#1FY23 Results & Strategy Update 1 November 2023 asos#2© 2023 asos Agenda FY23 Results FY23 Financial Results FY24 and Medium-Term Outlook Our Right to Win P UNAW THE STUD 1978 WAY ESTAURAN 2 asos#3◄ © 2023 asos In FY23 we launched the Driving Change agenda to restore profitability ■ We delivered on all four Driving Change agenda pillars: Renewed commercial model tackled oldest stock, reduced intake, speed to market 1. 2. Stronger order economics and a lighter cost profile → £300m profit/cost savings, PPO¹ +30% 3. Robust and flexible balance sheet → May 2023 refinancing / equity raise; H2 cash generation 4. Refreshed leadership and culture → internal talent complemented with external hires ■ Reflected in our performance with a much-improved H2: Resetting model in the face of substantial H1 headwinds H1 ¹Profit per order calculated as variable contribution divided by billed orders ↑ H2 Self-help measures resulting in H2 profit and cash generation SOWY TENT 3 ASOS ended FY23 a smaller but more profitable business asos#4© 2023 asos FY23 reflects improvement in H2 improvement as self- help measures took effect ADJUSTED TOTAL SALES' (£'m) 3,937 FY22 22.0 -11% FY22 ADJUSTED² PBT (£'m) 3,538 -£92.3m FY23 -70.3 FY23 ADJUSTED² GROSS MARGIN (%) 43.6% FY22 182.9 +60bps FY22 CAPEX³ (£'m) 44.2% -3% FY23 177.9 FY23 ¹Total adjusted sales, on a CCY basis, excluding Russia from H1 FY22, and removing the impact of the 3 extra trading days in FY23 2 Excluding adjusting items. Please see RNS for full breakdown 3 Capex reflects cash capex and excludes any fixed asset additions in relation to the right use of assets as part of IFRS 16 4Net cash/(debt) is cash and cash equivalents less the carrying amount of any borrowings at year-end, but excluding outstanding lease liabilities ADJUSTED² EBIT MARGIN (%) 1.1% FY22 -190bps NET DEBT (£'m) -0.8% FY23 -£166.6m -152.9 FY22 -319.5 FY23 adSw adidas 4 asos#5◄ © 2023 asos KPIs reflect changes to address unprofitable geographies, brands and customers driving order profitability +30% Group KPIs Visits ABV CCY² Average Order Frequency³ Active Customers4 Premier Customers Conversion5 ABV +5% due to pricing and mix into higher ASP categories FY23¹ 2,661m £39.65 3.6 23.3m 3.1% Order frequency -6% - fewer, larger baskets are more profitable Change vs LY 6Kantar Top 20 Retailers I Total Channels vs Online I Total Adultwear | Under 35s 124 w/e 20th August 2023 vs 2022 7Profit per order is calculated as variable contribution divided by billed orders. -8% +5% -6% -9% -11% -30bps ↑ ↓ ↓ ↓ Active customers -9% due in part to profit actions Profit per Order? FY22 +30% FY23 Maintained position as leading pureplay online retailer in the UK 16-35 apparel market ¹ Group KPIs are on an ex-Russia basis in FY22. 2 Average Basket Value defined as adjusted net retail sales divided by shipped orders, quoted on a constant currency basis excluding Russia. ³ Calculated as last 12 months' total shipped orders divided by active customers. 4 Active customers defined as having shopped in the last 12 months 5Calculated as total shipped orders divided by total visits LO 5 asos#62023 asos Focus on profitability visible in all segments, with variation in performance due to market conditions and our own actions UK Performance impacted by inflation, weak sentiment, and challenging weather conditions Total sales CCY² Visits Conversion³ CCY ABV4 Average Order Frequency5 Active Customers6 Profit Per Order7 EU UK -13% -10% More resilient performance with strong ABV offsetting declining volumes -40bps +5% 5.4 (-9%) 8.1m (-9%) EU US -4% -6% -10bps +7% 2.9 (-3%) 10.1m (-7%) Discipline on marketing reflected in softer traffic partially offset by higher ABV US -14% -5% -40bps +4% 2.3 (-6%) 2.9m (-12%) ✓✓ ROW Profit improvement measures including on pricing most significant in ROW with largest impact on customers and sales ROW¹ -16% -15% -20bps +10% 2.1 (-8%) 2.2m (-17%) ¹Calculation of metrics, or movements in metrics, on an ex-Russia basis involves the removal of Russia from FY22 performance. This adjustment allows YoY comparisons to be made on a like-for-like basis following the decision to suspend trade in Russia on 2 March 2022. The exception to this is visits, where ASOS have also excluded any visits from Russia in FY23, in addition to FY22. 2Segmental sales based on total sales, which includes retail sales and income from other services, and growth rates calculated on a constant currency basis, excluding Russia, and not LFL ³Calculated as total shipped orders divided by total visits "ABV CCY metrics is calculated as adjusted net retail sales/number of orders in the period on a CCY basis 5Calculated as last 12 months' total shipped orders divided by active customers 6Active customers defined as having shopped in the last 12 months 7Profit per order is calculated as variable contribution divided by billed orders 6 asos#7© 2023 asos Improvement in adjusted gross margin driven by freight and pricing partially offset by increased markdown to clear stock 43.6% FY23 Adjusted Gross Margin Bridge FY22 Adj Gross Margin Freight and Duty +60bps Trade Other 44.2% FY23 Adj Gross Margin Adjusted Gross Margin Impacts Freight and duty benefit from better contracted rates Elevated discounting to prioritise stock reduction Improving own brand intake margin from improvements to sourcing 7 asos#8◄ © 2023 asos Cost saving initiatives introduced in H1 drove substantial improvements across multiple cost lines in H2 Adjusted Gross Margin¹ Distribution Costs Warehouse Marketing Other Costs Depreciation and Amortisation Other Income Adjusted EBIT Margin¹ 12.5% H1 11.8% ¹Excluding adjusting items. Please see RNS for full breakdown Note: Above table subject to rounding H2 Distribution Costs % 12.4% H1 FY23 % of sales 44.2% (12.1%) (11.8%) (5.5%) (11.3%) (4.3%) 0.1% (0.8%) 11.1% H2 Warehouse Costs % 218 H1 Change +60bps +120bps (100bps) +20bps (160bps) (70bps) (40bps) (190bps) 182 H2 Other Costs £m 8 asos#9© 2023 asos Driving Change agenda delivered >£300m of gross profit and cost benefits to mitigate inflation and increased returns £44m FY22 Adj EBIT¹ Volume FY23 Adjusted EBIT Bridge (£'m) D&A Headwinds Driving Change agenda Freight Profit Cost & duty Improvement Mitigation ¹Excluding adjusting items totalling £219.5m in FY23 (FY22: £53.9m). Please see RNS for full breakdown. £(29.0)m FY23 Adj EBIT¹ Headwinds vs. Tailwinds Headwinds - H1 weighted Inflation, returns, annualisation and stock Deleverage impact of declining sales Tailwinds - H2 weighted >£300m of profit / cost initiatives Freight benefits under long-term contract 9 asos#102023 asos Adjusting items mostly relate to the Driving Change agenda Driving Change agenda Commercial operating model change Property-related costs Other strategic initiatives Amortisation of acquisition intangibles Other items Total Total adjustments before tax (133.2) (60.7) (31.0) (10.7) 9.2 (226.4) Key adjusting items c.£130m stock write-off for transition to new model 95% of stock identified for offsite clearance sold c.£53.8m cash outflow from adjusting items, of which £31m relates to refi fees 10 asos#11© 2023 asos Free cashflow was adversely impacted by decline in payables primarily from reduced intake £125m FY23 Adjusted EBITDA FY23 Free Cash Flow Bridge (£'m) H CAPEX Inventory Other Working Movement¹ Capital Tax Other ¹Movement in stock (excluding £130m non-cash write-off) 2Average payables days calculated as stock intake and operating costs for P4, over closing stock and non-stock creditor balances (£213m) Free Cash Flow Trade & Other Payables (£'m) Average Payables Days P4² £993m Closing FY22 71 Days -31% -11% £680m Closing FY23 63 Days 11 asos#12◄ © 2023 asos Ended the year with £320m of net debt due to free cash outflow per previous slide (£153m) FY22 Net Debt (£213m) Free Cash Flow FY23 Net Debt Bridge 11 Term Loan Equity Refinancing Drawn Raised fees Debt Other (£320m) FY23 Net Debt III Net Debt Impacts Free cash outflow (£213m) with cash generation in H2 May 2023 refinancing Repayment of Old RCF (£250m) using: ● New £200m term loan Proceeds of c.£76m equity raise £31m of fees £75m New RCF undrawn Closing liquidity of £428m 12 asos#13© 2023 asos Agenda FY23 Results FY23 Financial Results FY24 and Medium-Term Outlook Our Right to Win T ❀ 13 asos#14◄ © 2023 asos Investing in FY24 to ensure sustainably profitable & cash generative growth in FY25 and beyond FY24 ▪ Sales -5% to -15%, with P4 trend continuing through H1 ■ Adjusted EBITDA positive Stock around £600m Capex c.£130m¹ ▪ Free cash flow generative Reducing net debt position FY25 ▪ Return to growth ■ EBITDA margin around pre-COVID levels (c.6%) ¹ c.£45m automation investment at Lichfield fulfilment centre now treated as adjusting opex as on-site operations planned to cease in FY24 ▪ Gross margin expansion towards 50% Medium-term ■ EBITDA sustainably ahead of capex, interest, tax and leases ■ Inventory of c.100 days Capex to 3-4% of sales ■ 14 asos#15© 2023 asos Agenda FY23 Results FY23 Financial Results FY24 and Medium-Term Outlook Our Right to Win Unes 15 asos#16© 2023 asos With strong foundations in place, FY24 will prioritise a shift Back to Fashion Best & most relevant product Destination for style 1 5 3 Disciplined capital allocation Exciting customer journey Competitive convenience 16 asos#17◄ © 2023 asos This strategy will drive wide ranging benefits and lead to sustainable growth and cash generation Destination for style Gross margin Basket value Best & most relevant product Full price sales Sustainable growth and cash generation Costs to serve Competitive convenience Stock turn Customer acquisition Returns Churn Customer journey around fashion 17 asos#18© 2023 asos 1 Best & most relevant product 18 asos#19◄ © 2023 asoS 1 Best & most relevant product c.40% The role of ASOS own brands Unique mix of own and partner branded product is a powerful driver of basket economics and customer value Differentiation 71% of customers have purchased and exclusivity an own brand item Acquire customers and drive traffic Authenticity as a destination for fashion 55% of new customer orders contain own brand product We are a fashion brand selling fashion, we truly understand the target customer and the industry c.60% Our role for partner brands Access to global fashion-loving 20 somethings Amplify brands to younger consumers and places they cannot reach by themselves Fashion credibility and relevance Profitable H platform for growth Reframe brands through a unique fashion-led visual approach Provide brands with a brand- building and profitable distribution channel for growth 19 asos#20© 2023 asos 1 Best & most relevant product Moving from... Exclusive own brand Strong brand relationships X Too much stock X Too much discounting X Too slow to market X Wholesale only model Developing our model to prioritise speed and flexibility ...to Exclusive own brand Strong brand relationships Better stock management Better sourcing Faster Better for brands 20 asos#21© 2023 asos 1 Better stock management Stock Balance & Stock Turnover Stock -Stock Turnover FY18 COVID exposed weaknesses in our model and created recent reliance on discounting to clear stock FY19 FY20 FY21 H FY22 FY23 21 asos#22© 2023 asos 1 Better stock management Our new operating model involves managing stock more tightly at all stages of its life M Stock Health X Terminal/ End of life с Speed Realised Markdown 区 Demand planning le Sell Through asos#23◄ © 2023 asoS 1 Better stock management Path to operating entirely on our new model in three phases Starting stock 1. Clear old stock 2. Flexible and rigorous intake 3. In-season cleansing Closing stock FY22 FY23 K M × × × KI X 1 X 23 asos#24© 2023 asos 1 Better stock management We cleared through 84% of the £1.1bn stock carried forward from FY22 >12 m 6-12m 0-6 m Made good progress on clearing oldest stock carried forward from previous years YE 22 - 84% with stock write-off c13ppt of the reduction >24m 18-24m 12-18m YE 23 24 asos#25© 2023 asos 1 Better stock management FY18 Short-term drag on gross margin until remaining old model stock is cleared in FY24 Inventory Days FY22 Realised Markdown Depth FY23 ASOS has not always been so promotional - by re-emphasising fashion we can drive a return to more full price sales 25 asos#26◄ © 2023 asoS 1 Better stock management New model will be fully operational in FY25 Starting stock 1. Clear old stock 2. Flexible and rigorous intake 3. In-season cleansing Closing stock 2 FY22 FY23 FY24 K M G × × × KI X 1 X 3 FY25 › › › 26 asos#27◄ © 2023 asos 1 Better stock management New stock In-season promotion End-of-season clearance Aged clearance Clearance in-season drives better profitability and cash generation Average markdown <10% 20-30% 30-50% >50% Moving up the funnel Faster Better sourcing Better buying Better pricing Brand marketing Better data, Personalized promotions Clear-as-we-go Eliminate aged stock Deeper end-of-season discount 27 asos#28© 2023 asos Better sourcing Bangladesh c.20% of mix by FY25 (c.10% in FY23) Turkey sourcing office from Sept 2023 Sourcing improvements driving c.2ppt of own-brand intake margin in FY23 with more to come Winning locations +LSD ppt Local sourcing teams +LSD ppt Deeper partnerships +LSD ppt Streamlined processes Improved pricing Improved quality Better visibility of sustainability and human rights practices 28 asos#291 © 2023 asos 1 Faster In our business model, speed is the key to delivering the most relevant product for our customers asos#302023 asos 1 Faster Design to site within c.2 weeks Discount depth c.15ppt lower than BAU* Appealing to youngest customer base Test & React gives our quickest lead time with substantial margin benefits Stock turn 3x faster than BAU* Gross margin 5ppt higher than average Targeting 30% of own-brand sales in mid-term 9,300 units sold 5,700 units sold 30 asos * BAU: business as usual#31◄ © 2023 asos 1 Better for brands 1| Brand activation 2 | Business models 3 | Engagement model 4 | Go-to-market Partner brands critical to our offer with relationships stronger than ever Reigniting the way we present brands to our customers Deploy new strategic win-win business models Redefine how we engage with brands as key growth partner Accelerate go-to-market processes and optimise trading mechanisms asos#32◄ © 2023 asos 1 Better for brands Model Ownership Fulfillment Customer Sale Wholesale Partner fulfils 30 ASOS Fulfilment Services a 3P brand Partner Fulfils and AFS provide more flexible collaboration with brand partners 3P brand a 3P brand a a a a Today c.99% GMV 33 brands 6 markets 1% GMV Ready for launch FY24 Remains high margin model & preference for high performing SKUs x2 brands markets GMV First partner onboarded 32 asos#33© 2023 asos 2 Destination for style G-STAR Crafted With Pride GERARD 22 CORSICA 100 00 33 asos#34◀ © 2023 SOS 2 Destination for style In fashion, context is everything: the same skirt can tell many different stories GUES TTT ORIG ESTABLISHE 部全事 PENCIL MIDI SKIRT ASOS DESIGN jersey pencil midi skirt in black £12 Look After Me About Me m Product Details Brand Size & Fit **000 +++++ 34 asos#35© 2023 asos 2 Destination for style Our market leading creative is critical to an inspirational customer experience Distinct visual language attracting the best brands and products Whole outfit, multi-brand approach driving larger baskets GUESS asos DESIGN TOPSHOP asos DESIGN Driving customer engagement, loyalty and lifetime value UESS 35 asos#36© 2023 asos 2 Destination for style "ASOS are our partnership of choice for the GenZ consumer. A Brands love our unique interpretation of their product, providing access to new customers The ASOS tone of voice, assortment curation, aesthetic and execution in bringing our products to life is unequivocally adding immense value and authenticity for our brands to our target consumer demographics." Director Menswear & Jeans, PVH ck HILFIGER Calvin Klein PVH TOMMY "ASOS provides a unique, credible and relevant connection to the Fashion minded, female, Gen-Z consumer in Europe. This provides an opportunity to accelerate Sport with non- traditional demographics." Sales Director, Adidas EMEA adidas VINCE EN SHIFTED cK 36#37© 2023 asos 2 Destination for style MODERN LUXE D A Outfit-led approach makes the same product relevant regardless of personal style INSTA GEN NOW ARFWWW.EL & 60 asos#38◄ © 2023 asos 2 1 Destination for style E virate saft at 4-3-3 A Styling sets us apart from competitors and increases our visibility through access to top tier talent asos ] 1 AKS SHOP NOW FOREVER. PALERMO. WORN BY JACK GREALISH ASOS.COM 38 asos#39© 2023 asos 2 Topman oversized fit t-shirt in grey marl £12.00 Topman taper herringbone wool mix trousers with turn up in grey £50.00 Destination for style Rains micro backpack in black £76.00 AllSaints Rhett suede Chelsea boots in black £169.00 B Multi-brand, outfit-based styling improves customer engagement and drives better basket economics ASOS DESIGN MW BOMBER JACKET: £30 Basket value: £337 TOPMAN TOPMAN RAINS ALLSAINTS asos DESIGN ALLSAINTS RI CONVERSE ASOS DESIGN fisherman ribbed beanie in black £8.00 AllSaints Wilderness t-shirt in washed black Basket value: £221 £55.00 River Island slim fit jeans in black £43.00 Converse Chuck 70 Hi unisex trainers. in black £85.00 39 asos#40◄ © 2023 asos 2 Destination for style Currently Based around products Machine-led Sub-optimal Cx B Developing new tools to improve customer experience and our focus on 9:41 BUY THE LOOK 6 items £32.00 Topshop Forn diamante crossbody bag in clear CLEAR ONE SIZE ADD TO BAG New approach Based around outfits Creative/fashion-led Out of stock recommendations Seamless shopping experience Next steps: ● User generated content Connected looks 40 asos#41© 2023 asos 3 Customer journey around fashion ↓ a 41 asos#42© 2023 asos 3 Customer journey around fashion ASOS marketing mix FY18 Performance media +25% One-dimensional marketing approach means the ASOS brand lacks an emotional connection with our market ↑ FY23 × New customers falling to FY19 levels Churn increasing, particularly among new customers Declining share of branded search Incremental £30m UK brand investment in FY24 42 asos#43SOSD 2023 aso 3 Customer journey around fashion High value actions Personalisation Loyalty B Customer strategy will reinforce ASOS as a destination for fashion, engaging high quality customers UM Re-activate back o customers churned Reduce risk proactively Prevent churn Acquire Reignite brand heat Grow value ustomer b Develop A Y Full funnel marketing Stronger fashion relationships Brand heat activations 43 asos#44© 2023 asos 3 Customer journey around fashion 62 Implement full funnel marketing A We will acquire customers by reigniting brand heat with a full funnel approach... Regular, disruptive marketing campaigns Full media approach inclusive of Tik Tok mission, digital videos, OOH Build stronger fashion relationships Micro and mid-tier influencers ASOSers featured in Social content Brand ambassadors SCASO 3 Create moments of brand heat Experiential pop-ups Brand and Talent Collaborations Cultural collaborations 44 asos#45© 2023 asos 3 Customer journey around fashion Drive high value actions App downloads Premier subscriptions Multi-category shopping B ...Preventing churn and developing lifetime value by improving customer experience and rewarding loyalty D Enhancing personalisation 1:1 recommendations Personalised journey Al enabled promo and product offerings Grow Loyalty and Premier programs Exclusive events and experiences Free gifts 45 asos#46◄ © 2023 asos 3 Customer journey around fashion 3-6 months Social share of voice Brand search ... Campaign performance (lift studies) Full funnel marketing has a different payback profile with greater medium-term benefits than performance marketing 6-12 months Organic visits Customers ..... > 12 months Brand health Frequency Higher overall ROAS We will measure the impact of our investment using both leading and lagging indicators of success 46 asos#472023 asos 3 Customer journey around fashion In the UK we're launching a full funnel* brand campaign to drive brand reappraisal. The emphasis will be on social, as this is where our audience is, with 572m estimated impressions. *Full funnel = marketing that aims to meet objectives at every stage of a consumers' relationship with a brand - by building awareness of the brand, by improving consideration to shop with that brand, to drive purchase, and to encourage repeat purchase and loyalty Focusing on individual 47 style as the key emotional driver for confidence... NATA asos#481 © 2023 asos 3 Customer journey around fashion asos your way 48 asos#49© 2023 asos 3 N Customer journey around fashion 000000 0000000 49 asos#50OSOS LAB 3 Customer journey around fashion a L 50 asos#513 Customer journey around fashion asos your way your way asos your way 0 O SOSIO 51 asos#52© 2023 asos 3 Customer journey around fashion LETS ADORE And ENDURE Eacanther רים Pose your way FA44 11 Chill your way Ride your way asos your way asos your way AMELI asos your way SAHIF L asos your way GAME LI JOS asos your way MAHEI asos your way SACRED LI asos your way SAMEI LI 52 asos#53© 2023 asos 3 Customer journey around fashion Crowdsourced creators, with 40million impressions guaranteed within 12 days Fl SOSD 53 asos#54© 2023 asos 3 Customer journey around fashion Potential reach of over 50M Mega talent Build Awareness / Broad Reach Macro talent Build Awareness / Broad Reach Micro/Mid Tier talent Engagement & Awareness / Niche Audience / Affordable investment Building strong, bottom-up relationships with long-tail influencers creates authentic relationships Higher Individual Reach Authentic Engagement Share of Voice#553 Customer journey around fashion CISOS OK In Real Life. ASOS IN REAL LIFE LONDON - NOVEMBER 44 Sos Usoaso 55#56© 2023 asos 3 Customer journey around fashion LOCATION PRODUCT FACE & BODY DEG UOLS QUawole bus bror coucebu IMMERSIVE EXPERIENCE SCHEDULE OF EVENTS 56 asos#57© 2023 asos 4 Competitive convenience asos asos 00000000 asos 00000000 BENVING Exp KI Klarna. Shop with Klarna. Featured Shops Login asos ASOS p Search Most popular 57 asos#58© 2023 asos 4 Competitive convenience 調 CUSTOMERS WANT fast delivery Convenience remains a key reason to shop online ? CUSTOMERS WANT free returns ‒‒‒‒ CUSTOMERS WANT payment options We are a fast follower of innovation and will continuously evolve to offer what customers value most 58 asos#592023 asos 4 Free delivery above MOV UK US DE Competitive convenience FR II ASOS competes with the best for convenience in our core markets despite reducing cost to serve in FY23 NDD available Free returns BNPL payment options Other local payments X (X) 59 Delivery in 2 days to 95% of customers globally Free returns in core markets Locally relevant payment options including BNPL asos#602023 asos 4 Competitive convenience Fulfilment centres Returns centres Atlanta Worldwide fast delivery and efficient returns are enabled by our capacity-optimised logistics network Atlanta Barnsley Doncaster Lichfield Selby Sheffield Berlin Poznan 60#61© 2023 asos LO 5 Disciplined capital allocation 61 asos#62© 2023 asos LO 5 A Disciplined capital allocation Operational excellence Removing waste to invest in opportunity ■ ■ New model Prioritisation 'Bad' returns Efficient capital allocation model will allow us to eliminate waste and invest where we see opportunity B International model Investment based on market segmentation Core Adjacent Non-core C Innovative tech Innovation in priority areas at the right level of cost Improved use of data Machine learning capability Generative Al D Refreshed leadership with disruptive mindset at all levels Board ■ Leadership & culture ■ Management Committee Business culture 62 asos#632023 asos LO 5 Disciplined capital allocation Market structure Marketing Proposition Operations Wholesale ■ Core Our international model balances competitiveness with profitability Big, profitable markets (or with the potential to be so) Dedicated marketing & localised social media Match best-in-class on delivery & returns Premier offering Local DC capable of NDD Small dedicated team Highly selectively for Topshop ■ 1 Adjacent Potential to be big, profitable, or both Light touch localised marketing Competitive convenience Utilise DCs of core countries Shared resource Highly selectively for Topshop M 7 ■ Non-core Loss-making, or small and low- profit markets Market-specific only around key trading events Optimised for profitability No dedicated resource For all brands 63 asos#64© 2023 asos Best & most relevant product Destination for style Our future success is about being more ASOS 1 5 3 Disciplined capital allocation Exciting customer journey Competitive convenience 64 asos#65◄ © 2023 asos This strategy will drive wide ranging benefits and ultimately lead to sustainable growth and cash generation in FY25 and beyond Destination for style Gross margin Basket value Best & most relevant product Full price sales Sustainable growth and cash generation Costs to serve Competitive convenience Stock turn Customer acquisition Returns Churn Customer journey around fashion 65 asos#66© 2023 asos By focusing on what makes us unique, our model will drive sustainably profitable and cash generative growth in the medium term gross margin sales more cash growth expansion profitable generative FY25 return to growth gross margin towards 50% EBITDA margin above pre -COVID levels EBITDA > capex, interest, tax and leases less stock c.100 days disciplined investment Capex 3-4% of sales 66 asos#67© 2023 asos 1970 G PENCIL MIDI SKIRT £12 ASOS DESIGN jersey pencil midi skirt in black Product Details Brand Size & Fit Look After Me 2-35 About Me +++++ HULL GUEL TTT ORIG ESTABLISHED 19 67 asos#68asos 1 © 2023 asos Q&A 68#69asos