Group Strategy / Capital Markets

Capital Markets Day 2021

Copenhagen August 18, 2021 Agenda

1.0 Point of Departure: ”Renewing Matas” Gregers Wedell-Wedellsborg 2.0 Introducing New Strategy: ”Growing Matas Group” Gregers Wedell-Wedellsborg 2.1 Commercial: Expanding the Range Lise Ryevad 2.2 Ecommerce: Digital Growth Platforms Brian Andersen

2.3 Connected Retail: Omnichannel Platform Christian Schmidt 2.4 Brands: Differentiation, Growth & Margin Improvement Michael Shin 2.5 Logistics: Automating & Scaling Logistics Brian Gøbel Poulsen 3.0 Financial Ambitions Anders T. Skole-Sørensen 4.0 Closing Remarks and Q&A Gregers Wedell-Wedellsborg

Capital Markets Day – 18 August 2021 | 2 Today’s presenters

Gregers Wedell-Wedellsborg Anders T. Skole-Sørensen Brian Andersen Lise Ryevad CEO CFO Ecommerce Director Commercial Director

Christian Schmidt Michael Shin Brian Gøbel-Poulsen Retail Director Brands Director Logistics Director

Capital Markets Day – 18 August 2021 | 3 1.0

Point of Departure: ”Renewing Matas”

Gregers Wedell-Wedellsborg CEO

Capital Markets Day – 18 August 2021 | 4 Point of Departure: ”Renewing Matas”

Capital Markets Day – 18 August 2021 | 5 The ”Renewing Matas” 5-year strategy plan launched in 2018 has delivered results across all five tracks

Live our purpose • Improved brand to become #3 best brand in Denmark 1 Beauty & Wellbeing for Life • ~20% increase in matas.dk satisfaction since 2018/19

Win online • Matas.dk is 2nd most used webshop in Denmark • +600% growth on matas.dk since 2017/18 2 From top 3 to undisputed market leader • Profitability increased significantly to almost match stores

Consolidate & refresh stores • Store footprint at 264 – all but two have been profitable 3 despite covid-19 restrictions in 2020/21 Adapt the network & shopping experience • 49 store upgrades in the last 3 years

• +29% growth in Health & Wellbeing since 2017/18 4 New growth • Added 11 digital verticals through acquisition of Firtal Build the next destination categories • Added #1 Danish make-up to own brand portfolio

Change how we work • DKK ~75M cost savings reinvested in digital growth 5 • MLC Project initiated with building plot secured Enabling and funding the transformation • Revitalized culture and competencies

Capital Markets Day – 18 August 2021 | 6 The major milestones: Strategy has been executed both organically and through M&A

June August March August October June Sep’-Nov’ January March April May 2018 2018 2019 2019 2019 2020 2020 2021 2021 2021 2021

Acquisition of Opening of webshop Acquisition of minority Launch of subscription Acquisition of Firtal Group logistics at 7,000 sqm stake in Miild services and recurring Web Sundhed and warehouse in revenue stream through parthership with Humlebæk Club Matas Plus Webapoteket Launch of Acquisition Acquisition of Winner of Matas Group’s Launch of health Same Day of Kosmolet Din Frisør Shop ”Ehandelsprisen” by ecommerce initiatives with Delivery Dansk Erhverv and business reaches Aktiviva, shop-in- ”MMM Prisen” by DKK 1 billion in shop and Detailforum LTM revenue partnerships

Capital Markets Day – 18 August 2021 | 7 We are now a digital company

Capital Markets Day – 18 August 2021 | 8 We are now a digital company across all functions and roles

Capital Markets Day – 18 August 2021 | 9 The core competencies have been digitized and new competencies added to build a platform for future growth and profitability

Full-range From ”shelf space” From conventional Beauty and Brick and assortment to retail stores to Wellbeing connected stores Mortar endless aisles Retailing Offering with Expertise and Advice

MATAS GROUP CORE From leaflets and Consumer COMPETENCIES Lifetime From ‘club card’ windows to 360o Brand Building Customer member to digital media portfolio with Relation relationship (e.g. SoMe, Partners Management (e.g. app) Matas Live)

Ecommerce & Omnichannel Execution

From peer (top 3) to leader (#1)

Capital Markets Day – 18 August 2021 | 10 We are now a digital company leading the online market

Capital Markets Day – 18 August 2021 |11 Matas has undergone a very fast and successful digital transformation to become the leading omnichannel retailer in beauty and wellbeing

2017/18: DKK 3.5B 2020/21: DKK 4.2B Brick & mortar retailer Omnichannel retailer

Matas Group Revenue Split Matas Group Revenue Split 2017/18, DKK M / % 2020/21, DKK M / %

4% 26% 3-year digital transformation DKK 1,100,000,000 Digital Revenue in 2020/21 (2017/18: DKK 123M) 74% 96% Stores Digital

Capital Markets Day – 18 August 2021 | 12 We are now a digital company with a profitable business model

Capital Markets Day – 18 August 2021 |13 Revenue growth of 6% p.a. (including Covid-19 tailwind) achieved while sustaining gross margins despite margin erosion from channel shift

Matas Group Financial Development 2017/18 – 2020/21, DKK M / % Revenue CAGR +6% 4,163 Gross margin Gross profit 3,689 3,465 3,541

44.7% 44.9% 44.5% 44.2%

1,840 1,549 1,589 1,640

2017/18 2018/19 2019/20 2020/21

Capital Markets Day – 18 August 2021 | 14 Superior online profitability due to omnichannel synergies and scale effects

Matas Group Ecommerce Financial Development 2018/19 – 2020/21, DKK M / % Revenue 1,083 Gross Margin Channel Contribution Sales synergies: Cross-selling & CLV* 40% 37% 36% Sourcing synergies: Buying power

542 Marketing synergies: CAC** & mROI 19%

13% 253 Fulfillment synergies: Click & Collect

10% Staff synergies: Shared services

2018/19 2019/20 2020/21

Note: Channel Contribution is Gross Margin less personnel -, marketing -, and freight costs Note: *) CLV = Customer Lifetime Value; **) CAC = Customer Acquisition Costs Capital Markets Day – 18 August 2021 | 15 We are now a digital company with competitive advantages

Capital Markets Day – 18 August 2021 | 16 Matas has built a number of assets to fend off the anticipated competitive pressure and capture growth and value

Assets & Capabilities KPI trend Key facts

Matas’ brand • #2 strongest brand overall in DK, #1 in Health & Beauty (YouGov)

• 1.7M members of which 1.5M are active Club Matas • 70% of Danish women between age 18 and 65

• +600.000 omnichannel customers (spend 2x offline customers) Omni-channel • 264 local stores with trained staff, endless aisles and high NPS

• Customer satisfaction for matas.dk at record highs, with NPS at 68 Own digital channel • Same day delivery available for ~50% of Danish consumers

Portfolio: Price fighter channels • Firtal Group has a low cost operating model and 11 webshops

• Monthly reach of 1.8M persons across channels Own media & content • Significant growth in own digital media portfolio and reach

• 16% of Matas sales* from House Brands, incl. private label House brands • 47% private label share in Mass Beauty

• 39% of Matas sales* from High End Beauty with selective distribution Selective distribution/Authorized Dealer • Access to exclusives, news, content and marketing support

• High campaign share limits competitive exposure Commercial model: Dynamic pricing • Every Day Low Price on key value items

Note: *) Matas Sales only represents sales through Matas stores and matas.dk Capital Markets Day – 18 August 2021 | 17 We are now a digital company with long-term growth prospects

Capital Markets Day – 18 August 2021 | 18 Euromonitor forecasts the underlying Danish Health & Beauty market to support our long-term growth by 2-4% p.a. with some post-covid volatility

Danish Health, Beauty & Personal care market 2015-2025, CAGR % Mass Beauty & Personal care Premium Beauty & Personal care Health* CAGR

1.7% 0.0%

3.4% 2.3%

4.7%

3.3%

2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F

Note: *) Excludes prescription and pharmacy restricted OTC products, **) Assuming inflation rate of 1.5% p.a. Source: Euromonitor Capital Markets Day – 18 August 2021 | 19 The market is characterized by a set of fundamentals that makes it highly attractive

Market outgrowing general economy Evergreen need for inner and outer Large profit pools to be shared across for numerous years expected to beauty, continuously growing the the entire value chain due to limited continue due to continued Health & Beauty market commoditization demographic and lifestyle evolution

Consumer preferences for brands, Massive innovation in the consumer Resilient to economic cycles with Mass newness, experience and advice health space opening new growth beauty, High-end beauty and Health drives differentiation and premiums opportunities categories

Capital Markets Day – 18 August 2021 | 20 Looking ahead, the Health & Beauty market is expected to outgrow the general economy with six major factors affecting the future

Roaring twenties

Digitalization & Health social media demand

Intensified Travel retail competition resurgence Physical retail consolidation

Capital Markets Day – 18 August 2021 | 21 The digital core competencies allow for three addressable expansion opportunities and one medium-term opportunity

Digital core competence

Ecommerce Health Brands International Expand with Broaden Build Nordic brands Sell own and new categories health offering through own and third partner brands in Denmark online and in-store party channels online

Capital Markets Day – 18 August 2021 | 22 We now aim to put Matas on a long-term sustainable growth trajectory

Capital Markets Day – 18 August 2021 | 23 2.0

Introducing Strategic mission: New Strategy: Triple the assortment ”Growing Matas and market broadened Group” offer to our 1.8 million consumer contacts per Gregers Wedell-Wedellsborg CEO month

Capital Markets Day – 18 August 2021 | 24 Introducing New Strategy: ”Growing Matas Group”

Capital Markets Day – 18 August 2021 | 25 The Matas Group Purpose: Health and beauty for life

Capital Markets Day – 18 August 2021 | 26 Ambition is to accelerate growth by doubling the digital revenue and build a digital health and beauty group towards 2025/26

2017/18: 2020/21: 2025/26: Brick & mortar retailer Omnichannel retailer Health & Beauty Group

Matas Group Revenue Split Matas Group Revenue Split Matas Group Revenue Split 2017/18, % 2020/21, % 2025/26, %

26 4

96 74

Stores Digital

Capital Markets Day – 18 August 2021 | 27 Matas Group: The health and beauty group consists of three mutually supportive growth platforms with a shared core

Ecommerce

MATAS CORE

Connected Brands retail

Note: *) CAC = Customer Acquisition Costs; **) CLV = Customer Lifetime Value Capital Markets Day – 18 August 2021 | 28 Matas Group is based on Nordic values: ESG/CSR strategy is linked to our purpose and is a competitive advantage

• Science-based Sustainability: CO2 neutral in 2030 targets Minimize the climate footprint of • Milestone and shopping Eliminate 100 mio. pieces of plastic activity plans • ESG reporting Health according to Access to digital health solutions for all GRI and UN and Beauty Health: Global Compact Contribute to signatories for Life public health More ”clean, green and healthy” ranges • Compliance on GDPR and product safety

Inclusion: Best place to work in retail • Supplier code of Empower our conduct colleagues and customers • Governance and incentives

Capital Markets Day – 18 August 2021 | 29 The Growing Matas Group strategy and the omnichannel business model positions Matas for long-term profitable growth

Three main targets for the financial guidance by 2025/26

Revenue EBITDA-margin CAPEX +5.0B 17-18% 1.0-1.3B In 2025/26, driven by +1B In 2025/26, affected by (i) margin Accumulated from 2021/22 to increase in online sales expansion from scale advantages, 2025/26, through MLC and and consolidation of MLC & vertical integration, and (ii) continued digitalization, stores, excluding margin dilution from competitive (excluding M&A) significant M&A response and growth “investments”

Capital Markets Day – 18 August 2021 | 30 The growth ambition is driven by the online channels, while stores are expected to consolidate due to channel shift

Illustrative Matas Group revenue development by channel 2019/20A – 2025/26F, DKK B +5.0 +5%

4.1 3.8

2019/20* Stores Matas.dk Firtal Web Sundhed 2025/26 2020/21

Note: *) 2019/20 proforma adjusted to include Web Sundhed’s revenue as of acquisition Capital Markets Day – 18 August 2021 | 31 A profitable growth strategy

Growing Matas Group: #1 for health and beauty Leverage our platform for growth with a profitable business model

Commercial: #1 offer Triple the assortment and market the broadened offer to consumers

Ecommerce: #1 online Double revenues by acquiring omni-customers and growing sales per customer

Connected retail: #1 in-store Consolidate and connect the stores to drive customer satisfaction and protect profitability

Brands: #1 products Widen ‘house brand’ portfolio to improve margins and open for international growth options

Logistics: #1 operator Build Matas Logistics Center to enable growth and improve margins

Capital Markets Day – 18 August 2021 | 32 2.1

Commercial: Strategic mission: Expanding the Triple the assortment Range and market broadened offer to our 1.8 million consumer contacts per Lise Ryevad Commercial Director month

L’OREAL MARS DENMARK COPENHAGEN AIRPORT NESTLÉ

Capital Markets Day – 18 August 2021 | 33 From single-channel to omni-channel retailer: Future focus is growing customer lifetime value (CLV) by selling more to existing customers

Historically: Today: Future: Market leading single- Market leading omni- Range expansion channel retailer channel retailer

▪ ~20 million in-store transactions ▪ +600,000 omni-channel ▪ Grow customer lifetime value per year, driven by 1.7 million customers with 2x annual through a deeper beauty range members spend compared to offline- and a wider health range, as well only customers as adjacent categories ▪ ~18,000 products in biggest store, while average store only ▪ 50,000 products offered online ▪ 150,000 products offered online has ~10,000 products and through endless aisles and through connected retail

Customer Lifetime Value = Annual spend pr. member x years of memberships Capital Markets Day – 18 August 2021 | 34 Customer lifetime value will be increased through a dedicated range expansion strategy aiming at a 3x expansion of assortment, mainly online

Assortment development across channels 2020/21 – 2025/26, # SKU +100,000 150,000

Additional Online 140,000 Assortment

50,000

40,000 Average Store 10,000 10,000 Assortment 2020/21 2025/26

Capital Markets Day – 18 August 2021 | 35 Range expansion provides an assortment, available online and through endless aisles, 15x the average matas store and 2x a typical hypermarket

TYPICAL HYPERMARKET group

~10,000 SKUs ~80,000 SKUs 150,000 SKUs Average store 2020/21 Assortment 2025/26

Legend: = 1,000 SKUs Capital Markets Day – 18 August 2021 | 36 Range expansion strategy is supported by second-to-none marketing and distribution power that stimulates demand and builds brand value

Matas’ second-to-none product launch and sales machine

Advise-led omnichannel setup Insights from Club Matas Media portfolio reaching reaching 70% of Danish women with 1.7M members 1.8 million contacts per month

▪ Ability to both build brand value, while ▪ Instant and continuous feedback on product ▪ Fast build-up of awareness and recognition of ensuring high sales volume across channels performance and consumer identification new product and brand through multiple ▪ Nationwide distribution, plus digital advisory ▪ Potential for “personalized” communication online and offline channels services with educated specialists, ranging to select customers through “Brand Club” ▪ First-party data provides insights to alter from hair dressers to pharmacy technicians communication and media strategy

Capital Markets Day – 18 August 2021 | 37 Range expansion focused on widening assortment in Health and deepen assortment in Beauty sub-segments

1 2

Matas has a high Matas is share of the DKK underrepresented 7.5-8.0B beauty in DKK 5.0-5.5B market, but room to health market with grow in selected significant room to sub-segments and grow as the increase fair share consumers transition online online

Capital Markets Day – 18 August 2021 | 38 1 Matas is already at a high market share in high-end beauty, but still room to grow in few sub-segments

Matas is clear market leader in High-End Beauty… …But still room to grow in few underrepresented sub-segments, such as Professional Hair Care Estimated market size and Matas’ share of beauty segments in Denmark Estimated market size and Matas’ share of high-end beauty and Pro hair care in DK 2020, DKK B / % 2020, DKK B / % 4.0-4.5

3.0-3.5 2.5-3.0 ~0.5

Other Other

50-60% Matas 55-65% Matas 25-35%

0-5% Mass High-End High-End Beauty Professional Beauty Beauty (excl. Pro Hair Care) Hair Care

Sources: ACN; Euromonitor; Dansk Erhverv; Management Estimate Capital Markets Day – 18 August 2021 | 39 1 First off is Professional Hair Care, launched on matas.dk & through endless aisles with 18 high-end brands and online hair studio

Launched 18 high-end brands and 700 SKU’s on Benefiting from Matas’ second-to-none ecommerce matas.dk, while additional 15-20 brands with 600- capabilities encapsulated in Matas.dk Hair Studio 750 SKU’s expected in 1-2 years

18 EXISTING PRO HAIR CARE BRANDS ON MATAS.DK: Live video chat & 1:1 sessions with professionals Educated hairstylists Tutorials & & hair dressers how-to guides

Matas.dk hair studio

Dedicated Consumer tests for destination optimal product

Navigation by concern

Capital Markets Day – 18 August 2021 | 40 2 Health & Wellbeing is a DKK 5.0-5.5B market with strong online growth - opening a large share gain opportunity for Matas

Matas is below fair share in the DKK 5.0-5.5B Health & Market has several attractive sub-segments for Matas Wellbeing market Estimated market size of non-prescription Health & Wellbeing products in Denmark Non-prescription Health & Wellbeing market segments 2020, DKK B / % 2020, DKK B / % 5.0-5.5 5.0-5.5 Personal 15-25% Care Dental, oral & Dermatological hygienic care etc. skincare Vitamins 30-40% Minerals Other Supplements Sports nutrition Vitamins & supplements 30-40% Estimated Fair Share 45-55% OTC

Matas 15-25% Allergy care Painkillers Cough remedies

Health & Wellbeing Health & Wellbeing

Notes: Health & Wellbeing excludes prescription and pharmacy restricted OTC products, while market share includes Firtal’s webshops Sources: ACN; Euromonitor; Apotekerforeningen; Dansk Erhverv; Management Estimate Capital Markets Day – 18 August 2021 | 41 2 To address the Health market opportunity, new products, partnerships, and services will be launched

Strategic initiatives to address Health Market

Products Partnerships Advisory Media & marketing Expand assortment across Enter partnerships with Further expand authority Leverage full suite media (i) vitamins & supplements, niche experts to develop as trusted health advisor – portfolio, 1st party data (ii) skin care products and new products and offline and online and campaigns to win (iii) new categories such as services share of voice in under- scalp, eye, oral, etc. communicated market

Capital Markets Day – 18 August 2021 | 42 2 First off is dermatological skincare, which is a high growth Health segment perfectly fit for Matas’ #1 position as health and beauty advisor

Matas has seen strong growth in Danish market is significantly behind Matas addresses the market under-represented problem-solving other markets with DKK +400M opportunity with launch of 7-9 high skincare products opportunity to catch up to Western EU performing brands in 2021 Estimated market size and Matas share in Denmark Dermatological skincare share of skincare market 2020, DKK M / % 2020, % Three new brands launched in Q2 2021: ~600

Other 30-40% Four to six new brands still to be launched Estimated in 2021: Fair Share Brand #4 Brand #5 Brand #6 Matas has grown 36% CAGR in past 3 years Matas 0-5% Brand #7 Brand #8 Brand #9 Dermatological Skincare Sources: Euromonitor; L’Oreal; Apotekerforeningen; Management Estimate Capital Markets Day – 18 August 2021 | 43 2.2

Ecommerce: Strategic mission: Digital Growth Double online revenues by Platforms selling more to the existing +600,000 omni-customers and converting more offline

Brian Andersen customers to online Ecommerce Director

MASAI COOP FDM travel BON’A PARTE

Capital Markets Day – 18 August 2021 | 44 Matas Group’s three digital businesses provide a strong platform for continued growth

Matas.dk Firtal webapoteket.dk

Broadest assortment & Price-led niche positioning for Improving convenience and best-in-class customer portfolio of webshops with accessibility of health and experience low-cost operating model pharmacy purchase

Capital Markets Day – 18 August 2021 | 45 Matas.dk has leaped to become the 2nd most used webshop in Denmark and has changed the perception of Matas’ brand

MATAS.DK

Significant leap to become the second most used The Matas brand ranking reached new heights due webshop in Denmark in 2020 to strong digital performance

2017 2020 2017 2021

2.7 Zalando 4.4 Zalando Rank Brand Rank Brand Ebay 1.9 Matas.dk 2.2 Coop.dk 1.8 Nemlig.com 2.2 1 Lego 1 Rema 1000 Amazon 1.8 H&M 1.9 Wish.com 1.7 Coop.dk 1.4 2 Rema 1000 2 Lego Saxo 1.4 Just-Eat 1.4 H&M 1.4 Elgiganten 1.4 3 MobilePay 3 Matas Nemlig.com 1.2 Saxo.com 1.1 Elgiganten 1.1 Danske Spil 1.1 4 Lurpak 4 MobilePay Cdon.com 1.1 Amazon 1.0 5 Anthon Berg 5 Bilka 1.0 Wish.com 1.0 Lurpak Proshop Boozt 0.9 0.9 6 Audi 6 Netflix DSB 0.9 Boozt 0.9 Zooplus 0.7 DSB 0.8 7 Volvo 7 DR Power 0.7 Bilka 0.8 Wupti.com 0.7 Zooplus 0.8 8 Änglamark 8 DRTV Just-Eat 0.7 Cdon.com 0.8 Asos 0.7 Magasin 0.8 9 Kærgården 9 Ikea Billetnet 0.6 Med24 0.7 Matas.dk 0.6 Webapoteket 0.7 10 Rynkeby 10 TV2

Sources: FDIH; YouGov Capital Markets Day – 18 August 2021 | 46 Matas.dk has delivered strong growth and increasing earnings margins for the past three years while covid-19 added an extra boost

MATAS.DK

Matas.dk LTM revenue development March 2018 – March 2021, DKK M

620% +128% March 2018-March 2021

+75%

+55%

Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec Jan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec Jan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec Jan Feb Mar 2018 2019 2020 2021

Capital Markets Day – 18 August 2021 | 47 Primary growth driver has been the persistent focus on improving customer experience through innovative best-in-class customer services

MATAS.DK

Matas.dk’s net promoter score has increased by 13 Through a persistent focus on innovative best-in-class points during the covid-19 pandemic customer services

Matas.dk Net Promoter Score development August 2019 – April 2021, NPS Score

+13

Same-Day Personalized online Engaging deliveries guidance content +50% of consumers Live video consultation +100 live shopping can get same-day- with basket size events since March 2020 delivery at index 180 with 14% conversion rate

sep-19 nov -19 Jan-20 mar-20 maj-20 jul-20 sep-20 nov -20 jan-21 mar-21 maj-21

Capital Markets Day – 18 August 2021 | 48 Matas.dk is expected to be the largest growth contributor in Matas Group driven by headroom in existing categories and range expansion

MATAS.DK Existing Beauty categories allow for market share Headroom to grow in new Health & Beauty gain through online migration categories through range expansion Estimated market size and Matas share of beauty segments in Denmark Estimated market size and Matas share of selected segments in Denmark 2020, DKK B / % 2020, DKK B / % 5.0-5.5

4.0-4.5

3.0-3.5 Other Other Matas’ market share in Mass is higher online

Matas 50-60% ~0.6 25-35% 25-35% Matas 15-25% ~0.5 0-5% 0-5% High End Mass Health & Dermo Prof. Beauty Beauty Wellbeing Cosmetics Hair Care Capital Markets Day – 18 August 2021 | 49 Strategy for Matas.dk is to strengthen and expand the leading market position in Denmark reinforcing continuous profitable growth

MATAS.DK

Best digital Broadest supplier assortment partnerships

Largest Share Expanding Strongest of Voice with guidance & st market leading 1 party data inspiration position

Highest convenience & Fastest Share of Wallet delivery

Capital Markets Day – 18 August 2021 | 50 Matas Group’s three digital businesses provide a strong platform for continued growth

Matas.dk Firtal webapoteket.dk

Capital Markets Day – 18 August 2021 | 51 Firtal has outperformed the investment case to deliver profitable growth while keeping leadership team engaged and developing new services

FIRTAL

Strong growth to more than Peer-leading margins by large Founders still on-board and strong double revenue in three years gap to pure-play online retailers competencies built Firtal revenue development during ownership Firtal EBITDA-margin vs. peers 2018 – 2020/21, DKK M 2020/21, % ▪ Founders (CEO & CTO) and leadership team have been successfully kept on-board and are Driven by: still highly engaged in operations ▪ Strong operational focus from leaders ▪ Organization has expanded ▪ Geni ecommerce significantly while further expertise ▪ Sourcing synergies strengthening the culture from Matas ▪ Developed best of breed digital services under the “brand” Geni with strong digital agency services, data insights and platform services

Note: Firtal acquisition was announced in August 2018, with an expected 2018 revenue of DKK ~140M Notes: *) Lyko.se, Frederikoglouisa.no, cocopanda.se, Skincity.se & Nordicfeel.se Capital Markets Day – 18 August 2021 | 52 Firtal has developed a strong platform for future profitable growth across a portfolio of webshops

FIRTAL

Firtal has a strong model to build price fighter Ambition is to continue growth and sustain positions to compete in multiple market niches margins through market share expansion #1 #2 jala-helsekost.dk Low-end double-digit growth Sustain margins Low Peer #7 ▪ Firtal’s current webshops ▪ Continued strong focus on Peer #6 are strong and able to operations and further increase market share development of Geni through price fighter services and expertise Helsebixen.dk strategy ▪ Leveraging Matas Peer #4 ▪ Platform is able to expand synergies further on top of through potential select already strong purchasing Perceived price Perceivedprice Peer #3 bolt-on acquisitions synergies Peer #1

Peer #2 High

Low Perceived value High

Source: YouGov (Vitamins, Minerals & Supplements store/webshop survey) Capital Markets Day – 18 August 2021 | 53 Matas Group’s three digital businesses provide a strong platform for continued growth

Matas.dk Firtal webapoteket.dk

Capital Markets Day – 18 August 2021 | 54 Matas’ Web Sundhed provides IT and supply chain services to Webapoteket.dk, a digital market leader in the Danish pharmacy market

WEBAPOTEKET.DK

Web Sundhed ApS Webapoteket.dk (owned by Matas) (owned by Trine Persson)

Web-Apo ApS Apo IT ApS Gazelle Online Apotek

Storage & logistics services IT platform & services Customer handling (freight agreements, (E-commerce platform, (contact & service) logistic optimization hardware, software and Pharmacy operations ensuring smooth back-end licenses) (orders, prescription handling operations) and packaging) Marketing services (SEO, google optimization, Purchasing services Commercial strategy online advertising and (prices, assortment and (purchasing agreements newsletters) including expansion of campaign timing) free trade assortment)

Capital Markets Day – 18 August 2021 | 55 Acquisition entails three broad investment case drivers through market growth, synergies and positioning for further liberalization WEBAPOTEKET.DK #1 #2 #3 Danish health market poised for Low margin growth case with Strategic position for further digital transformation sourcing synergies liberalization of pharmacies

Online share of free-trade and OTC pharmacy sales Danish pharmacy market has seen 2020, % ▪ Access to strongest assortment gradual liberalization in recent years: through exclusive international supplier agreements ~0.8B 2015 Ownership of multiple pharmacies Market opportunity ▪ Best-in-class delivery services to if DK’s online share help vulnerable customers at home 2016 Apopro & Webapoteket granted gets to 8% online pharmacy licenses ▪ Best of breed digital marketing 2018 Self-selection of OTC in retail services

▪ Pharmacist Trine Persson can focus 2019 Pharmacists allowed to renew on core business with outsourcing of prescription of regular medicines IT & logistics

Sources: Sveriges Apoteksförening; Danish Lægemiddelstyrelsen; Apotekerforeningen; Management estimate Capital Markets Day – 18 August 2021 | 56 Matas Group’s three digital businesses reinforce each other through synergies on assortment, sourcing and best-practice sharing

Three platforms collectively make a strong assortment to be shared across Matas.dk contributes with purchasing power & scale advantages toward large suppliers

Firtal contributes Web Sundhed with long-tail contributes with assortment consumer insights on competencies health products and and supplier niche products from the relationships health industry

Capital Markets Day – 18 August 2021 | 57 2.3

Connected Retail: Omnichannel Platform Strategic mission:

Christian Schmidt Connect and Retail Director consolidate the stores

SALLING GROUP to drive customer TOP TOY ALDI satisfaction and protect profitability Capital Markets Day – 18 August 2021 | 58 Physical retail market continue to be under pressure, but connecting, consolidating and operating the Matas stores better will mitigate this

Illustrative earnings development of Store network 2020/21 – 2025/26, illustrative

2020/21 Physical Retail Operate Consolidate Connect 2025/26 Pressure The Stores The Stores The Stores

Capital Markets Day – 18 August 2021 | 59 Covid-19 accelerated online channel shift, but also showed the resilience of stores as soon as restrictions were lifted

Matas Channel Development 2020/21 – July 2021/22, Matas.dk vs. Matas stores

12% 15% 14% 15% 13% 14% 18% 16% 14% 20% 20% 24% 29% 27% 31% 27%

88% 85% 86% 85% 87% 86% 82% 84% 86% 80% 80% 76% 71% 73% 69% 73%

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Matas.dk Matas stores Months with Covid-19 restrictions

Note: Above sales channel split is excluding Firtal’s online channels Capital Markets Day – 18 August 2021 | 60 Connected Retail shifting focus from Conventional Store Renewal Program, to Digital Store Renewal Program

[BILLEDE AF BUTIKSPERSONALE]

OPERATE CONSOLIDATE CONNECT THE STORES THE STORES THE STORES

Capital Markets Day – 18 August 2021 | 61 All but two of the 264 stores have been profitable during 2020/21, despite the restrictions following the Covid-19 pandemic

Matas Stores Channel Contribution Margin 2020/21, %

Capital Markets Day – 18 August 2021 | 62 Stores still contain room for operational improvements to sustain salary- percentage with market pressure on topline

Stores have kept salary-percentage …But still significant potential to improve operations and sustain relatively stable in recent years… salary-percentage with market pressure on topline performance Matas Store salary as % of revenue 2016/17 – 2020/21, %

Staff optimization Ease of payment Best practice Leverage data to Staff spend ~15% of time Benchmark within optimize and allocate on transactions which clusters to improve store personnel to will be freed up by staff efficiency to match consumer technological match best practice footfall advancements stores

Capital Markets Day – 18 August 2021 | 63 Connected Retail shifting focus from Conventional Store Renewal Program, to Digital Store Renewal Program

[BILLEDE AF BUTIKSPERSONALE]

OPERATE CONSOLIDATE CONNECT THE STORES THE STORES THE STORES

Capital Markets Day – 18 August 2021 | 64 Matas’ nationwide network of 264 stores is unmatched and filled with +2,000 trained advisors driving strong customer satisfaction

Stores have performed at 264 a +65 Net Promoter Score Stores with nationwide since the nationwide coverage across ~170 lockdown was eased cities

+65

Capital Markets Day – 18 August 2021 | 65 Store network has undergone significant transformation in recent years through consolidations, relocations, closures and new openings

Matas Store Network Development April 2018 – May 2021, # of stores 293 -13 277 -12 264 -7 +6 9

At IPO April 2018 Stores Closed Net-effect Relocated New stores May 2021 (2012/13) Consolidations Stores

Note: Store count includes the store on Faroe Island Capital Markets Day – 18 August 2021 | 66 Flexible lease terms provides a significant competitive advantage to consolidate store network continuously to get fewer and bigger stores

Flexible lease terms for store network Strategy will leverage on this advantage to allows quick and cheap consolidation continually adapt store network

▪ There will be no 5-year store number ▪ All 264 stores are 100% rental spaces, hence Continuous target, as store network will adapt to no tied-up capital in real estate adaptation… consumer needs and behavior ▪ Exit terms on leases are on average less than 6 months ▪ Relocation of stores to get better lease ▪ Cost to exit leases has historically on average …to get fewer terms and achieve higher footfall been covered by the up-front deposit* & bigger stores… ▪ Consolidation of stores in near proximity ▪ Financial reporting will be impacted by some increase total earnings goodwill impairment when exiting cities fully …and push ▪ Agile network allows for more aggressive rent cost rent negotiations to ensure positive rent in down % of revenue development

Note: *) Based on latest 23 leases that have been terminated with an average cost to exit at DKK 164K vs. average deposits at DKK 190K per lease Capital Markets Day – 18 August 2021 | 67 Connected Retail shifting focus from Conventional Store Renewal Program, to Digital Store Renewal Program

[BILLEDE AF BUTIKSPERSONALE]

OPERATE CONSOLIDATE CONNECT THE STORES THE STORES THE STORES

Capital Markets Day – 18 August 2021 | 68 The Matas Life Store Upgrade program has shown the way to a less capex intensive Store Refresh program with multiple digital enhancements

Matas Life upgrade program has gravitated towards Lower capex “connected store” refresh program a store refresh program shows same effect on sales and customer satisfaction

Matas Store upgrades Total CAPEX kept at 2018/19 – 2020/21, # of stores 26 97M / 2M per store Store Refresh last 3 years Store Upgrade 6

Store refresh 14 look & feel

20 9

3 In-store In-store Convenient 2018/19 2019/20 2020/21 app mode endless Aisles payment

Capital Markets Day – 18 August 2021 | 69 Connecting the stores adds a new innovative layer of digital services that increases customer satisfaction and earnings per store

Every store offers full matas.dk assortment as Low-cost fulfillment from store with Click & Endless staff can order for home delivery with a current increased traffic Reserve aisles average SKU up-lift from ~10K to +50K

In-store recruitment of subscribers Subscrip- Pick-up- Up-sell at more than 25% of the that have 25-30% higher sales and tions in-store +1.1M store pick-ups increased frequency of 20-25%

Conventional Online booking of 1:1 shopping Appoint- Store Live Live events from local stores through appointment w. beauty advisor ment In-store Facebook with ~50% conversion and shopping events best stores improving sales +20%

Ultra convenience for customers and 1:1 Ease of Video Basket size at index 180 and +20% release of staff time spend on payment consul- conversion rate transactions tation

Capital Markets Day – 18 August 2021 | 70 The model for connecting the stores is in place with DKK +200M revenue potential to roll-out across store network

Improving Endless Aisles sales across store network Live shopping and video consulting offers new could provide 80-100M additional revenue revenue streams through stores

Endless aisles sales share of total store sales 2020/21, % 6% 80-100M 25-35M 80-100M Revenue uplift potential by +2x Revenue uplift potential at Revenue uplift potential if increasing Endless Aisles share full run-rate when all stores scaling number of beauty to 6% for all stores outside top 10 3% conduct Live Events advisors fully

Long term potential increases further when online range is extended All stores Top 10th store In-store live event 1:1 booking of beauty advisor

Capital Markets Day – 18 August 2021 | 71 2.4

Brands: Differentiation, Growth & Margin

Improvement Strategic mission: Widen the portfolio of Michael Shin EVP, Director of Matas Brands House Brands to support differentiation and L’OREAL ELIZABETH ARDEN margin improvement - BIOEFFECT and initiate international sales of brands Capital Markets Day – 18 August 2021 | 72 Numerous retailers have vertically integrated brand ownership to differentiate, grow and improve margins

Retailers vertically integrate due to differentiation, Numerous examples of retailers with brand ownership margins and growth opportunities Private label High-end brands Illustrative value chain

Producers ▪ Differentiate from retailing competitors ( ) Brand owners ▪ Take larger share of value chain to achieve better margins ▪ Open up new Retailers growth opportunities

Capital Markets Day – 18 August 2021 | 73 The objective of the brand ownership strategy is foremost to improve differentiation and margins, and secondly to add international growth

Differentiation & margin International growth

Improving margins and Opening new differentiation in Matas’ online growth avenues and offline channels internationally

Capital Markets Day – 18 August 2021 | 74 Matas Brands strategy is driven through three sequential levers to upgrade competencies, expand portfolio and initiate international sales of brands

#1 #2 #3 Upgrade brand-building Expand portfolio of house brands Initiate international sales competencies & partnerships of brands

Capital Markets Day – 18 August 2021 | 75 Building brands has become much less risky and time consuming due to social media and online advertising, as well as DTC sales channels #1 Upgrade brand-building competencies

▪ Brands launched through store-by-store retail Illustrative sales development for new brands distribution Historical vs. Today, Illustrative New Brands Today Historically: ▪ Brand value built through mass printed advertising 10-15 years to and nationwide TV once scale was reached launch brands ▪ Brand awareness built through advocacy, loyalty and word of mouth

▪ Expansion on a slow country by country basis New Brands ▪ Brands launched with simultaneous DTC and Historically online distribution, while image, brand value and awareness built digitally and through social media Today: ▪ Faster time to market and less risky advertising 3-5 years to with low budgets, targeted at right audience launch brands across borders

▪ Wider reach across geographies to launch internationally from the start

Capital Markets Day – 18 August 2021 | 76 Matas is a strong brand launcher and will strengthen competencies to build own brands end-to-end with a small team #1 Upgrade brand-building competencies

Historically: Strategy: Great success as Brand Launcher Upgrade competencies as End-to-End Brand Builder

Identify Identify Develop Build Distribute Advertise Optimise Develop Build Distribute Advertise Optimise consumer consumer product brand products products SKUs product brand products products SKUs needs needs

▪ External brands have utilized Matas’ deep consumer ▪ Building on top of historical Brand Accelerator, by insights to identify needs and winning propositions upgrading competencies end-to-end to build own brands ▪ Strong competencies in accelerating external brands ▪ Leverage consumer insights to develop new in-house through a plethora of retail-competencies: products and brands to match consumer needs o Nationwide physical and digital distribution ▪ Build brands with international mindset and ability to attack o Pricing and Promotions all distribution channels, not just mass with low price points o Media and Engagement o Instore advice ▪ Leverage strong internal media offering to advertise o Sampling ▪ Ensure selective distribution and build brand perception ▪ Leveraging consumer and retail insights to optimize SKUs through Direct-to-Consumer

Legend: = Under-developed capabilities = Strong capabilities Capital Markets Day – 18 August 2021 | 77 Matas Brands cover an existing portfolio of internally developed and acquired 3rd party brands, plus a newly launched brand incubator #2 Expand portfolio of house brands & partnerships

Matas brands

House brands: Acquired brands: New brands: Matas Njord GRÆNN Brand Incubator Striberne Nilens Jord - development and Plaisir MIILD acquisition of new brands My Moments Matas Natur Skønt

Denmark: Matas only Denmark: Matas & External Denmark: Matas & External International: Beauty Stores International: Beauty Stores International: Beauty Stores

Capital Markets Day – 18 August 2021 | 78 GRÆNN – The Brand Incubator

#2 Expand portfolio of house brands & partnerships

Capital Markets Day – 18 August 2021 | 79 Initiate international distribution of existing brands that all hold strong international appeal due to Nordic heritage and branding #3 Initiate international sales brands

Strong portfolio of brands with international appeal for Nordic values

Striber My Moments Plaisir Matas Natur Nilens jord Miild New brands Everyday Home Spa Luxurious and Natural, ecological, Denmark’s Allergy-friendly, New brands products used range with innovative skin vegan and perfume- #1 make-up brand. sustainable and are all rooted in by most Danish essential oils to care products free product range Skin friendly, clean organic certified Nordic values women since the find peace and based on active that are formulas without beauty products and lifestyle 1950-ies new energy for ingredients with environmentally parabens and body and mind proven effects friendly perfume

Capital Markets Day – 18 August 2021 | 80 2.5

Logistics: Strategic mission: Automating & Build Matas Logistics Scaling Logistics Center to enable growth and improve margins

Brian Gøbel Poulsen Logistics Director

SPORTSMASTER COOP

Capital Markets Day – 18 August 2021 | 81 Matas Group currently manages 7 warehouses across Denmark

1. Allerød CL1 – Ground level 2. Allerød CL1 – 1st floor 3. Allerød CL2 4. Kosmolet Farum 5. Webshop Humlebæk 6. Brøndby CL3 7. Firtal Group Lystrup

Capital Markets Day – 18 August 2021 | 82 To expand capacity and advance logistics capabilities Matas has initiated ‘Matas Logistics Center’, a new state-of-the-art logistics center

Expected to be Consolidation of Building is Channel Sustainable Automated Advanced box located in Lynge 4 warehouses ~25,000 M2 independent building with picking and storage system close to HQ fully operational (170M X 155M X whether online, potential packing specifically by 2024/25 15M) connected retail installation of machines effective for or endless aisles solar panels & combined with handling of small heat pumps proven high-tech packages shuttle solution

Capital Markets Day – 18 August 2021 | 83 The range expansion strategy requires a step-change in capacity to accommodate 150,000 SKUs by 2024/25

Headroom to reach 500,000 SKUs on Matas’ storage capacity development Matas Logistics Center existing location 2017/18 – 2024/25, # of unique SKUs +80,000 150,000

Existing warehouses +50,000 70,000

20,000

2017/18 2022/23 2024/25 Capital Markets Day – 18 August 2021 | 84 To continue competitiveness on delivery times and cost, the order execution capacity and cost per order also needs a step-change

Matas’ daily order execution capacity & packaging cost Headroom to 2017/18 – 2024/25, # of orders & cost index Matas Logistics Center reach 300,000 # of orders per day orders per day on +50,000 existing location Packaging cost per order index 100,000

Existing warehouses +43,000 50,000

7,000

2017/18 2022/23 2024/25

Note: At current average basket size, the 100,000 daily order execution capacity would allow for DKK +10B revenue Capital Markets Day – 18 August 2021 | 85 Matas Logistics Center requires CAPEX of DKK ~500M, but will improve margins and allow for strong future growth

Matas Logistics Center Acquisition of property, buildings & machines for DKK ~500M CAPEX

1.0-1.5% EBITDA margin improvement effect +2x operational scalability of capacity

Staff costs reduced from lower FTE requirement Scalability – capacity increase from 70,000 to 150,000 Rent costs reduced from consolidating 4 sites # of orders per day - increase from 50,000 to 100,000 Warehouse cost for web orders reduced ~50% Speed – max 30 minutes from order to ready for carrier Machine maintenance costs will increase Sustainability – CO2 emission free warehouse by 2030

Capital Markets Day – 18 August 2021 | 86 3.0

Financial Ambitions

Strategic mission: Anders T. Skole-Sørensen CFO Secure long-term profitable

VKR growth through well- MÆRSK DT GROUP managed capital allocation and mitigation of risks Capital Markets Day – 18 August 2021 | 87 The Growing Matas Group strategy and the omnichannel business model positions Matas for long-term profitable growth

Three main targets for the financial guidance by 2025/26

Capital Markets Day – 18 August 2021 | 88 Growth ambition to reach at least DKK 5.0B by 2025/26 is driven by market growth and range expansion through online channels

Revenue growth from DKK 3.7B in 2019/20 before Covid-19 to Growth ambition driven by market growth and online +5.0B in 2025/26 driven by online channels range expansion Illustrative Matas Group revenue development by channel 2019/20A – 2025/26F, DKK B ▪ The underlying Health & Beauty market is expected to +5% +5.0 continue showing modest growth driven by strong fundamentals: o Beauty, health & wellbeing has historically grown faster than GDP 4.1 and consumption in general 3.8 o Consumer trends such as “Younger for longer” and increased spending on health will support market growth ▪ Matas aims to increase market share in selected categories within Health & Beauty through range extensions, which will help Matas in achieving the goal of doubling online sales ▪ Note, growth from potential international expansion is not included in the long-term ambition

2019/20* Stores Matas.dk Firtal Web 2025/26 2020/21 Sundhed

Note: *) 2019/20 proforma adjusted to include Web Sundhed’s revenue as of acquisition Capital Markets Day – 18 August 2021 | 89 Earnings driven by topline growth, scale advantages and vertical integration, allowing for competitive response and growth “investments”

Illustrative Matas Group EBITDA before special items 2019/20A – 2025/26F, DKK M

+850

797

699

2019/20 Topline Scale Growing Headroom for 2025/26 2020/21 Growth Advantages House Brands competitive (Matas.dk & MLC) response & growth "investments" Capital Markets Day – 18 August 2021 | 90 Three potential major risks in the strategy period, but limited impact is expected due to decisive mitigation actions

Increased competition Macro economy setbacks Operational risks

▪ Competition could arise from multiple ▪ H&B market is expected to grow at ▪ Operational risks will increase due to angles, but most prevalent will be historical rates, just above GDP implementation of MLC that will not online competition from pure-players only drive important efficiency and market places ▪ Some market observers anticipate gains, but also allow for future roaring 20-ies economic growth ▪ Competition could further come from development fashion players entering the beauty ▪ Risks imply potential delays and market ▪ But market might as well bounce potential budget overruns back in the 5-year strategy period, ▪ And lastly from specialty retailers from multiple angles as geopolitical pursuing an aggressive offline roll-out risk, financial instability, pandemics, plan etc.

Competition could pressure price Macro setbacks will impact the entire MLC business and implementation perception and margins, but strong industry, but is estimated with limited plan is well worked through and has omni and brand owner business model risk as H&B has shown strong taken certain risks into account should protect to a certain extent resilience to economic cycles

Capital Markets Day – 18 August 2021 | 91 Cash generation to accelerate towards end of strategy period driven by reduced CAPEX and continued strong NWC development

Cash flow CAPEX Working capital

Throughout the strategy period, In the first years Matas Logistics working capital is expected to Matas’ underlying business will Center and continued CAPEX to remain fairly stable as a percentage continue to produce strong support the digital growth will limit of sales, but fluctuations are to be operational cash flows throughout the free cash flow the strategy period expected Towards the end of the strategy The range extension strategy is period the CAPEX requirements are expected to have marginal effect expected to become smaller and on inventories as a percentage of free cash flow will rise sales, as this will largely be driven through online channels

Capital Markets Day – 18 August 2021 | 92 Capital allocation towards 2025/26 - CAPEX, Gearing and Distribution

DKK 1.0-1.3B CAPEX 2-3x Gearing >20% Distribution

▪ CAPEX is expected in a DKK ▪ Maintain a gearing between ▪ Distribution of at least 1.0-1.3B range accumulated 2 and 3 (Net Interest Bearing 20% of adjusted net over the five years driven by Debt to EBITDA) profit after tax annually - o Matas Logistics Center ▪ Ensure that gearing ratio subject to gearing target o Continued digitalisation of both does not materially exceed and near term risks on- and offline activities 3 for longer periods of time o New acquisitions are not included in the expected CAPEX

Capital Markets Day – 18 August 2021 | 93 4.0

Closing Remarks and Q&A

Capital Markets Day – 18 August 2021 | 94 A profitable growth strategy

Growing Matas Group: #1 for health and beauty Leverage our platform for growth with a profitable business model

Commercial: #1 offer Triple the assortment and market the broadened offer to consumers

Ecommerce: #1 online Double revenues by acquiring omni-customers and growing sales per customer

Connected retail: #1 in-store Consolidate and connect the stores to drive customer satisfaction and protect profitability

Brands: #1 products Widen ‘house brand’ portfolio to improve margins and open for international growth options

Logistics: #1 operator Build Matas Logistics Center to enable growth and improve margins

Capital Markets Day – 18 August 2021 | 95 Building Matas Group: Major Change & Investment Programs

2020/21 2021/22 2022/23 2023/24 2024/25 2025/26

Launch Pro Hair Care & Launch new Enter new categories Commercial Dermatological Skincare health categories

Ecommerce Expand assortment and go to market

Connected Retail Connect & consolidate store network

Brands Build brand portfolio & competencies Scale international sale of brands*

Logistics Optimize existing logistics setup MLC: Automate and scale logistics

*) Subject to satisfactory proof of concept Capital Markets Day – 18 August 2021 | 96 Matas Equity Story: Digitalization of Health & Beauty drives profitable growth Matas’ market leadership provides a platform for market share gains

The Foundation: Leverage our historical strength The Opportunity: Profitable digital growth ▪ DKK ~13B market with above-GDP growth and attractive margins ▪ Growth journey towards DKK +5B revenues driven by o Beauty demand is non-cyclical with margins upheld by consumer o Online range expansion preference for brands, non-commodities, news, personalisation and luxury o Market share gains in selected categories o Health demand driven by aging population, product innovation and online o Becoming the preferred non-prescription health destination ▪ Matas is the absolute market leader – online and offline ▪ Profitability around 17-18% EBITDA-margin can be sustained: o #1 brand in beauty and personal care, #3 brand overall in DK o Online scale effects and omnichannel synergies o #1 store network with 264 profitable stores and +2,000 advisors o Gradual store consolidation & Connected Store concept o #1 club with 1.7 million members, # 2 loyalty program overall in DK o Vertical Integration: Increase of House Brands share o #1 media portfolio with 1.8 million unique monthly contacts o Automation of logistics for capacity, speed and efficiency o #1 portfolio of private label/exclusive house brands o Disciplined and continuous cost-improvement ▪ Matas is positioned to benefit from online shift ▪ CAPEX investment of DKK 1.0-1.3B in the coming 5 years composed of: o In three years, Matas has become #1 for health and beauty online in o Run-rate investment kept around 3-4% of sales to support digitalisation of Denmark with ~35% market share and 600,000 happy customers customer experience – both offline and online o 2nd most used webshop in Denmark across all categories o Additional DKK ~500M will be spend to automate & scale logistics ▪ Matas has a strong financial position ▪ Distribution to shareholders: More than 20% of adjusted net profit after o Leap in online profitability driven by scale and omnichannel synergy tax will be distributed o Strong cash generation supported by inventory optimization ▪ Additional growth options (not in financial ambition) o Strong balance sheet with ample room for gearing o Further category expansion, export of house brands, and bolt- ▪ Leadership team with a proven strategy execution track record on/adjacency M&A to be decided on case by case basis o Health positioning will open access to male target groups Capital Markets Day – 18 August 2021 | 97 Capital Markets Day – 18 August 2021 || 98