2020

14

SEK millionCAPEX Operational cash flow

SEK million

Cash flow

380.2413.0

Q1 2019 Q1 2020

SEK million (in % of LTM revenue)

Net working capital

12.9% 11.9%

Group

15

Strong development in first part of Q2

Beauty net revenue growth of 80% year-to-date -

represents 5% of net revenue on Boozt.com

• Net revenue on both Boozt.com and Booztlet.com better than expected driven by ability to adapt to new reality and execute tailor-made campaigns on a day-to-day basis

• Strong new customer intake make up for lower spending from existing customers

• Strong traction in categories with very strong growth in Kids, Sport and Beauty

• Positive effect during first part of Q2 from many physical retailers being closed

• Profitability developing positively

• Strong cash position, further increasing from level end of March

• Pursuing growth opportunities aggressively

Strong progress towards strategic priority of building the Nordic premium department store online

76% growth in number of new customers in April 2020

compared to number of new customers in April 2019

Acceleration of growth momentum in Booztlet.com in Q2

Kids BeautySport

between 1% and 3%between 10% and 20%

16

Outlook

Outgrow the Nordic online market significantly to expand market share

Exceed 6% adjusted EBIT margin by 2022

For 2020 the Group now expects a net revenue growth

Net revenue growth

Adjusted EBIT margin

Medium term targets

The adjusted EBIT margin is now expected to be

This guidance replaces the former guidance, which due to the economic uncertainty from the coronavirus pandemic was suspended on April 5, 2020

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The Company’s financial targets set forth above constitute forward-looking information that is subject to considerable uncertainty.The financial targets are based upon a number of assumptions relating to, among others, the development of the Company’sindustry, business, results of operations and financial condition. Company’s business, results of operations and financial condition,and the development of the industry and the macroeconomic environment in which the Company operates, may differ materiallyfrom, and be more negative than, those assumed by the Company’s when preparing the financial targets set out above. As a result, theCompany’s ability to reach these financial targets is subject to uncertainties and contingencies, some of which are beyond its control,and no assurance can be given that the Company will be able to reach these targets or that the Company’s financial condition orresults of operations will not be materially different from these financial targets.

Disclaimer

Appendix

19

Income statement

Appendix

20

Financial position (1 of 2)

Appendix

21

Financial position (2 of 2)

Appendix

22

Cash flow (1 of 2)

Appendix

23

Cash flow (2 of 2)

Appendix

Company overview

25

A Nordic technology company selling fashion, sport and beauty online

26

Towards Nordic online leadership…

Online leadership

• Strive towards Nordic online market leadership

• Leverage the technology platform

• Invest in infrastructure

• Maintain disciplined portfolio management

2017 -> 2011 - 2013

Launch of Boozt.com

• New strategy launched and multi-brand shop opened

• On-boarding of brands

• Creation of an integrated tech platform

• Marketing focus in Denmark

Expansion & Nordic scale

• On-boarding of brands

• Nordic expansion

• Assortment expansion towards premium

• Securing funding & accelerate growth

• Launch of Booztlet.com

2014 - 2016

Dec 2019

SEK 395m (net revenue)

Aug 2011

SEK 0.7m (net revenue)

+56%

+71%

+44%

+38%

+23%

6263

67

71 71

2015 2016 2017 2018 2019

Net revenue Group

NPS Boozt.com

27

Strong growth potential in online fashion and beauty in the Nordics

Source: Company estimates and Euromonitor.

Total market

SEK ~ 280bn

SEK ~125bn

SEK ~84bn

Penetration AND market share gains drive growth

Online penetration levels at various stages hint to the market potential

SEK ~56bn TODAY@ ~20% online penetration

@ 30% online penetration

@ 45% online penetration

28

Curation and convenience are key success factors in Nordic online fashion

• Relevant and curated selection• Personalised yet ”power to the people”• Nudging and not forcing

• Seamless user experience across platforms

• Convenient delivery and return options

• Easy access customer care

• Pay THE (right) price

• Fully automated warehouse• Fast free deliveries• Fast free returns

29

Booztlet with strong momentumIncreases addressable market and a hedge against economic downturn

First Year Year + 1 Year + 2 Year + 3 Year + 4 Year + 5

New customers profitable first year

(CLV includes marketing costs)

Copying the Boozt.com journey and experience

Own buy and special productions to improve “everyday store” feeling

New markets – leverage brand in Norway

Impact from more marketing (offline initiatives)

Very fragmented competitive landscape

Strong growth opportunities

Partner with brands to manage excess inventory in the Nordics

UrgencyUniquenessDiscovery

12 1422 23

3625

4658

6875

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

From life-cycle management to hyper growth

Leveraging the strong brand relationships to create unique offering

Booztlet CLV secures high EBIT margins today (~10%)

Responsibility integrated into our value chain providing business opportunity

Boozt responsibility vision

Our vision is to use our local Nordic position and our technology platforms to make sustainable choices easy for our customers and our partners.

By taking responsibility for our direct and indirect footprint on the value chain, and empowering people to act consciously, we strive to build a more sustainable future for fashion.

Responsible practices ensure that we meet the needs of our customers and the industry 30

31

Clearly defined target market for Boozt.com

One destination for fashion

Curated, contemporary and relevant selection

Carefully selected brands with Nordic appealAttractive customer characteristics

Focus on target groups where convenience is key

Diversified customer base with attractive features

~70% ~85% ~55%Women Live together Have kids

Customers aged 25-54 represent >75% of net revenue

21

Competitive offering to modern Nordic fashion followers

76.3

49.4 47.7 46.6

32

Attractive position in a market where local scale matters

Prod

uct s

egm

ent f

ocus

Prem

ium

Com

mer

cial

Entry

pric

e

Catch-all Curated

Brand strategy

Distinct position based on a curated Nordic selection

Illustrative Nordic market landscape

Boozt’s positioning delivers a high AOV leaving room for high marketing

AOV excl. VAT & returns in EUR *

Selectively active in the Nordic region

* Zalando, 2018 full year, subtracted 20% VAT, Boozt & Nelly 2019 full year converted with an SEK/EUR exchange rate of 10.59, Asos full year 2018/2019 (FY ended Aug 2019), converted to EUR with an exchange rate of GBP/EUR = 1.14

33

Average order value is key to market-leading growth AND high profitability

808*

487

111

107

8024

60.3%

13.7%

13.2%

9.9%3.0%

Goods for resale

Operational costs

Profit per order

Cost split per order

81

26

10.0%

3.2%

Fulfilment & distribution

Marketing

Admin & other

Depreciation

EBIT

* Boozt.com AOV 2019 (SEK)

• The relatively high AOV and local scale yields a high profit per order …

• … Allowing for a high marketing spend to drive market-leading growth …

• … While still having a positive margin with incremental improvements

0

1000

2000

3000

4000

2015 2016 2017 2018 2019 2020e

<2015 cohorts 2015 cohort 2016 cohort 2017 cohort 2018 cohort 2019 cohort Expected 2020 revenue from existing cohorts Expected 2020 revenue from 2020 cohort

Loyal cohorts and new customers drive growth on Boozt.com

Net revenue from new customers

Net revenue from existing customers

34

Net revenue Boozt.com

Msek

35

Growing as fast as unit economics make sense

Contribution margin development

First year Year + 1 Year + 2 Year + 3 Year + 4 Year + 5

Accumulated CLV for Boozt.com

First year Year + 1 Year + 2 Year + 3 Year + 4 Year + 5

Customer lifetime value (CLV)

…followed by steep accumulation in live time value

CLV is defined as gross profit less fulfillment & distribution and marketing costs attributable to a particular customer cohort.

Initial negative contribution from new customers…

Steadily towards online leadership without overpaying for new customers

36

Net revenue

Msek

1.6%

2.5%

3.0%

3.7%

0%

1%

2%

3%

4%

5%

6%

0

1000

2000

3000

4000

2016 2017 2018 2019

Boozt.com + Booztlet.com

Net revenue

Adjusted EBIT margin

Net revenue growth

Adjusted EBIT margin

37

A prerequisite for success is a well invested, data driven operating platform

Homegrown purpose-built infrastructure enables full control over the customer journey

38

Best in class delivery proposition

1-2 days

Next day

Serving 90% of the Nordic region with 100% of the assortment within same or next day

Automation Phase 2

2018

Automation Phase 4

2020Initiation late 2020 expected

39

Modular expansion driving scalability

Automation Phase 1

2017

We arehere!

Automation Phase 3

2019

Building of new warehouse in progress

Revenue capacity

~2billion

3-4billion

~6-7billion

4-5billion