Roadshowpresentation

Q1 2018

May 2018

Key highlights Q1

• Solid momentum with positive development in key performance indicators

• Growth supported by currency (~4%-points) and driven by Boozt.com (+33%) and Booztlet.com (+105%)

• Gross margin hit by cold weather extending the winter season, relatively lower amount of campaign stock and termination of consignment sales

• Upgrading growth outlook to +33% (previous +30%) based on solid momentum and positive impact from weakened SEK

Net revenue growth31% (62%)

Adjusted EBIT margin-0.7% (-0.6%)

KPI highlightsOrder development

No. of orders(000)

Boozt.com

510

638

Q1 2017 Q1 2018

+25%

Average order value

788824

Q1 2017 Q1 2018

SEK

+5%

862

1.104

Q1 2017 Q1 2018

5,9

7,2

Q1 2017 Q1 2018

KPI highlightsCohort development

Active customers

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

Boozt.com

+28%

No. of orders per active customerAOV SEK

2,22,4

Q1 2017 Q1 2018

True frequency

Order frequency from customers buying in Q1 2017 (Q1 2016) and the following 12 months

KPI highlightsCustomer satisfaction

9,1

9,2

Q1 2017 Q1 2018

6668

Q1 2017 Q1 2018

Customer satisfaction

Trustpilot and NPS score

Boozt.com

Trustpilot NPS

A segment with attractive features complementing Boozt.com

Strong momentum on Booztlet.com

105% growth in Q1

Clearing of Boozt.com products

End of lifecycle management

Off-price segment with great potential

Reaching new customers

Provide a credible clearing channel for mid to premium brands

Develop brand relations

Offering the Boozt.com experience to the off-price segment

Quality outlet

• Initial findings suggest positive synergies with apparel as customers buys more frequently and includes apparel in their baskets

• New key brands signed including MAC, Kiehls and Urban Decay

• Increased focus on haircare due to significant potential

• Opening of flagship store in Copenhagen in June on track

Beauty progressing as expected

FINANCIAL UPDATE

FIRST QUARTER 2018

Results update

Gross profit

SEK million

Net revenue

SEK million

421,1

551,9

Q1 2017 Q1 2018

Adjusted EBIT

SEK million

187,1215,9

Q1 2017 Q1 2018

Margin 39.1%

Margin 44.4%

-2,5 -4,1

Q1 2017 Q1 2018

Margin -0.7%

Margin -0.6%

+31%

Group

10,9

22,3

Q1 2017 Q1 2018

12,9

2,6

Q1 2017 Q1 2018

Net revenue by segment

397,4

527,0

Q1 2017 Q1 2018

Net revenue Q1 (SEK million) Net revenue Q1 (SEK million)

Boozt.com Booztlet.com Other

+33%

+105%

-80%

Net revenue Q1 (SEK million)

1,3

3,9

Q1 2017 Q1 2018

2,2

-1,7Q1 2017 Q1 2018

Adjusted EBIT by segment

-6,0 -6,3Q1 2017 Q1 2018

Adjusted EBIT Q1 (SEK million) Adjusted EBIT Q1(SEK million)

Boozt.com Booztlet.com Other

-1.5% -1.2%

11.6%

17.6%

17.0%

-66.3%

Adjusted EBIT Q1(SEK million)

Cost ratio development

Gross margin

Marketing cost ratio

Depreciation cost ratio

Adjusted fulfilment cost ratio

Adjusted admin & other cost ratio*

Adjusted EBIT margin

Share of net revenue, %

44.4

(13.2)

(0.7)

(0.6)

(16.0)

(15.1)

Q1 2017 Change

(5.3 pp)

2.5 pp

1.4 pp

2.5 pp

(1.2 pp)

(0.1 pp)

39.1

(0.7)

(13.5)

(13.7)

(10.7)

(2.0)

Q1 2018

*whereof cost of personnel (7.5) 1.0 pp(6.5)

2,9

1,3

2,2

5,9

Q1 2017 Q1 2018

Fixed assets

Intangibles

-98,3

-7,7

Q1 2017 Q1 2018

Key financials

171,4

213,7

Q1 2017 Q1 2018

SEK million (in % of LTM revenue) SEK million

Net working capital CAPEX Operational cash flow

11.0% 10.0%

SEK million

Outlook

25-30%medium term

>6%medium term

For 2018 the Group now expects a net revenue growth above 33% (previous above 30%).

The adjusted EBIT margin is expected to improve slightly compared to 2017.

• 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 (3-5 years post IPO) targets remain unchanged

Disclaimer

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, the development ofthe Company’s industry, business, results of operations and financial condition. Company’s business, results of operationsand financial condition, and the development of the industry and the macroeconomic environment in which theCompany operates, may differ materially from, and be more negative than, those assumed by the Company’s whenpreparing the financial targets set out above. As a result, the Company’s ability to reach these financial targets is subjectto uncertainties and contingencies, some of which are beyond its control, and no assurance can be given that theCompany will be able to reach these targets or that the Company’s financial condition or results of operations will not bematerially different from these financial targets.

16

Q&A

APPENDIX

Income statement

SEK million Q1 2018 Q1 2017

Operating incomeNet revenue 551.9 421.1Other operating income 2.0

Operating costsGoods for resale -336.0 -234.1Other external costs -177.4 -176.2Cost of personnel -35.9 -31.4Depreciation and impairment losses -11.0 -3.0Other operating costs -2.6Total operating costs -560.3 -447.3Operating profit/loss (EBIT) -6.4 -26.1

Financial income and expensesFinancial income 0.0 3.2Financial expenses -7.3 -0.4Net financial items -7.3 2.8Profit/loss before tax -13.7 -23.3

Income tax 2.5 5.4Profit/loss for the period -11.2 -17.9

APPENDIX

Financial positionSEK million Mar 31, 2018 Mar 31, 2017

ASSETSNon current assetsIntangible assetsWeb platform 23.8 16.0

Tangible assetsMachinery and equipment 147.0 18.8

Deposits 12.3 10.0Deferred tax assets 94.9 42.2Total non-current assets 277.9 87.1

Current assetsInventories 737.9 525.4Accounts receivables 10.8 10.1Other receivables 46.5 17.9Current tax assets 0.3 0.5Prepaid expenses and accrued income 33.7 46.7Derivatives 0.5 3.2 Cash and cash equivalent 400.2 118.1Total current assets 1,229.9 721.9

TOTAL ASSETS 1,507.9 808.9

APPENDIX

Financial positionSEK million Mar 31, 2018 Mar 31, 2017

EQUITY AND LIABILITIES

EquityShare capital 4.7 3.9 Other capital contributions 1,124.9 689.2 Reserves 0.2 -0.0 Retained earnings including profit for the year -349.5 -343.7 Total equity 780.3 349.4

Non-current liabilitiesInterest bearing liabilities 66.9 6.9Other provisions 22.7 18.4Total non-current liabilities 91.7 25.2

Current liabilitiesInterest bearing liabilities 19.4 5.1Accounts payables 415.3 251.8Other liabilities 60.8 45.2Derivatives financial instruments 3.1 -Accrued expenses and prepaid income 139.3 132.2Total current liabilities 638.0 434.3

TOTAL EQUITY AND LIABILITIES 1,507.9 808.9

APPENDIX

Cash flow

SEK million Q1 2018 Q1 2017

Operating profit -6.4 -26.1Adjustments for non-cash items 12.5 5.0Net interest -0.6 -0.4Paid income tax 0.1 -0.1Cash flow from operating activities before working capital 5.6 -21.6

Change in inventory -111.2 -136.6Change in current assets 8.1 -16.3Change in current liabilities 89.7 186.3Cash flow from changes in working capital -13.4 -76.7

Cash flow from operating activites -7.7 -98.3

Investments in fixed assets -1.3 -2.9Change in financial assets -0.4 -0.3Investments in intangible assets -5.9 -2.2Cash flow from investing activities -7.6 -5.4

Repayment of loans -14.9 -Cash flow from financing activities -14.9 -

Cash flow for the period -30.3 -103.7

Currency exchange gains/losses in cash and cash equivalents 0.8 0.0Cash and cash equivalents beginning of period 429.7 221.8Cash and cash equivalents end of period 400.2 118.1

APPENDIX

COMPANY OVERVIEW

22

5 middle aged men selling fashion…

Jesper Brøndum

CTO

Allan Junge-Jensen

CFO

Hermann Haraldsson

CEO

Niels Hemmingsen

COO

Peter G. Jørgensen

CMO

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 -

Dec 2017

SEK 191m(transactional net revenue)

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

Aug 2011

SEK 0.7m (transactional net revenue)

EXPANSION

• On-boarding of brands

• Geographic expansion

• Marketing focus in Denmark, Sweden and Finland

• Securing funding

2014 - 2015

Embarking on an exciting journey

Apparel is a large market in the Nordics

Note: Apparel retail market is defined as the aggregation of the clothing and footwear market (including sports). The market data covers retail sales of apparel through both store-based retailers and non-store retailers. It excludes black market sales (i.e. untaxed, generated within informal retailing) and duty free sales (travel retail). Items must be new when sold to the consumer; second-hand/used items are excluded. Antique and/or vintage clothing and footwear is also excluded. All data from Euromonitor International used in this section is based on retail sales prices (including VAT), expressed in nominal terms and assumes fixed currency rates against SEK of 9.44 (EUR), 1.07 (NOK), 1.27 (DKK), 10.98 (GPB) and 8.88 (USD). Source: Euromonitor International Beauty and Personal Care 2016 edition, Consumer Electronics 2017 edition, Consumer Appliances 2017 edition, Consumer Health 2017 edition, Apparel and Footwear 2017 edition. Euromonitor doesn’t research Apparel, Consumer Electronics and Consumer Appliances in Finland, therefore to estimate the total Nordic market, management estimates for Finland used as follows: Apparel: SEK 35 billion; Consumer electronics: SEK 35 billion and; Consumer appliances: SEK 6 billion.

33 44

6 11 4

242

100

56 4434

Apparel ConsumerElectronics

Beauty andPersonal Care

ConsumerAppliances

ConsumerHealth

Nordic market size (SEKbn)

9.700 9.2008.600

5.300

US Nordics UK Europe

Total apparel spending per capita (2016 in SEK, rounded to the nearest hundred)

Apparel is one of the largest consumer categories… … driven by high spend per capita

Online

Total

Strong growth potential in online fashion in the Nordics

Total market

SEK 242bn

SEK ~109bn

SEK ~50bn

Source: Company data and Euromonitor.

Nordic apparel market (2016)

Penetration AND consolidation

Online penetration levels at various stages hint to the market potential

SEK ~30bn TODAY

@ 13% online penetration

@ 20% online penetration

2027?@ 45% online penetration

Key success factors in Nordic online fashion

• Relevant and curated selection

• Personalised yet”power to the people”

• Nudging and not forcing

• Pay THE (right) price

• Seamless user experience across platforms

• Convenient delivery and return options

• Easy access customer care

• Fast free deliveries• Fast free returns

EASE

SPEED

PRICERELEVANCE

A prerequisite for success is a wellinvested, data driven operating platform

Purpose-built infrastructure enables full control over the customer journey

Ads

TV

Emails

Marketing

AffiliateSoc. media

Filter + search

Salesadvice

Fraudcheck

Paymentvalidation

Discounts

Sales

Return +refund

Openpackage

Review

RatingPickup +delivery

Fulfilment

Customer service

Chat Exchange

Phone

Emails Soc. mediaThe solar system

The halo

Relevance through sophisticateduse 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

Anecdotes are fine, but data rules

Competitive offering to modern Nordic fashion followers

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

Well positioned to capture larger share of the Nordic online apparel market

21Entry brandsPremium brandsCommercial

Attractive position in a market where scale matters

Prod

uct s

egm

ent f

ocus

Prem

ium

Com

mer

cia

lEn

try p

rice

Catch-all Curated

Brand strategy

Distinct position based on a curated Nordic selection…

Favorable unit economics

Illustrative Nordic market landscape

Boozt’s positioning delivers a high AOV

AOV incl. VAT in SEK (Accumulated Q1- Q4 2017)

Selectively active in the Nordic region

787,0 632,0

VAT

3) 4)

+54.4%

Adjusted fulfilment cost ratios, in % of net revenue (Accumulated Q1- Q4 2017)

14,5%25,9%

Depreciations related to fulfilment

1.5%

-9.9 ppt

5)

1) As defined by Euromonitor International. Boozt CAGR based on net revenue excluding VAT (based on Company data). 2) Zalando, H&M, Nelly, Ellos and Stylepit. 3) Boozt.com’s reported AOV excludes VAT. 4) Based on average basket size for accumulated period Q1-Q4 2017 of EUR 64.5 and converted based on EUR/SEK 9.81. Source: Zalando Q4, quarterly statement 5)Based on reported figures in Zalando Q4.

Why AOV matters…in same size business

The relative high AOV leaves room for high marketing…

Cost split per order

If low AOV…gross margin would have to be higher

Challenging to drive growth & profit without better GM….787

451

114

102

89

1219

531

304

114

69

608

-24

57.3%

14.5%

13.0%

11.3%

1.5%2.4%

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opex

Depreciation

EBIT

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opex

Depreciation

EBIT

57.3%

21.5%

13.0%

11.3%1.5%-4.6%

6.0%

2.4%

50.3%?

Why scale matters…

The relative high AOV leaves room for high marketing…

Cost split per order

Scale will drive profit…even at lower gross margin

Regional focus will drive marketing down….

787

451

114

102

89

1219

787

57.3%

14.5%

13.0%

11.3%

1.5%2.4%

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opexDepreciation

EBIT

Goods for resale

Fulfilment & dist.

Marketing

Admin & staff opexDepreciation

EBIT Above 6%

Cohort behaviour suggests ”annuity-like-CLV”

NEW

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

Expected “as is” 2018 revenue from 2017 cohort = 100%

0

500

1000

1500

2000

2014 2015 2016 2017Loyal customer Converting to loyal

Total Net. Sales (excl. VAT)

Growing as fast as uniteconomics make sense

Contribution margin development

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

Initial negative contribution from new customers…

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.

Central and automatedwarehouse 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

The new warehouse in operational since the end of March 2017Next day delivery to several Nordic areas

Custom-built to deliver convenience and designed for >4x net revenue2)

• 180,000 bins1)

• 151 picking robots1)

• ~90% of products to be handled in the “grid”

Automation Phase 1

2017

Modular expansion driving scalability

Building of new warehouse next to current starts in 2020

2billion

We are here!

Automation Phase 2

2017/2018Negotiations regarding phase 3&4 commence

Automation Phase 3

2019/2020

1 2

3 4Automation Phase 4

2020/20214-6

billion6-8

billion

3-4billion

Revenue capacity

A step change in 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

Q1 2018Deliveryreach

Current share oforders

99%

Population(million)

18.8

25.0

0%

80%

95%

30%

90%

3.5 100%

100%

100%

Range

of assortment

of assortment

of assortment