Investor presentation Q2 2019

August 15, 2019

2

Key highlights

• Solid Q2 in a challenging market with continued high customer satisfaction

• 26% net revenue growth supported by Boozt.com (+21%) and Booztlet.com (+156%). Currency had a ~1%-point impact in Q2

• Average order value unchanged as return rate development normalised

• Gross margin decline driven by a promotionally driven market from high industry inventory levels and a late start to summer

• Adjusted EBIT margin improved to 5.2% as the promotionally driven market allowed strong leverage on online marketing costs without losing momentum on new customer growth

• First half of 2019 had 27% net revenue growth and adjusted EBIT margin of 2.2%

• Maintained outlook for 2019 of net revenue growth above 27% and an adjusted EBIT margin improved from 2018

• Acquisition of app and mobile web developer Touchlogic and creation of Boozt Innovation Lab

• After 9 years CFO and co-founder Allan Junge Jensen to leave the company by end of January 2020

Net revenue growthQ2: 26% (44%)

YTD: 27% (38%)

Adjusted EBIT marginQ2: 5.2% (4.9%)

YTD: 2.2% (2.4%)

KPI highlightsCustomer satisfaction

9.2 9.2

Q2 2018 Q2 2019

7172

Q2 2018 Q2 2019

Customer satisfactionTrustpilot* and Net Promoter Score®**

Boozt.com

Trustpilot NPS

* Trustpilot.com is a leading customer review site** 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

3

4

KPI highlightsOrder development

No. of orders(000)

Boozt.com

8691,042

Q2 2018 Q2 2019

+20%

Average order value

801 801

Q2 2018 Q2 2019

SEK+0%

1,507

1,896

YTD 2018 YTD 2019

+26%

810 789

YTD 2018 YTD 2019

-3%

2.42 2.43

Q2 2018 Q2 2019

1,185

1,512

Q2 2018 Q2 2019

7.27.7

Q2 2018 Q2 2019

5

KPI highlightsCohort development

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

Boozt.com

+28%

No. of orders per active customer True frequencyOrder frequency from customers buying in Q2 2018 (Q2 2017) and the following 12 months

Acquiring Touchlogic to accelerate mobile app development

6

Strategic rationale

• Our current app users have above average KPI’s, e.g. a higher average order value

• Strenghten our capabilities on app and mobile web – will take our app usability and functionality to the next level

• Touchlogic has a strong track record of best-in-class app development

• The Copenhagen based team will be responsible for app performance, app development and prototyping new cutting edge technology

• Good cultural fit. Due dilligence and test projects ongoing since early spring

• Operational from day 1

• Copenhagen based app agency• Founded in 2011• 11 developers including the 2 co-founders• Acquired for around SEK 10 million with a 3

year earn-out• Closing expected in October• Only minor financial impact

Touchlogic acquisition

Creating Boozt Innovation Lab to stay ahead

7

Platform strategy

• Proprietary tailormade tech solutions to all core processes

• Cross-functional business controlled teams to ensure high productivity and relevance

• Majority of developers are close to the daily business

Boozt Innovation Lab

• Push towards creating the online shopping experience of tomorrow

• Based out of the Touchlogic office in central Copenhagen

• Will ensure more progressive thinking

• Bring new technology faster to our platform in a fail-fast approach

8

New internally developed robot management system to strengthen flexibility

• New robot management system (eWMS) to control the AutoStore robots has been developed internally

• Tailormade to our needs and will ensure a higher degree of flexibility to e.g. improve customer experience

• The robot management system has been implemented to the new AustoStore cube (phase 3) recently completed

• Will soon replace current robot management system being used on the first cube (AutoStore phase 1 and 2)

• Additional costs during build-out, implementation and testing.

Financial update

Second quarter 2019

10

Group results

Gross profitSEK million

Net revenueSEK million

1,266.6

1,611.0

YTD 2018 YTD 2019

Adjusted EBITSEK million

302.1365.5

Q2 2018 Q2 2019

Margin 40.7%

Margin 42.0%

35.047.1

Q2 2018 Q2 2019

Margin 5.2%

Margin 4.9%

+27%

Group

714.7

898.7

Q2 2018 Q2 2019

520.1635.3

YTD 2018 YTD 2019

Margin 39.4%

Margin 40.8%

30.8 35.8

YTD 2018 YTD 2019

Margin 2.2%

Margin 2.4%

+26%

Highlights

• Customer KPI’s positive

• Sport and Beauty showed very strong growth

• Improved customer offering with many exclusive Collabswith strong Nordic brands and the return of Ganni

• Average order value unchanged in Q2

• Customer acquisitions costs lower than last year

• Gross margin under pressure from elevated promotional activities from high inventory levels in industry

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.

11

SEK millionQ2

2019Q2

2018YTD2019

YTD2018

Net revenue 831.7 688.3 1,492.2 1,215.3

Net revenue growth 20.8% 42.8% 22.8% 38.2%

Adjusted EBIT 43.8 37.4 33.3 31.1

Adjusted EBIT margin 5.3% 5.4% 2.2% 2.6%

482441

626

527

688

584

860

661

832

2.5%-3.2%

8.3%

-1.2%5.4%

-3.8%

7.2%-1.6%

5.3%

-10%

10%

30%

50%

70%

90%

110%

130%

-85

115

315

515

715

915

1115

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

45% 53% 40% 33% 43% 32% 37% 25% 21%

Net revenue

Adj. EBIT margin

Net revenue growth

12

Booztlet.com

Highlights

• Very strong momentum

• Attractive customer acquisition cost level secures strong growth and earnings

• Resources added to accelerate development

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

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

12 12 14

22 23

36

25

46

58

3.7%18.0% 8.6% 17.6% 10.7% 8.9% 10.3% 9.1% 12.1%

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Net revenue

Adj. EBIT margin

SEK millionQ2

2019Q2

2018YTD2019

YTD2018

Net revenue 58.0 22.7 103.5 45.0

Net revenue growth 156% 89.8% 130% 97.1%

Adjusted EBIT 7.0 2.4 11.2 6.4

Adjusted EBIT margin 12.1% 10.7% 10.8% 14.1%

13

2 24

34

67

6

9

-1.6 -0.6 -0.9 -1.7 -4.9 -6.1 -7.5 -5.0-3.7

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Net revenue

Adj. EBIT

Other

Highlights

• Beauty by Boozt flagship store in Copenhagen drives negative development in EBIT. However, improvement in Q2 compared to Q1 due to cost saving initiatives

• The flagship store is now also being used for branding of Boozt.com with a permanent fashion pop-up store, showing latest collections from our brand partners including exclusive collabs

• Beauty by Boozt store in Roskilde was closed end of Q2. One-off costs including write-downs of SEK 4.9 million

• Physical Booztlet store profitable

• Continue to expect an unadjusted loss for the segment of around SEK 20 million in 2019 (adjusted around SEK 15 million)

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 two physical retail stores 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. Operations by other subsidiaries in the Group are also included in the segment Other.

SEK millionQ2

2019Q2

2018YTD2019

YTD2018

Net revenue 9.0 3.7 15.3 6.3

Adjusted EBIT -3.7 -4.9 -8.7 -6.6

Share of net revenue, %

Cost ratios

14

Excluding IFRS 16 depreciation impact

Adjusted depreciation cost ratio

Fulfilment cost ratio

Adjusted admin & other cost ratio

Q2 2019 Q2 2018 Change

(14.4) (13.4) (1.1pp)

(10.9) (9.5) (1.4pp)

(1.5) (1.6) 0.1pp

Gross margin 40.7 (1.3 pp)42.0

Adjusted EBIT margin 5.2 0.4 pp4.9

Fulfilment cost ratio (13.7) (0.4 pp)(13.4)

Marketing cost ratio (8.6) 4.0 pp(12.7)

Adjusted1 admin & other cost ratio* (10.2) (0.7 pp)(9.5)

Adjusted2 depreciation cost ratio (2.8) (1.2 pp)(1.6)

Q2 2019 ChangeQ2 2018

*where of cost of personnel (6.3) (0.4 pp)(5.9)

YTD 2019 YTD 2018 Change

(14.9) (13.4) (1.5pp)

(11.3) (10.0) (1.3pp)

(1.6) (1.8) 0.2pp

1 Adjusted for social charges related to share based compensation and one-off closure costs for smaller beauty store2 Adjusted for write-down cost related to closure of smaller beauty store

39.4 (1.3 pp)40.8

2.2 0.2 pp2.4

(14.2) (0.8 pp)(13.4)

(9.4) 3.7 pp(13.1)

(10.6) (0.5 pp)(10.0)

(3.1) (1.3 pp)(1.8)

YTD 2019 ChangeYTD 2018

(6.6) (0.6 pp)(6.0)

15

126.4

349.0

Q2 2018 Q2 2019

SEK million (in % of LTM revenue)Net working capital

5.3%

11.2%

Group

Net working capital

~SEK 50 milliom less cash due to month ending on Sunday

43% 43%

57%48%

29%

70% 70%

84%

25%

-9%-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Growth in goods inventory and accounts payable

Goods inventory Accounts payable

Deliberate decision to notbuy campaign stock in SS19

Higher share of paid campaign goods drives higher net working capital1. Up until Q4 the accounts payable increased more than corresponding inventory

2. The campaign stock purchased in Q4 2018 has been sold at lower sell through than expected leading to a lower campaign buy in SS19

3. Current inventory is less financed by partners as campaign goods have already been paid leading to a decrease in accounts payable

4. Goods inventory considered healthy as risk mitigated by lower SS19 campaign buy

10.5 18.7 6.7

8.8

Q2 2018 Q2 2019

Fixedassets

133.999.7

Q2 2018 Q2 2019

16

SEK millionCAPEX Operational cash flow

SEK million

126.2

44.9

YTD 2018 YTD 2019

11.8 22.1 12.6

18.0

YTD 2018 YTD 2019

Group

Cash flow and investments

~SEK 50 milliom less cash due to month ending on Sunday

improved from 2018

above 27%

17

Outlook

25-30%medium term

>6%medium term

For 2019 the Group expects a net revenue growth

• Boozt targets annual net revenue growth in the range of 25-30% in the medium term

• Boozt targets an adjusted EBIT margin exceeding 6% in the medium term

• Boozt expects to increase the adjusted EBIT margin annually as the cost base is further leveraged by net revenue growth

Net revenue growth

Adjusted EBIT margin

Medium term targets remain unchanged

The adjusted EBIT margin is expected to be

18

The Company’s financial targets set forth above constitute forward-looking information that is subject to considerableuncertainty. The financial targets are based upon a number of assumptions relating to, among others, thedevelopment of the Company’s industry, business, results of operations and financial condition. Company’s business,results of operations and financial condition, and the development of the industry and the macroeconomicenvironment in which the Company operates, may differ materially from, and be more negative than, those assumedby the Company’s when preparing the financial targets set out above. As a result, the Company’s ability to reachthese financial targets is subject to uncertainties and contingencies, some of which are beyond its control, and noassurance can be given that the Company will be able to reach these targets or that the Company’s financialcondition or results of operations will not be materially different from these financial targets.

Disclaimer

Appendix

20

Income statement

Appendix

21

Financial position (1 of 2)

Appendix

22

Financial position (2 of 2)

Appendix

23

Cash flow (1 of 2)

Appendix

24

Cash flow (2 of 2)

Appendix

Online business progressing according to plan

25

Net revenue

Msek

1.6%

2.5%

3.0%

0%

1%

2%

3%

4%

5%

0

1000

2000

3000

2016 2017 2018

Boozt.com + Booztlet.com

Net revenue

Adjusted EBIT margin

66%

50%

39%

Net revenue growth

Adjusted EBIT margin

0

1000

2000

3000

4000

2015 2016 2017 2018 2019e

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

Loyal cohorts and new customers drive growth on Boozt.com

Net revenue from new customers

Net revenue from existing customers

26

Net revenue Boozt.com

Msek

Implications of a lower gross margin

Re-visiting customer lifetime value and customer acquisition costs

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

Accumulated customer lifetime value (CLV) - <40% gross margin

Accumulated customer lifetime value (CLV) - 2018 assumption

Local scale and lean cost structure key to absorb lower gross margin

• CAC (customer aquisition cost) has been allowed to slightly increase over the last years as customer characterics improved

• 2019 CAC being kept stable from 2018 level

• Evaluating during 2019 whether current gross margin level is temporary or permanent, dictating future CAC

27

Investing in beauty for the long-term potential

Actions taken to lower deficit in Beauty by Boozt:

• New shop management in place

• Reduced staff costs (full impact from May 1) and adjusted opening hours

• Conversion rate slowly increasing by acting more as a retailer

• Evaluating future strategy for the offline stores

Why continue to invest in Beauty:

Pros:

• Strong online KPI’s. Share of orders with beauty >5% towards end of year

• Supporting average order value with high share of mixed baskets (~65%)

• At scale accretive to Group profitability driven by low returns

• Replenish of beauty products increases frequency

• 80% of products fit within existing automation system

Cons:

• Entry ticket to online beauty through physcial presence more expensive than anticipated

• Estimated loss in Other segment around SEK 20 million in 2019 and single digit in 2020

• Takes time to build awareness around Boozt.com now also being a beauty destination

Break-even of Beauty segment expected in 2020

28

Company overview

30

A Nordic technology company selling fashion online

31

5 middle aged men on an exciting journey…

Building Nordic scale

• Nordic roll-out

• Assortment expansion

• Increase share of wallet and number of returning customers

• Accelerate growth

2015 - 2016

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

• On-boarding of brands

• Geographic expansion

• Marketing focus in Denmark, Sweden and Finland

• Securing funding

2014 - 2015

Dec 2018

SEK 286m (transactional net revenue)

Aug 2011

SEK 0.7m (transactional net revenue)

32

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

79.9

53.844.6 44.0

33

Attractive position in a market where 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

AOV excl. VAT & returns in EUR *

Selectively active in the Nordic region

* Zalando, 2017 full year, subtracted 20% VAT, Boozt & Nelly 2018 full year converted with an SEK/EUR exchange rate of 10.16, Asos full year 2017/2018 (FY ended Aug 2018), converted to EUR with an exchange rate of GBP/EUR = 1.11

34

Why Average Order Value matters…

The relative high AOV leaves room for high marketing… If low AOV… gross margin would have to be higher

Challenging to drive growth & profit without better GM….

531

319

112

65

5310-28

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opex

Depreciation

EBIT

60.0%

21.1%

12.2%

10.0%1.8%-5.3%

5.2%?

2.3%

53.0%?

Cost split per order (SEK)

812

487

112

99

811519

60.0%

13.8%

12.2%

10.0%

1.8%2.3%

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opexDepreciation

EBIT

35

Why scale matters…

The relative high AOV leaves room for high marketing… Scale will drive profit… even at lower gross margin

Regional focus will drive marketing down….

812

487

112

99

811519

812

60.0%

13.8%

12.2%

10.0%

1.8%2.3%

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opexDepreciation

EBIT

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opexDepreciation

EBIT Above 6%

Cost split per order (SEK)

36

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

• Fast free deliveries• Fast free returns

37

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

Marketing

Sales

Fulfilment

Customer serviceThe solar system

The halo

Purpose-built infrastructure enables full control over the customer journey

• Emails

• Ads

• Soc. media

• Affiliates

• TV

• Discounts

• Sales advice

• Filter + search

• Payment validation

• Fraud check

• Open package

• Pickup + delivery

• Rating

• Review

• Chat

• Exchange

• Soc. media

• Phone

• Emails

38

Relevance through sophisticated use of Big data, AI and ML

Social data Distribution data Boozt solar system Payment data Market data

Data lake

Data quantification

Data analysis Data model

• Customer segmentation

• Brand classification• Return patterns

• Prediction of next purchase

• Personalized product recommendation

• Customer service categorisation

39

Central and automated warehouse in southern Sweden

1) Estimated capacity based on 43,500 m2 in total area is ~500,000 bins and ~500 picking robots. 2) Assuming a constant AOV. Source: Company data.

450,000+ SKU locations

Capacity of

3,000,000+items

Based on AutoStore solution

4 days from product arrival to in webstore

Returns being refunded within

24 hours

>2,500orders per hour

in handling capacity

Custom-built to deliver convenience and designed for 2-3x 2018 net revenue2)

• 360,000 bins1)

• 360 picking robots1)

• ~85% of products to be handled in the “grid”

The new warehouse in operation since March 2017Next day delivery to several Nordic areas

40

…enabling best in class delivery proposition

1-2 days

Next day

Same day

Next day

Same day

1-2 days

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

Q2 2019Delivery reach

Current shareof orders

99%

Population(million)

18.8

25.0

<5%

80%

95%

30%

90%

3.5 100%of assortment

100%of assortment

100%of assortment

Range

Automation Phase 2

2018

Automation Phase 4

2020

41

…with modular expansion driving scalability

Automation Phase 1

2017We arehere!

Automation Phase 3

2019First part completed

Building of new warehouse next to current starts in 2020

Revenue capacity

~2billion

3-4billion

~6-7*billion

4-5billion

* Estimate lowered (previously 6-8 billion) due to expected stock composition different from previous estimates driven by strong growth in shoes

0

1000

2000

3000

2015 2016 2017 2018

Cohorts are strong and loyalty is built fast – loyal customers expand their transactions with us

<2015 cohorts 2015 cohort 2016 cohort 2017 cohort 2018 cohort

42

Cohort behaviour suggests ”annuity-like-CLV”

Net revenue Boozt.com

Msek

No slowdown in new customer growth

Initial churn of 35-40% in first year

Cohort growing in value each year after first year churn

43

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…

44

Strong growth potential in online fashion and beauty in the Nordics

Source: Company estimates and Euromonitor.

Total market

SEK ~ 285bn

SEK ~125bn

SEK ~84bn

Nordic apparel and beauty market (2017)

Penetration AND consolidation

Online penetration levels at various stages hint to the market potential

SEK ~54bn TODAY@ ~19% online penetration

@ 30% online penetration

@ 45% online penetration