Boozt

Quarterly Report • May 7, 2021

Q1 - report

JANUARY 1 – MARCH 31 2021

First Quarter highlights

• Net revenue of SEK 1,137.4 million and a net revenue growth of 48.5% (local currency ~54%). Net revenue growth of 40.7% for Boozt.com and 100% for Booztlet.com
• Gross margin of 40.3% (31.9)
• Adjusted EBIT margin of 6.0% (-8.0)
• Earnings per share of SEK 0.67 (-1.39) and after dilution SEK 0.64 (-1.39)
• Free cash flow of SEK -235.9 million (-22.8)

Financials Significant events

• Successful insourcing of fulfilment staff
• 2021 outlook of 20-25% net revenue growth and above 5% adjusted EBIT margin
• Updated medium term financials ambitions of outgrowing the Nordic online market significantly and a 5-7% adjusted EBIT margin through 2023.

Significant events after the end of the period

• Upgraded 2021 outlook of 25-30% net revenue growth (20-25% previously), and adjusted EBIT margin above 5.5% (above 5% previously)
• Launched BooztPay at Boozt.com making it available across the Boozt online universe.

	First Quarter highlights
Financials  Net revenue of SEK 1,137.4 million and a net revenue growth of 48.5% (local currency ~54%). Net revenue growth of 40.7% for Boozt.com and 100% for Booztlet.com  Gross margin of 40.3% (31.9)  Adjusted EBIT margin of 6.0% (-8.0)  Earnings per share of SEK 0.67 (-1.39) and after dilution SEK 0.64 (-1.39)  Free cash flow of SEK -235.9 million (-22.8)	Significant events     	Successful insourcing of fulfilment staff 2021 outlook of 20-25% net revenue growth and above 5% adjusted EBIT margin Updated medium term financials ambitions of outgrowing the Nordic online market significantly and a 5-7% adjusted EBIT margin through 2023. Significant events after the end of the period Upgraded 2021 outlook of 25-30% net revenue growth (20-25% previously), and adjusted EBIT margin above 5.5% (above 5% previously) Launched BooztPay at Boozt.com making it available across the Boozt online universe.
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change

CEO Hermann Haraldsson says: "During the first quarter we have managed to strike a delicate balance between growth, high customer satisfaction and profitability. Growth exceeded our expectations with 54% local currency growth and strong profitability with an adjusted EBIT margin of 6%. Customer satisfaction continued to be best-in-class and we attracted new customers and enjoyed a strong contribution from our loyal customer base. On the back of the stronger than expected first quarter, a promising start to the new season and less uncertainty on the development for the rest of the year, we recently upgraded our outlook for 2021". Net revenue growth Between 25-30% Between 20-25% 27.3% Adjusted EBIT margin Above 5.5% Above 5% 6.7%

	New outlook as of
Outlook for 2021	April 13, 2021	Prior outlook	Realized 2020

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

CEO comment

The start to this year was much less eventful and surprising and luckily so. We did expect the pressure in 2021 would be mostly self-inflicted in contrast to 2020's unexpected developments. Our teams high ambition and joint efforts has resulted in a very strong start to the year with a net revenue growth of 48.5%, adjusted EBIT margin of 6.0% and a recent upgrade of the outlook for 2021. Despite exceeding our internal targets there was a sense of slight disappointment among colleagues that we did not exceed growth of 50%. Initially a strange feeling but taking a moment to reflect I see this as a testament to our strong culture and desire to win.

Performance was convincing across all segments, countries, and categories. Boozt increased net revenue by 40.7% and Booztlet continued the strong growth and managed to double net revenue compared to last year.

Kids, Sport and Home were the fastest growing categories with solid results for Fashion and Beauty also. With the continued diversification of category sales, we see a positive impact on our gross margin.

Denmark, our largest market, delivered the highest net revenue growth in percentages.

During the quarter, the customer base continued to expand along with previous cohorts continuing to show loyalty. What is pleasing is that despite high growth we maintain an industry leading customer satisfaction. I have no doubt that this is our license to operate and pivotal for future growth.

With the clear ambition to significantly outgrow organically the Nordic online market our ability to continuously develop and innovate is put to the test. There is no room for complacency despite a positive development. Fortunately, innovation and business development are close to our hearts and a natural part of our 'care-why' culture.

As I have previously alluded, we have managed to get our house in order with a strong foundation to build on top of. Now, more than ever, we can continue our focus on expanding existing categories along with our journey to develop complementary services for customers and partners to become a true platform business. Booztpay is the latest addition in our quest and recently went live on Boozt.com after a successful trial on Booztlet.

Initiatives that improve customer experience are always welcomed, small and large, and we strive to do this with speed and precision to provide a seamless shopping experience. A few selected improvements from 2021 so far:

• BooztPay
• Live shopping
• Product alternative alternative product browsing for Booztlet based on machine learning
• Improved back in stock functionality
• Product launch calendar teaser on future products
• App animations more native and dynamic user experience.

Our leading position and technology present a unique opportunity to push for a more sustainable industry.

As we want to accelerate our sustainability initiatives further, we have launched our Care-For strategy. This is our roadmap to becoming the leading responsible e-commerce company in the Nordics by 2025.

An important part is to become a B Corp certified e-retailer – joining a global community of companies across industries focused on using their business as a force for good, balancing profit and purpose. This year we are starting the journey with a self-assessment to measure our current score and identify areas that we will need to focus on to become certified. We believe the process of certification and the interaction with the B Corp movement will help us scale our positive impact through the Boozt business model.

For more details I encourage you to take a closer look at our recently published sustainability report at booztgroup.com.

Looking ahead for the remainder of 2021 we are pleased to see a positive start to the new season and despite the continued increased uncertainty, we feel confident that we will be able to cater for our new and existing customers with upfront investments in a stronger inventory and continuous development of selection and seamless user experience.

As much as everyone else, we are eagerly looking forward to the reopening of societies and the opportunity for all of us to socialize.

Group - Key performance indicators (KPIs)

SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change	Rolling 12 months
GROUP
Net revenue	1,137.4	766.0	48.5%	4,730.8
Net revenue growth (%)	48.5%	7.5%	41.0 pp	36.0%
Gross margin (%)*	40.3%	31.9%	8.4 pp	41.9%
Fulfilment cost ratio (%)*	-11.1%	-13.4%	2.3 pp	-11.2%
Marketing cost ratio (%)*	-10.6%	-10.3%	-0.2 pp	-10.0%
Admin & other cost ratio (%)*	-10.1%	-10.6%	0.5 pp	-11.1%
Depreciation cost ratio (%)*	-3.3%	-9.0%	5.7 pp	-2.8%
Adjusted admin & other cost ratio (%)*	-9.2%	-11.6%	2.4 pp	-9.1%
Adjusted depreciation cost ratio (%)*	-3.3%	-4.5%	1.2 pp	-2.8%
EBIT	58.3	-87.8	n.m.	328.5
EBIT margin (%)	5.1%	-11.5%	16.6 pp	6.9%
Adjusted EBIT*	68.7	-61.0	n.m.	420.1
Adjusted EBIT margin (%)*	6.0%	-8.0%	14.0 pp	8.9%
Earnings for the period	42.9	-79.9	122.9	254.9
Earnings per share (SEK)	0.67	-1.39	2.06	4.24
Earnings per share after dilution (SEK)	0.64	-1.39	2.04	4.10
Adjusted Earnings per share (SEK)*	0.80	-0.88	1.68	5.44
Adjusted Earnings per share after dilution (SEK)*	0.77	-0.87	1.64	5.26
Cash flow from operating activities	-193.4	-6.9	-186.53	560.8
Cash flow from investments	-42.5	-16.0	-26.55	-177.4
Free cash flow*	-235.9	-22.8	-213.1	383.4
Net working capital*	370.5	413.0	-42.5	370.5
Net debt / -net cash*	-761.7	276.5	-1,038.2	-761.7
Equity / asset ratio (%)*	47.8%	34.9%	13.0 pp	47.8%
Number of employees end of period	864	375	489	864

Segment - Key performance indicators (KPIs)

				Q1 - report – January 1 – March 31, 2021
Segment - Key performance indicators (KPIs)
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change	Rolling 12 months
Boozt.com
Net revenue	937.6	666.2	40.7%	4,051.9
EBIT	44.9	-85.1	n.m.	268.6
EBIT margin (%)	4.8%	-12.8%	17.6 pp	6.6%
Adjusted EBIT*	53.6	-57.4	n.m.	349.0
Adjusted EBIT margin (%)*	5.7%	-8.6%	14.3 pp	8.6%
Site visits (000)*	45,895	34,167	34.3%	168,724
No. of orders (000)*	1,163	854	36.2%	5,005
Conversion rate (%)*	2.53%	2.50%	0.0 pp	2.97%
True frequency*	6.7	7.3	-8.2%	6.7
Average order value (SEK)*	815	785	3.7%	816
Active customers (000)*	2,158	1,624	32.9%	2,158
No. of orders per active customer*	2.32	2.41	-3.8%	2.32
Booztlet.com
Net revenue	199.8	99.8	100%	679.0
EBIT	13.3	-2.6	n.m.	59.9
EBIT margin (%)	6.7%	-2.6%	9.3 pp	8.8%
Adjusted EBIT*	15.1	-3.6	n.m.	71.2
Adjusted EBIT margin (%)*	7.6%	-3.6%	11.2 pp	10.5%
Site visits (000)*	11,850	6,208	90.9%	40,410
No. of orders (000)*	277	144	92.2%	974
Conversion rate (%)*	2.34%	2.33%	0.0 pp	2.41%
Average order value (SEK)*	705
			687 2.6%	675

Rounding differences may affect the summations.

*The figure is an Alternative Performance Measure (APM) (non-IFRS) and is described in definitions and reconciled on pages 28-31.

From Jan 1, 2021 the Boozt.com segment includes the Group's physical store Beauty by Boozt and the Booztlet.com segment includes the Group's physical outlet stores , with the historical comparison figures recalculated.

Group Development

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 compared with the corresponding year earlier period, meaning March 31, 2020. The first quarter refers to the period January - March 2021.

Net revenue

The net revenue increase was supported by 40.7% growth for Boozt.com and 100% growth for Booztlet.com.

Net revenue geographical split

Net revenue – geographical split

million (766.0). Currency had a negative impact on net revenue Other revenue (included in net revenue) was unchanged at SEK 13.6 growth in the first quarter around 5 percentage points and relates million (13.7) in the first quarter. Other revenue is revenue not directly primarily to the weakening of NOK and DKK to SEK compared to the related to product sales, such as income from Boozt Media first quarter last year. Partnership and breakage from gift cards. The momentum for online shopping gained in 2020 fuelled by the Net revenue geographical split corona pandemic has continued into 2021 with a high structural Net revenue in the Nordics increased with 47.8% during the first growth towards online in the Nordics. The net revenue growth was quarter driven by Denmark and Sweden. The growth in Norway and supported by a continued high investment in new customers and Finland was slightly below average. Rest of Europe increased with significant stock-building activities to have the most relevant 58.1%, mainly due to expansion of Booztlet into Germany and the customer offer. Netherlands during 2020. The patterns seen in previous quarters with a declining return rate has continued due to a different sales mix with a stronger growth in categories outside Women's fashion, which affected net revenue positively. Net revenue – geographical split SEK million Jan 1 - Mar 31, 2021 Jan 1 - Mar 31, 2020 Change Nordics 1,051.2 711.5 47.8%
Rest of Europe 86.2 54.5 58.1%
TOTAL Net revenue 1,137.4 766.0 48.5%
Rounding differences may affect the summations.

Gross profit

The gross profit increased with 87.5% to SEK 458.0 million (244.3) during the quarter. The gross margin increased to 40.3% (31.9%).

The significant improvement compared to last year was driven by the extraordinary write-down of previous seasons items of SEK 57.8 million made at the outbreak of the corona pandemic in March 2020. The extraordinary write-down in 2020 was a consequence of the expected subdued demand of fashion for the rest of 2020 and was made on the remaining seasonal stock from the Spring/Summer 2019 and Autumn/Winter 2019 campaigns. Usually, prior seasons goods would have a second chance to sell in line with the Group's write-down principles of writing items down after 12-18 months.

Excluding the effects of the extraordinary write-down in 2020, the gross margin was slightly higher in the period compared to last year with a higher part of seasonal income from inventory risk-sharing agreements with brands received in the first quarter 2021 compared to 2020.

Operating costs

The fulfilment cost ratio decreased to 11.1% (13.4) and was driven by a decrease in overall distribution costs from contractual improvements and optimized allocation between an increased number of distributors. Also, the insourcing of the fulfilment operations and a lower return rate impacted the fulfilment cost ratio positively.

The marketing cost ratio increased to 10.6% (10.3) driven by a continued high marketing spend to attract new customers.

The admin & other cost ratio decreased to 10.1% (10.6).

The adjusted admin & other cost ratio decreased to 9.2% (11.6). The adjustment in the quarter consists of share-based payments for the Group's LTI Programs of SEK -10.4 million (8.5) related to social charges and IFRS 2 costs.

The improved adjusted admin & other cost ratio was primarily driven by overall scale effects and leverage on staff costs and positive currency effects from operations.

The depreciation cost ratio decreased to 3.3% (9.0) since the Group decided to close the Beauty by Boozt store in Copenhagen during the first quarter 2020 and to use an exitclause in the lease contract. The decision to close the store resulted in one-off costs affecting the depreciation costs in the first quarter 2020 of SEK 34.2 million in impairment of the remaining lease asset and a write-down of fixtures and inventory.

The adjusted depreciation cost ratio decreased to 3.3% (4.5). The adjusted depreciation cost for the first quarter 2020 was negatively impacted by SEK 5.5 million due to the revaluation of the Beauty by Boozt lease contract to include an 18-month penalty fee for using the exit-clause.

Adjusted EBIT

Adjusted EBIT amounted to SEK 68.7 million (-61.0) in the first quarter. The adjusted EBIT margin increased with 14 percentage points to 6.0% (-8.0), driven by the significantly increased gross margin and overall improvements in the other cost ratios.

Total adjustments in the quarter amounted to SEK 10.4 million (26.9) and consisted of share-based payments of SEK 10.4 million (-8.5). The comparison period was also affected by one-off costs for closure of the Beauty by Boozt store in Copenhagen of total SEK 35.3 million.

Share-based payments fluctuates between periods since the probability of the number of vested options under the program is dynamic, as well as the provision for social charges are determined by the company´s share price.

For a reconciliation of adjusted EBIT, please see page 30.

EBIT

EBIT increased to SEK 58.3 million (-87.8) in the first quarter, while the EBIT margin increased 16.6 percentage points to 5.1% (-11.5).

Negatively impacting EBIT compared to adjusted EBIT in the period was a cost of SEK 10.4 million from share-based payments.

Financial items

The Group's financial costs amounted to SEK -3.5 million (-1.9). The financial items are attributable to interests on loans and lease liabilities.

Tax

Tax costs for the period amounted to SEK -11.9 million compared to SEK 9.8 million in the first quarter last year. Tax for the period consist of a utilization of tax losses carry forward from deferred tax asset of SEK -9.4 million (9.8) and income tax of SEK -2.5 million. The Group has now utilized all its tax losses carry forward from historical tax losses where a deferred tax asset has been reported.

The effective tax rate for the period was 21.7% (10.9), which is in line with the current tax rate for the parent company of 20.6%. The effective tax rate in the comparison period was affected by losses from the Group's danish subsidiaries on which no deferred tax asset was recognised.

Earnings for the period

Earnings for the period totalled SEK 42.9 million (-79.9). Earnings per share before dilution amounted to SEK 0.67 (-1.39). Earnings per share after dilution amounted to SEK 0.64 (-1.39).

Working capital

The Group realised a net working capital of SEK 370.5 million (413.0) equivalent to 7.8% (11.9%) of the net revenue for the last twelve months. The decrease to 7.8% was driven by increased leverage on working capital and a higher inventory turn-over rate, as well as lower returns.

The first quarter has been characterized by intensive stockbuilding activities to support the continued online growth and to prepare for the expected stronger general demand for fashion when the society starts to open-up after the COVID-19 lockdowns. The stock position has increased with 45.4% since March 2020, which was offset by increased accounts payable of 69.5%.

Net debt

The Group's net debt decreased to SEK -761.7 (276.5) due to a higher cash position.

Cash position

Cash and cash equivalents increased to SEK 1,422.2 million (434.1), driven by strong cash flow generation in 2020 along with net proceeds obtained from the issuing of new shares in connection with the dual listing on Nasdaq Copenhagen of SEK 795.0 million in November 2020.

Lease liabilities

Lease liabilities (current and non-current) has increased to SEK 472.5 (374.6) million since the Group took a new warehouse, next to the existing, into operation in December 2020.

Interest-bearing liabilities

Interest-bearing liabilities (current and non-current) has decreased to SEK 188 (336) million since the Group has repaid the revolving credit facility of SEK 200 million utilized in March 2020, which was partly offset by new loans for the expansion of AutoStore at the Fulfilment Centre.

Non-current assets

Non-current assets increased to SEK 882.3 (730.6) million. The increase was driven by the lease asset for the new warehouse and the AutoStore 4 expansion at the fulfilment centre.

Equity

Equity attributable to the shareholders of the parent company increased to SEK 1,958.6 (861.4) million, driven by the capital increase in connection with the dual listing on Nasdaq Copenhagen of SEK 825.6.7 million before deduction of costs related to the share issue of SEK -30.7 million.

Cash flow

Cash flow for the period amounted to SEK -292.6 (94.0) million, driven largely by the build-up of working capital during the period.

Cash flow from operations

Cash flow from operating activities amounted to SEK -193.4 million (-6.9) in the quarter. A positive cash flow from operations was driven by improved operating profit but was negatively impacted by cash flow from changes in working capital, which decreased due to a higher stock position from stock-building.

Cash flow from investments

Cash flow from investing activities amounted to SEK -42.5 (-16.0) million, driven by the completion of the fourth expansion phase of AutoStore at the fulfilment centre.

Cash flow from financing

Cash flow from financing activities amounted to SEK -56.7 (116.9) million. The quarter was negatively impacted by high initial repayment of the new AutoStore loan and repayment of the 18 month penalty fee for executing the exit-clause in the lease agreement for the previous Beauty by Boozt store in Copenhagen.

Boozt.com

			Q1 - report – January 1 – March 31, 2021
Boozt.com
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change
Net revenue	937.6	666.2	40.7%	4,051.9
EBIT	44.9	-85.1	n.m.	268.6
EBIT margin (%)	4.8%	-12.8%	17.6 pp	Rolling 12 months 6.6%
Adjusted EBIT*	53.6	-57.4	n.m.	349.0
Adjusted EBIT margin (%)*	5.7%	-8.6%	14.3 pp
Site visits (000)*	45,895	34,167	34.3%	8.6% 168,724
No. of orders (000)*	1,163	854	36.2%	5,005
Conversion rate (%)*	2.53%	2.50%	0.03 pp	2.97%
True frequency*	6.7	7.3	-8.2%	-
Average order value (SEK) Active customers (000)	815 2,158	785 1,624	3.7% 32.9%	816 2,158

Rounding differences may affect the summations. See Note 2 for additional information.*The figure is an Alternative Performance Measure, see pages 28-31. From Jan 1, 2021 the Boozt.com segment includes the Group's physical store Beauty by Boozt, with the historical comparison figures recalculated.

Net revenue

Net revenue increased with 40.7% to SEK 937.6 million (666.2) in the quarter. The net revenue growth was negatively impacted by currency effects from the weakening DKK and NOK to SEK compared to the first quarter last year.

New customer intake continued at a high pace as an increasing number of people are shopping online which contributed to the strong growth. Positively affecting net revenue growth was lower returns due to a different sales mix with relatively stronger growth in categories outside Women's fashion, which all have a lower return rate. The Home category that was soft launched in the fourth quarter 2020 had a positive impact and exceeded the expectations.

Adjusted EBIT & EBIT

Adjusted EBIT increased to SEK 53.6 million (-57.4) in the quarter, while the adjusted EBIT margin increased to 5.7% (-8.6).

The increased adjusted EBIT margin was driven by a significantly higher gross margin due to the extraordinary write-down of stock in 2020 and overall improvements in the operating cost ratios, especially in the fulfilment ratio.

The adjustment in the quarter amounted to SEK 8.7 (27.8), whereof SEK 8.7 million (-7.5) relates to a negative impact from share-based payments for the Group's LTI Programs, while the comparison figures also include the one-off costs from the closure of the Beauty by Boozt store in Copenhagen.

fourth quarter 2020 had a positive impact and exceeded the expectations.		closure of the Beauty by Boozt store in Copenhagen.
Average order value increased with 3.7% to SEK 815 (785). Change in sales mix towards Kids, Sports and Home at the expense of occasion wear categories such as women's dresses affected the gross average order value negatively but was compensated by the resulting lower return rate and increased number of items per basket in these categories.	The Boozt.com segment now includes the physical Beauty by Boozt store according to the new segment reporting and the comparison figures has been recalculated, why the one-offs of SEK 35.4 million related to the closure of the store in Copenhagen in March 2020 has been allocated to Boozt.com. The revaluation of the lease contract in March 2020 was triggered by the decision to use an exit-clause in the lease
True frequency decreased to 6.7 (7.3) due to the "fair use" policy implementation during the fourth quarter 2019. Since fair use is measured on a twelve-month period, the comparison number includes the high frequent customers that was blocked under the "fair use" policy. Excluding the "fair use" customers, the true frequency was slightly improved. Customer satisfaction remained at a high level as shown by a Trustpilot score of 4.6 (4.6) and a Net Promoter Score of 75 (72).		agreement, which has been executed in March 2021. The agreement will terminate in April 2022 and the store is used as a temporary Booztlet store for the remaining lease period. EBIT increased to SEK 44.9 million (-85.1) for the quarter, while the EBIT margin increased to 4.8% (-12.8). EBIT for the current Beauty by Boozt store in Malmö was around break-even.
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change
Boozt.com - Net revenue
Nordics	873.5	616.0	41.8%
Rest of Europe	64.2	50.3	27.7%
TOTAL Net revenue	937.6	666.2	40.7%

Booztlet.com

			Q1 - report – January 1 – March 31, 2021
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change	Rolling 12 months
Booztlet.com Net revenue	199.8	99.8	100%	679.0
EBIT	13.3	-2.6	n.m.	59.9
EBIT margin (%)	6.7%	-2.6%	9.3 pp	8.8%
Adjusted EBIT*	15.1	-3.6	n.m.	71.2
Adjusted EBIT margin (%)*	7.6%	-3.6%	11.2 pp	10.5%
Site visits (000)*	11,850	6,208	90.9%	40,410
No. of orders (000)*	277	144	92.2%	974
Conversion rate (%)*	2.34%	2.33%	0.0 pp	2.41%

Net revenue

Net revenue increased with 100% to SEK 199.8 million (99.8) in the quarter. The acceleration in growth was driven by higher awareness of Booztlet.com due to increased exposure both online and offline. The improving trajectory compared to last year was supported by Booztlets expansion into new markets during 2020, driven by Germany and Netherlands.

Adjusted EBIT & EBIT

improvement was driven by the gross-margin since parts of the extraordinary write-down of prior seasons stock in March 2020 was allocated to Booztlet since the items were moved from Boozt.com to Booztlet.com. A continued high investment in new customers and marketing increased the marketing cost ratio but was partly offset by general improvements in other operational cost ratios.

online and offline. The improving trajectory compared to last year was supported by Booztlets expansion into new markets during 2020, driven by Germany and Netherlands. All the Nordic countries had a strong growth and contributed to growth of 86.2%. Rest of Europe experienced a growth of 414% to SEK 22.0 million due to Booztlets expansion into new markets during 2020. Average order value was negatively impacted by currency effects and a slightly lower item value due to a different sales mix but benefited from an increased number of items per order. Adjusted EBIT & EBIT Adjusted EBIT increased to SEK 15.1 million (-3.6) in the quarter, while the adjusted EBIT margin increased to 7.6% (-3.6). The	cost ratios. Programs. increased to 6.7% (-2.6) for the quarter. restrictions during the quarter.	customers and marketing increased the marketing cost ratio but was partly offset by general improvements in other operational The adjustment in the quarter relates to a negative impact of SEK 1.8 (-1.0) million from share-based payments for the Group's LTI EBIT increased to SEK 13.3 million (-2.6), while the EBIT margin The two physical Booztlet stores included in the Booztlet.com segment according to the new segmentation did a minor operating loss since the stores has been closed due to Covid-19
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change
Nordics	177.8	95.5	86.2%
Rest of Europe	22.0	4.3	414%
TOTAL Net revenue	199.8	99.8	100%

Other information

Significant events during the first quarter

Changes in segment reporting

From 1 January 2021, Boozt is changing its segment reporting to agree with the internal reporting provided to Group Management. The other segment containing the Group's physical stores is being split between the two current main segments Boozt.com and Booztlet.com, where Beauty by Boozt will be a part of Boozt.com and the Booztlet outlet stores will be a part of Booztlet.com. All historical comparison figures has been recalculated according to the new segmentation.

Insourcing of fulfilment staff

Boozt welcomed 402 new employees on January 1, 2021 as the transfer of all fulfilment personnel at the Boozt Fulfilment Centre from Logent AB was completed.

Issue and repurchase of C shares for performancebased share program

Pursuant to the authorization granted by the Extraordinary General Meeting on July 1, 2020, the Board of directors decided on March 1, 2021 to issue and then repurchase 1,017,450 C-shares. The shares were issued and repurchased in accordance with the performancebased share program LTI 2020, which was adopted by the Extraordinary General Meeting on July 1, 2020. The subscription price amounted to the share's quota value of approximately SEK 0.083333 per share.

Expansion of automation capacity at fulfilment centre

The fifth expansion phase of AutoStore at the fulfilment centre was initiated during the second quarter and is expected to be operational during the second half of 2021.

Changes in Group Management

Anders Enevoldsen has been appointed new Managing Director for Booztlet as Booztlet has been established as a separate business unit within the group. Anders previously holds the role as Head of Business Development, Investor Relations and Corporate Communication and the group have appointed Ronni Funch Olsen as the new Head of Investor Relations and Corporate Communications.

Change in Boozt's Nomination Commmittee

Anders Lund, representing BLS Capital Fondsmaeglerselskab A/S has been appointed new member of Boozt's Nomination Committee as of March 05, 2021. BLS Capital Fondsmaeglerselskab A/S has since the appointment of Nomination Committee was announced on November 16, 2020, become the largest shareholder in Boozt AB in terms of votes. Johannes Wingborg, representing Länsförsäkringar Fondförvaltning has left the Nomination Committee.

Significant events after the reporting date

Changes in the Board of Directors of Boozt AB (publ)

Ahead of the Annual General Meeting on May 27, 2021, the Nomination Committee in Boozt AB proposes that Henrik Theilbjørn, Jón Björnsson, Kent Stevens Larsen, Cecilia Lannebo and Luca Martines are re-elected as ordinary board members, that Julie Wiese and Aileen O'Toole are elected as new ordinary board members, and that Henrik Theilbjørn is re-elected as Chairman of the Board of Directors. The current board member Bjørn Folmer Kroghsbo has declined re-election.

No other significant events have occurred after the reporting date.

Employees

Number of employees was 864 (375) at the end of the period equivalent to an increase of 130% due to the take-over of fulfilment staff at the Boozt Fulfilment Centre. The average number of employees was 853 (340) for the quarter equivalent to an increase of 151%.

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.

Parent company

Boozt AB (publ), Corp. Id. No. 556793-5183, is the parent company of the Group. Boozt AB (publ) is incorporated and registered in Sweden.

Since May 31, 2017, Boozt AB (publ) is listed on Nasdaq Stockholm Mid Cap and since November 20, 2020, secondary listed on Nasdaq Copenhagen Mid Cap. The address to the head office is Hyllie Boulevard 35, 215 37 Malmö, Sweden.

Net revenue of the parent company amounted to SEK 23.1 million (16.2) during the quarter. The parent company has invoiced fees for management services in accordance with the Group's intra company agreements to other Group companies during the quarter. Costs for the period are mainly attributable to costs related to salaries and share-based payments for Group Management and remuneration to the Board of Directors.

The result for the quarter totalled SEK -1.1 million (2.6).

The parent company has a Group internal receivable respectively a liability to different counterparties within the Group, which together with shares in the subsidiary Boozt Fashion AB and equity constitutes the majority of the financial position of the parent company.

Annual General Meeting 2021

The annual general meeting will be held digitally on May 27, 2021, as a postal voting meeting. The Board of Directors proposes that no dividends are paid to the shareholders and that the Company's profit are carried forward. The AGM will also decide of implementation of a new long-term incentive program (LTI 2021).

More information about the Annual General Meeting 2021 is available on the Company's website: www.booztgroup.com/annual-generalmeeting

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 2020 on pages 116-121.

The Boozt share

The Boozt share is listed on Nasdaq Stockholm with secondary listing on Nasdaq Copenhagen. The Boozt share is traded on Nasdaq Stockholm under the ticker BOOZT and Nasdaq Copenhagen under the ticker BOOZT DKK. The ISIN-code for the Boozt share is SE0009888738.

The combined average turnover of the Boozt share on Nasdaq Stockholm and Nasdaq Copenhagen was 559,177 shares per day during the first quarter compared to 126,960 shares per day in the first quarter last year. As per March 31, 2021 the company had more than 15,000 shareholders, whereof the largest shareholders were BLS Capital (10.1%), Ferd (8.9%), Swedbank (7.1%), ATP (6.1%), Kabouter Management (6.0%) and Invesco (5.9%).

The market value for the Company as per March 31, 2021 amounted to SEK 11,643 million. The total number of shares at the end of the reporting period amounted to 65,084,614, whereof 1,392,036 C shares are held in own custody. During the quarter 1,017,450 new C shares were issued and repurchased in accordance with the performance-based share program LTI 2020.

The share capital consists of two share classes: ordinary shares (63,692,578 shares issued) with one voting right per share and C shares (1,392,036 shares issued) with 1/10 voting right per share.

There are no restrictions on the number of votes each shareholder can cast at the Annual General Meeting. All ordinary shares in the Company are listed. The C shares has been issued and repurchased under the group´s two ongoing performance-based share programs LTI 2019/2022 and LTI 2020/2023. The C shares will be converted to ordinary shares and distributed to the participants when the vesting period in the programs ends based on the achievement of the performance targets stipulated in the programs and the number of participants still employed.

Beyond shares, the Company has issued long-term incentive programs where participants can receive or have the right to acquire shares under specific terms and conditions.

LTI Program 2015/2025

LTI Program 2015/2025 was issued in November 2015 and was fully vested by the participants in June 2020. The right to exercise options under the program will be on quarterly basis until May, 2022, when the program ends. From the LTI Program 2015/2025, 120,168 options were outstanding as of March 31, 2021, whereof 63,954 are held in own custody and 55 are unallocated. Each option in the 2015/2025 program gives a right to purchase 12 shares at a pre-determined price, meaning a total of 1,442,016 shares, whereof 767,448 are held in own custody and 600 are unallocated.

LTI Program 2018/2021

LTI Program 2018/2021 was issued in May 2018 where participants have bought warrants at a Black & Scholes value with an exercise window, June 1-14, 2021 at a predetermined share price of 96.31 SEK. From the LTI Program 2018/2021 1,137,347 warrants were outstanding at the end of the reporting period. Each warrant in the 2018/2021 program gives a right to purchase 1 share, meaning a total of 1,137,347 shares.

LTI Program 2019/2022

The LTI Program 2019/2022 was adopted by the extra general meeting on June 24, 2019. The participants can receive a number of performance shares (C shares) subject to certain performance targets (Net Revenue Growth, Net Promoter Score, EPS and Share Price (Only Group Management). The program also contains a constraint regarding the minimum Net Working Capital ratio. The program runs for three years until June 2022. With current estimates on achievement of the performance targets and employee retention rate, 158,923 performance shares are considered to be vested as of March 31, 2021. The maximum numbers of C shares that can be allotted within the program amounts to 374,586 shares.

LTI Program 2020/2023

The LTI Program 2020/2023 was adopted by the extra general meeting on July 1, 2020. The participants can receive a number of performance shares (C shares) subject to certain performance targets (Net Revenue Growth, Net Promoter Score and Adjusted EBIT). The program also contains constraints regarding the Net Working Capital ratio and adjusted EBIT margin. The program runs for three years until July 2023. With current estimates on achievement of the performance targets and employee retention rate, 203,490 performance shares are considered to be vested as of March 31, 2021. The maximum numbers of C shares that can be allotted within the program amounts to 1,017,450 shares.

More information of the Group´s long-term incentive programs can be found in the Annual Report 2020 in Note 1 on pages 129-130, and in Note 9 on pages 144-146, and on the Group´s website: www.booztgroup.com.

Related party transactions

Boozt's related parties and the extent of transactions with its related parties are described in Note 27 in the Annual Report 2020. No material changes occurred during the period for the Group or the parent company in relations or extent of transactions with its related parties compared with the disclosures in the Annual Report 2020.

Outlook for 2021

The Group expects a net revenue growth for 2021 in the range of 25- 30% and adjusted EBIT margin to be above 5.5%. The net revenue growth is supported by market share gains, a continued high online penetration as well as a strengthening of the underlying fashion market once societies reopen.

Prior communication regarding outlook for 2021

The previous outlook for 2021 of a 20-25% net revenue growth and an adjusted EBIT margin above 5% was updated on April 13. The outlook included an uncertainty around temporary COVID-19 effects in 2020 and what loyalty to expect from the new customers gained throughout the pandemic.

Medium-term financial ambitions through 2023

The Board of Directors have adopted updated financial targets for the medium term following the changing market dynamics as well as the Group exceeding the 6% adjusted EBIT margin target in 2020, two years ahead of expectations.

The priority is a continued high investment in growth as well as a continued strengthening of the customer experience, while maintaining a solid adjusted EBIT margin driven by the high average order value and local scale leadership in the Nordics.

NET REVENUE	The Group targets to outgrow the Nordic online
GROWTH	market significantly to expand market share
ADJUSTED	The Group targets an adjusted EBIT margin
EBIT MARGIN	between 5% and 7% during the period

For more detailed information regarding medium-term financial ambitions through 2023 and the underlying key drivers, see the report for the fourth quarter 2020, published February 9, 2021 at www.booztgroup.com.

Consolidated income statement

Consolidated income statement Note 2 2	Jan 1 - Mar 31, 2021 1,137.4 1,137.4 -679.4 -275.4 -90.4	Jan 1 - Mar 31, 2020 766.0 766.0 -521.7 -207.1	Rolling 12 months 4,730.8 4,730.8 -2,746.9
			-1,065.2
		-52.4	-364.7
	-38.0	-69.1	-130.8
	4.1	-3.6	-94.7
	-1,079.2	-853.8	-4,402.3
2	58.3	-87.8	328.5
3	-3.5	-1.9	-13.6
	-3.5	-1.9	-13.6
2	54.8	-89.7	314.9
	-11.9	9.8	-59.2
	42.9	-79.9	255.7
	42.9	-79.9	255.7
	64,418	57,494	60,132
	66,769	57,776	62,190
	0.67	-1.39	4.25
	0.64	-1.39	4.11

Consolidated statement of comprehensive income

Rounding differences may effect the summations
Consolidated statement of comprehensive income
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
EARNINGS FOR THE PERIOD	42.9	-79.1	255.7
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT:
Translation differences	0.3	0.4	1.3
TOTAL COMPREHENSIVE EARNINGS FOR THE PERIOD	43.3	-79.5	257.0
EARNINGS FOR THE PERIOD ATTRIBUTABLE TO:
Parent company's shareholders	43.3	-79.5	257.0
Rounding differences may affect the summations.

SEK million	Note	Mar 31, 2021	Mar 31, 2020	Dec 31, 2020
ASSETS
Non-current assets
Intangible assets
Goodwill	4	9.6	10.4	9.4
Web platform	4	107.8	74.0	99.1
		117.4	84.3	108.6
Tangible assets
Right of use asset		456.1	337.3	460.8
Machinery and equipment	4	301.6	239.1	292.4
		757.7	576.4	753.1
Other non-current assets
Deposits	3	7.2	13.2	7.0
Deferred tax asset		0.0	56.7	9.4
		7.2	69.9	16.4
Total non-current assets		882.3	730.6	878.0
Current assets
Inventory		1,618.6	1,112.9	1,247.4
Accounts receivable	3	15.0	11.6	29.4
Other receivables	3	73.2	83.9	91.3
Current tax assets		3.6	1.3	1.9
Prepaid expenses and accrued income		78.3	96.0	69.1
Cash and cash equivalents	3	1,422.2	434.1	1,714.5
Total current assets		3,210.9	1,739.7	3,153.8
TOTAL ASSETS		4,093.2	2,470.3	4,031.8
EQUITY AND LIABILITIES
Equity
Share capital		5.4	4.8	5.3
Other capital contributions		2,017.6	1,176.8	2,010.3
Reserves		0.9	0.6	0.6
Retained earnings including earnings for the period		-65.3	-320.8	-108.1
Equity attributable to parent company shareholders		1,958.6	861.4	1,908.1
Non-current liabilities
Interest bearing liabilities	3	113.6	96.0	114.1
Lease liabilities	3	411.9	329.7	432.9
Other provisions		53.4	5.8	50.0
Total non-current liabilities		578.9	431.5	597.0
Current liabilities
Interest bearing liabilities	3	74.3	240.0	103.2
Lease liabilities	3	60.7	44.8	58.1
Accounts payable	3	981.9	579.2	889.0
Current tax liabilities		2.5	-	-
Other liabilities	3	123.6	85.1	123.3
Accrued expenses and prepaid income		312.8	228.3	353.1
		1,555.7	1,177.4	1,526.6
Total current liabilities TOTAL LIABILITIES		2,134.6	1,608.9	2,123.7

Consolidated statement of changes in equity

	Q1 - report – January 1 – March 31, 2021
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 brought forward Jan 1, 2020	4.8	1,178.5	0.2	-240.9	942.6
Earnings for the period	-	-	-	-79.9	-79.9
Other comprehensive income	-	-	0.4	-	0.4
COMPREHENSIVE EARNINGS FOR THE PERIOD	-	-	0.4	-79.9	-79.5
Share capital increases	0.0	-0.0	-	-	0.0
Share based compensation		-1.7	-	-	-1.7
Total transactions with owners	0.0	-1.7	-	-	-1.7
Equity carried forward Mar 31, 2020	4.8	1,176.8	0.6	-320.8	861.4
Rounding differences may effect the summations.

Rounding differences may effect the summations.
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 brought forward Jan 1, 2021	5.3	2,010.3	0.6	-108.1	1,908.1
Earnings for the period	-	-	-	42.9	42.9
Other comprehensive income	-	-	0.3	-	0.3
COMPREHENSIVE EARNINGS FOR THE PERIOD	-	-	0.3	42.9	43.3
Share capital increases	0.1	-	-	-0.1	0.0
Share based compensation	-	7.2	-	-	7.2
Total transactions with owners	0.1	7.2	-	-0.1	7.2
	5.4	2,017.5	0.9	-65.3	1,958.6

Consolidated statement of cash flow

Consolidated statement of cash flow
SEK million	Note	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL
Operating profit		58.3	-87.8	328.4
Adjustments for non-cash items:
Non-cash remuneration from share based payments (social charges)		3.2	-6.8	48.0
Non-cash remuneration from share based payments Change in other provisions		7.2 -	-1.7	23.8 1.5
Depreciation		38.0	69.1	130.8
Other items not included in cash flow		-	-	-0.3
Interest paid	3	-3.5	-1.9	-13.6
Paid income tax		-1.7	0.0	-2.4
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL		101.6	-29.1	516.2
CASH FLOW FROM CHANGES IN WORKING CAPITAL
Changes in inventory		-371.2	-69.1	-505.7
Changes in current assets Changes in current liabilities		23.4	95.8	24.9
Cash flow from changes working capital		52.8 -295.0	-4.4 22.2	525.4 44.6
CASH FLOW FROM OPERATING ACTIVITIES		-193.4	-6.9	560.8
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of subsidiaries, net liquidity effect	4	-	-	-2.0
Investments in fixed assets Change in financial assets	4 4	-25.7 -0.2	-1.3 -0.9	-120.1 6.1
Investments in intangible assets	4	-16.7	-13.8	-61.3
CASH FLOW FROM INVESTING ACTIVITIES	4	-42.5	-16.0	-177.4
CASH FLOW FROM FINANCING ACTIVITIES
Share capital increases		-	-	848.2
Transaction cost		-	-	-30.7
New loans		15.4	200.0	104.6
Repayments of loans Repayments of lease liability		-44.7	-71.7	-252.7
		-27.4	-11.4	-63.7
CASH FLOW FROM FINANCING ACTIVITIES		-56.7	116.9	605.8
Cash flow for the period		-292.6	94.0	989.3
Currency exchange gains/losses in cash and cash equivalents		0.3	0.6	-1.1
Cash and cash equivalents beginning of period		1,714.5	339.4	434.1
CASH AND CASH EQUIVALENTS END OF PERIOD		1,422.2	434.1	1,422.2

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 2020 Annual Report. Amended or new standards taking effect from January 1, 2021 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 2020 Annual Report on page 135. No changes have been made to these estimates or assessments which could have a material impact on the interim report.

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.

		Q1 - report – January 1 – March 31, 2021
Note 2 - Segment reporting
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Change	Rolling 12 months
NET REVENUE
Boozt.com	937.6	666.2	271.4	4,051.9
Booztlet.com	199.8	99.8	100.0	679.0
TOTAL NET REVENUE	1,137.4	766.0	371.4	4,730.9
EBIT
Boozt.com	44.9	-85.1	130.1	268.6
Booztlet.com	13.3	-2.6	15.9	59.9
TOTAL OPERATING EARNINGS	58.3	-87.8	146.0	328.5
EARNINGS BEFORE TAX
Boozt.com
	42.1	-86.8	128.9	257.2
Booztlet.com EARNINGS BEFORE TAX	12.7	-2.9	15.6	57.7
	54.8	-89.7	144.5	314.9

Note 2 - Segment reporting

The Group reports operating segments in accordance with IFRS 8. The Group's operations are divided into two segments, which constitute 100% of the revenue generated. The previous reported other segment, including the Group´s physical stores Beauty by Boozt and Booztlet has been allocated to the Boozt.com segment and the Booztlet.com segments. The Group reports net revenue, EBIT and Operating profit before tax for each of the operating segments. No information on segment assets or liabilities is provided, as no separate segmentation is made for the Group's financial position.

Financial instruments

	Finacial assets valued at amortised cost	Finacial liabilities valued at amortised	Financial instruments measured at fair value	Total carrying amount	Fair value
Mar 31, 2020		cost	via income statement
Financial assets
Deposits	13.2	-	-	13.2	13.2
Accounts receivables	11.6	-	-	11.6	11.6
Other receivables	83.9	-	-	83.9	83.9
Cash and cash equivalents	434.1	-	-	434.1	434.1
Total financial assets	542.7	-	-	542.7	542.7
Financial liabilities
Liabilities to credit
institutions	-	336.0	-	336.0	336.0
Accounts payables	-	579.2	-	579.2	579.2
Other liabilities	-	83.1	6.1	89.2	89.2
Lease liabilities	-	374.6	-	374.6	374.6
Total financial liabilities	-	1,372.9	6.1	1,379.0	1,379.0

Finacial liabilities Financial instruments Finacial assets valued valued at amortised measured at fair value Total carrying amount Fair value at amortised cost cost via income statement Mar 31, 2021 Financial assets Deposits 7.2 - 7.2 Accounts receivables 15.0 - 15.0 Other receivables 73.2 - 73.2 Cash and cash equivalents 1,422.2 - 1,422.2 Total financial assets 1,517.6 - - 1,517.6 Financial liabilities Liabilities to credit institutions - 188.0 - 188.0	7.2 15.0 73.2 1,422.2 1,517.6
	188.0
	Accounts payables - 981.9 - 981.9 981.9
Other liabilities - 121.5 4.1 125.7	125.7
Lease liabilities - 472.5 - 472.5	472.5
Total financial liabilities - 1,763.9 4.1 1,768.0	1,768.0

Calculation of fair value

Calculation of fair value
For the current financial year, the fair value of financial assets and liabilities is considered to be close to the carrying amount, after which the carrying amount is estimated to be the same as the fair value. For more detailed description of the Group's classification and valuation
of financial instruments please see Note 1 on pages 132-134 and Note 28 on page 163 in the Annual Report 2020.
SEK million unles otherwise stated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
Interest expense	-1.5	-1.1	-7.5
Interest expense leases	-1.9	-0.8	-6.2

Note 4 - Investments

		Q1 - report – January 1 – March 31, 2021
Note 4 - Investments
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
Acquisition of fixed assets (other capex)	-0.8	-1.2	-3.9
Acquisition of fixed assets (warehouse automation capex)	-22.3	-	-111.6
Acquisition of fixed assets (warehouse capex)	-2.6	-0.0	-4.7
	-25.7	-1.3	-120.1
Acquisition of subsidiaries	-	-	-2.0
Change in financial assets	-0.2	-0.9	6.1
	-0.2	-0.9	4.0
Acquisition of intangible assets (capitalised development costs)	-16.7	-13.8	-61.3
	-16.7	-13.8	-61.3
CASH FLOW FROM INVESTMENTS	-42.5	-16.0	-177.4

The increase of fixed assets (warehouse automation capex) relates to the fourth expansion phase of AutoStore at the Boozt Fulfilment Centre. Acquisition of intangible assets relates to capitalised development costs on the Group's own developed platforms.

Parent company income statement

	Q1 - report – January 1 – March 31, 2021
Parent company income statement
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020
OPERATING INCOME
Net revenue	23.1	16.2
Total operating income	23.1	16.2
OPERATING COSTS
Other external costs	-1.3	-1.0
Personnel costs	-23.1	-11.9
Total operating costs	-24.4	-12.9
OPERATING PROFIT	-1.3	3.3
FNANCIAL INCOME AND EXPENSES
Financial expenses	-0.1	-
Net financial items	-0.1	-
RESULT BEFORE TAX	-1.4	3.3
Income tax	0.3	-0.7
	-1.1	2.6

Parent company financial position

Parent company financial position
SEK million	Mar 31, 2021	Mar 31, 2020	Dec 31, 2020
ASSETS
Non-current assets
Shares in Group companies	747.3	747.3	747.3
Deferred tax asset	7.3	15.4	7.0
Total non-current assets	754.5	762.7	754.2
Current assets
Other receivables	0.4	0.0	0.4
Receivables from Group companies	1,003.5	61.5	1,006.4
Current tax assets	0.0	0.1	0.0
Prepaid expenses and accrued income	0.6	0.3	0.4
Cash and cash equivalents	2.0	2.9	2.0
Total current assets	1,006.6	64.9	1,009.2
TOTAL ASSETS	1,761.1	827.6	1,763.4
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital
	5.4	4.8	5.3
	5.4	4.8	5.3
Unrestricted equity
Share premium reserve	1,951.6	1,119.9	1,947.1
Retained earnings	-292.5	-355.1	-355.1
Earnings for the period	-1.1	2.6	62.8
	1,658.1	767.4	1,654.8
TOTAL EQUITY	1,663.5	772.2	1,660.1
LIABILITIES
Non-current liabilities
Other provisions	41.9	1.1	40.0
Total non-current liabilities	41.9	1.1	40.0
Current liabilities
Accounts payable	0.3	0.1	0.2
Liabilities to Group companies	37.8	37.8	37.8
Other liabilities	3.7	4.2	2.3
Accrued expenses and prepaid income	13.9	12.2	23.0
Total current liabilities	55.7	54.3	63.3
TOTAL LIABILITIES	97.6	55.4	103.3

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.

Malmö, May 7, 2021

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

Information by quarter

Net revenue and EBIT by segment

Information by quarter
Net revenue and EBIT by segment
SEK million unless otherwise indicated	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018	Q2 2018
NET REVENUE
Boozt.com	937.6	1,247.9	796.2	1,070.1	666.2	970.0	692.8	836.9	663.6	864.1	586.1	689.6
Booztlet.com		199.8 177.3	143.9	158.1	99.8	79.7	71.3	61.7	48.7	28.4	38.9	25.2
NET REVENUE	1,137.4	1,425.1	940.1	1,228.2	766.0	1,049.7	764.1	898.7	712.4	892.5	625.0	714.7
OPERATING PROFIT/LOSS (EBIT)
Boozt.com Booztlet.com	44.9	85.4 13.3 16.6	37.1 10.8	101.2 19.1	-85.1 -2.6	96.0 8.6	-48.9 8.1	40.6 8.3	-25.2 4.3	65.3 3.8	-32.9 4.1	30.9 3.2
OPERATING PROFIT/LOSS (EBIT)	58.3	102.0	47.9	120.3	-87.8	104.6	-40.8	48.9	-21.0	69.1	-28.8	34.1
OPERATING PROFIT/LOSS (EBIT) %
Boozt.com	4.8%	6.8%	4.7%	9.5%	-12.8%	9.9%	-7.1%	4.9%	-3.8%	7.6%	-5.6%	4.5%
Booztlet.com		6.7% 9.4%	7.5%	12.1%	-2.6%	10.8%	11.4%	13.4%	8.7%	13.5%	10.7%	12.8%
OPERATING PROFIT/LOSS (EBIT) %	5.1%	7.2%	5.1%	9.8%	-11.5%	10.0%	-5.3%	5.4%	-2.9%	7.7%	-4.6%	4.8%
EARNINGS BEFORE TAX
Boozt.com	42.1	81.9	35.4	97.7	-86.8	93.5	-51.3	38.2	-27.5	65.1	-31.3	30.2
Booztlet.com		12.7 17.1	8.8	19.2	-2.9	8.4	7.8	8.1	4.1	3.8	4.2	3.2
EARNINGS BEFORE TAX
	54.8	99.0	44.2	116.9	-89.7	101.9	-43.5	46.3	-23.4	69.0	-27.1	33.4
ADJUSTED EBIT
Boozt.com	53.6	120.1	55.8	119.4	-57.4	92.5	-36.7	39.2	-16.1	53.9	-29.4	31.8
Booztlet.com		15.1 20.6	13.8	21.6	-3.6	8.3	9.2	7.9	4.8	3.5	4.4	3.2
ADJUSTED EBIT
	68.7	140.7	69.7	141.1	-61.0	100.9	-27.6	47.1	-11.3	57.4	-25.0	35.0
ADJUSTED EBIT %
Boozt.com	5.7%	9.6%	7.0%	11.2%	-8.6%	9.5%	-5.3%	4.7%	-2.4%	6.2%	-5.0%	4.6%
Booztlet.com		7.6% 11.6%	9.6%	13.7%	-3.6%	10.5%	12.9%	12.7%	9.9%	12.4%	11.2%	12.8%
ADJUSTED EBIT %	6.0%	9.9%	7.4%	11.5%	-8.0%	9.6%	-3.6%	5.2%	-1.6%	6.4%	-4.0%	4.9%

Information by quarter

											Additional information
Information by quarter
SEK million unless otherwise indicated	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018	Q2 2018
EBIT MARGIN (%)
Gross margin (%)	40.3%	43.0%	42.8%	41.5%	31.9%	43.3%	35.6%	40.7%	37.9%	41.2%	36.6%	42.0%
Fulfillment cost ratio (%)	-11.1%	-11.0%	-11.6%	-11.3%	-13.4%	-12.4%	-14.4%	-13.7%	-14.8%	-13.7%	-14.6%	-13.4%
Marketing cost ratio (%)	-10.6%	-10.1%	-11.4%	-8.0%	-10.3%	-9.9%	-11.4%	-8.6%	-10.3%	-10.3%	-13.0%	-12.7%
Admin & other cost ratio (%)	-10.1%	-12.4%	-11.5%	-10.1%	-10.6%	-8.4%	-11.7%	-9.6%	-12.3%	-7.9%	-11.6%	-9.6%
Depreciation (%)	-3.3%	-2.3%	-3.3%	-2.4%	-9.0%	-2.6%	-3.4%	-3.2%	-3.4%	-1.6%	-2.0%	-1.6%
EBIT MARGIN (%)	5.1%	7.2%	5.1%	9.7%	-11.5%	10.0%	-5.3%	5.4%	-2.9%	7.7%	-4.6%	4.8%
Adjusted admin & other cost ratio (%)	-9.2%	-9.7%	-9.2%	-8.4%	-11.6%	-8.8%	-10.0%	-10.2%	-11.0%	-9.2%	-11.0%	-9.5%
Adjusted depreciation cost ratio (%)	-3.3%	-2.3%	-3.3%	-2.4%	-4.5%	-2.6%	-3.4%	-2.8%	-3.4%	-1.6%	-2.0%	-1.6%
Net working capital - percent of LTM net revenue	7.8%	1.7%	0.3%	2.3%	11.9%	12.7%	11.2%	11.2%	12.9%	11.3%	10.6%	5.3%
BOOZT.COM
Site visits (000)	45,895	47,609	35,973	39,247	34,167	39,257	32,594	32,438	31,029	31,575	26,044	26,560
No. of orders (000)	1,163	1,543	982	1,317	854	1,161	860	1,042	854	1,045	736	869
Conversion rate %	2.53%	3.24%	2.73%	3.36%	2.50%	2.96%	2.64%	3.21%	2.75%	3.31%	2.83%	3.27%
True frequency	6.7	6.0	7.1	7.3	7.3	6.7	8.0	7.7	7.8	6.8	7.8	7.2
Average order value (SEK)	815	819	808	820	785	845	800	801	774	827	794	801
Active customers (000)	2,158	2,043	1,852	1,774	1,624	1,606	1,557	1,512	1,460	1,363	1,242	1,185
No. of orders per active customer	2.32	2.30	2.33	2.36	2.41	2.44	2.44	2.43	2.40	2.41	2.44	2.42
BOOZTLET.COM
Site visits (000)	11,850	10,768	9,141	8,652	6,208	5,477	4,153	3,777	2,889	1,866	1,896	1,861
No. of orders (000)	277	255	209	233	144	120	105	96	71	43	53	37
Conversion rate %	2.34%	2.37%	2.28%	2.69%	2.33%	2.19%	2.53%	2.53%	2.44%	2.30%	2.79%	1.99%
Average order value (SEK)	705	640	666	682	687	644	654	615	649	-	681	619
NET REVENUE - GEOGRAPHICAL SPLIT
Nordics	1,051.2	1,311.8	893.4	1,132.3	711.5	977.1	704.6	830.4	646.7	829.9	589.5	679.1
	86.2	113.3	46.7	95.9	54.5	72.7	59.6	68.3	65.6	62.6	35.5	35.5
Rest of Europe

Definitions and rationale for the use of certain Alternative Performance Measures (APM)

Explanation	APM / IFRS	Definition	Rationale
Active customers	APM	Number of customers which made at least one order during the last 12 months.	The measure is to display, together with historical figures, how the number of active customers has developed in absolute figures.
Adjusted admin & other cost ratio	APM	Total operating costs less items affecting comparability, less share-based compensations, less fulfilment costs, less marketing costs, less goods for resale less depreciation plus other operating income divided by net revenue.	The aim of the figure is to demonstrate the development of administation & other costs without the effect of one-time events, as well as costs linked to the share price development of Boozt AB (publ).
Adjusted depreciation cost ratio	APM	Depreciation cost less items affecting comparability divided by net revenue.	The aim of the figure is to track the development of depreciation / amortization costs and then evaluate these costs against net revenue created, without the effect of one-time events that affect the comparability.
Adjusted Earnings per share	APM	Profit/loss for the period, adjusted with share-based payments and items affecting comparability, divided by weighted average number of shares outstanding the period.	The aim is to distribute the company's profit to each share after adjustments.
Adjusted Earnings per share after dilution	APM	Profit/loss for the period, adjusted with share-based payments and items affecting comparability, divided by the diluted weighted average number of shares outstanding the period.	The aim is to distribute the company's profit after adjustments to each share including the net-non registered shares (i.e. warrants or similar).
Adjusted EBIT	APM	Profit/loss before interest, tax, share-based payments related to employees and items affecting comparability, such as restructuring costs in connection with the closures of the Beauty by Boozt stores in Copenhagen, March 2020 and in Roskilde, June 2019.	The aim of the figure is to display the operating profit excluding non-recurring items and share based compensation related to employees and items affecting comparability are excluded from this metric.
Adjusted EBIT margin	APM	Adjusted EBIT divided by net revenue.	The aim of the figure is to display the Group's effectiveness in profit creation excluding impact from share price dependent costs.
Adjusted fulfilment cost ratio	APM	Fulfilment and distribution cost less items affecting comparability divided by net revenue.	The aim is to group the costs which is related to pick, pack, return handling, indeliveries and all distribution costs associated with shipping parcels to and from customers as well as business to business distribution costs less any cost items, which might affect the trend being one time by nature, and then evaluate these costs against net revenue created.
Adjusted net debt/net cash	APM	Interest bearing liabilities excluding interest bearing lease liabilities (IFRS 16) less cash and cash equivalents.	The aim is to display the cash and cash equivalent available after having theoretical settled all interest-bearing liabilities be it current or non-current (excluding interest-bearing lease liabilities).
Admin & Other cost ratio	APM	Total operating costs less fulfilment costs, less marketing costs, less goods for resale, less depreciation plus other operating income divided by net revenue.	The aim of the figure is to demonstrate the development of admin & other costs and then evaluate these costs against net revenue created.
Average order value	APM	Transactional net revenue divided by no. of orders.	The aim of the figure is to show the average consumer monetary value per basket excluding VAT, which again is very important to determine and understand the unit economics of each basket of the Group's operation.
BFC	APM	Boozt Fulfilment Centre.	The location of the Group's warehouse.
Conversion rate	APM	Total number of orders divided by total number of site visits.	The aim is to understand how traffic sent to the Group's websites are converting into monetary orders.
Depreciation cost ratio	APM	Depreciation and amortizations divided by net revenue.	The aim of the figure is to track the development of depreciation / amortization costs and then evaluate these costs against net revenue created.

Explanation	APM / IFRS	Definition	Rationale
Equity / asset ratio	APM	Total equity divided by total assets.	To what degree are the Group's assets funded by capital ultimately owned by the Group's shareholders.
Free Cash flow	APM	Cash flow from operating activities and Cash flow from investing activities.	The aim is to show the cash flow generated in the Group when excluding the cash flow impact from financing activities.
Fulfilment cost ratio	APM	Fulfilment and distribution cost divided by net revenue.	The aim is to group the costs which is related to pick, pack, return handling, in deliveries and all distribution costs associated with shipping parcels to and from customers as well as business to business distribution costs and then evaluate these costs against net revenue created.
Gross profit	APM	Net revenue decreased with cost of goods for resale.	The aim is to show the contribution left after cost of goods for resale, implying the amount of funds available for the remaining costs and profit.
Gross margin	APM	Gross profit (excluding other operating income) as a percentage of net revenue.	The aim is to analyse gross profit over time, expressed as percent of net revenue.
Growth in local currency	APM	Growth in net revenue when using exchange rates from the comparable period	To illustrate the growth adjusted for the impact of exchange rate effects
Items affecting comparability	APM	Items that are not related with the operations and are the type of items that are not expected to re-occur often or regularly and that are items of significant value.	The aim is to isolate events, that cannot be characterised as normal operational costs or non-recurring.
Marketing cost ratio	APM	Marketing cost divided by net revenue.	The aim is to group the costs which is related to production, media airtime, online exposures, analytics concerning monitoring of sales, CRM activities and then evaluate these costs against net revenue created.
Net working capital	APM	Current assets, excluding cash and cash equivalents, less non-interest-bearing current liabilities.	The purpose of displaying net working capital is to display short-term financial health since the measure indicate if the company has enough short-term assets to cover its short term debt. Net working capital can be put in relation to net revenues to understand efficiency of net working capital tied up in operations.
Net debt / net cash	APM	Interest bearing liabilities less cash and cash equivalents.	The aim is to display the cash and cash equivalent available after having theoretical settled all interest-bearing liabilities be it current or non-current.
No. of orders	APM	Number of orders placed by customers during the period, irrespective of cancellations or returns.	Number of orders is a parameter in measuring the average order value.
No. of orders per active customer (order frequency)	APM	Number of orders during the last 12 months divided by the total number of active customers end of period.	This number illustrates the frequency for an isolated cohort (active customers). It helps the reader in understanding to what extend the customers are coming back and the frequency at which they have shopped during the last 12 months, irrespective of whether they have been active from the start of the 12 months or are new customers who have been active in less than 12 months.
Site visits	APM	Number of visits to a site or group of sites, irrespective of device used.	This number is relevant to understand the conversion rate.
Share based payments	APM	Costs of the Group which are settled via issuing of shares.	The aim is to isolate all costs associated with share-based payments be it IFRS 2 costs and taxes associated with share-based payments. Since these costs to a large extend will fluctuate with the share price development or employee turnover, it can assist the reader in evaluating the Group's performance excluding these share-based payment costs.
Transactional net revenue	APM	Gross sales (incl. shipping and invoice income) less discounts and returns, excl. VAT.	"The aim of the figure is to display the total consumer value of the orders processed less returns and excluding VAT. Transactional net revenue less fee to consignment partners plus other revenue not related to consumer orders equals net revenue. The transactional net revenue can be calculated as average order value (AOV) multiplied with no. of orders."
True frequency	APM	Order frequency for customers that have been with Boozt.com during last 12 months, hence not impacted by orders from new customers.	This figure isolates the co-hort which purchased with the Group 12 months ago, and then looks at this co-hort's behaviour for the proceeding 12 months in terms of frequency (how many orders do they place on average). This will give the reader an understanding about the co horts frequency behaviour once they mature.

Reconciliation of total operating income

	Additional information
Reconciliation of total operating income
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
GROUP
Transactional net revenue	1,145.7	774.2	4,765.1
Less consignment sales	-21.9	-22.0	-95.9
Other revenue	13.6	13.7	61.6
Net revenue	1,137.4	765.9	4,730.8
Other operating income	-	-	-
Total operating income	1,137.4	765.9	4,730.8
BOOZT.COM
Transactional net revenue	948.8	672.0	4,091.3
Less consignment sales	-21.4	-19.4	-97.7
Other revenue	10.3	13.7	58.3
Net revenue	937.6	666.2	4,051.9
Other operating income	-	-	-
Total operating income	937.6	666.2	4,051.9
BOOZTLET.COM
Transactional net revenue	196.9	102.3	673.8
Less consignment sales	-0.4	-2.5	1.8
Other revenue	3.3	-	3.3
Net revenue	199.8	99.8	679.0
Other operating income	-	-	-
Total operating income	199.8	99.8	679.0

Reconciliation of adjusted EBIT

Reconciliation of adjusted EBIT
SEK million	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
EBIT	58.3	-87.8	328.5
Share based payments related to employees (social charges)	3.2	-6.8	59.2
Share-based payments related to employees	7.2	-1.7	23.8
Non-recurring items affecting comparability*	-	35.4	8.7
Adjusted EBIT	68.7	-61.0	420.1
Specification of adjustments affecting comperability
Admin & other costs	10.4	-7.4	91.6
Depreciation and amortisation	-	34.2	-
Total adjustments	10.4	26.9	91.6
Rounding differences may affect the summations. *Non-recurring items affecting comparability are related to the dual-listing on Nasdaq Copenhagen (Q4 2020) and the closing of the Beauty by Boozt store in Copenhagen (Q1 2020).

Reconciliation with financial statements according to IFRS

Reconciliation with financial statements according to IFRS
SEK million unless otherwise indicated	Jan 1 - Mar 31, 2021	Jan 1 - Mar 31, 2020	Rolling 12 months
Cash and cash equivalents	-1,422.2	-434.1	-1,422.2
Interest bearing liabilities (current and non-current)	188.0	336.0	188.0
Interest bearing lease liabilities	472.5	374.6	472.5
Net debt / -net cash	-761.7	276.5	-761.7
Total equity	1,958.6	861.4	1,958.6
Total assets	4,093.2	2,470.3	4,093.2
Equity / asset ratio	47.8%	34.9%	47.8%
Cash flow from operting activities (A)	-193.4	-6.9	560.8
Cash flow from investing activities (B)	-42.5	-16.0	-177.4
Free cash flow (A) + (B)	-235.9	-22.8	383.4
No. of orders (000) (A)	1,163	854	5,005
Site visits (000) (B)	45,895	34,167	168,724
Boozt.com - Conversion rate (A) / (B)	2.53%	2.50%	2.97%
Transactional net revenue - Boozt.com (A)	948.8	670.9	4,084.5
Physical sales (B)	1.4	4.1	6.7
No. of orders (000) (C)	1,163	854	5,005
Average order value (SEK) (A)-(B) / (C)	815	785	815
No. of orders (000) (LTM) (A)	5,005	3,917	5,005
Active customers (000) (B)	2,158	1,624	2,158
No. of orders per active customer (A) / (B)	2.32	2.41	2.32
Inventory	1,618.6	1,112.9	1,618.6
Accounts receivables	15.0	11.6	15.0
Other receivables Current tax assets	73.2 3.6	83.9 1.3	73.2 3.6
Prepaid expenses and accrued income Accounts payables	78.3 -981.9	96.0 -579.2	78.3 -981.9
Other liabilities	-123.6	-85.1	-123.6
Accrued expenses and prepaid income	-312.8	-228.3	-312.8
Net working capital	370.5	413.0	370.5
Net working capital - percent of LTM net revenue rolling 12 months	7.8%	11.9%	7.8%
Gross margin (%)	40.3%	31.9%	41.9%
Fulfilment cost ratio (%)	-11.1%	-13.4%	-11.2%
Marketing cost ratio (%)	-10.6%	-10.3%	-10.0%
Admin & other cost ratio (%)	-10.1%	-10.6%	-11.1%
Depreciation cost ratio (%)	-3.3%	-9.0%	-2.8%
EBIT margin (%)	5.1%	-11.5%	6.9%

Some of the alternative performance measures included in the report are not included above but reconciliations of these can be found on the Group's website, www.booztgroup.com - "Investors" - "Reports & Presentations"

Financial calendar

May 27, 2021 Annual General Meeting 2021 August 13, 2021 Interim report January – June 2021, Q2 2021 November 9, 2021 Interim report January – September 2021, Q3 2021

Financial reports

Consolidated financial statements are available at www.booztgroup.com. Boozt AB (publ) is a public limited company. In case of enquiries or questions to the Group, please contact:

Ronni Funch Olsen, Head of Investor Relations & Corporate Communications

rofo@boozt.com / +45 31 22 04 56

or

Sandra Gadd, Group CFO

sga@boozt.com / +46 768 27 61 18

The interim report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on May 7 2021. 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.

Adress: Hyllie Boulevard 35 215 37 Malmö, Sverige

Phone: +46 40 12 80 05 E-mail: info@boozt.com www.booztgroup.com

Org. nr: 556793-5183 Malmö VAT nr SE556793518301