Boozt

Quarterly Report • Apr 26, 2024

Interim Financial Report Q1 2024

January 1 - March 31, 2024

HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Content

Highlights

Q1 2024 summary	3
Key figures and ratios	5

Business review

Financials	6
ESG	11
Outlook13
Other information14

Financial statements

Consolidated financial statements16
Accounting notes 20
Parent company financial statements23

Additional information

Definitions of financial performance measures	26
Financial calendar27

HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Q1 2024 summary

• Net revenue increased 6% to SEK 1,614 million (Q1 2023: 1,525), driven by both Boozt.com (+4%) and Booztlet.com (+13%)
• Average order value on Boozt.com increased to SEK 964 (935) , an increase of 3% vs Q1 2023
• Gross margin was 38.9%% up from 38.5% in Q1 2023
• Adjusted EBIT was SEK 20 million (17) corresponding to an adjusted EBIT margin of 1.2% (1.1%)
• EBIT was SEK -3 (-2) corresponding to an EBIT margin of -0.2% (-0.2%)
• Net profit for the period was SEK 2 million (-5)
• Free cash flow was SEK -685 million (-731)
• During the first quarter, Boozt repurchased own shares to the value of SEK 98 million (0)
• Outlook for 2024 is unchanged at 5-15% net revenue growth and an adjusted EBIT margin of 5.2-6.0%.

Outlook 2024	As of 8 February , 2024	Reported, FY 2023
Revenue growth	5-15%	15%
Adjusted EBIT margin	5.2-6.0%	5.2%

SEK million unless otherwise indicated	Q1 2024	Q1 2023	Change	Rolling 12 months
GROUP
Net revenue	1,614	1,525	6%	7,845
EBIT	-3	-2	-16%	299
Adjusted EBIT	20	17	17%	403
Earnings for the period	2	-5	n.a.	241
Free cash flow	-685	-731	6%	52
Net revenue growth (%)	5.9%	7.1%	-1.2pp	14.6%
Gross margin (%)	38.9%	38.5%	0.4pp	39.3%
EBIT margin (%)	-0.2%	-0.2%	-0.0pp	3.8%
Adjusted EBIT margin (%)	1.2%	1.1%	0.1pp	5.1%

BOOZT GROUP

Q1 2024

PAGE _ 3

— While market conditions remains challenging going into 2024, I am encouraged by our performance in the first quarter of the year.

In this environment, we managed to improve revenue in all our major markets. This was achieved despite limited access to campaign buys, which was a strong contributor to the first quarter last year, and also the timing of Easter having a negative impact.

Our Nordic Department store KPIs remain strong - the average order value continues to increase on both Boozt.com and Booztlet.com, while around 51% of our customers now buy from more than one product category.

HERMANN HARALDSSON, CEO AND CO-FOUNDER

BOOZT GROUP

Q1 2024

PAGE _ 4

Key figures and ratios

SEK million unless otherwise indicated	Q1 2024	Q1 2023	Change	Rolling 12 months
GROUP
Net revenue	1,614	1,525	6%	7,845
Net revenue growth (%)	6%	7%	-1pp	15%
Gross profit	627	586	7%	3,079
Gross margin (%)	38.9%	38.5%	+0.4pp	39.3%
Fulfilment cost ratio (%)	-11.6%	-12.1%	+0.5pp	-10.6%
Marketing cost ratio (%)	-10.0%	-10.0%	-0.0pp	-10.3%
Admin & other cost ratio (%)	-13.3%	-12.5%	-0.8pp	-11.3%
Depreciation cost ratio (%)	-4.1%	-4.0%	-0.1pp	-3.3%
Adjusted admin & other cost ratio (%)	-11.9%	-11.2%	-0.7pp	-10.0%
EBIT	-3	-2	-16%	299
EBIT margin (%)	-0.2%	-0.2%	-0.0pp	3.8%
Adjusted EBIT	20	17	17%	403
Adjusted EBIT margin (%)	1.2%	1.1%	+0.1pp	5.1%
Earnings for the period	2	-5	n/a	241
Earnings per share (SEK)	0.04	-0.08	n/a	3.65
Earnings per share after dilution (SEK)	0.04	-0.07	n/a	3.50
Adjusted earnings per share (SEK)	0.31	0.16	96%	4.91
Adjusted earnings per share after dilution (SEK)	0.30	0.15	96%	4.70
Net working capital	993	664	50%	993
Net working capital as share of net revenue (%)	12.7%	9.7%	+3.0pp	12.7%
Free cash flow	-685	-731	6%	52
Net debt / -net cash	-236	-456	48%	-236
Number of employees end of period	1,160	1,187	-2%	1,160

Financials

Income statement and cash flow items are compared with the corresponding year-earlier period. Balance sheet items refer to the position at the end of the period and are compared with the corresponding year earlier end of period, meaning March 31, 2023. The first quarter refers to the period January - March 2024.

Net revenue

For the first quarter, net revenue increased 6% (also 6% in local currency) to SEK 1,614 million (1,525).

Market conditions in the quarter remained difficult with continued low consumer confidence and a high promotional activity. This, combined with a limited access to campaign buys compared with Q1 2023 as well as Q4 2023, had a significant impact on growth for the quarter. Finally, the timing of Easter had a negative impact on revenue growth for the quarter of roughly 2 percentage points. This will have the reverse effect on revenue growth for Q2 2024. The Easter weekend is traditionally not a high selling period and in 2024, Easter was in Q1 as opposed to Q2 in 2023.

The challenging environment mainly impacted January, with sales improving in February and March. The improvement over the quarter was achieved despite limited support from the

weather, which, as in Q1 2023, has delayed sales of the Spring/ Summer collection.

Growth was mainly driven by an increase in the average order value (AOV) on Boozt.com and Booztlet.com, which increased to SEK 964 (935) and SEK 979 (920), respectively, corresponding to increases of 3% and 6%. Additionally, Booztlet was supported by a significant increase in active customers in the quarter (+13%). The improvements in AOV was supported by an increase in customers putting more than one category in the basket further validating Boozt's Nordic Department Store strategy. In Q1 2024, 51% of customers bought from more than one category compared with 50% in Q1 2023.

Revenue growth in Q1 2024 was driven by both Boozt.com and Booztlet.com, which increased revenue with 4% and 13%, respectively.

Other revenue

Other revenue (included in revenue from Boozt.com and Booztlet.com) in the quarter was SEK 73 million (49), an increase of 49% compared with the same quarter last year. Growth was mainly driven by revenue from Boozt Media Partnership (BMP) as well as the newer division Boozt Data Intelligence

(BDI), which was established in Q2 2023. BDI supports brand partners with valuable insights into customer behaviour and product performance.

Other revenue includes revenue not directly related to product sales, such as income from Boozt Media Partnership, Boozt Data Intelligence, BooztPay and breakage from gift cards.

Net revenue geographical split

Revenue in the Nordics was SEK 1,429 million (1,396) in the quarter and increased 2% compared with the same quarter last year. Growth in the Nordics slowed down compared to previous quarters. This was driven by most markets in the region, which was impacted by the headwinds mentioned above.

Revenue in the Rest of Europe was SEK 185 million (128) and increased 44% for the quarter. The increase was driven by a very strong performance in the region for both Boozt.com (+48%) and Booztlet.com (+36%), which was mainly driven by Germany.

Denmark and Sweden remain Boozt's largest markets and represented 35% and 34%, respectively, of net revenue in Q1 2024.

SEK million	Q1 2024	Q1 2023	Change	Rolling 12 months
Nordics	1,429	1,396	2%	7,110
- of which Denmark	540	531	2%	2,713
- of which Sweden	526	515	2%	2,551
Rest of Europe	185	128	44%	735
Total net revenue	1,614	1,525	6%	7,845

Gross profit

Gross profit increased 7% to SEK 627 million (586) in the quarter. The gross margin was 38.9% (38.5%) and up +0.4pp compared with the same quarter last year. The increase was mainly driven by a higher share of revenue from Other revenue, which has a gross margin close to 100%. The improvement was partially offset by the conversion of a previous agent agreement into a wholesale agreement (done in Q2 2023), which had a negative impact of 0.9 percentage points in the quarter.

The quarter remained high on promotional activity, mainly due to the January sale, however, the level of promotion was broadly in line with the same quarter last year.

Operational costs

Productivity improvements continue to support the fulfilment cost ratio and in Q1 2024 the ratio declined 0.5pp compared with Q1 2023 to 11.6% (12.1%). The improved ratio was driven by a highly competitive distribution setup with a more disciplined effort to guide customers to the optimal carrier from a cost and service perspective. Additionally, improvements continued to materialise at the fulfilment center driven by productivity gains supported by strong cost control. Finally, the fulfilment ratio continues to benefit from the increase in average order value.

The marketing cost ratio for the quarter was on par with the same quarter last year at 10.0% (10.0%). Boozt continues to gain benefits from lower cost-per-click in the Nordic market. The company aims to continue a high marketing spend to attract new customers along with further efforts to build Boozt as a household brand in the Nordics via offline marketing efforts.

The adjusted admin and other cost ratio increased with 0.8pp to 13.3% (12.5%). The increase was mainly due to an increase in white collar workers from around 580 FTEs at the end of Q1 2023 to around 650 FTEs at the end of Q1 2024. The number of total employees are sligthly down compared with last year. This was mainly driven by productivity gains in the fulfilment center, as well as a shift from part time to full time employees at the fulfilment center.

The deprecation cost ratio for the quarter was in line with last year at 4.1% (4.0%).

As per January 2023, the latest expansion of the automated warehouse capacity was taken into operation increasing depreciations and we expect to gradually grow into the current excess capacity over the next couple of years.

Adjusted EBIT

In Q1 2024, adjusted EBIT increased 17% compared with last year to SEK 20 million (17). The adjusted EBIT margin increased 0.1 percentage point to 1.2% (1.1%). The improvements in the gross margin and the fulfilment ratio were largely offset by the increase in the adjusted admin and other cost ratio.

Total adjustments in the quarter amounted to SEK 23 million (19). The adjustments for the quarter was all related to share-based payments.

Costs related to share-based payments fluctuate between periods as the probability of the number of performance shares under the programs are dynamic. Also, the provision for social charges are determined by the company's share price.

For a reconciliation of adjusted EBIT, please visit the Group's website www.booztgroup.com/reports-and-presentations, "Q1 Report 2024" – "Financial data".

EBIT

EBIT declined 16% to SEK -3 million (-2) in Q1 2024 corresponding to an EBIT margin of -0.2% (-0.2%), unchanged compared with the same quarter last year.

Financial items

Net financial items for the quarter totalled SEK -5 million (-3). Financial income amounted to SEK 7 million (6) in Q1 2024, and was mainly related to positive interests on the company's cash position. Financial expenses were SEK -11 million (-9) of which SEK -7 million (-7) were related to interest on loans for financing the expansion of AutoStore and SEK -5 million (-2) were related to interest on leasing contracts according to IFRS 16.

Tax

Tax for Q1 2024 had a net positive effect and amounted to SEK 10 million (1). The Group's effective tax rate for the period was

-131.3% (-15.2%). During the quarter, the Group reports a positive tax effect of SEK 9 million regarding previous years' taxation. The effect is related to a tax benefit, which relates to an investment grant received in 2021 during COVID.

Profit for the period

Profit for the first quarter totalled SEK 2 million (-5) resulting in earnings per share before dilution of SEK 0.04 (-0.08). Earnings per share after dilution amounted to SEK 0.04 (-0.07).

Net Working capital

Net working capital at the end of Q1 2024 was SEK 993 million (664) equivalent to 12.7% (9.7%) of net revenue for the last 12 months. The absolute increase was mainly due to an increase in inventory. The increase in net working capital as a percentage of revenue compared with Q1 2023 was mainly due to accounts payable.

Inventory as a percentage of revenue was unchanged at 33.1% (33.0%) compared with Q1 2023, while inventory in absolute terms increased to SEK 2,597 million (2,260). The absolute increase was mainly related to the decision to expand and improve the offering on Booztlet.com during 2023. Finally, the aforementioned conversion of an agent agreement to a wholesale agreement during Q2 2023 increased inventory with roughly SEK 40 million.

Accounts payable increased to SEK 1,397 million (1,302) at the end of Q1 2024. However, as a percentage of net revenue for the last 12 months it declined to 17.8% compared with 19.0% at the end of Q1 2023.

Accounts receivable was SEK 55 million (33) at the end of the period corresponding to 0.7% (0.5%) of net revenue for the last 12 months.

Share of net revenue	Q1 2024	Q1 2023	Change	Rolling 12 months
GROUP
Gross margin	38.9%	38.5%	0.4pp	39.3%
Fulfilment cost ratio	-11.6%	-12.1%	0.5pp	-10.6%
Marketing cost ratio	-10.0%	-10.0%	-0.0pp	-10.3%
Adjusted Admin and Other cost ratio	-13.3%	-12.5%	-0.8pp	-11.3%
Depreciation cost ratio	-4.1%	-4.0%	-0.1pp	-3.3%
EBIT margin	-0.2%	-0.2%	-0.0pp	3.8%
Adjusted EBIT margin	1.2%	1.1%	0.1pp	5.1%

Q1 2024

BOOZT GROUP

Cash flow

Cash flow for the period amounted to SEK -776 million compared with SEK -814 in Q1 2023. The slight improvement was mainly due to cash flow from operations. Free cash flow also slightly improved for the quarter to SEK -685 million (-731).

Cash flow from operations

Cash flow from operating activities amounted to SEK -588 million (-697) in the quarter. The improvement compared with last year was due to less impact from changes in net working capital, mainly related to accounts payables.

Cash flow from investments

Cash flow from investing activities amounted to SEK -97 million (-34). The increase was due to investments in fixed assets increasing to SEK -70 million (-10). The investments was mainly related to the fulfilment center in Ängelholm, where installation of transfer cells was initiated during the quarter. These will connect the three AutoStore installations and enable automation of consolidation of orders. The transfer cells will be fully operational from end of October this year and provide both cost savings and increased output capacity.

Cash flow from investments in intangible assets was SEK -26 million (-24) and mainly related to investments in the IT infrastructure.

Cash flow from financing

Cash flow from financing activities amounted to SEK -91 million compared with SEK -83 million in Q1 2023. Repayments of loans (mainly related to the AutoStore expansion in 2022) declined to SEK -24 million (-119). However, this was more than offset by repurchase of own shares as part of the ongoing share buyback program. During the first quarter, Boozt repurchased own shares to the value of SEK 98 million (0).

Cash position

At the end of Q1 2024, the Group had a net cash position of SEK 236 million compared with SEK 456 million at the end Q1 2023. The net debt / net cash excludes leasing liabilities.

Cash and cash equivalents decreased to SEK 687 million (965), driven among other things by the repurchase own shares for SEK 187 million (0) in total during the last 12 months as part of the Company's share buyback program.

Boozt.com

Net revenue

In Q1 2024, net revenue from Boozt.com was SEK 1,335 million (1,279), corresponding to an increase of 4% (also 4% in local currency).

Revenue growth was mainly driven by a continued improvement of the average order value, which increased to SEK 964 (935), corresponding to an increase of 3%. The increase was mainly driven by an increase in customers shopping across more than one category.

Number of active customers on Boozt.com, which is defined as customers shopping in the last 12 months, increased to 2.7 million compared with 2.5 million in the same period last year. However, the increase was mainly driven by the strong uptake of customers during the fourth quarter last year. The number of customers shopping at Boozt.com in Q1 2024 isolated was largely unchanged compared to the first quarter last year.

Revenue in the Nordics increased 1%, while revenue from the Rest of Europe was up 48%. The increase in the Nordics was supported by a good development in Finland and Iceland, while revenue in Sweden slightly declined (-2%) impacted by the low consumer confidence in the country. In the Rest of Europe, the Baltics continues to perform well, driven by continuous focus on the three countries. Furthermore, the region was supported by an improvement in sales in Germany. Following several adjustments on Boozt.com in Germany, which has shown great results, including implementation of return fees, investments in the country have increased.

True frequency was 6.9 (6.9) with cohorts displaying encouraging buying patterns despite the ongoing pressure on consumers' disposable income. Customer satisfaction remained at a high level as shown by a Trustpilot score of 4.5 (4.5) and a Net Promoter Score of 77 (75).

Adjusted EBIT and EBIT

Adjusted EBIT declined to SEK 13 million (22) in the quarter, while the adjusted EBIT margin decreased 0.8pp to 0.9% (1.7%). The margin decline was mainly due to the higher share of administrative costs mentioned on page 7.

The adjustment in the quarter amounted to SEK 19 million (16) and consisted of costs related to share-based payments.

EBIT for the quarter declined to SEK -6 million (6) corresponding to an EBIT margin of -0.5% (0.4%).

SEK million unless otherwise indicated	Q1 2024	Q1 2023	Change	Rolling 12 months
Boozt.com
Net revenue	1,335	1,279	4%	6,505
EBIT	-6	6	n/a	227
EBIT margin (%)	-0.5%	0.4%	-0.9pp	3.5%
Adjusted EBIT	13	22	-42%	316
Adjusted EBIT margin (%)	0.9%	1.7%	-0.8pp	4.9%
No. of orders (000)	1,273	1,297	-2%	6,371
True frequency	6.9	6.9	0%	6.9
Average order value (SEK)	964	935	3%	953
Active customers (000)	2,691	2,508	7%	2,691
No. of orders per active customer	2.37	2.38	-1%	2.37

SEK million	Q1 2024	Q1 2023	Change	Rolling 12 months
Boozt.com - Net revenue
Nordics	1,201	1,188	1%	5,997
- of which Denmark	464	460	1%	2,331
- of which Sweden	424	432	-2%	2,084
Rest of Europe	134	91	48%	508
Total net revenue	1,335	1,279	4%	6,505

BOOZT GROUP

Booztlet.com

Net revenue

Booztlet net revenue in Q1 2024 was SEK 279 million (246) corresponding to an increase of 13% compared with the same quarter last year (also 13% in local currency).

As was the case in H2 2023, Booztlet.com has continued to benefit from the changes made to the site in Q2 2023. As part of the updated strategy to refine the outlet to become more than mainly a clearance channel for the Group, the offering on Booztlet was expanded to include more categories (Sports, Beauty and Home) as well as more never-out-of-stock (NOOS) products. The improved results were achieved despite a continuous highly promotional market as well as the impression that the more price-conscious customer (targeted by Booztlet) has experienced a more notable relative decline in disposable income. The latter is evident from the increasing number of customers who have reduced their shopping frequency.

Revenue from the Nordics was SEK 228 million (209) and increased 9% compared with Q1 2023, while the Rest of Europe experienced a growth of 36% to SEK 51 million (37) following increased focus on the region for Booztlet.com.

The number of active customers on Booztlet.com increased 13% in Q1 2024, showing that the improvements done on Booztlet.com in the second quarter continues to attract new customers. The average order value for the quarter was SEK 979 (920) and increased 6% compared to the same quarter last year. The positive developments are mainly driven by an increased number of items per basket supported by the broader assortment on the site following the updated strategy.

Finally, as a natural consequence of the new strategy for Booztlet, including a broader and deeper offering on the site, inventory has increased. This impacts the Group's net working capital negatively but is a prerequisite to drive the higher growth rates for Booztlet. However, the majority of the investment in inventory relates to NOOS and campaign stock which has a lower inventory risk than in-season stock.

Adjusted EBIT and EBIT

Adjusted EBIT amounted to SEK 7 million (-5) in the quarter, and the adjusted EBIT margin increased to 2.6% (-2.0%). The increase in profitability was mainly driven by the higher revenue combined with the increase in average order value.

The adjustment in the quarter amounted to SEK 4 million (3) and consisted fully of costs related to share-based payments.

EBIT for the first quarter improved compared to last year to SEK 3 million (-8) corresponding to an EBIT margin of 1.1% (-3.3%).

SEK million	Q1 2024	Q1 2023	Change	Rolling 12 months
Booztlet.com
Net revenue	279	246	13%	1,340
EBIT	3	-8	n/a	72
EBIT margin (%)	1.1%	-3.3%	4.4pp	5.4%
Adjusted EBIT	7	-5	n/a	87
Adjusted EBIT margin (%)	2.6%	-2.0%	4.6pp	6.5%
No. of orders (000)	274	258	6%	1,340
Average order value (SEK)	979	920	6%	967
Active customers (000)	847	748	13%	847
No. of orders per active customer	1.6	1.7	-5%	1.6

SEK million	Q1 2024	Q1 2023	Change	Rolling 12 months
Booztlet.com - Net revenue
Nordics	228	209	9%	1,113
- of which Denmark	76	71	7%	382
- of which Sweden	102	83	23%	468
Rest of Europe	51	37	36%	227
Total net revenue	279	246	13%	1,340

BOOZT GROUP

ESG

As the Nordic Department Store, we are dedicated to delivering a great shopping experience to our customers. In this pursuit, sustainability is a crucial building block for our long-term business success, ensuring that we meet the needs of our stakeholders. With the help of a clear vision and strategy, we intend to amplify our efforts and share best practices that can influence a more sustainable industry.

Care-For strategy

The sustainability Care-For strategy is the roadmap for how to become the leading e-commerce company in the Nordics. To cement our efforts across the relevant areas in alignment with our commitment to the ongoing B Corp certification, Boozt's efforts are focused on four dimensions: Environment, Employees, Community and Governance. Within each dimension, Boozt is working with three goal areas and has set targets to support the sustainability Care-For strategy. Progress on goal areas and targets can be found on page 12, 'Development per goal area'.

CSRD and ESRS Implementation

Boozt is committed to continuous improvement in its sustainability practices. Over the past two years, Boozt has consistently reported on selected ESG KPIs and highlights on a quarterly basis. With the recent shift in the legislative landscape with the upcoming Corporate Reporting Sustainability Reporting Directive (CSRD) regulation and its European Sustainability Reporting Standards (ESRS), Boozt is adapting to embrace stricter, unified standards that will ultimately drive meaningful change within the industry. While Boozt's quarterly reporting undergoes changes to align with the upcoming CSRD and ESRS regulations, stakeholders will stay informed about Boozt's ongoing ESG initiatives and projects through the section 'Development per goal area'.

Boozt is actively preparing for the new CSRD and ESRS regulations. In terms of completed steps and milestones, Boozt initiated the implementation journey in 2023, by deciding to add the ESRS solution for enhanced management and reporting into the ESG software Position Green. Boozt completed the impact perspective as part of the Double-Materiality assessment. This step involved a comprehensive evaluation of Boozt's business context, value chain, and reporting scope, followed by stakeholder engagement and research to define material topics and data priorities. This step laid the groundwork for identifying and assessing Boozt's material topics and reporting scope. Boozt conducted a gap analysis to identify material topics, and areas for improvement and define data collection priorities. The next step is to assess the financial perspective with key internal stakeholders. Currently, Boozt is setting up the data management system for ESRS. This involves incorporating the full ESRS framework, encompassing over 1,000 data points according to the material topics, allowing data collection testing. Boozt will continue to report on the progress of the CSRD implementation in the Q2 report.

Development per goal area

Environment

Reducing GHG emissions

• At the beginning of 2024, Boozt has submitted science-based targets to the SBTi and is currently waiting for validation. Once validated, the targets will be publicly accessible on Boozt's website: www.booztgroup.com/environment

Minimising resource use

• As a part of Boozt project to assess the impacts and opportunities for biodiversity when constructing a new warehouse, a stakeholder engagement workshop was held in January in collaboration with Catena. The purpose of the workshop was to create a dialogue with the local community regarding the project area, its ecological and the social impact of the construction on the community.

Driving responsible production

• Launch of Boozt Claim Intelligence, a tool designed to provide partner brands with important insights about claims. These insights enable a more proactive approach to product quality and customer satisfaction. With the tool, brands can share complaint data with their manufacturers to improve and ensure increased transparency and knowledge throughout the entire production chain.

Employees

• Engaging & Healthy work environment
• High employee engagement with an aggregated participation rate of 85% in Boozt's monthly employee survey. The resulting Employee Net Promoter Score (eNPS) has improved significantly to a score of 70 (Q1 2023: 57).

Shaping employee development

• Introducing the Peer Review: An initiative to strengthen Boozt's feedback culture. Employees will have the opportunity to request feedback from their peers. This is a great way to learn and get feedback from colleagues.

Community

Empowering customers

• Boozt has implemented the latest criteria across the department store resulting in a smaller product assortment included in the Made With Care shop. This is part of Boozt Care-For's strategy to engage suppliers towards stricter sustainability data requirements and build consumer confidence.

Involving Community

• Boozt is carrying out a consulting business case with four MBA students from the USC Marshall School of Business (University of Southern California) focused on piloting the integration of the Re-ZIP Circular packaging into Boozt's logistics flow. The results of the business case will be presented at the end of April.

Engaging Suppliers

• Higg BRM 2023: Joint Action for the third year, Boozt is collaborating with Cascale (formerly Sustainable Apparel Coalition) to onboard brands to the Higg BRM Module requesting standardised supply chain data.
• Boozt has requested environmental and social certifications on a product level to 60% of its Brand Partners for eligibility to the Made With Care shop. This is part of Boozt's commitment to a data-driven and proactive approach to mitigate greenwashing risk.
• Boozt worked on the development of a ESG supplier scorecard as set in the Care-For target to integrate ESG performance in purchasing decisions by 2024. Boozt is engaging with internal and external stakeholders to ensure successful implementation.

Governance

Accelerating transparency

• Boozt published the Annual and Sustainability Report for 2023 including the ESG Data Summary presenting approximately 160 KPIs across the areas Environment, Employees, Community and Governance. Find the full report here.
• Boozt scored B- in CDP's Supplier Engagement Rating (SER). B- is on the Management band and higher than the Europe regional average of C, and the same as the Discretionary retail sector average of B-. CDP's annual Supplier Engagement Rating (SER) is designed to evaluate and spur action on corporate supply chain engagement on climate issues, based on the CDP climate change questionnaire.

Q1 2024

Mitigating risks

• First Limited Assurance of the full Sustainability Report carried out by Deloitte in accordance with ISAE 3000.

Integrating Sustainability

• Boozt hosted the second internal Clothing Swap event promoting circularity and reduction of textile waste. The initiative is part of Boozt's commitment to foster engagement with sustainability across the organisation.
• Boozt launched a cross-department newsletter to promote internal knowledge sharing and industry insights.

BOOZT GROUP

Outlook

Outlook 2024 The outlook for 2024 is unchanged.

For the full year 2024, Boozt expects a net revenue growth in the range of 5-15% and an adjusted EBIT margin of 5.2-6.0%.

Revenue growth for 2024 is expected to be supported by market share gains as well as an increase in online penetration across Boozt's product categories.

Boozt expects the market to continue to be volatile, however, the outlook assumes a stable to improving consumer confidence following two difficult years.

Profitability is expected to continue to benefit from economies of scale as well as potential cost initiatives across the Group.

CAPEX for 2024 is expected to be in the range of SEK 150-250 million. This will mainly be related to IT development costs as expansion of the Company's fulfilment capacity is not expected to commence before 2025.

The outlook for 2024 assumes that the exchange rates will remain at the current level. Assuming current exchange rates versus the Swedish Krona, the impact from currency on revenue growth is expected to be around -1%.

Long-term growth and profitability ambitions

In connection with the Capital Markets Day in March 2023, Boozt announced long-term ambitions for growth and profitability.

• Long-term growth and profitability ambitions:
• Market share around 10% of the total fashion and lifestyle market in the Nordics
• Adjusted EBIT margin exceeding 10%

Boozt has successfully managed to grow net revenue significantly faster than the Nordic market since 2017. The market in the Nordics remains attractive and the company expects to continue the accelerated market share gains supported by the position as the leading Nordic Department Store.

When the Company's growth rate is in line with the Nordic online fashion and lifestyle market, Boozt believes that its business model with best-in-industry unit economics will result in doubledigit margins and strong cash generation. However, the target to reach an adjusted EBIT margin of 10% is the ambition already in five years.

Outlook 2024	As of 8 February, 2024	Reported, FY 2023
Revenue growth	5-15%	15%
Adjusted EBIT margin	5.2-6.0%	5.2%

The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year

Other information

Significant events during Q1 2024 No significant events occurred in the quarter.

Significant events after the reporting date

Annual General Meeting 2024

Boozt's Annual General Meeting was held on April 25, 2024. The AGM decided that no dividends are paid to the shareholders and that the Company's profit for 2023 are carried forward. The AGM also decided on implementation of a new long-term incentive program (LTIP 2024). More information of the outcome of the Annual General Meeting 2024 is at www.booztgroup.com/annualgeneral-meeting.

Boozt to expand fulfilment capacity in Ängelholm

On 25 April, Boozt announced plans to expand the capacity at its fulfilment center in Ängelholm. When the expansion is completed, the facility will be able to cater for up to SEK 15 billion in net revenue (up from currently SEK 10-11 billion). The total investments related to the capacity expansion is expected to encompass around SEK 500 million in the period 2025 to 2027. For more information, please find the related company announcement here.

Treasury shares

In 2023, the Board of Directors launched Boozt's first share buyback program, aimed at repurchasing company shares worth up to SEK 200 million. The program commenced on June 21, 2023, and was authorized until the Annual General Meeting on April 25, 2024. The program has now concluded, with a total expenditure of SEK 187 million, equivalent to the repurchase of 1,615,819 ordinary shares. As of the date of this report, the Company now holds 4.9% of the share capital in Boozt or a total of 3,360,686 treasury shares, of which 1,744,867 are classified as C-shares.

The Board of Directors has determined that the shares acquired through the buyback program will be retained for the purpose of facilitating the delivery of performance shares to senior executives and key employees participating in the current and future Long-Term Incentive (LTI) programs approved by the Annual General Meeting.

The LTI program 2021/2024 is set to vest on May 27, 2024, and the delivery of performance shares must be completed within 30 days thereafter.

Parent company

Net revenue of the parent company amounted to SEK 24 million (17) In Q1 2024. The parent company has invoiced fees for management services in accordance with the Group's intracompany agreements to other Group companies during the period. Costs for the period are mainly attributable to costs related to personnel costs for the Group Management and remuneration to the Board of Directors. Net profit for the quarter totalled SEK -22 million (-11).

Seasonal variances

Seasonal variances affect the Group since purchases are cyclical and inventories are built up before each season. However, each quarter is comparable between years. Traditionally the fourth quarter has the highest net revenue, whereas the first quarter has the lowest. Inventory levels in the industry can be affected by an early or late start to the season impacting the promotional activities needed to clear inventory. To illustrate the long-term development trend the Group reports rolling twelve months' figures, where applicable.

Risks and uncertainties

Boozt has developed a risk management framework with the purpose to strengthen the structure of how risk management is carried out throughout the Group. Identified risks are reviewed by the Board of Directors continuously. No recognisable risk for the Group's ability to continue as a going concern has been identified. All identified risks as well as the risk management process is described in the Group's Annual Report 2023 on pages 36-38.

Related party transactions

Boozt's related parties and the extent of transactions with its related parties are described in Note 26 in the Annual Report 2023. There have not been any significant transactions with members of Group Management or other related parties during the quarter.

BOOZT GROUP

Q1 2024

PAGE _ 14

Financial statements

Consolidated financial statements16
Accounting notes	20
Parent company financial statements23

Consolidated financial statements

Consolidated income statement

SEK million	Note	Q1 2024	Q1 2023	Rolling 12 months
Net revenue	2	1,614	1,525	7,845
Total operating income		1,614	1,525	7,845
Goods for resale		-987	-938	-4,766
Other external costs		-361	-338	-1,692
Cost of personnel		-199	-178	-833
Depreciation and amortisation of tangible and intangible assets		-66	-61	-257
Other operating costs		-4	-11	1
Total operating costs		-1,617	-1,527	-7,546
OPERATING PROFIT (EBIT)	2	-3	-2	299
Financial income		7	6	25
Financial expenses	3	-11	-9	-54
Net financial items		-5	-3	-29
PROFIT BEFORE TAX	2	-8	-6	270
Income tax		10	1	-29
PROFIT FOR THE PERIOD		2	-5	241

SEK Note	Q1 2024	Q1 2023	Rolling 12 months
Average number of shares (000)	65,460	65,764	65,847
Average number of shares after dilution (000)	68,205	68,326	68,710
Earnings per share (SEK)	0.04	-0.08	3.65
Earnings per share after dilution (SEK)	0.04	-0.07	3.50

Consolidated statement of comprehensive income

SEK million Note	Q1 2024	Q1 2023	Rolling 12 months
PROFIT FOR THE PERIOD	2	-5	241
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT:
Translation differences	16	6	-23
TOTAL COMPREHENSIVE PROFIT FOR THE PERIOD	18	1	218
ATTRIBUTABLE TO
Parent company's shareholders	18	1	218

Consolidated statement of financial position

SEK million	Note	Mar 31, 2024	Mar 31, 2023	Dec 31, 2023	SEK million	Note	Mar 31, 2024	Mar 31, 2023	Dec 31, 2023	BO OZ
ASSETS					EQUITY AND LIABILITIES					T GR
Trademarks	4	97	95	93	Share capital		6	6	6	OU P
Goodwill	4	310	303	298	Other capital contributions		2,324	2,244	2,307
Web platform	4	213	175	205	Reserves		52	45	37
Total intangible assets		620	573	596	Retained earnings including profit for the period		276	223	372
Right of use asset		537	544	526	Total equity		2,658	2,517	2,721
Machinery and equipment	4	830	851	785	Non-current interest bearing liabilities	3	355	359	326
Total tangible assets		1,368	1,394	1,311	Non-current lease liabilities	3	464	471	456
Deposits		8	8	8	Other non-current liabilities	3	-	-	-
Shares in associated companies		15	28	15	Other non-current provisions		28	35	22	Q1
Deferred tax asset		22	6	18	Deferred tax liabilities		19	19	19	2 02
Total other assets		45	42	42	Total non-current liabilities		867	885	824	4
Total non-current assets		2,033	2,009	1,948	Current interest bearing liabilities	3	96	150	97
Inventory		2,597	2,260	2,281	Current lease liabilities	3	92	86	86
Accounts receivable	3	55	33	41	Accounts payable	3	1,397	1,302	1,140
Other receivables	3	143	81	147	Current tax liabilities		1	40	52
Current tax receivables		6	9	7	Other liabilities	3	199	192	527
Prepaid expenses and accrued income		120	114	70	Accrued expenses and prepaid income		329	300	512
Cash and cash equivalents	3	687	965	1,463	Total current liabilities		2,114	2,069	2,414
Total current assets		3,607	3,462	4,010	Total liabilities		2,981	2,953	3,238
TOTAL ASSETS		5,639	5,471	5,959	TOTAL EQUITY AND LIABILITIES		5,640	5,471	5,959

Consolidated statement of changes in equity

SEK million	Share capital	Other capital contributions	Reserves	Profit brought forward incl. period's profit/loss for the year	Total equity attributable to parent company shareholders
Equity as per Jan 1, 2023	6	2,230	39	229	2,503
Profit for the period	-	-	-	-5	-5
Other comprehensive income	-	-	6	-	6
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD	0	0	6	-5	1
Share capital increase	-	-	-	-	-
Sharebased compensation	-	14	-	-	14
Total transaction with owners	0	14	0	0	14
Equity as per Mar 31, 2023	6	2,244	45	224	2,518

SEK million	Share capital	Other capital contributions	Reserves	Profit brought forward incl. period's profit/loss for the year	Total equity attributable to parent company shareholders
Equity as per Jan 1, 2024	6	2,307	37	372	2,721
Profit for the period	-	-	-	2	2
Other comprehensive income	-	-	16	-	16
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD	0	0	16	2	18
Share capital increase	-	-	-	-	-
Sharebased compensation	-	17	-	-	17
Share buyback	-	-	-	-98	-98
Total transaction with owners	0	17	0	-98	-81
Equity as per Mar 31, 2024	6	2,324	52	276	2,658

Q1 2024

BOOZT GROUP

Consolidated statement of cash flow

SEK million	Note Q1 2024	Q1 2023	Rolling 12 months	SEK million	Note	Q1 2024	Q1 2023	Rolling 12 months
Operating profit	-3	-2	299	Acquisition of subsidiaries, net liquidity effect	4	-	-	-3
				Investments in fixed assets	4	-70	-10	-81
Adjustments for non-cash items:				Change in financial assets	4	-0	-0	-0
Non-cash remuneration from share based payments (social charges)	17	14	-2	Investments in intangible assets	4	-26	-24	-103
Non-cash remuneration from share based payments	5	5	77
Change in other provisions		- 0	-0	CASH FLOW FROM INVESTING ACTIVITIES	4	-97	-34	-187
Depreciation	68	61	259	Share buyback		-98	-	-187
Other items not included in cash flow		- 2	-2	New loans		53	58	53
Interest received	7	6	25	Repayments of loans		-24	-119	-110
Interest paid	3 -11	-9	-41	Repayments of lease liability		-22	-22	-84
Paid income tax	-44	-49	-81	CASH FLOW FROM FINANCING ACTIVITIES		-91	-83	-328
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN	39	27	534
WORKING CAPITAL				Cash flow for the period		-776	-814	-278
				Currency exchange gains/losses in cash and cash equivalents		1	1	1
Changes in inventory	-315	-222	-336	Cash and cash equivalents beginning of period		1,463	1,777	964
Changes in current assets	-58	-45	-89
Changes in current liabilities	-254	-457	131	CASH AND CASH EQUIVALENTS END OF PERIOD		687	964	687
Cash flow from changes working capital	-627	-724	-295
CASH FLOW FROM OPERATING ACTIVITIES	-588	-697	239

BOOZT GROUP

Parent company

For the Parent Company Boozt AB (publ), the financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

The reporting currency is SEK and all figures in the interim report are rounded to the nearest million with one decimal point.

Accounting notes

Note 1 - Accounting principles

The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish annual Accounts Act. Information required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations method have remained unchanged from those applied in the 2023 Annual Report. Amended or new standards taking effect from January 1, 2024 have not had any material impact on the Group's financial reports for the period.

Important estimates and assessments

Preparation of the financial reports in accordance with IFRS requires management to make assessments and estimates and assumptions that affect application of the accounting policies and the recognised amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and assumptions are continually evaluated. Changes in estimates are recognised in the period the change is made if the change only affected that period or in the period the change is made and in future periods if the change affects both current and future periods.

Important estimates and assessments are disclosed in the 2023 Annual Report on page 104.

Note 2 - Segment reporting

SEK million	Q1 2024	Q1 2023	Rolling 12 months
NET REVENUE
Boozt.com	1,335	1,279	6,505
Booztlet.com	279	246	1,340
TOTAL NET REVENUE	1,614	1,525	7,845
EBIT
Boozt.com	-6	6	227
Booztlet.com	3	-8	72
TOTAL EBIT	-3	-2	299
EARNINGS BEFORE TAX
Boozt.com	-21	3	189
Booztlet.com	0	-9	71
EARNINGS BEFORE TAX	-20	-6	260

Note 3 - Financial instruments

	Finacial assets	Finacial liabilities valued	Financial instruments measured at fair				Finacial assets	Finacial liabilities valued	Financial instruments measured at fair
31 Mar, 2023 (SEK million)	valued at amortised cost	at amortised cost	value via income statement	Total carrying amount	Fair value	31 Mar, 2024 (SEK million)	valued at amortised cost	at amortised cost	value via income statement	Total carrying amount	Fair value
Financial assets						Financial assets
Deposits	8	-	-	8	8	Deposits	8	-	-	8	8
Accounts receivables	33	-	-	33	33	Accounts receivables	55	-	-	55	55
Other receivables	81	-	-	81	81	Other receivables	142	-	0	143	143
Cash and cash equivalents	965	-	-	965	965	Cash and cash equivalents	687	-	-	687	687
Total financial assets	1,087	0	0	1,087	1,087	Total financial assets	893	0	0	893	893
Financial liabilities						Financial liabilities
Liabilities to credit institutions	-	509	-	509	509	Liabilities to credit institutions	-	452	-	452	452
Accounts payables	-	1,302	-	1,302	1,302	Accounts payables	-	1,397	-	1,397	1,397
Other liabilities	-	192	5	197	197	Other liabilities	-	197	2	199	199
Lease liabilities	-	557	-	557	557	Lease liabilities	-	556	-	556	556
Total financial liabilities	0	2,560	5	2,564	2,564	Total financial liabilities	0	2,602	2	2,604	2,604

BOOZT GROUP

Revolving credit facility

The Group has a multicurrency revolving credit facility (RCF) with Danske Bank of SEK 200 million available for drawings in SEK, DKK, NOK and EUR, which can be used for general corporate and working capital purposes as well as potential acquisitions. The revolving credit facility agreement was entered into on February 17, 2020 and is set to expire in February 2025. Boozt is currently negotiating a new RCF.

Calculation of fair value

The Group has derivative instruments that comprise of foreign exchange forward used for hedging purposes, which are measured at fair value according to Level 2 of the valuation hierarchy. Derivative liabilities amount to SEK 0.2 million (0.0). Other financial liabilities measured at fair value via income statement consists of earn-out from acquisitions of operations of SEK 2 million (5), of which some parts are conditional. Other financial liabilities measured at fair value can be found at Level 3 of the valuation hierarchy. The Group's other financial assets and liabilities are considered to be close to the carrying amount, after which the carrying amount is estimated to be the same as the fair value. For a more detailed description of the Group's classification and valuation of financial instruments please see Note 1 on page 103 and Note 28 on page 120 in the Annual Report 2023.

SEK million	Q1 2024	Q1 2023	Rolling 12 months
Interest income	7	6	25
Interest expenses	-7	-7	-26
Interest expense leases	-5	-2	-15
Net change in value of receivables measured at fair value via income statement	0	-	-13
Total net financial items	-5	-3	-29

Note 4 - Investments

SEK million	Q1 2024	Q1 2023	Rolling 12 months
Acquisition of fixed assets (other capex)	-2	-6	-2
Acquisition of fixed assets (warehouse capex)	-68	-4	-79
Total	-70	-10	-81
Acquisition of operations	0	0	-3
Change in financial assets	0	0	0
Total	0	0	-3
Acquisition of intagible assets (capitalised development costs)	-26	-23	-96
Acquisition of intagible assets (other)	0	-1	-6
Total	-26	-24	-102
Cash flow from investments	-97	-34	-186

BOOZT GROUP

Parent company financial statements

Parent company income statement

SEK million	Q1 2024	Q1 2023	Rolling 12 months
Net revenue	24	17	174
Total operating income	24	17	174
Other external costs	-3	-2	-10
Cost of personnel	-33	-29	-164
Total operating costs	-35	-31	-174
OPERATING PROFIT (EBIT)	-11	-14	-0
Financial income	0	0	27
Financial expenses	-14	-0	-14
Net financial items	-14	-0	13
PROFIT AFTER FINANCIAL ITEMS	-25	-14	13
Group contributions	1	0	4
RESULT BEFORE TAX	-24	-14	17
Income tax	2	3	-1
PROFIT FOR THE PERIOD	-22	-11	16

Parent company financial position

SEK million	Mar 31, 2024	Mar 31, 2023	Dec 31, 2023	SEK million	Mar 31, 2024	Mar 31, 2023	Dec 31, 2023	BO
Shares in Group companies	831	1,139	831	Share capital	6	6	6	OZ T GR
Shares in associated companies	13	27	27	Total restricted equity	6	6	6	OU P
Deferred tax asset	2	3	0
Total non-current assets	847	1,169	858	Share premium reserve	2,192	2,146	2,182
				Retained earnings	-426	-266	-355
Other receivables	0	0	0	Earnings for the period	-22	-11	27
Receivables from Group companies	959	780	1,078	Total unrestricted equity	1,744	1,869	1,854
Current tax assets	-	0	0	TOTAL EQUITY	1,749	1,875	1,860
Prepaid expenses and accrued income	1	1	1
Cash and cash equivalents	17	5	36	Other provisions	18	23	14
Total current assets	978	786	1,114	Total non-current liabilities	18	23	14
TOTAL ASSETS	1,825	1,954	1,973	Accounts payable	1	1	1	Q1 2
				Liabilities to Group companies	38	38	38	02 4
				Other liabilities	5	3	17
				Accrued expenses and prepaid income	14	15	43
				Total current liabilities	58	57	99
				TOTAL LIABILITIES	75	79	113

TOTAL EQUITY AND LIABILITIES 1,825 1,954 1,973

HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Audit

This report has not been subject to a limited review by the Group's auditors.

Signatures

The undersigned certify that this interim report gives a true and fair overview of the Parent Company's and the Group's operations, financial position, performance and describes the material risks and uncertainties facing the Parent Company and the companies in the Group.

April 26, 2024

Hermann Haraldsson Group CEO In accordance with authorisation given by the Board of Directors

BOOZT GROUP

Q1 2024

PAGE _ 25

HIGHLIGHTS BUSINESS REVIEW FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Definitions of financial performance measures

The quarterly report contains certain performance measures that are not defined in accordance with IFRS (alternative performance measures). The performance measures included are used by investors, securities analysts and other stakeholders as additional measures of performance and financial position. The Group's alternative performance measures are not necessarily comparable to similar measurements presented by other companies and have certain limitations as analytical tools. They should therefore not be considered separately from, or as a substitute for, the Group's financial information prepared in accordance with IFRS.

Definitions, calculations, and rationale behind the use of included alternative performance measures are available on the Group's website www.booztgroup.com/reports-and-presentations, "Q1 Report 2024" - "Financial data".

Financial calendar

August 16, 2024 Interim Financial Report for Q2 2024

November 5, 2024 Interim Financial Report for Q3 2024

Consolidated financial statements are available at www.booztgroup.com.

In case of enquiries or questions to the Group, please contact:

Magnus Thorstholm Jensen, Head of Investor Relations matj@boozt.com / +45 30 50 44 02

or

Sandra Gadd, Group CFO sga@boozt.com / +46 768 27 61 18

This report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 CET on April 26, 2024. This report may contain forward-looking information that is based on the present expectations of Boozt's management. No assurance may be given that these expectations will prove to be correct. Actual outcomes may deviate significantly from what is reflected in the forward-looking information due to changed conditions relating to the economy, market or competition, changes in legal requirements and other political measures, fluctuations in exchange rates and other factors outside of Boozt's control.

Contact details

Address: Hyllie Boulevard 35, 215 37 Malmö, Sweden Phone: +46 40 12 80 05

E-mail: info@boozt.com www.booztgroup.com

Org. nr: 556793-5183 VAT nr: SE556793518301