AutoStore : Earnings Document Q4 (Q4 2025AutoStore Q4 2025 Presentation)

Q4 2025

Financial Results | February 12, 2026

Agenda

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01

Highlights of the quarter & business update

1. Financials

2. Q&A

FY25 and Q4 overview

Q4 Financials

•

•

•

•

Revenue $179.7 million, +29.3% QoQ and 9.0% YoY

Order intake $194.2 million, +27.5% QoQ and +35.1% YoY

Gross margin of 73.7%, +0.6p.p. QoQ and +0.7p.p. YoY Adj. EBITDA1margin 43.3%, -3.8p.p. QoQ and -3.4p.p. YoY

Despitechalengingmarket,Q4performancewasstrong,supportedbygrowthinitiatives

FY25 Financials

•

•

•

•

Revenue $538.6 million, -10.4% YoY

Order intake $638.2. million, +4.3% YoY

Gross margin of 72.4%, -0.7p.p. YoY Adj. EBITDA1margin 42.3%, -4.7p.p. YoY

1. Adj. EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report

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2025: firm strategic progress through a volatile year

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Enhanced operational efficiency

Executing on strategy

• Executed cost-efficiency measures

• Reallocated resources towards commercial initiatives and product development

Land & expand

Strengthening customer relationships through deeper engagement directly and through our partners

150 new customers and 60% of

revenue from existing customers

Recurring revenue Product strategy

Broadening set of recurring revenue streams from software, Pio and ASaaS1to increase visibility

Accelerating disruptive innovation, focused on expanding our market and improving customers' ROI, through new hardware and software announcements bi-annually

TCV2of $34.4 million, beginning to generate revenue in Q4

11 new products and features in 2025 incl. CarouselAI, AutoCase and Flexbins

1. AutoStore-as-a-Service 2. Total contract value represents the sum of contractional payments over the term of the contract, stated on an undiscounted basis

The cubic storage pioneers

Scaled and global platform

Countries

Robots1

Systems1R&D FTE2

65

~87,500

~1,900

246

Global scale and leading position in an underpenetrated warehouse automation market

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1. As per end of Q4 2025, includes installed base and backlog

2. As per end of Q4 2025

   Customers and partners

   Partners

   Certified sales

   representatives

   Unique customers

   Customer payback period

   23

   ~3,000

   ~1,300

   1-3 years

   Broad exposure to all

   end markets3

   Sales to existing customers

   ~55%

   Superior financial profile

   FY 2025

   revenue

   Gross margin LTM

   Adj. EBITDA margin LTM FCF conversion4LTM

   $539m

   72%

   42%

   76%

3. Historical average (2021 - Q4'25)

4. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA

Opportunities for expansion across a wide range of end-markets

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End-market # of systems12025 share

Selected blue-chip customers

		of revenue
Apparel / Sports accessories	~ 270	16%
Industrials2	~ 620	23%
3PL	~ 220	10%
Other retail3	~ 190	13%
Grocery	~ 160	7%
Automotive	~ 160	10%
Healthcare	~ 180	6%
Luxury & Personal Care	~ 40	6%
Consumer electronics	~ 60	8%
1. As per end of Q4 2025, includes installed base and backlog		2. End markets include aviation, aerospace and defense, building and construction, machinery and other industrials	3. End markets include toys and games, office supplies, home supplies, generalist retailer, books & media

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Customer case: Polaris

Polaris, founded in 1954, manufactures a wide range of terrain, military, commercial, and recreational vehicles. Their PG&A division portfolio includes parts, garments and accessories delivered to 100 countries.

"

I would describe the AutoStore as a state-of-the-art

solution. This system has completely transformed how our facility operates today.

Travis Winans

Distribution Center Manager, Polaris

"

1

Installation

44K

Bins

74

R5 Robots

14

Ports

Polaris shifted 75% of daily volume into AutoStore, achieving ~150% higher pick rates and optimizing labor for each outbound container.

AutoStore has enabled a 3x SKU capacity while providing a system built for long-term growth with flexibility and room for future expansion.

Global powersports leader invested in AutoStore to meet growing demand, improve accuracy, and future-proof operations

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Q4: Financials



2025 key financial overview

Solid margins and cash conversion in a challenging year

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$539m

Revenue -10% YoY

72%

Gross margin -0.7p.p

42%

Adj. EBITDA margin1-4.7p.p.YoY

76%

Cash conversion2

$638m

Order intake +4% YoY

$557m

Order backlog +22% YoY

1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report

2. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA

Q4 key financial overview

Positive Q4 supported by strong operational focus and sharpened strategy

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$180m

Revenue +29% QoQ and +9% YoY

74%

Gross margin +0.6p.p. QoQ and +0.7p.p YoY

43%

Adj. EBITDA margin1-3.8p.p. QoQ and -3.4p.p. YoY

84%

Cash conversion2

$194m

Order intake +28% QoQ and +35% YoY

$557m

Order backlog +3% QoQ and +22% YoY

1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report

2. Defined as Adj. EBITDA less cash CAPEX divided by Adj. EBITDA

Growing order intake and backlog

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Order intake ($ million)

+28%

194

144

141

150

152

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Order backlog ($ million)

+3%

513

529

543

557

458

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Strong revenue driven by improved conversion rate

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Revenue ($ million)

29%

180

165

134

139

86

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Revenue by region ($ million)

EMEA

NAM

APAC

180

165

134

139

86

Q4'24

10

Q1'25

7

Q2'25

Q3'25

7

Q4'25

30

46

11

57

97

9

29

35

43

98

95

130

Sustainable gross margin

Gross profit ($ million)

120

133

92

102

64

Gross margin

Q4'24

73%

Q1'25

74%

Q2'25

69%

Q3'25

73%

Q4'25

74%

Delivering robust profitability, continuing to invest for future growth

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Gross margin

Solid gross margin driven by consistent operational efficiency and product mix

Adj. EBITDA margin1

Adj. EBITDA margin1 reflected investments in long-term growth initiatives

Adj. EBITDA margin1

Adj. EBITDA ($ million)

77

78

64

66

21

Adį. EBITDA margin

Q4'24

47%

Q1'25

25%

Q2'25

48%

Q3'25

47%

Q4'25

43%

1. Adj. EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report

   
   
   Strong balance sheet with net debt/Adj. EBITDA 0.8x

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   Observations

   • Re-financing completed 5 November with

     $150m term loan and $350m RCF

   • Significant liquidity headroom with $282m

     undrawn RCF and $90m cash

   • Net debt1= 0.8x adjusted EBITDA of

   $228m

   Net debt	EBITDA	Working	CF from	CF from	Currency	Net debt
   30 Sept	contribution	capital	investing	financing	effects	31 Dec
   	incl. tax paid		activities	activities

   Movement in net debt from Q3'25 to Q4'25 ($ million)

   180

   166

   12

   15

   26

   32

   5

   $44m increase in

   receivables as large volume of sales booked in December

   1. Net debt includes finance lease liabilities

Q&A

Key takeaways

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01

Massive under-penetrated market driven by megatrends

02

Investing in - and executing on - our growth strategy

1. Multiple ways to win

2. Innovation remains core

05

Positioned for long-term value creation

Appendix

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Presentation of Adj. EBITDA1breakdown

Fourth quarter YTD

USD million		2025	2024		2025	2024
Profit/loss for the period		40.9	40.2		81.8	136.6
Income tax		12.5	14.3		24.0	39.5
Net financial items		2.4	5.3		34.3	46.4
EBIT		55.8	59.7		140.1	222.5
Depreciation		4.8	4.2		18.7	15.8
Amortization of intangible assets		11.1	9.7		42.2	47.0
Impairment		1.4	1.1		2.0	1.1
EBITDA¹		73.2	74.8		203.0	286.4
Ocado Group litigation costs		-	-		-	0.4
Option costs		3.3	2.2		4.8	-4.0
Transformation costs²		-	-		19.0	-
ERP system implementation costs		1.3	-		1.3	-
Total adjustments		4.6	2.2		25.1	-3.6
Adj.EBITDA¹		77.9	77.0		228.1	282.8
Total revenue and other operating income		179.7	164.8		538.6	601.4
EBITDA margin¹		40.7%	45.4%		37.7%	47.6%
Adj.EBITDA margin¹		43.3%	46.7%		42.3%	47.0%

1. Adj. EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2025 report

2. Reference is made to the reconciliation of the adjustments in connection with the transformation project commenced in the period in the Q2 2025 report