Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
IP - AutoStore: Q2 2025 financial results - Attachment: AutoStore_Q2_2025_Presentation.pdf

Company: Autostore Holdings Ltd. Date: 2025-08-14 Language: English Register to download
Loading document preview...
Document Preview Not Available

The file type (.pdf) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
![](_page_0_Picture_0.jpeg)

Financial Results | August 14, 2025

![](_page_0_Picture_2.jpeg)

![](_page_0_Picture_3.jpeg)

#### **Disclaimer**

Certain statements included in this presentation includes forwardlooking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "should", "projects", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements as a general matter are all statements other than statements as to historic facts or present facts and circumstances.

The forward-looking statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Group's financial strength and position, backlog, pipeline, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development and financial performance, and the industry in which the Group operates, such as but not limited to the Group's expansion in existing and entry into new markets in the future.

Forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking Statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements.

![](_page_2_Picture_0.jpeg)

#### **01**

**02**

**Highlights of the quarter & business update**

**Financials**

**03 Q&A**

![](_page_3_Picture_0.jpeg)

### **Q2 2025 overview**

Solid performance in a challenging market with short-term actions delivering positive results 

#### **Financial overview**

- Revenue \$133.9 million, +55.8% QoQ and -13.1% YoY
- Order intake \$150.3 million, +6.4% QoQ and +6.3% YoY
- Gross margin 68.8%, -5.2 p.p. QoQ and -4.5 p.p. YoY, impacted by one-time inventory write-down of B1 Robot business line
- Excl. B1 Robot write-down, gross margin was 75.2%
- Adj. EBITDA<sup>1</sup> margin 47.6%, +23.1 p.p. QoQ and -1.1 p.p. YoY

#### **Business overview**

- Executed cost savings plan as announced in Q1
- Signed new AutoStore-as-a-Service contract of \$6.9 million with European 3PL
- Next product launch planned for October with new software and hardware solutions

![](_page_4_Picture_0.jpeg)

### **Executing on our growth strategy**

#### Strong foundation Short-term actions Strategic growth drivers

Sharpened product focus and accelerating innovation speed to expand market opportunity and improve customer ROI

Well-established platform, proven technology and large customer base ensuring re-occurring revenues

Reorganized and reallocated investments towards high-growth initiatives

![](_page_4_Picture_9.jpeg)

Strengthening customer relationships through deeper engagement directly and thru our partners to "land and expand"

Broadening set of recurring revenue streams from software, Pio<sup>1</sup> and AutoStore-as-a-Service to increase visibility

![](_page_5_Picture_0.jpeg)

### **The cubic storage pioneers**

Global scale and leading position in an underpenetrated warehouse automation market

| Scaled and global platform |         | Customers and partners                |                                     | Superior financial profile |        |  |
|----------------------------|---------|---------------------------------------|-------------------------------------|----------------------------|--------|--|
| Countries                  | 60      | Partners                              | 23                                  | FY 2024<br>revenue         | \$601m |  |
| Robots1                    | ~79,500 | Certified sales<br>representatives    | ~3,000                              | Gross margin LTM           | 72%    |  |
| Systems1                   | ~1,750  | Unique customers                      | ~1,200                              | Adj. EBITDA margin LTM     | 43%    |  |
| R&D FTE2                   | 231     | Customer<br>payback period            | 1-3 years                           | FCF conversion4 LTM        | 72%    |  |
|                            |         | Broad exposure to all<br>end markets3 | ~45%<br>Sales to existing customers |                            |        |  |

![](_page_6_Picture_0.jpeg)

#### **Opportunities for expansion across a wide range of end-markets**

| End-market |                              | # of systems1 | 2024 share<br>of revenue | Selected blue-chip customers |
|------------|------------------------------|---------------|--------------------------|------------------------------|
|            | Apparel / Sports accessories | ~ 250         | 20%                      |                              |
|            | Industrials2                 | ~ 570         | 22%                      |                              |
|            | 3PL                          | ~ 200         | 14%                      |                              |
|            | Other retail3                | ~ 170         | 12%                      |                              |
|            | Grocery                      | ~ 150         | 7%                       |                              |
|            | Automotive                   | ~ 150         | 9%                       |                              |
|            | Healthcare                   | ~ 160         | 8%                       |                              |
|            | Luxury & Personal Care       | ~ 40          | 4%                       |                              |
|            | Consumer electronics         | ~ 60          | 4%                       |                              |

1. As per end of Q2 2025, includes installed base and backlog

2. End markets include aviation, aerospace and defense, building and construction, machinery and other industrials

3. End markets include toys and games, office supplies, home supplies, generalist retailer, books & media

## **Customer case: 3PL high-throughput**

"

Rhenus Logistics for Thalia

![](_page_7_Figure_4.jpeg)

" The Autostore system is a central component in our future warehouse approach, that combines standard technology in a customized tailored solution, where we are able to fulfill customer needs not only for books but for many other goods.

**René Rudolph**  Managing Director, Rhenus Rhenus is a global, family-owned logistics service provider that operates in +70 countries with 1,330 sites

Rhenus developed a scalable AutoStore solution for book shop, Thalia, supporting its 500 stores and a growing e-commerce business

Rhenus achieved a high-throughput system on a small footprint, 13,100 bin presentations per hour on only 8,000 sqm

![](_page_8_Picture_0.jpeg)

![](_page_8_Picture_1.jpeg)

autostoresystem.com 9

## **Q2: Financials**

![](_page_10_Picture_0.jpeg)

### **Key financial overview**

Sequential improvement in revenue and adjusted EBITDA. Reported profitability impacted by transformation program

![](_page_10_Figure_4.jpeg)

1. Adjusted EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q2 2025 report 2. Defined as adjusted EBITDA<sup>1</sup> less cash CAPEX divided by adjusted EBITDA<sup>1</sup>

![](_page_11_Picture_0.jpeg)

## **Solid order intake and healthy backlog**

![](_page_11_Figure_3.jpeg)

![](_page_12_Picture_0.jpeg)

### **Sequential revenue improvement, following weak Q1**

In addition, we shipped one AutoStore-as-a-Service project that will generate \$7 million of revenue under the current contract term

![](_page_12_Figure_4.jpeg)

#### **Gross margin reflects continued strong operational performance**

75% underlying gross margin impacted by the one-time write-down of the B1 business line of \$8.5 million

![](_page_13_Figure_4.jpeg)

Impacted by the one-time write-down of the B1 business line of \$8.5 million. Excl. the write-down, gross margin was 75%

#### **Adjusted EBITDA margin<sup>1</sup>**

The effects of the announced cost efficiency initiatives of \$10 million, evident in Q2, with the adjusted EBITDA margin<sup>1</sup> returning to historical levels

14

1. Adjusted EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q2 2025 report

![](_page_14_Picture_0.jpeg)

### **Continued strong cash position**

![](_page_14_Figure_3.jpeg)

![](_page_14_Figure_4.jpeg)

#### **Observations**

Operating cash flow came in at \$25.7 million compared to \$0.1 million in Q1 2025, primarily driven by increased EBITDA contribution

Completed final settlement payment to Ocado Group with no remaining obligations

Closing net debt of \$150 million. Fresh, fully underwritten \$500 million 5 year bank facilities secured

# **Q&A**

![](_page_15_Figure_1.jpeg)

![](_page_16_Picture_0.jpeg)

#### **Key takeaways**

**01** Massive under-penetrated market driven by megatrends

**02** Adapting to uncertainty by executing on our growth strategy

**03** Innovation remains core

**04** Multiple ways to win

**05** Positioned for long-term value creation

# **Appendix**

![](_page_17_Figure_1.jpeg)

![](_page_18_Picture_0.jpeg)

### **Presentation of adjusted EBITDA<sup>1</sup> breakdown**

|                                          | Second quarter |       | First half |       |
|------------------------------------------|----------------|-------|------------|-------|
| USD million                              | 2025           | 2024  | 2025       | 2024  |
| Profit/loss for the period               | 11.3           | 44.7  | 8.6        | 65.3  |
| Income tax                               | 3.0            | 12.6  | 2.3        | 18.3  |
| Net financial items                      | 13.6           | 10.9  | 24.8       | 21.9  |
| EBIT                                     | 27.9           | 62.6  | 35.7       | 108.8 |
| Depreciation                             | 4.6            | 3.7   | 8.9        | 7.0   |
| Amortization of intangible assets        | 10.4           | 13.5  | 19.9       | 27.1  |
| EBITDA¹                                  | 42.8           | 79.8  | 64.5       | 142.9 |
| Ocado Group litigation costs             | -              | -     | -          | 0.4   |
| Option costs                             | 1.9            | -4.6  | 1.3        | -4.9  |
| costs2<br>Transformation                 | 19.0           | -     | 19.0       | -     |
| Total adjustments                        | 20.9           | -4.6  | 20.3       | -4.5  |
| Adjusted EBITDA¹                         | 63.7           | 75.1  | 84.8       | 138.4 |
| Total revenue and other operating income | 133.9          | 154.2 | 219.9      | 292.3 |
| EBITDA margin¹                           | 32.0%          | 51.8% | 29.3%      | 48.9% |
| Adjusted EBITDA margin¹                  | 47.6%          | 48.7% | 38.6%      | 47.3% |

1. Adjusted EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q2 2025 report

2. Reference is made to the reconciliation of the adjustments in connection with the transformation project commenced in the period in the Q2 2025 report