#1L asos FY21 RESULTS PRESENTATION#2AGENDA Results Overview Financial Results Strategic Progress Outlook Medium term targets AFFI THE FREED#3AGENDA Results Overview Financial Overview Strategic Progress Outlook Medium term targets 45 THE FREED#4Overview We delivered strong financial results in FY21 with sales growth of 22% and adjusted PBT excluding estimated COVID benefit of £126.3m Confident in the scale of the opportunity ahead of us, and we are investing to capture growth despite short term headwinds Clear plan to accelerate the pace and intensity of delivery to guide the next phase of growth Executive team with global mindset, international experience and broader range of functional capabilities Focused on the acceleration of growth in our key international territories 4 asos#5Strong foundations for growth re-established Revenue growth of 17% CAGR Total Constant Currency Sales Growth Y-on-Y 24% FY18 12% 102.0 FY19 FY18 (£'m) 19% Profit before Tax Excluding Estimated COVID Benefits* in FY20 and FY21 FY20 Restoration of structural profitability 33.1 97.1 FY19 (£'m) *Estimated COVID benefit excluded of £45.0m in FY20 and £67.3m in FY21 FY20 (£'m) 22% FY21 126.3 FY21 (£'m) Driving a cycle of reinvestment through operational excellence ● ● £80m non-strategic costs removed from the P&L in FY20 & FY21 £35m efficiencies in Eurohub due to automation 60bps increase in marketing spend in FY21 vs FY19 Strengthened balance sheet and strong FCF generation " 42.7 FY18 Closing Net Cash Cash generation Topshop acquisition Financing activities 199.5 FY21 Closing Net cash LO 5 asos#6AGENDA Results Overview Financial Overview Strategic Progress Outlook Medium term targets 45 THE FREED#7We have delivered a strong set of results for FY21 1 TOTAL SALES ¹ 3,264 FY20 (£m) 142.1 +22% FY20 (£m) ADJUSTED³ PBT 3,911 +36% FY21 (£m) 193.6 FY21 (£m) GROSS MARGIN 47.4% FY20 116.6 -200bps CAPEX" FY20 (£m) 45.4% +35% FY21 157.1 FY21 (£m) ADJUSTED² EBITDA MARGIN +20bps 8.6% FY20 NET CASH5 407.5 FY20 (£m) -51% 8.8% ¹Total sales growth based on constant currency sales growth 2Excluding Topshop brands acquisition and integration one-off costs of £10.5m and share based payments of £7.6m 3Excluding Topshop brands acquisition and integration one-off costs of £10.5m and amortisation of acquired intangible assets of £6.0m 4 Capex reflects cash capex and excludes any fixed asset additions in relation to the right use of assets as part of IFRS 16 and any Topshop brands acquired assets 5Net cash/(debt) is cash and cash equivalents less the carrying amount of any borrowings at year-end, but excluding outstanding lease liabilities FY21 199.5 FY21 (£m) 7 asos#8Our gross margin stepped back, driven primarily by COVID impacts.... Gross margin reflects incremental freight costs, lockdown product mix and FX movements 47.4% Gross Lockdown Freight Margin category & Duty FY '20 mix FX I I I I I I I 1 T Other 45.4% Gross Margin FY '21 Category mix started to normalise in H2 and expect to normalise further in FY22 Freight costs driven by Brexit duty and global supply chain disruption FX headwinds driven largely by 15% devaluation of the Russian Rouble 8 Other costs reflects increased promo activity and pricing investment offset by favourable intake margin asos#9P&L Overview Gross Margin Distribution Costs Warehouse Marketing Other Costs Adjusted EBITDA Margin¹ Depreciation Adjusted EBIT Margin² FY21 % of sales 45.4% (13.0%) (9.1%) (5.1%) (9.8%) 8.8% (3.5%) 5.3% FY20 % of sales 47.4% (13.6%) (9.6%) (3.7%) (12.3%) 8.6% (3.6%) 4.6% Change (200bps) 60bps 50bps (140bps) 250bps 20bps 10bps 70bps ¹Excluding Topshop brands acquisition and integration one-off costs of £10.5m and share based payments of £7.6m 2Excluding Topshop brands acquisition and integration one-off costs of £10.5m and amortisation of acquired intangible assets of £6.0m Note: Above table subject to rounding 9#101. 2 Key financials by segment Strong sales growth, growing market share in the UK, reduced churn and strong new customer growth 3 TOTAL SALES CC¹ VISITS SHIPPED ORDERS CONVERSION ABV² ACTIVE CUSTOMERS³ Strong US P4 growth rate of 32%, with Topshop acquisition contributing c. 9 ppt UK +36% +28% +30% +10bps 5% 8.5m (+20%) US +21% +16% +9% -20bps 0% 3.5m (+9%) Strong growth in France and Germany despite product delays impacting our stock profile in Europe EU +15% +11% +13% +10bps 1% 10.4m (+13%) Segmental sales based on total sales instead of retail sales to account for wholesale business revenues and growth rates calculated on a constant currency basis ABV metric changed from total order value before returns and discounts, including VAT/ total orders to net retail sales/number of orders in the calendar year Active customers defined as having shopped in the last 12 months as at 31 August RoW continues to be disproportionately impacted by an extended delivery proposition ROW +6% +5% -1% -10bps 2% 10 4.0m (+3%) asos#11AGENDA Results Overview Financial Overview Strategic Progress Outlook Medium term targets 45 THE FREED#12Our vision is to be the number 1 destination for fashion-loving 20-somethings worldwide 01. Truly global retailer 02. The ASOS Brands Design that can't be found anywhere else 03. The ASOS Platform One platform with all the relevant product all of the time 04. The ASOS Experience Inspiring, exciting, friction-free and personalised 05 Effective, efficient and sustainable model ALL DAY DREAING#13TGR & Lichfield Update Planning and trade by region Ⓒ Key capabilities International granular pricing TGR Global stock ledger VE Landed costs built into intake margin 0x O Product and order creation process New business metrics Lichfield Opened 28 August 2021 Successfully completed launch phase Currently ramping up the facility, expected to contribute incremental capacity to November 2021 peak 13 asos#14Rapid integration of Topshop, Topman, Miss Selfridge and HIIT Transitioned all stock to our warehouses Estimated 5,000 SKU's in FY21 Ramping to a projected 19,000+ SKU's by FY24 2 Onboarded new suppliers Audited and rationalised the base 55 suppliers identified for exit in a responsible time frame 80 suppliers to remain in our base 3 Mapped all Tier 1 to 3 suppliers All Tier 1 and 2 suppliers have provided a 3rd Party Audit 14 On track to publish a full listing of all Tier 1 to 3 suppliers by March 2022 as committed asos#15And the Topshop brands have performed strongly since integration... FY21 Topshop revenue FY20 +114% FY21 *All Topshop sales are inclusive of wholesale 450% 400% 350% 300% 250% 200% 150% 100% 50% 0% FY21 Topshop sales growth by segment J.. US EU UK ROW Topshop sales contribution by segment Europe 23% ROW 10% 16% US 15 51% UK asos#16Strategic partnership established with Nordstrom to drive awareness and growth in North America 0 An edit of ASOS brands in select Nordstrom stores and on Nordstrom by 2021 year end Full product launch in first half 2022 Click and collect services to be rolled out across the wider Nordstrom estate in 2022 NORDSTROM ORDER IT TODAY, PICK IT UP TOMORROW NORDSTROM 16#17Enhancing our flexible and multi-brand platform through ASOS Fulfils Why? TM More Product Better Availability FOR Enhance Customer Experience 78 .……. Same stock investment ASOS Fulfils Complete Immediate Rollout From Oct 2021 17 asos#18Extending our flexible and multi-brand platform through Partner Fulfilment Why? TM All the benefits from ASOS Fulfils + Key to International Growth Q More Locally Relevant Product 78 .……. More Brands Partner Fulfils Today ● Immediate Rollout • Development of first phase complete Final stages of testing ● End of calendar year 2021 'Partner Fulfilment' to be rolled out in the UK at the end of the calendar year with major sportswear retailer 18 asos#19Continued progress on operational excellence since FY19 +£80m +£35m NON-STRATEGIC COST REMOVAL EFFICIENCY SAVINGS EST.2020 K RE-INVEST FOR GROWTH 19 asos#20AGENDA Results Overview Financial Overview Strategic Progress FY22 Outlook Medium term targets 45 THE FREED#21Outlook Jaan Invest through short term headwinds to capture long term opportunity H1 sales growth mid-single digits FY22 sales growth between 10% and 15% FY22 adjusted PBT expectations in the range of £110m and £140m Investing with confidence and elevating our CAPEX investment to £210m and increasing marketing investment as a percentage of sales by c. 1% Expect FCF generation to be broadly neutral despite increased investment BET 21#22AGENDA Results Overview Financial Overview Strategic Progress FY22 Outlook Medium term targets 45 THE FREED#23We have laid the foundations for the next phase of our journey 1 234LO 4 5 444 OO 64646 ℗ Winning customer offer Strong UK business and momentum in our international territories with EU sales at £1.2bn and US sales £0.5bn Strong operational progress and removal of non- strategic costs Global infrastructure and technology platform Strong executive team with global mindset 23#24And there is significant opportunity ahead of us Large and growing TAM: £430bn Total Addressable 2030 Market And in the next 3 to 4 years we will deliver: £7bn in revenue > 4% EBIT margin despite elevated investment into marketing Capex spend between £200m & £250m each year 24 asos#25● ● ● We will continue to improve our winning customer offer Own brands Transform our loved ASOS brands into truly iconic global brands Improve speed to market and sourcing model Leveraging the strength of our design, buying and merchandising teams to incubate and create new brands Add at least £1bn to our annual own brand sales ● ● ● ● ● Platform and experience Increase the number of third-party brands Expand and improve our offer in Face + Body and Sportswear Launch and grow our partner fulfils platform Further personalise the experience Amplify our premier offer Evolve core online experiences E 5% of GMV from Partner Programme by 2024 25#26We will drive international growth acceleration through 4 key areas Invest in multi-channel marketing to grow awareness Premier to drive stickiness of customers Further localise offer, payment methods, social media, delivery methods, UI/UX, languages Localise trading operations with dedicated territory expertise Back with marketing investment Further localise the experience Leverage momentum and infrastructure Grow and localise the assortment Build upon momentum in our £1.2bn European business and our £0.5bn US business Leverage physical and tech infrastructure Create the most compelling assortment for 20- somethings Combine local must have with hard to get international brands 26 asos#27And fuel investment through operational excellence Next phase of operational excellence initiatives Efficiency Execution Effectiveness Fuelling investments into growth 27 asos#28A significant opportunity, with a focused plan Opportunity Medium Term Drivers of growth Ambition to be number 1 destination for fashion-loving 20-somethings, with a TAM of £430bn by 2030 Deliver £7bn of sales with > 4% EBIT margin and capex of £200-250m Own brands Additional >£1bn sales International growth Double size of US and EU Partner platform c.5% GMV Operational excellence Funds growth investments 28 asos#29In Summary... We delivered strong financial results in FY21 with sales growth of 22% and adjusted PBT excluding estimated COVID benefit of £126.3m Confident in the scale of the opportunity ahead of us, and we are investing to capture growth despite short term headwinds Clear plan to accelerate the pace and intensity of delivery to guide the next phase of growth Executive team with global mindset, international experience and broader range of functional capabilities Focused on the acceleration of growth in our key international territories 29 asos#30L Q&A asos#31APPENDIX 31 asos#32Decrease in net cash due to cash outflow associated with the acquired assets of Topshop brands and working capital unwind from peak FY20 407.5 Opening Net Cash YE21 325.6 EBITDA 74.2 Working Capital 90.6 Tech 13.8 TGR Capex spend 28.4 4th FC 14.1 US automation 10.2 Other Convertible proceeds in the year were £491m, net of issue costs of £9m. The debt amount at year-end has been excluded from the net cash position at year in line with our definition of net cash/(debt) 286.4 Assets acquired from Topshop acquisition 29.6 IFRS 16 leases 13.7 Other 32 199.5 Closing Net Cash YE 21 asos#33ASOS Design saw growth in demand for going out wear in the second half of the year We re-shaped our offer to respond to the declining demand for occasion wear in H1... 50 40 30 20 10 O -10 -20 ASOS Design H1 YoY Growth by Category Going Out asos DESIGN Casualwear, Activewear, Face + Body ASOS Excl Going Out H1 18 16 14 12 0 8 10 6 4 2 O -2 -4 ...and saw a resurgence in demand for going-out wear in H2 ASOS Design H2 YoY Growth by Category Going Out Casualwear, Activewear, Face + Body ASOS Excl Going Out H2 33 asos L#34Our F+B, casualwear and activewear have shown strong growth in FY21, and will remain strategic priorities in the medium-term Face + Body HUDABEAUTY +49% NUXE PARIS Huile Prodigieuse milfs, HUILE SÈCHE MULTI-FONCTIONS VISAGE, CORPS, CHEVEU sublime s végétates préc MULTI-PURPOSE R FACE, BODY, HAIR ties www forach With pres AM COIR ET palaute TOUTES PEAUX wat 23.DAN 0350 But partic botanical tanical oilsww-x AUX ALL SKIN TYPES 103.3 FLOZ H Ot O Activewear NORTH FACE +51 % +36% offe Casualwear wwww 34 asos#35Investment into personalisation has resulted in an improved customer experience ↑ Advanced personalised, engaged and inspiring customer experience Increased experimentation velocity ☆ Expanded rating and reviews to >£2m For You" feature on Android and "New In" category results (M) Investments in data infrastructure and capabilities 19:28 Search NEW IN NEW PRODUCTS View all Clothing ill Shoes Accessories Face + Body Topshon Back in stock -20 Trending now SHOP BY BODY FIT ASOS Curve & Plus Size EQ YOU MIGHT ALSO LIKE £29.00 Nobody's Child blouse with full sleeves in leopard print -22% 35 16 items RRP £35.99 £28.00 Mango pussybow blouse asos#36We launched our 2030 FWI Programme We are simplifying the core pillars of Fashion with Integrity and doubling down on two pillars and four 2030 goals PLANET 1 Be Net Zero FASHION WITH INTEGRITY Key 2030 Goals 2 Be More Circular PEOPLE Key 2030 Goals 3 Be Transparent 4 Be Diverse 36 asos#37Each ambitious goal is underpinned by clear KPI's with measurable targets and milestones Be Net Zero Ⓒ ASOS will achieve Net Zero carbon emissions across its value chain by 2030, driven by emission reduction targets, and will be carbon neutral in its operations by 2025 BE TRANSPARENT Ⓒ By 2030, ASOS will have led improvements on human rights and transparency within our own supply chain and the wider fashion industry BE MORE CIRCULAR By 2030, ASOS will have shifted towards more circular systems, ensuring 100% of our ASOS own-brand products and packaging are made from more sustainable or recycled materials, prioritising circular design, and facilitating product recovery programmes Be Diverse By 2030, we'll drive diversity, equity and inclusion across every aspect of our business, with a focus on leadership representation and ensuring every ASOSer can be their authentic self at work 37 asos#38FY22 Cost Outlook Costs % Revenue Gross Margin Warehouse Costs Distribution Costs Marketing Costs Other Operating Costs Impact | Key Drivers Operational excellence initiatives to offset forecasted increases in freight & duty Reversal of COVID-related returns benefit, Lichfield cost drag in FY22 Reversal of COVID-related returns benefit offset by supply chain initiatives c.1% increase in marketing investment Reduction in line with non-strategic cost removal programme 38 asos