Asos Results Presentation Deck

© 2023 asos Current trading & H2 outlook Current trading: P2 sales momentum broadly continued into March and April (-15% CCY ex Russia) with approx. half of the sales decline driven by planned profitability measures. Gross margin run rate remains up over 300bps YoY. ● ● H2 guidance: Sales (CCY ex Russia) decline of low double digit YoY Adjusted gross margin improvement of c.200bps YoY expected in H2 FY23, inventory reduction of c.20% YoY at FY23 year end ● ● ● ● ● ● ● Adjusted EBIT of £40-£60m (c.3% adjusted EBIT margin) Free cash inflow of over £150m (excluding all incremental refinancing costs), which equates to >£125m free cash inflow including refinancing costs ● Interest expense of c.£30m, including amortisation of arrangement fees and related costs Capex of £60-85m (in-line with FY23 guidance of £175-200m) EBIT impact of adjusting items in the range of £25m-£30m in, of which £15m is non-cash (mostly relating to the Driving Change agenda). Full year guidance: FY23, free cash outflow (prior to incremental refinancing costs) will be around £100m (i.e. around the bottom end of the £0 to £100m outflow guidance provided at FY22 ¹Total sales growth based on constant currency sales growth and excludes Russian sales in H1 FY22 All sources: ASOS internal operational records 32 asos

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