#1© 2022 asos T HY22 Results April 2022 asos AHI#2© 2022 asos Agenda HY1 22 Results Overview and Outlook Financial Results Strategic Progress N 2 asos#3© 2022 asos Agenda HY1 22 Results Overview and Outlook Financial Results Strategic Progress N 3 asos#4HY22 EXECUTIVE SUMMARY ASOS delivered H1 in line with guidance despite the challenging backdrop Results delivered in line with guidance Strong operational progress delivered year to date despite challenging conditions Accelerated change against our strategic objectives FY22 guidance unchanged save for the removal of the impact of Russia, although greater uncertainty in H2 Today we published our first annual update as part of our FWI 2030 Programme INOR BOPE 6 om AGROPA VAC 4 asos#5HY22 EXECUTIVE SUMMARY We successfully navigated and delivered in the first half despite incremental uncertainty ■ Impacts factored into our guidance Reversal of COVID-19 benefit in H1 FY21 (£48.5m) Demand pressures Supply chain constraints, particularly over peak Notable cost headwinds, particularly in H1 from higher inbound freight and outbound delivery costs Labour inflationary pressures across the year H1 Incremental Developments ■ The emergence of Omicron and subsequent introduction of restrictions over peak ■ The war in Ukraine which began towards the end of H1 and is ongoing Impact of elevated COVID-19 case rates on the supply chain constraints over peak with subsequent port closures, congestion, and further impact on freight rates Testament to the resilience of our ASOSers, strengthened operational grip and strong customer offer LO 5#6OUTLOOK And we are confident that we are well set up for the second half but mindful of heightened uncertainty Impacts factored into our guidance The resumption of holidays as COVID-19 restrictions have eased The expected return of event-led demand Improved stock profile and increased stock availability Easing of strong comparatives in H2 Increased marketing investment to accelerate international sales Key H2 Uncertainties The impact of inflation on consumer discretionary spend The impact of geopolitical risks on consumer sentiment Further supply chain disruption due to lockdowns in China Impact of pent-up clothing demand 6 asos#7© 2022 asos Agenda HY1 22 Results Overview and Outlook Financial Results Strategic Progress N 7 asos#8HY22 RESULTS We delivered half year results in line with guidance TOTAL SALES' 1,975.9 HY21 (£'m) +4% 112.9 2,004.1 HY22 (£'m) ADJUSTED² PBT -87% 14.8 GROSS MARGIN 45.0% HY21 60.6 -190bps CAPEX³ HY21 (£'m) +43% 43.1% HY22 86.5 ADJUSTED² EBIT MARGIN HY22 (£'m) I 5.9% HY21 HY21 (£'m) HY22 (£'m) ¹Total sales growth based on constant currency sales growth 2Excluding adjusting items totalling £30.6m. Please see RNS for full breakdown ³Capex 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 92.0 NET CASH/(DEBT)" HY21 (£'m) -460bps 4Net cash/(debt) is cash and cash equivalents less the carrying amount of any borrowings at half year, but excluding outstanding lease liabilities All sources: ASOS internal operational records 1.3% -168% HY22 (62.6) HY22 (£'m) 8 asos#9HY22 RESULTS - SUPPLY CHAIN & STOCK POSITION 1.02 1.00 0.98 0.96 0.94 0.92 0.90 0.88 0.86 0.00 Stock availability weighed on revenue growth, however we exited H1 in a strong position Group Views Availability below target level for all of H1, but trended towards target level at the end of the period Full Price Group Views Availability (%) 1 Peak Target Views Availability in dresses has also been below target level in H1, limiting ability to fully capitalise on shift back into going-out 1.00 0.95 0.90 0.85 0.00 Dresses Full Price Views Availability (%) ¹ Peak 'Views Availability based on ASOS internal operational records, and shows performance over H1 relative to internal Views Availability target. This is defined as the customers' view of stock availability based on the products they're viewing on site 9 Target Dresses asos#10HY22 RESULTS - SUPPLY CHAIN & STOCK POSITION We've made strong progress with our 4th Fulfilment Centre ရော as AWU UA HOM Lichfield launched successfully to increase stockholding and optimise availability Opened in August 2021 Contributed incremental capacity to FY22 peak, ahead of plan Total inventory capacity 1 million higher than original plan 10 asos#11HY22 RESULTS - CONSUMER BEHAVIOUR We've seen a shift back to 'normal' demand patterns, as demand for going-out wear returns We have seen a substantial uplift in demand for going -out wear... 15% 10% 5% 0% (5%) H1 Sales Growth versus H1 FY21 ASOS Brands and Partner Brands Going-Out* Casualwear, Activewear, Face + Body ASOS excluding Going-Out* *Dresses, formal wear and fashion footwear Positive - increase in sales vs LY, negative decrease in sales vs LY All sources: ASOS internal operational records ...and as demand normalises, returns rates have increased, however remain below pre-pandemic levels due to product mix Sep Underlying Returns Rate (%) Oct FY22 Nov -FY21 Omicron peak Dec FY20 Jan -FY19 Feb Russia returns added back to FY22 in order to compare like-for-like underlying returns rates 11 asos#12HY22 RESULTS - KEY FINANCIALS BY SEGMENT Key financials by segment Good sales growth, despite cycling a period of lockdown restrictions particularly in P2 UK Total sales CC¹ Visits Shipped orders Conversion CC ABV² Active customers³ US UK +8% +8% +13% Strong US growth supported by increasing customer engagement and wholesale expansion +20bps (4%) 8.8m (+13%) US EU +11% (7%) 0% +20bps 2% 3.5m (+6%) EU particularly impacted by supply chain constraints and COVID-19 related restrictions EU ¹Segmental sales based on total sales, which includes retail sales and income from other services, and growth rates calculated on a constant currency basis 2 ABV metric changed from total order value before returns and discounts, including VAT / total orders in the period to net retail sales/number of orders in the period 3 Active customers defined as having shopped in the last 12 months as at 28 February All sources: ASOS internal operational records +1% 0% +5% +10bps (3%) 10.5m (+6%) ROW RoW continues to be disproportionately impacted by extended delivery times, particularly Australia and Israel ROW (10%) (6%) (8%) -10bps (2%) 3.9m (0%) 12 asos#13HY22 RESULTS - GROSS MARGIN Gross margin stepped back by 190bps in the half, but is up on the P1 exit rate 45.0% HY22 HY22 Gross Margin Bridge¹ Sigu Gross Clearance Freight Buying Pricing Margin Activity & Duty Margin HY21 ¹ASOS internal operational records Other 43.1% Gross Margin HY22 Gross Margin was supported by the following in P2 W O: Improvement in buying margins driven by sourcing benefits, supplier negotiations and mix into Topshop Pricing benefits as low to mid-single digits price increases took effect from January Clearance activity softened as expected in P2 13 asos#14HY22 RESULTS - INFLATIONARY PRESSURES We have faced significant inflationary impacts in H1 which we have largely mitigated through cost efficiencies of c.£50m Gross Margin Distribution Costs Warehouse Marketing Other Costs Depreciation Adjusted EBIT Margin¹ Interest Adjusted PBT Margin¹ HY22 P&L Overview HY22 % of sales 43.1% (12.8%) (10.3%) (6.0%) (9.3%) (3.4%) 1.3% (0.6%) 0.7% HY21% of sales 45.0% (12.5%) (8.7%) (5.5%) (9.3%) (3.1%) 5.9% (0.2%) 5.7% ¹Excluding adjusting items totalling £30.6m. Please see RNS for full breakdown Note: Above table subject to rounding All sources: ASOS internal operational records Change (190bps) (30bps) (160bps) (50bps) Obps (30bps) (460bps) (40bps) (500bps) Freight Costs HY22 Inflationary Impacts Fabric Prices Wage Increases Cost Mitigation Net Impact 14 asos#15HY22 RESULTS - ADJUSTING ITEMS Adjusting items for the half total £30.6m, including a one-off, non-cash impairment charge relating to Leavesden of £18.3m Reported loss before tax ASOS Reimagined Main Market transition Leavesden impairment Employee and other cost provision release Amortisation of acquired intangibles Total adjusting items Adjusted profit before tax Leavesden ? One-off, non-cash impairment charge relating to the right-of-use assets and associated fixtures and fittings All sources: ASOS internal operational records H1 impact £m (15.8) 7.9 5.5 18.3 (6.4) 5.3 30.6 14.8 Required under IAS36 as a result of vacating and subletting part of the building to third parties H2 expected impact £m 10-15 c. 6 c. 16-21 P&L and cash flow positive over lease term, due to rental income and reduced depreciation relating to remaining right-of-use assets AB SA 15 SOS#16HY22 RESULTS-NET CASH Net cash decreased in H1 due to working capital outflow, accelerated stock build and capex investments across Tech and Supply Chain £199.5m FY21 Net Cash/(Debt) EBITDA ¹ASOS internal operational records HY22 Cashflow Bridge¹ Working Capital Capex spend: £86.5m Tech Capex Supply Chain Capex Other (£62.6m) HY22 Net Cash/(Debt) Cre 16 asos#17© 2022 asos Agenda HY1 22 Results Overview and Outlook Financial Results Strategic Progress N 17 asos#18BUSINESS UPDATE - ASOS VISION Our vision is to be the go-to destination for fashion- loving 20-somethings 18 asos#19BUSINESS UPDATE - ASOS OPPORTUNITY We remain well-positioned to capitalise on a huge opportunity 2 Winning customer offer with superior economics What we've built Where we're going Well-positioned to win our target customer 4 Huge opportunity with a 2030 TAM of £430bn¹ 15 Multiple levers to accelerate future growth and margin 3 Strong scalable global platform to leverage 16 Focused plan to execute and capture opportunity 19 asos Internal estimate for 2030 based on GlobalData forecasts through 2025 for Fashion and Beauty sectors, and age share of spend from GlobalData Fashion Age Spending Forecasts prepared for ASOS in June 2021. Fashion includes Clothing, Footwear & Accessories, excluding children's clothing and footwear. Beauty includes Make-up, Haircare, Skincare, Fragrances, Suncare, Male Toiletries and Personal Hygiene. TAM includes 16-34yo spend in the UK, US, EU and ASOS focus ROW markets. Data is inclusive of sales tax#20BUSINESS UPDATE - MEDIUM TERM FOCUS Our medium-term commitments are focused on the following areas Leverage our platform and capabilities Platform development through the rollout of Flexible Fulfilment Enable the customer experience through data science, personalisation and experimentation Expand Premier to increase engagement Deliver a more efficient and effective organisation through Operational Excellence Amplify our winning offer create Double down on our fashion credibility by investing in "fashionability" and elevating our brands to "Iconic" status leveraging our top performing design team curate Expand our platform and partner offer with a specific focus on Face + Body and Sportswear convert Improve our customer offer with more international imagery and tailored category experiences Double the size of US and EU Back with marketing investment Grow and localise the assortment Enhance local operations Further localise the experience 20 asos#21BUSINESS UPDATE - OPPORTUNITY AND GROWTH DRIVERS ...And we have made solid strides against our strategy in H1 Leverage our platform and capabilities Platform development through the rollout of Flexible Fulfilment Enable the customer experience through data science, personalisation and experimentation Expand Premier to increase engagement er a more efficient and effective organisation rough Operational Excellence Amplify our winning offer create ble down on our fashion credibility by vesting in "ashionability and elevating our unds to "Iconic" status leveraging our top rforming Design team curate Expand our platform and partner offer with a specific focus on Face + Body and Sportswear convert ove our customer offer with more international gery and tailored category experiences Double the size of US and EU Back with marketing investment Grow and localise the assortment Enhance local operations Further localise the experience 21 asos#22BUSINESS UPDATE-LEVERAGING OUR PLATFORM AND CAPABILITIES We successfully launched Partner Fulfils, with second half roll out on track H1 FY22 Results Successful launch of backfill model in the UK Accounted for c.8% of adidas and c.7% Reebok gross sales in the UK Additional styles brought on through width expansion ahead of plan Over 77k units sold 05 ook LASSA Reabok: Europe Expansion H2 FY22 Roll Out ADIDAS Range Extension New Partners *All sources: ASOS internal operational records 22 asos#23BUSINESS UPDATE-LEVERAGING OUR PLATFORM AND CAPABILITIES We have deployed tech to enhance our customer experience Experimentation Personalisation 5.00 EQ NEW IN ♡ 3 £18.00 Auss £40.00 DUNGAREES & BOILER SUITS ♡ €50.00 FILTER ♥ Improving relevancy and optimising personalised rankings ■ Expanding the footprint across the experience HEM asos Nike Air Force 1 Fontanko tro sall cream and mul €94.95 YOU MIGHT ALSO LIKE MORE FROM OTHER STORIES 838-34-375 100.00 asos MY ACCOUNT CREATE RETURN ITEMS FROM THIS ORDER Ⓡ ASOS DESIGN Cper h baba ITEMS FROM OTHER ORDERS tonane pace to help reduce Find out more YAS www Focus on experimentation and measurement ■ Improved Web presentation of You Might Also Like ■ Offer visually similar items for out of stock products on the Web ■Launched social proofing messaging ■ Launched additional options to subscribe to Back In Stock notification for Android Improved NDD cut off time messaging in the UK Tailored Category Experiences €34.00 BRIDESMAID outr €13.00 Makeup artist to the stars Charlotte Tilbury unlocks her beauty secrets to give you a glow thefl rival any supermodel From revolutionary skincare to makeup magic, Charlote Tilbury will have you feeling like the best version of you. Step into her glass world below. Tailoring the Face + Body experience ■ Testing new navigation to elevate visibility of Face + Body in the experience 23 asos#24BUSINESS UPDATE-LEVERAGING OUR PLATFORM AND CAPABILITIES We have seen a step up in Premier subscriptions, driving increased customer loyalty and customer economics Premier Customer Growth Year on Year ¹ 23% UK 58% US 13% ¹ASOS internal operational records EU 45% ROW 24% Group Launch of a Global Premier Party in October Successfully drove uplift in subscriptions and sales Highest daily ABV seen in two years Premier Proposition Changes and Events DE Price reduced to €15 Jun-21 12 US Service level changed from EXP to NDD, and introduced a $50 threshold FR €10 Threshold introduced IT Price reduced to €20 AU Price relaunched $39 AUD Sep-21 GLOBAL Premier Party NL Price reduced to €20 IR Price reduced to €10 Oct-21 UK & IRL Premier Party Feb-22 Premier Day in February in UK and Ireland High participation rate 3% higher Premier participation rate vs Global Premier Party in October 24 asos#25BUSINESS UPDATE- AMPLIFYING OUR WINNING OFFER Topshop brands have sustained triple digit growth rates, and a brand-led commercial structure will unlock further opportunity Topshop sales¹ have grown +193% on the year... HY21 HY21 +193% .. and increasing in Sales Mix¹... +390bps HY22 ¹ASOS internal operational records HY22 .. With triple digit sales growth in the UK, US and Germany ¹... .. Supported by a highly valuable Topshop/Topman customer base¹ Topshop Customers Higher frequency on average More likely to be Premier customers and buy Face + Body Topman Customers Co Higher frequency on average More likely to place more than 10 orders a year .. And our new Commercial structure will enable us to unlock further opportunity H2 Focus Creative brand strategy; brand character, brand positioning, brand equity and brand values Drop over 400 styles on site every week Maximise speed to market across all lead times Continue to elevate and differentiate product 25 asos#26BUSINESS UPDATE-AMPLIFYING OUR WINNING OFFER Our unique fashion-led approach to Sportswear has supported strong H1 growth, as demonstrated through our partnership with The North Face We collaborated with The North Face to co-create best-in-class product and to serve a previously untapped fashion-loving 20-something female consumer with fashionable sportswear Objective ASOS Offer Results ¹ASOS internal operational records Co-create product through consumer-led insights and trends Driving mutual growth and womenswear, whilst continuing to target crucial Gen Z demographic Activate social globally to showcase best-in-class product and presentation Go-To-Market calendar to influence product and key seasonal trends forecasted Customer segment focus and genderless approach considered, and access to exclusive ASOS own-brand offering Best-in-class onsite product presentation styled in ASOS' studios ASOS Media Group builds campaigns Growth in TNF sales on the ASOS platform Shift in gender mix from 85:15 (MW:WW) in H1 19 to 50:50 in H122 H119 Net Retail TNF Sales and MW:WW split ¹ H2 19 H120 TNF Net Retail Sales H2 20 H121 MW Sales Mix H2 21 H122 WW Sales Mix 50:50 26 asos#27BUSINESS UPDATE-DRIVING INTERNATIONAL EXPANSION We have initiated the localisation of operations and rolled out broad reach marketing Frese EURO Trade Heads appointed for key territories First phase of broad reach marketing rolled out PLAC 27 asos#28BUSINESS UPDATE-DRIVING INTERNATIONAL EXPANSION ASOS' experiential presence in the US in partnership with Nordstrom landed successfully asos NORDSTROM ▲First drop with Nordstrom in November in two physical Nordstrom stores Two retail concepts at The Grove, in LA in February with 120 options across menswear and womenswear Click and collect available for orders placed on asos.com ▲ Expanded assortment of ASOS product available on Nordstrom.com Further ASOS I Nordstrom drop in 10 stores and on Nordstrom.com Topman and Topshop launch in Canada and on Nordstrom.ca in H2 Glass Box, The Grove, LA Store, The Grove, LA asos MA F 28 asos#29BUSINESS UPDATE - FWI Today we published our first annual FWI update, reporting progress to the period ending August 2021 Our key callouts for the year are: Be Net Zero Be Transparent Diverse Be Reduce Scope 1 and 2 emissions/order by 87% by 2030 vs 2018/19 baseline Reduce transportation emission/£profit by 58% by 2030 vs 2018/19 baseline Two-thirds of partner brands (by emissions) signed up to setting goals in line with SBTi requirements by 2025 100% of partner brands on ASOS will have committed to the Transparency Pledge and new ASOS Ethical Trading policy by 2025 at the latest Zero statistically significant differences in engagement scores and functional attrition rates across all demographics from 2030, with all ASOSers able to be their authentic selves at work ¹ All partner brands manufacturing in the UK 2 By volume of business 34% pt decrease in gap between highest and lowest engaged demographics 4 No statistically significant difference FWI Relaunch 26% 23% <33% All manufacturing in UK ¹ Data collection underway FY21 Status 59% 4% pt decrease 3 42% 53% 45%2 2030 Target 87% 58% 66% 100% No difference4 29 asos#30BUSINESS UPDATE- ASOS REIMAGINED We have accelerated our organisational redesign, an essential change in support of strategy delivery Key Principles Delivering a seamless product journey Having a fully optimised customer experience Delivering that experience globally дв End-to-end product journey 20-something Customer Delivered globally End-to-end customer experience Data and Digital Product The ASOS Way (including people, culture) 30 asos#31BUSINESS UPDATE- ASOS REIMAGINED We undertook a reorganisation of the Commercial function in H1 to unlock CMD objectives O Key Principles Product-centric organisation Faster time to market Freedom within a framework Accelerated development of critical areas 1 2 3 4 6 Product 7 ASOS Design Womenswear ASOS Design Menswear Topshop/ Topman 5 Partner Brands Venture Brands Face + Body Sportswear Commercial Tomorrow Go-to-market 8 Wholesale 9 UK / ROW 10 US 11 EU Emerging channels 12 Emerging channels and disruptive innovation 32 asos#32BUSINESS UPDATE- ASOS REIMAGINED and are accelerating the creation of our new data capability The ASOS Data Strategy will drive the following improvements: "Data as a Product" Organisation Appoint a Chief Data Officer Data product teams under the CDO Evolve the Architecture Value Implement new capabilities to support business growth and strategic initiatives Faster access to new data sets to deliver strategic initiatives Speed Embed Data Governance Business ownership of data Single ASOS data domain map Scale Out Quality Test & learn against the Data Strategy whilst delivering value Scale by use of third-parties, tech hub in NI & growing the ASOS teams Scale 31 asos#33HY22 EXECUTIVE SUMMARY In summary... Results delivered in line with guidance Strong operational progress delivered year to date despite challenging conditions Accelerated strategic change against our strategic objectives FY22 guidance unchanged save for the removal of the impact of Russia, although greater uncertainty in H2 INORY BOPE 6 om AGROPA VAC 33 asos#34| © 2022 asos L Q & A r asos#351 1 © 2022 asos 1 L