Fourlis Holdings S.a. · ATHEX:FOYRK
Fourlis — Investor Day (October 2026)
91 slides from Fourlis's investor day presentation, October 2026
Slide 1: Investor Day 2026
INVESTOR DAY 2026 October 2026 Athens, Greece S H A PIN G W H A T’ S N E XT
Slide 2: Opening & moderation
Opening & moderation Elena Pappa Investor Relations & Corporate Affairs Director 02 Fourlis Group | Investor Day 2026
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Fourlis Group (the “Company”) for informational purposes only. It does not constitute, and should not be construed as, an offer, solicitation or recommendation to buy, sell or subscribe for any securities, or as investment, legal or other professiona
Slide 4: Today's Agenda
Today’s Agenda TIME SECTION PRESENTER Elena Pappa 14.00 - 14.05 Opening & moderation Investor Relations & Corporate Affairs Director Vassilis Fourlis 14.05 – 14.10 Welcome remarks Chairman John Vasilakos 14.10 – 15.10 From Transformation to Value Delivery: Group Strategy & Retail Platform Group CEO
Slide 5: Today's Presenters
Today’s Presenters Vassilis Fourlis John Vasilakos Tessy Latsou Panos Katiforis Vangelis Batris Chairman Group CEO Group CFO Managing Director, Managing Director SPORTSWEAR MARKET HOUSEMARKET (IKEA) (INTERSPORT & Foot Locker) 05 Fourlis Group | Investor Day 2026
Slide 6: Welcome
Welcome Vassilis Fourlis Chairman 06 Fourlis Group | Investor Day 2026
Slide 7: A Strong Foundation for the Group's Next Phase
A Strong Foundation for the Group’s Next Phase Guided by our purpose and values, and anchored in more than 75 years of history, we are entering an important new phase that will shape the future of the Group and future-proof the company for the years to come. Our mission To be the leading retail Grou
Slide 8: From Transformation to Value Delivery: Group Strategy & Retail Platform
From Transformation to Value Delivery: Group Strategy & Retail Platform John Vasilakos Group CEO 08 Fourlis Group | Investor Day 2026
Slide 9: Fourlis Group Today
Fourlis Group Today A leading Southeast European retail group with strong international brands, market-leading positions, and a scalable platform for sustainable growth. RETAIL PORTFOLIO & STRATEGIC PARTICIPATIONS Home Furnishings Sporting Goods Strategic Participations Inter IKEA DC 61% 38% 46.8% 5
Slide 10: Fourlis Group Today: Revenue and Store Network
Fourlis Group Today €594m 15% 166 Revenue FY 2025 Contribution from Stores online sales 9% of sales Physical Store network by country Greece Romania Bulgaria Cyprus Total 17% of 12 – 7 2 21 sales 67 37 14 6 124 60% of 13 4 4 – 21 sales 14% of sales Total 92 41 25 8 166 Store count as of October 20th
Slide 11: YTD 2026 Trading & FY 2026 Guidance
YTD 2026 Trading & FY 2026 Guidance REITERATED YTD 2026 TRADING up to 19 Oct 2026 FY 2026 GUIDANCE SALES GROWTH L-F-L Gross profit Sales EBIT margin Group +7% +3% €645m c.46.5% €15–17m +8.6% yoy Healthy & stable 2.3–2.6% margin Home Furnishings +3% +2% incl. €10.7m one-off costs Sporting Goods +13%
Slide 12: Three Fundamental Questions
Three Fundamental Questions 01 What has structurally 02 What are we 03 How will this platform changed to support building to support create value? the topline? productivity? Superior customer experience, Portfolio transformation and A scalable & efficient retail sustainable growth, higher sharper st
Slide 13: We Have Entered a Structurally New Phase
We Have Entered a Structurally New Leading to Phase Building a lean ▪ Increased customer reach and operating model Unlocking stronger engagement through the development of new growth drivers ▪ We completed phase 1 omnichannel and supply of organizational & chain capabilities. Focusing on a digital t
Slide 14: Building Fourlis Group Retail Platform
Building Fourlis Group Retail Platform A scalable retail platform that enables faster expansion, greater efficiency, and superior execution across brands and markets in Southeast Europe. New concepts Plug into the platform FOURLIS GROUP RETAIL PLATFORM Shared Shared Concept- Common Shared retail ope
Slide 15: How Our Strategy Creates Value
How Our Strategy Creates Value SUSTAINABLE GROWTH SIMPLIFY Superior customer experience · high Common operating model employee engagement · community and ALLOCATE environment conscious Capital allocation discipline INCREASING PRODUCTIVITY OPTIMIZE Lower complexity · lower cost to operate Supply chai
Slide 16: New Operating Model: Simplifying to Scale
New Operating Model: Simplifying to Scale SIMPLIFY Moving from decentralized support structures to a shared operating backbone with shared capabilities, clearer accountability and faster execution. FROM… TO… DECENTRALIZED SUPPORT STRUCTURES SHARED OPERATING MODEL FOURLIS GROUP PLATFORM Shared Servic
Slide 17: Centralizing Workstreams
Centralizing Workstreams SIMPLIFY A shared services platform that concentrates expertise, removes duplication, and delivers a leaner, more scalable organization with stronger execution capabilities. GRO U P IMP A CT BY 2027 ~35 HR Legal support roles centralized up to now across the Group. Finance P
Slide 18: Enabling the new operating model through digital transformation
Enabling the new operating model and building strong and sustainable UNIFY competitive advantages through a holistic digital transformation Traffic & Retention & Availability & Margin Productivity / Cost-to- conversion basket inventory protection labour serve Group Commerce Platform Customer & Growt
Slide 19: Roadmap & progress
Roadmap & progress UNIFY Phased delivery 2026–29 |status as of October 2026 2026 2027 2028 2029 Initiative Complete H1 H2 H1 H2 H1 H2 H1 H2 Group Commerce Platform 30% H1’26 → H1’28 Unified CRM & Agentic Starts H1’27 H1’27 → H1’28 Services Integrated Business Planning platform 30% H2’26 → H1’27 Elec
Slide 20: Security as an Enabler of Resilient Growth
Security as an Enabler of Resilient Growth PROTECT An integrated Group-wide capability that protects operations, embeds security into change and enables sustainable digital growth. A MATURE, GROUP -WIDE SECURITY CAPABILITY 24/7 ONE FRAMEWORK Always-on defense Common control baseline 0 Material-impac
Slide 21: Optimizing the Supply Chain
Optimizing the Supply Chain to deliver excellent customer service and sustainable OPTIMIZE productivity gains Planning Ingrate the planning process Warehousing Optimize the network and the DC Operations Middle mile Optimize Store and Hub Replenishment Last mile Orchestrate and optimize Delivery and
Slide 22: Supply Chain & Fulfilment Excellence
Supply Chain & Fulfilment Excellence OPTIMIZE Indicative Software & Automation investments targeting better customer service and higher productivity. Last-Mile Delivery & Order RFID-Enabled Inventory AMR-Based Pallet Item Sorting Automation Orchestration Tracking Transportation Routing and orchestra
Slide 23: Inter IKEA Distribution Centre
Inter IKEA Distribution Centre OPTIMIZE A strategic supply chain asset that strengthens our partnership with IKEA, generates recurring logistics revenues, and creates significant operational and transportation synergies. 01 One hub, five 5 Greece, Bulgaria, Cyprus, Jordan, Israel – replacing supply
Slide 24: Inter IKEA DC: Faster, Leaner Supply to Our IKEA Markets
Inter IKEA DC: OPTIMIZE Faster, Leaner Supply to Our IKEA Markets Shorter lead times and less stock in every market we serve. One dedicated DC in Athens for 5 markets. BEFORE Supplied from DCs in Italy and Romania NOW Asia flows go directly Piraeus → DC → stores. CYPRUS GREECE BULGARIA DC lead time
Slide 25: Career & Development Framework
Career & Development Framework ALIGN A Group-wide platform connecting careers, performance, rewards and transparency DEP LO YMENT RO ADMAP ✓ ✓ ✓ ✓ 5 6 7 Organisation Job Architecture Career Framework Market Total Rewards Career Enablement Digitalisation Benchmarking Analysis & Levelling & Pathways &
Slide 26: Short-Term Incentive Plan
FOURLIS GROUP Short-Term Incentive Plan ANNUAL ALIGNMENT ALIGN Balanced annual execution across financial and operational priorities GLOBAL BEST-PRACTICE DESIGN Pre-defined, stretching and auditable annual measures BALANCED SCORECARD 01 02 03 04 PROFITABILITY FINANCIAL DISCIPLINE PEOPLE CUSTOMERS EB
Slide 27: Long-Term Incentive Plan
FOURLIS GROUP Long-Term Incentive Plan ALIGN Sustainable value creation with direct alignment to shareholder interests PAY FOR PERFORMANCE PERFORMANCE + RETENTION ALIGNMENT ENGINE 1 4 Performance shares vest against pre-defined Performance shares and restricted shares targets; maximum vesting requir
Slide 28: Sustainability as an Enabler of Growth
Sustainability as an Enabler of Growth, SUSTAINABILITY Not an End in Itself 01 02 Sustainability as a selection Sustainability as an Employer Choice criteria Driver Younger generations increasingly choose ESG performance increasingly shapes where brands that align with ESG values. talent chooses to
Slide 29: Financial Framework, Capital Allocation & Shareholder Returns
Financial Framework, Capital Allocation & Shareholder Returns Tessy Latsou Group CFO 29 Fourlis Group | Investor Day 2026
Slide 30: Financial Agenda
Financial Agenda From a transition year to a cash-generative plan with clear capital allocation rules. 01 02 03 Macro & Market A clean 2026 base Engines to 2029 Outlook Assumptions Dynamics across Reported EBIT: Underlying business drives geographies what is one-off, what is margin. New stores drive
Slide 31: Macroeconomic & Market Outlook Assumptions
Macroeconomic & Market Outlook Assumptions MARKET Inflation Home Furnishing Market Sporting Goods Market GDP growth (%) Country 2026 / 27 / 28 / 29 (avg consumer prices) expected CAGR expected CAGR 2026 / 27 / 28 / 29 2026-2029 for the 4 countries 2026-2029 for the 4 countries Greece 1.8 / 1.8 / 1.7
Slide 32: 2026 in Context: Sales keep growing
2026 in Context: Sales keep growing TRANSITION Growth in every business unit – and stronger still excluding Romania € million 2025 2026E GROUP SALES 645 +c.8.6% yoy 594 GROUP SALES EX-ROMANIA +c.11% yoy 392 370 IKEA +c.5–6% yoy 246 221 SPORTING GOODS +c.10–11% yoy Foot Locker SPORTING GOODS EX-ROMAN
Slide 33: 2026 in Context: From FY2025 to FY2026E EBIT
2026 in Context: TRANSITION From FY2025 to FY2026E EBIT Sales keep growing; the EBIT change is explained by gross margin, the cost of growth, Romania, inflation and planned one-off transformation costs. EBIT BRIDGE FY2025 → FY2026E (€m) 60 c.46.5% 50 Gross margin –0.8pp: promo & stock rationalizatio
Slide 34: Engines of Growth 2026-2029
Engines of Growth 2026-2029 GROWTH SALES (€m) 735-750 785-800 ▪ 6.5%-7.5% Total business CAGR 2026 –2029 in a market that 680-690 is expected to grow at less than 3% 645 ▪ 4.5 - 5% Underlying business CAGR 2026 -2029 * ▪ > € 155m Additional Sales ▪ 15% Contribution of expansion to total sales in 202
Slide 35: From 2026 to 2029: What Drives Growth
From 2026 to 2029: What Drives Growth GROWTH SALES BRIDGE 2026E → 2029E (€m) 785-800 c. 70-75 c. 85-95 -11 645 2026E underlying Network rationilization Expansion 2029E New stores: ~46% of sales growth, Underlying business: ~60% of sales growth 35 Fourlis Group | Investor Day 2026
Slide 36: EBIT evolution
EBIT evolution GROWTH The underlying business drives margin; new stores turn accretive as they mature. 50 EBIT, REPORTED (€m) 07% ▪ c. 17-18% 40-45 EBIT CAGR 2026-2029 (excl. one off costs) 40 06% 33-37 30-32 5.1-5.6% ▪ c. 10-11% 30 15-17 05% EBIT CAGR 2026-2029 from underlying business 4.6-5.0% 4.3
Slide 37: Investment criteria
Investment criteria INVEST Disciplined capital deployment at store level and for digital investments Criteria for every new store Criteria for digital investments > 10% < 3-5 years > 10% > 15% Mature ROIC maturity EBIT margin at Mature ROIC maturity < 3-5 years T H E S AME CRIT E RIA AP P LIED matur
Slide 38: Capital Expenditure Framework
Capital Expenditure Framework INVEST CAPEX BY TYPE (€m) 35.0 5.0% 30 Digitalization 30 30 4.8% 32% 30.0 Synergies impacting as from of total capex 2026-2029. 27 2nd half 2027 4.6% 25.0 Growth 4.4% 45% 20.0 4.4% Hellinikon Based on investment criteria of total capex 2026-2029. capex 4.2% 15.0 4.1% 4.
Slide 39: From Profit to Cash
From Profit to Cash CASH €m 2026E 2027E 2028E 2029E EBITDA-adj. 24–26 36–39 40–44 47–52 – Capex (27) (30) (30) (30) ± Working capital (6.6) (0.3) 2.4 2.6 – Interest & tax & other (7.6) (7.0) (7.0) (7.0) Free cash flow from retail business (17.0) – (15.0) 0.2 – 1.4 5.4 – 9.4 12.4 – 17.4 Dividends fro
Slide 40: Where the Cash Goes
Where the Cash Goes RETURNS Deleverage, reinvest above the hurdle, return the rest. NET DEBT (€m) & NET DEBT / EBITDA-ADJ. 1 Deleverage 93 Reinvest based on specific 2 investment criteria 65-70 68-71 60-65 45-50 3 Balance-sheet flexibility Return excess capital through 4 dividends and buyback 2025A
Slide 41: Medium-Term Financial Plan 2029
Medium-Term Financial Plan 2029 PLAN €m 2026E 2027E 2028E 2029E Group sales 645 680–690 735–750 785–800 yoy% 8.6% 6–7% 7–8% 6.5–7.5% Group EBITDA-reported 75–77 90–93 98–102 108–113 Group EBITDA-reported margin 11.7%–11.9% 13.3%–13.5% 13.4%–13.6% 13.7%–14.1% Group EBITDA-adj. 24–26 36–39 40–44 47–52
Slide 42: Break
BREAK BACK IN 10 MINS 42 Fourlis Group | Investor Day 2026
Slide 43: Resilient, Profitable Growth: HOUSEMARKET (IKEA)
Panos Katiforis Managing Director Resilient, Profitable HOUSEMARKET (IKEA) Growth 43 Fourlis Group | Investor Day 2026
Slide 44: Who we are
Who we are IKEA partner for 25+ years · Greece, Cyprus & Bulgaria · 21 points of sale 12m+ 30m+ Store visitors Web sessions c.200k m² 30%+ Retail sales space Of customers IKEA Family members 7 points of sale PH YSICAL POINTS OF SALE BY F ORMAT Greece Bulgaria Cyprus Total Stores >4000m 7 2 1 10 Smal
Slide 45: Market Size
Market Size YTD Aug 26 +2.0% +3.4% -1.4% 0 00 200 300 400 500 600 700 800 2026 2025 Source: Global Data - PULSE KMIs (w/o electricals) 45 Fourlis Group | Investor Day 2026
Slide 46: Market Share
Market Share YTD Aug 26 25 0% 20 0% 23.2% +0.1pp +0.1pp 5 0% 17.3% +0.3pp 0 0% 10.0% 5 0% -0.2pp -0.2pp 0 0% 2026 Source: Global Data - PULSE KMIs (w/o electricals) 46 Fourlis Group | Investor Day 2026
Slide 47: Awareness
68% Awareness IKEA’s rank #1 CYPS: 67%, BG:31%, Global: 46% Source: Nielsen Brand PULSE Data 47 Fourlis Group | Investor Day 2026
Slide 48: Trust
Trust 56% IKEA’s rank #1 CYPS: 65%, BG:33%, Global 50% Source: Nielsen Brand PULSE Data 48 Fourlis Group | Investor Day 2026
Slide 49: Emotional meaning
Emotional meaning 49% IKEA’s rank #1 CYPS: 55%, BG:33%, Global 38% Source: Nielsen Brand PULSE Data 49 Fourlis Group | Investor Day 2026
Slide 50: Range Desire
Range Desire 62% IKEA’s rank #1 CYPS: 64%, BG:34%, Global 49% Source: Nielsen Brand PULSE Data 50 Fourlis Group | Investor Day 2026
Slide 51: Inspiration
Inspiration 56% IKEA’s rank #1 CYPS: 65%, BG:37%, Global 48% Source: Nielsen Brand PULSE Data 51 Fourlis Group | Investor Day 2026
Slide 52: Amplify & Evolve
Amplify & Evolve 52 Fourlis Group | Investor Day 2026
Slide 53: Convenience
Convenience the new “hard currency” Consumers habits have changed. Now consumers want to have access to IKEA experience as “close” as possible, physically or digitaly. Local presence unlocks significant capabilities in both front and back office. We will meet consumers where they want. 53 Fourlis Gr
Slide 54: Getting Closer
Getting Closer New 2000m2 Store Format IKEA on wheels IKEA Hubs IKEA B2B Quick Commerce 54 Fourlis Group | Investor Day 2026
Slide 55: Hassle Free
Hassle Free Everyone has too many things in their minds. Clutter! Making a home better needs to fit into busy lives. From inspiring to choosing, from planning to delivery and assembly. Hassle free accessibility to IKEA products & services. 55 Fourlis Group | Investor Day 2026
Slide 56: Getting Easier
Getting Easier Enhance current services Faster Delivery & Click & Collect Remote planning Assembly+ 56 Fourlis Group | Investor Day 2026
Slide 57: Seamless
Seamless With more than 50% of consumers interacting with more than 2 channels at any given journey, digital experience needs to be impeccable. We make every connection count. Seamless no matter the channel, the product or the service. True omnichannel. 57 Fourlis Group | Investor Day 2026
Slide 58: Getting Omni
Getting Omni New commerce platform Upgraded CRM New “backbone” systems 58 Fourlis Group | Investor Day 2026
Slide 59: Synergize
Synergize Shared capabilities in ▪ Logistics ▪ Last Mile ▪ Finance ▪ HR ▪ IT 59 Fourlis Group | Investor Day 2026
Slide 60: Strong underlying growth that supports margin
Strong underlying growth that supports margin +6.5% CAGR on total IKEA sales +5-6% CAGR from underlying IKEA sales +20% Ebit CAGR 2026-2029 (exlc. transf.costs) 50 SALES (€m) EBIT (€m) 40-42 12.0% 465-470 435-445 35-37 410-415 40 32-34 390 10.0% 30 20-21.5 8.4-9.1% 8.0% 7.7-8.3% 7.8-8.4% 20 6.0% 10
Slide 61: Priorities & Medium-Term Plan 2029
Priorities & Medium-Term Plan 2029 Sales Growth 6-6.5% CAGR 2026–29 EBIT Growth 3x the Sales 61 Fourlis Group | Investor Day 2026
Slide 62: Scaling Growth in INTERSPORT & Foot Locker
Vangelis Batris Managing Director SPORTSWEAR MARKET Scaling Growth in INTERSPORT & Foot Locker 62 Fourlis Group | Investor Day 2026
Slide 63: 25+ Years Building a Sporting Goods Platform
25 Years Building a Sporting Goods Platform SPORTING GOODS From a single INTERSPORT franchise to a two-brand portfolio across Southeast Europe. 2000 INTERSPORT Greece BUILD 2000–2011 2004 INTERSPORT Romania 2006 INTERSPORT Bulgaria 2007 2011 INTERSPORT Cyprus INTERSPORT Turkey 25+ years 2015 The Ath
Slide 64: Global sport retail brands ranking FY2025
Global sport retail brands ranking FY2025 SPORTING GOODS Fourlis Sportswear Market is the master licensee of two leading global retail sport banners Approx. Local Rank Retailer Country / HQ Reported figure Currency Sales Period EUR bn Dick's Sporting Goods Pro forma combined net sales 1 USA USD 19,3
Slide 65: Sporting Goods Today
Sporting Goods Today SPORTING GOODS A €2.5bn addressable market, 145 stores in four countries and the Group's fastest-growing business. CURRENT STORE NETWORK €221m +22% yoy· 37% of Group Net Sales FY 2025 INTERSPORT Foot Locker Total +22% Growth vs. LY Contributing 37% of Group sales Greece 67 13 80
Slide 66: Brand strength
Brand strength SPORTING GOODS Leading global brands, leading consumer preference across different age groups INTERSPORT Competition Foot Locker Competition Total awareness Aided & unaided 97% 88% 54% 52% Top-of-mind awareness Un-aided 24% 8% N/A N/A Service quality score Attribution to best service
Slide 67: At the intersection of Sport and Culture
At the intersection of Sport and Culture SPORTING GOODS Two retail banners – different customers, from families to teens, from performance to lifestyle. INTERSPORT · SPORT PERFORMANCE SPORTSWEAR MARKET FOOT LOCKER · SNEAKER SPORT CULTURE People who do sport · 45% apparel · technical expertise · ages
Slide 68: Wellness Running Greece
Wellness Running Greece Longevity Comfort Bulgaria Apparel Cyprus Football Croatia Inflation Nike Romania Climate Vans / Converse Basketball 68
Slide 69: Built to Perform 2029
Built to Perform 2029 SPORTING GOODS Core, Culture, Capabilities STRENGTHEN SCALE SYNERGIZE the core with culture thru capabilities platform 69 Fourlis Group | Investor Day 2026
Slide 70: Built to Perform 2029
Built to Perform 2029 SPORTING GOODS One sportswear system: a strong Sport core, scaled with Sport culture, powered by the Group platform capabilities. 03 CAPABILITY STRENGTHEN the Sport core INTERSPORT 02 CULTURE 01 4-wall store EBIT improvement Conversion Rate gains physical & digital Protect gros
Slide 71: INTERSPORT: Strengthen the Core
INTERSPORT: Strengthen the Core SPORTING GOODS Five priorities to raise productivity and relevance across 4 countries, for our established sport performance banner. 1 Increase store productivity +15 openings, -10 closures, 8 re-modellings AI demand forecasting, digital assistant, e-com re- 2 Revolut
Slide 72: Foot Locker: Scale with Culture
Foot Locker: Scale with Culture SPORTING GOODS Five priorities to turn a scale-up business, into a regional sneaker leader across 8 countries. Target 45 stores, with +24 store openings, 1 Expand stores & eshops 5 new countries, 5 new eshops AI product demand forecasting, digital 2 Revolutionize omni
Slide 73: Sporting Goods growth and Foot Locker & INTERSPORT roll-out
An improving core network, and a continuous Foot Locker SPORTING & INTERSPORT roll-out that drives growth. GOODS +9.3% CAGR on total 79% of sales growth +4.5% CAGR from underlying +46% EBIT CAGR 2026-2029 (exlc. transf.costs) Sporting Goods sales coming from expansion Sporting Goods sales 310-323 EB
Slide 74: Priorities & Medium-Term Plan 2029
Priorities & Medium-Term Plan 2029 SPORTING GOODS Fuel top line growth Improve Sporting Goods EBIT (incl. expansion) SPORTSWEAR CAGR +9.3% c.4% in 2029 Scale Footlocker stores c.45 in 2029 74 Fourlis Group | Investor Day 2026
Slide 75: Medium Term Value Creation Roadmap
Medium Term Value Creation Roadmap John Vasilakos Group CEO 75 Fourlis Group | Investor Day 2026
Slide 76: Key Messages
Key Messages Platform shared Enable stronger customer Through disciplined capital capabilities and digital reach, superior customer allocation and team transformation drive experience, market share scale & efficiencies alignment we create long- gains, targeted expansion term value GROWTH · PRODUCTIV
Slide 77: Medium-Term Financial Plan 2029
Medium-Term Financial Plan 2029 PLAN SALES EBIT MARGIN GROSS PROFIT MARGIN c.€785 - 800m c.5.1-5.6% in 2029 46% -47% c.6.5-7.5% CAGR 2026–29 +17-18% CAGR 2026-2029 (excl. transf. costs) CAPEX NET DEBT / EBITDA-ADJ. < c.4% of sales in 2029 < 1.5x in 2029 77 Fourlis Group | Investor Day 2026
Slide 78: Our model lets us invest for growth and generate higher returns
Our model lets us invest for growth and generate higher returns VALUE CREATION Steady sales growth SALES Sales €645m → c.€785-800m c.6.5%–7.5% CAGR 2026–29 0 2026E 2029E Lines illustrative 78 Fourlis Group | Investor Day 2026
Slide 79: Our model lets us invest for growth and generate higher returns
Our model lets us invest for growth and generate higher returns VALUE CREATION EBIT grows much faster than sales leading to margin expansion on the back of underlying growth and new stores maturing EBIT margin 5.1-5.6% in 2029 From 2.3-2.6% in 2026 EBIT €26–27m (excl. one off) → €41–45m c.17%-18% C
Slide 80: Our model lets us invest for growth and generate higher returns
Our model lets us invest for growth and generate higher returns VALUE CREATION Capex held at c.4% of sales EBIT margin 5.1-5.6% in 2029 From 2.3-2.6% in 2026 EBIT €26–27m (excl. one off) → €41–45m c.20% CAGR 2026–29 (excl. transf. costs) SALES €645m → c.€785-800m Sales c.6.5%–7.5% CAGR 2026–29 Capex
Slide 81: Our model lets us invest for growth and generate higher returns
Our model lets us invest for growth and generate higher returns VALUE CREATION EBITDA growth and disciplined capex drive rising free cash flow FREE CASH FLOW Free cash flow €7-9m→€20–25m 2027E → 2029E • Growing FCF (c. €75-90m cumulative 2026-2029, incl. SSRM sale proceeds) EBIT margin • Net debt /
Slide 82: What happens after 2029
What happens after 2029 VALUE CREATION 01 The Ellinikon New stores across concepts, adding an estimated c.€10–15m in sales, net of cannibalisation. 02 Digital transformation Current digital projects reach maturity, adding c.0.5–1.0pp to Group EBIT margin within three years after 2029. 03 Store netwo
Slide 83: Beyond 2029
Beyond 2029 BEYOND 2029 Higher margins and increasing FCF conversion on a leaner and more efficient base THE 2026–29 PLAN BEYOND THE PLAN FREE CASH FLOW CONVESRION Free cash flow RISING FCF/EBITDA-adj.: c.24% (2027E)→c.45%(2029E) → >100% (2032E) other things being equal EBIT MARGIN c.5.6% → c.7.5% E
Slide 84: Thank you
Thank you 84 Fourlis Group | Investor Day 2026
Slide 85: Q&A
QAs 85 Fourlis Group | Investor Day 2026
Slide 86: Thank you
Thank you 86 Fourlis Group | Investor Day 2026
Slide 87: Store economics
Store economics I N D I C AT I V E S T O R E E C O N OM I C S A T M A T U R I T Y Metric IKEA INTERSPORT Foot Locker Sq.m 2,000 700 350 Invested capital (€m) 1.7 0.6 0.5 Store EBIT margin 10% 10–11% 10–11% ROIC 15% 16–18% 22–25% Store ROIC = store EBIT, taxed at 22%, over invested capital (fit-out &
Slide 88: Digital Investments ROIC
Digital Investments ROIC DIGITAL INVESTMENTS AT MATURITY (3-6 yrs) Group Commerce Sorter Platform Invested capital/capex (€ m.) 3.3 0,5 ROIC 20% 26.5% . 88 Fourlis Group | Investor Day 2026
Slide 89: Group and Sporting Goods excl. Romania
Group and Sporting Goods excl. Romania +c. 8% CAGR 2025-2029 on total Group sales +c. 12% CAGR 2026-2029 on total Sporting Goods sales 2026E 2027E 2028E 2029E 2026E 2027E 2028E 2029E Group Sales w/o Romania SG Sales w/o Romania c. 1.0 ppt improved Group EBIT margin c. 1.5-2 ppt improved Sporting Goo
Slide 90: Shareholding Structure
Shareholding Structure Institutional Shareholder Base Fourlis Family; 30% ▪ Strong participation of institutional investors Hold AM; 10% ▪ Balanced ownership structure Management; supporting liquidity & 1.4% governance Quest; 13% ▪ Alignment between long-term Retail; 19% shareholders and management
Slide 91: 2025 in Context: Double-digit growth
2025 in Context: Double-digit growth Growth in every business unit – led by Sporting Goods at +22% € million 594.0 GROUP SALES 530.0 +12% yoy IKEA 369.0 346.0 +c.6.5% yoy 221.0 SPORTING GOODS 181.0 +22% yoy IKEA Sporting Goods Group 2024 2025 Total Group sales include the contribution from H&B. 91 F