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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
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