Sosandar: Interim Results Presentation

FY27 Half Year Results

FOR THE 6 MONTHS ENDED 30 SEPTEMBER

05 November 2026

INVESTMENT HIGHLIGHTS H1 FY27 HIGHLIGHTS

FINANCIAL RESULTS H1 FY27 OPERATIONAL PROGRESS SUMMARY & OUTLOOK APPENDIX

ALI HALL CO-CEO

JULIE LAVINGTON CO-CEO

STEVE DILKS CFO

£60bn fashion market in UK - Sosandar targets underserved 35-65 year-old women

Strong brand and a multi-channel offering with 1 million+ customers

Unique product across a broad and resilient portfolio, designed in house by women for women

Deep understanding of core customer drives focused, data-driven marketing strategy, underpinning margin stability

Scalable and capital light model de-risks future investment

4

ALI HALL CO-CEO

JULIE LAVINGTON CO-CEO

H1 FY27: PROFITABLE GROWTH

H1 FY27 revenue increased by 11% year on year to £20.8m Gross margin expanded 290bps to 65.1% from 62.2%

Improved profitability - Adj. loss cut to £0.7m from £1.1m

£7.1m net cash after £0.9m share buybacks - zero debt

6

Economics of model increasingly attractive as Sosandar scales Focused on growing revenue at high margins

Maintain disciplined capital allocation while retaining flexibility to invest Positive October trading despite challenging consumer backdrop

7

H1 FY27 HIGHLIGHTS

Revenue growth YoY

Sales channel mix

Own site sales YoY

Retail store LFL YoY

Partnership sales YoY

SALES

+11%

Own Channels 49%

3rd Party 51%

+0.2%

+10%

+24%

H1 FY26: +15%

H1 FY26: own channel 54%

H1 FY26: n/a

H1 FY26: n/a

H1 FY26: n/a

PROFITABILITY & CASH

Gross margin

65.1%

Adj. loss before tax

(£0.7m)

Adj. EBITDA

(£0.1m)

Capex

£62k

Net cash

£7.1m

H1 FY26: 62.2%

H1 FY26: (£1.1m)

H1 FY26: (£0.3m)

H1 FY26: £129k

FY FY26: £8.4m

KPIs

Active customers

203k

H1 FY26: 192k

Conversion rate

2.6%

H1 FY26: 2.6%

AOV

£105

H1 FY26: £112

Order frequency YoY

+1.96%

H1 FY26: 1.93%

Repeat customer mix

78%

H1 FY26: 76%

9

Net Revenue increase of

£2.8m

£4.3m

£12.2m

£21.0m

£22.2m

£16.2m

+11% yoy

£20.8m

£18.7m

£10.1m

£10.2m

• August YTD growth +17%; September impacted by prolonged summer weather

• Own website flat (excl. Sept +5%)

• Retail stores maturing, with revenue +10% LfL (excl. Bath)

• Third-party partner revenue +24% year on year (excl. Sept +32%)

• Trading with M&S back on track

  FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27

  H1 Historical Revenue

  Total Revenue Own Channels Third-Party Channels

  • Post period revenue strengthening following delayed start to Autumn vs LY

    10

    CONTINUED INCREASE IN GROSS MARGIN

    53.6%

    52.3%

    56.5%

    54.4%

    55.4%

    62.2% 62.2%

    65.1%

• H1 FY27 up 290bps to 65.1% reflecting channel mix plus stronger intake margins and GBP strength

• Substantial rise since FY24 - up 10 %pts

• Step change due to reduced price promotions on own site & cost price improvements

• Post period strengthened further to 68.0% (Oct FY26 67.2%)

FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27

H1 Historical Gross Margin

11

(1.1)

(0.4)

0.4

0.2 0.0

0.2

(0.7)

• Growth in revenue and gross margin

• Increase in marketing spend to grow customer database

• Full price strategy on own site maintained

• Store performance improved including assignment of the Bath store lease

• Overheads well controlled, with fixed costs reduced despite growth in revenue

• On track to meet FY expectations

  H1 FY26 Trading Margin Stores SBP Fixed O/H H1 FY27

  12

  STRONG CASH POSITION MAINTAINED

  8.4

  (0.7)

  0.1

  0.6

  (0.0)

  0.0

  (0.5)

  7.9

  (0.9)

  7.1

• £0.9m returned to shareholders through buybacks

• 33.4m shares held in Treasury at end October (13% of the issued shares)

• Working capital held flat despite 11% revenue growth

• October net cash £6.4m reflects timing of stock payments

  13

  PRODUCT, MARKETING AND SALES CHANNELS

  ALI HALL CO-CEO

  JULIE LAVINGTON CO-CEO

  PRODUCT RANGE THAT APPEALS TO MASS AUDIENCE

  Revenue Mix:

Dresses

38.4%

Denim

14.2%

Separates

13.6%

Tops

10.4%

Knitwear

5.4%

Coats

4.2%

RRPs:

£55 -£149

£39 - £89

£35 - £119

£29 - £69

£35 - £89

£75 -£395*

• Constant innovation is key to success in women's fashion.

• Strength across all categories - product continues to resonate with consumers and maintain growth momentum

15

*excluding leather coats, exit price - £165

Trustpilot

PHOTO

Consumers find customer service to be exceptionally helpful and efficient, frequently praising quick responses and fast refunds from support agents. (Trustpilot summary)

Beautiful clothes (I bought two absolute wow summer dresses, and they were almost even better on than in the photos).

PHOTO

I am a huge fan of Sosandar and have bought many pieces from them over the years. I am also very often asked where my clothes are from and am always delighted to point people in Sosandar's direction.

16

OUR SINGLE BIGGEST CHANNEL

Sosandar.com drives nearly half of annual revenue Highest net margin channel

Engine of brand building and customer ownership

Cost of acquisition which pays back on first order Repeat customers shop four times per year

17

Grown from 0% to 51% of group revenue in five years

Provides access to millions of shoppers, predominantly within our target demographic

Partners view third-party brands as central to their own growth strategies Capital-efficient growth model - no incremental acquisition spend

Low-risk route to building international brand awareness

18

All have now been open between 18 months and 2 years 10% increase in revenue across stores

Omni-channel presence supports brand visibility and customer loyalty, while feeding new customers to the Sosandar website

Continue focus on current store estate reaching profitability before opening any new ones

19

ALI HALL CO-CEO

JULIE LAVINGTON CO-CEO

SUMMARY & OUTLOOK

POSITIVE START TO FY27

• H1 FY27 revenue up 11% year on year

• Gross Margin up to 65.1% driving improved profitability

  OUTLOOK for H2

• Strong uptick in sales in October vs September

• On track to deliver FY expectations

21

CO-CEO

CO-CEO

CFO