Kvartalsrapport Q1 2023

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===== SIDA 1 =====

Interim 
Financial 
Report Q1 2023
January 1 - March 31, 2023

===== SIDA 2 =====

Contents
Group - Key performance indicators (KPIs) 5
Group Development  6
Group Development - ESG Highlights 8
Development by segment  10
Other information  13
Consolidated income statement  15
Consolidated statement of comprehensive income  15
Consolidated statement of financial position  16
Consolidated statement of changes in equity 17
Consolidated statement of cash flow 18
Note 1 - Accounting principles 19
Note 2 - Segment reporting 19
Note 3 - Financial instruments 20
Note 4 - Investments 21
Parent company income statement  22
Parent company financial position  23
Additional information  25
Information by quarter  26
Definitions and rationale for the use  
of certain Alternative Performance Measures (APM) 28
Financial calendar  29

===== SIDA 3 =====

First Quarter Highlights
Financials
• Net revenue of SEK 1,525 and a net revenue growth of 
7.1% (local currency 4.2%). Net revenue growth of 12.3% 
for Boozt.com and -13.7% for Booztlet.com
• Gross margin of 38.5% (39.3)
• Adjusted EBIT margin of 1.1% (0.6)
• Earnings per share before dilution of SEK -0.07 (-0.11)
• Free cash flow of SEK -731 million (-502)
• Cash and cash equivalents of SEK 965 million (1,119)
Significant events
• 2023 outlook of 5-15% net revenue growth and an adjusted 
EBIT between SEK 275-375 million
• Boozt announced long-term growth and profitability ambitions
Significant events after the period
• No significant events have occurred after the reporting date
SEK million unless otherwise indicated Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change
GROUP
Net revenue 1,524.6 1,424.0 7.1% 
Gross profit 586.3 559.6 4.8% 
EBIT -2.5 -4.8 -49% 
Adjusted EBIT* 17.0 8.8 93.5% 
Earnings for the period -4.9 -7.6 -35% 
Free cash flow* -730.6 -502.0 45.5%
Net revenue growth (%) 7.1% 25.2% -18.1 pp 
Gross margin (%)* 38.5% 39.3% -0.8 pp 
EBIT margin (%) -0.2% -0.3% 0.2 pp 
Adjusted EBIT margin (%)* 1.1% 0.6% 0.5 pp 
Rounding differences may affect the summations.  
*The figure is an Alternative Performance Measure, for further information see page 28.
Outlook for 2023 Outlook as of February 
10, 2023
Net revenue growth Between 5-15%
Adjusted EBIT* SEK 275-375 million
The outlook assumes constant currencies from the time of this announcement and for the remainder of the financial year.
*The Adjusted EBIT outlook for 2023 is positively impacted by a reassessment of the useful lives of selected parts of the Group’s fixed assets that mainly relates to the AutoStore 
installations. The reassessment is carried out to better reflect market practice and by doing so the Group assesses a higher degree of comparability of EBIT towards industry 
peers. Compared to 2022, the positive impact on yearly depreciation on a like-for-like basis is in the level SEK 25 million.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 3

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“ The first quarter of 2023 showcases solid growth and industry-
leading profitability, despite muted consumer spending. I remain 
optimistic about our Nordic Department Store strategy, and 
see ample opportunities for growth. I am proud of our team's 
resilience in tackling challenges and driving our business forward. 
I am pleased that we are able to reconfirm our outlook for 2023.”
Co-founder & CEO Hermann Haraldsson
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 4

===== SIDA 5 =====

Group - Key performance indicators (KPIs)
SEK million unless otherwise indicated Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 months
GROUP
Net revenue 1,524.6  1,424.0 7.1%  6,844.0 
Net revenue growth (%) 7.1% 25.2% -18.1pp 12.2%
Gross profit 586.3  559.6 4.8%  2,693.6 
Gross margin (%)* 38.5% 39.3% -0.8pp 39.4%
Fulfilment cost ratio (%)* -12.1% -12.6% 0.5pp -11.3%
Marketing cost ratio (%)* -10.0% -11.0% 1.0pp -10.8%
Admin & other cost ratio (%)* -12.5% -12.2% -0.2pp -10.2%
Depreciation cost ratio (%)* -4.0% -3.8% -0.2pp -3.3%
Adjusted admin & other cost ratio (%)* -11.2% -11.3% 0.1pp -9.7%
EBIT -2.5 -4.8 49%  255.4 
EBIT margin (%) -0.2% -0.3% 0.2pp 3.7%
Adjusted EBIT* 17.0  8.8 93.5%  293.8 
Adjusted EBIT margin (%)* 1.1% 0.6% 0.5pp 4.3%
Earnings for the period -4.9 -7.6 2.7  188.7 
Earnings per share (SEK)* -0.07 -0.11 0.04  2.80 
Earnings per share after dilution (SEK)* -0.07 -0.11 0.04  2.76 
Adjusted earnings per share (SEK) 0.16 0.05 0.11  3.25 
Adjusted earnings per share after dilution (SEK) 0.15  0.05 0.11  3.21 
Cash flow from operations -696.5 -141.9 -554.6 250.7
Cash flow from investments -34.1 -360.1 326.0 -389.2
Free cash flow* -730.6 -502.0 -228.6 -138.5
Net working capital* 664.0  471.7 192.3  664.0 
Net debt / -net cash* -455.5 -670.0 214.4 -455.5 
Equity / asset ratio 46.0% 44.6% 1.4pp 46.0%
Number of employees end of period  1,187  1,380 -193  1,187 
Rounding differences may affect the summations. 
*The figure is an Alternative Performance Measure (APM) (non-IFRS), for further information see page 28.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 6 =====

Group Development
The first quarter of 2023 report showcases solid growth and industry-leading 
profitability, despite muted consumer spending.
Income statement and cash flow items are compared with the 
corresponding year-earlier period. Balance sheet items refer to 
the position at the end of the period and are compared with the 
corresponding year earlier period, meaning March 31, 2022. The 
first quarter refers to the period January - March 2023.
Net revenue
Net revenue in the first quarter increased 7.1% to SEK 1,524.6 
million (1,424.0). Currency had a positive impact on net revenue 
growth in the first quarter of 2.9 percentage points and relates 
primarily to the strengthening of DKK and EUR compared to the 
first quarter last year.
The year got off to a solid start with strong growth in January and 
a solid performance in the early parts of February. Sales were 
positively impacted by an attractive selection of Autumn/Winter 
goods supported by dedicated campaign buys. During March we 
saw a more muted customer engagement likely impacted by the 
delayed spring in the Nordics pushing more Spring/Summer sales 
to the second quarter.
The continued execution of our Nordic Department Store strategy 
enabled us to continue to grow the business and the average 
order value and management assesses that Boozt has gained 
market share in the first quarter of the year. Also, the return rate 
developed positively impacted by the continued growth in our 
adjacent categories.
The net revenue increase was driven by 12.3% growth for 
Boozt.com and -13.7% for Booztlet.com.
Other revenue (included in net revenue) decreased to SEK 48.7 
million (51.6) in the first quarter. Other revenue is revenue not 
directly related to product sales, such as income from Boozt 
Media Partnership, BooztPay and breakage from gift cards.
Net revenue geographical split
Net revenue in the Nordics increased 7.6% with the strongest 
performance in Finland followed by Denmark and Sweden. The 
growth outside the Nordics came to 1.2% in Rest of Europe. For 
the first quarter, the most significant markets in terms of net 
revenue were Denmark and Sweden accounting for 34.8% and 
31.6% of total net revenue respectively
Gross profit
The gross profit increased 4.8% to SEK 586.3 million (559.6) 
in the quarter. The gross margin decreased to 38.5% (39.3) 
negatively impacted by continued high promotional activity in 
the industry with elevated inventory levels. During the quarter 
the company partly offset the negative impact with an attractive 
inventory mix supported by campaign buys.
Operational costs
The fulfilment cost ratio decreased to 12.1% (12.6). During the 
quarter, productivity improvements benefitted from operational 
initiatives along with a continued positive impact from the 
increasing average order value. The recent years capacity 
expansion has provided ample space to grow the business 
and the company expects to gradually increase utilisation of 
automation and warehouse footprint to the benefit of productivity 
and ultimately the cost ratio.
The marketing cost ratio decreased compared to last year at 
10.0% (11.0). The company aims to continue a high marketing 
spend to attract new customers along with further efforts to build 
Boozt as a household brand in the Nordics via offline marketing 
efforts. The business continues to be managed based on the core 
principle of a profitable and sustainable customer acquisition 
cost (CAC) and customer lifetime value (CLV) with a payback 
between 16-18 months.
The admin & other cost ratio increased to 12.5% (12.2). The 
increased cost base was primarily impacted by increased costs 
related to share-based payments.
The adjusted admin & other cost ratio decreased slightly to 
11.2% (11.3). 
The deprecation cost ratio increased to 4.0% (3.8) in line with 
expectations. As per January 2023 the latest expansion of 
our automated warehouse capacity was taken into operation 
increasing depreciations and we expect to gradually grow into 
the current excess capacity over the next couple of years. The 
increase was partly offset by the reassessment of the useful lives 
of selected parts of the Group’s fixed assets that mainly relates to 
the AutoStore installations (further detail on page 14).
Adjusted EBIT
Adjusted EBIT amounted to SEK 17.0 million (8.8) in the first 
quarter. The adjusted EBIT margin increased with 0.5 percentage 
points to 1.1% (0.6). The improvement is related to a lower share 
of costs for fulfilment and distribution and further a marketing 
spend which is more in line with the historical average. The 
positive effects were partly offset by the higher than usual 
promotional activity impacting gross margin.
Total adjustments in the quarter amounted to SEK 19.4 million 
(13.6). Adjustments include share-based payments of SEK 19.4 
million.
Share-based payments fluctuate between periods since the 
probability of the number of vested options under the program 
is dynamic, as well as the provision for social charges are 
determined by the company's share price.
For a reconciliation of adjusted EBIT, please visit the Group’s 
website www.booztgroup.com/reports-and-presentations , “Q1 
Report 2023” – “Key financials”.
NET REVENUE – GEOGRAPHICAL SPLIT
SEK million Jan 1 - Mar 31, 
2023
Jan 1 - Mar 31, 
2022
Change
Nordics 1,396.5 1,297.3 7.6%
- of which Denmark 530.6 492.5 7.7%
- of which Sweden 481.9 4 47.9 7.6%
Rest of Europe 128.2 126.7 1.2%
Total net revenue 1,524.6 1,424.0 7.1%
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 7 =====

EBIT
EBIT improved to SEK -2.5 million (-4.8) in the first quarter, while 
the EBIT margin improved 0.1 percentage points to -0.2% (-0.3).
Negatively impacting EBIT compared to adjusted EBIT in 
the period was a cost of SEK 19.4 million from share-based 
payments.
Financial items
The Group’s financial costs amounted to SEK -9.0 million (-4.0) 
The financial costs were driven by interest on new loans for 
financing the expansion of AutoStore at the fulfilment centre and 
recent interest rate hikes, however, largely offset by the positive 
interest on our cash position. Net financial items amounted to 
SEK -3.3 million (-4.0).
Ta x
Tax for the period amounted to SEK 0.9 million (1.2). The Group’s 
effective tax rate for the period was 15.3% (13.8). 
Earnings for the period
Earnings for the period totalled SEK -4.9 million (-7.6). Earn-
ings per share before and after dilution amounted to SEK -0.07 
(-0.11).
Working capital
The Group realised a net working capital of SEK 664.0 million 
(471.7) equivalent to 9.7% (7.7) of the net revenue for the 
last twelve months. The inventory position is attractive and 
healthy and the delivery of the Spring/Summer 2023 season 
has proceeded according to plan providing us with a confident 
stock position going into the second quarter of 2023. As a 
consequence of the weather during the first quarter the Spring/
Summer 2023 sales are naturally pushed more to the second 
quarter of this year.
Net debt / net cash
The Group’s net cash (-) decreased to SEK -455.5 million (-670.0) 
impacted by the cash outflow in connection with the inventory 
build up for Spring/Summer 2023. The net debt / net cash 
excludes leasing liabilities.
Cash position
Cash and cash equivalents decreased to SEK 964.6 million 
(1,118.9), driven by the increased inventory position at the end of 
the quarter.
Lease liabilities
Lease liabilities (current and non-current) increased compared 
to last year and amounted to SEK 556.8 million (472.2). The 
increase is related to additional expansion of square metres at 
the fulfilment centre and the Group’s headquarter, as well as 
the impact from adjustments to lease contracts according to the 
Consumer Price Index taking effect from January 1, 2023. The 
increase was partly offset by repayment of lease liabilities.
Interest-bearing liabilities
Interest-bearing liabilities (current and non-current) have 
increased to SEK 509.1 million (448.9). The increase was 
attributable to new loans for financing the expansion phases of 
AutoStore at the Fulfilment Centre.
Non-current assets
Non-current assets increased to SEK 2,009.2 million (1,654.1). 
The increase compared to last year was mainly driven by 
AutoStore and footprint expansion at the fulfilment centre 
increasing capacity meaningfully allowing continued growth and 
market share gains.
Equity
Equity attributable to the shareholders of the parent company 
increased to SEK 2,517.5 (2,266.1) million.
Cash flow
Cash flow for the period amounted to SEK -813.6 million (-445.5), 
driven by cash flow from operating activites.
Cash flow from operations
Cash flow from operating activities amounted to SEK -696.5 
million (-141.9) in the quarter. Compared to last year, the 
Group entered the period with a lower than expected stock 
position as a positive consequence of the strong sales in the 
fourth quarter of 2022. Consequently, the Group has focused 
on securing additional stock via campaign buys and to ensure 
both an attractive selection and price points impacting working 
capital negatively. Additionally, the cash flow from operations 
is meaningfully impacted by the timing effect of payments 
displayed in change in current liabilities.
Cash flow from investments
Cash flow from investing activities amounted to SEK -34.1 million 
(-360.1). As expected, the Group made limited investments 
in fixed assets as the expansion of automation in the Group’s 
current warehouse was finalised during 2022.
Cash flow from financing
Cash flow from financing activities amounted to SEK -82.9 million 
(56.5) driven by repayment on loans related to the AutoStore 
installations in the Group’s fulfilment operations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 8 =====

Group Development - ESG Highlights
As the Nordic Department Store, we are dedicated to delivering 
a great shopping experience to our customers. In this pursuit, 
sustainability is a crucial building block for our long-term 
business success, ensuring that we meet the needs of our 
stakeholders. With the help of a clear vision and strategy, we 
intend to amplify our efforts and share best practices that can 
influence a more sustainable industry.
Care-For strategy
The sustainability Care-For strategy is the roadmap for how to 
become the leading e-commerce company in the Nordics. As 
part of this, Boozt has updated its Care-For strategy and goals 
to ensure they align with the strategic direction of the business 
and take into account external trends and overall development 
in society. To cement our efforts across the relevant areas 
in alignment with our commitment to the ongoing B Corp 
certification, Boozt's efforts are focused on four dimensions 
Environment, Employees, Community and Governance. Within 
each dimension, Boozt is working with three goal areas and 
has set 15 new targets to support the sustainability Care-For 
strategy. Status on the relevant goal areas and targets can be 
found under the section below ‘Development in the quarter’.
 R ED U C IN G  U N S U S TA IN A B ILITY
 C R E A T IN G  S U S TA IN A B ILIT Y
REDUCING GREENHOUSE 
GAS EMISSIONS
MINIMISING WASTE
INVOLVING 
COMMUNITIES
INTEGRATING 
SUSTAINABILITY
MITIGATING 
RISKS
ENGAGING /ampersand.case HEALTHY 
WORK ENVIRONMENT
SHAPING EMPLOYEE 
DEVELOPMENT
EMPOWERING
CUSTOMERS
ENGAGING SUPPLIERS
PROMOTING EQUALITY
DRIVING RESPONSIBLE 
PRODUCTION
ACCELERATING 
TRANSPARENCY
OUR
/one.case/two.case GOALS
Environment goals Employee goals Community goals Governance goals
ESG KPIs Jan 1 - Mar 31, 
2023
Jan 1 - Mar 31, 
2022
CO₂e intensity per order (kg)¹ 0.50 0.50
Share of renewable electricity (%)² 98.3 98.2
Share of recycled waste in the Fulfilment 
Centre (%)³
72.4 61.3
Employee Net Promoter Score (eNPS) ⁴ 57 46
Average aggregated participation rate of 
the employee survey (%) ⁴
87 71
¹  CO₂e intensity per order is related to the emissions from deliveries and returns. Emissions are reported 
in Well-to-Wheel (WtW). Due to higher data availability, Q1 2022 has been restated. Share of order 
volume covered in kg CO₂e intensity per order in Q1 2023 is 99.4% (Q1 2022: 98.8%). 
² Boozt uses renewable electricity powered by solar, wind and hydropower. 
³ The treatment method for the remaining waste is waste-to-energy (WtE). 
⁴ Average of the quarter
GOAL AREA TARGET 
Reducing Greenhouse Gas 
Emissions
By 2024: Set science-based targets and submit them to the Science-based 
targets initiative
By 2026: Disclose 100% of relevant Scope 3 emissions categories
Minimising Waste By 2026: Increase the share of recycled waste to 80%
Driving Responsible 
Production
By 2024: Develop a scorecard to assess ESG Performance in purchasing 
decisions for at least 60% of our partner brands 
Promoting Equality By 2024: Identify opportunites to further support the governmental parental 
leave policy for all Boozt Fashion AB employees to continue to promote 
equality
Engaging & Healthy Work 
Environment
By 2024: Reach above 77% of the aggregated participation rate in 
our internal employee survey
By 2024: Increase eNPS score to reach the TOP 10 placement in the 
consumer industry
Shaping Employee 
Development
By 2023: Implement a regular career development review process that 
includes all Boozt Fashion AB employees
Empowering Customers By 2024: Extend ReBoozt’s presence across our markets
Engaging Suppliers By 2026: Provide semi-annual events for our brand partners
By 2023: Ensure 100% of our apparel brand partners are committed to supply 
chain transparency and to working with the Higg BRM tool 
Involving Communities By 2024: Increase collaboration with relevant universities and research 
institutions to share and learn best practices
Accelerating Transparency By 2024: Increase engagement with third-party ESG rankings and ratings
Mitigating Risks By 2026: Request at least 80% of our brand partners to identify, map and 
share with us their Tier 1 and 2 suppliers
Integrating Sustainability By 2026: Increase participation to internal training on Sustainability
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 9 =====

Governance 
 
Accelerating Transparency
• Boozt scored B- in CDP’s Supplier Engagement Rating 
(SER). B- is on the Management band and higher than 
the Europe regional average of C, and the same as 
the Discretionary retail sector average of B-. CDP’s 
annual Supplier Engagement Rating (SER) is designed 
to evaluate and spur action on corporate supply chain 
engagement on climate issues, based on the CDP 
climate change questionnaire.
• Publication of the Annual and Sustainability Report 
2022. The ESG Data Summary as well as the GRI 
Content Index are also accessible for download at 
https://www.booztgroup.com/ sustainability-reports . 
Integrating Sustainability 
• Sustainability Training: Introduction to our Made With 
Care category and Boozt Sustainability Criteria for the 
Customer Service Team. This training helps the team 
understand how Boozt works with sustainability and 
how to support customers with their sustainability-
related requests.
• The updated Care-For Strategy, highlights of the 
Annual and Sustainability Report 2022, and focus 
areas for 2023 on upcoming EU reporting legislation 
were presented to the Board of Directors and Audit 
Committee. 
Environmental
Reducing GHG Emissions
• In February Boozt completed the Scope 3 screening 
for 2022 emissions data with an extended boundary of 
our GHG Accounting. Boozt identified and measured 
all relevant Scope 3 categories (2021: 4 of 9 relevant 
categories were calculated). As a result, Scope 
3 emissions account for 99.8% of the total CO₂e 
footprint of Boozt.
Community 
 
Empowering Customers
• Boozt started implementing the new Made With Care 
criteria across all categories. This is an ongoing project 
throughout the year. Boozt will share progress on the 
development quarterly. We will publish Made With 
Care relevant KPIs once the process is complete.
Involving Community
• Partnership with Copenhagen Business School: 
participation in the panel debate with Sustainability 
as the main topic. The partnership includes marketing 
and partner events where the primary focus is bridging 
the gap between companies and students. 
• Boozt has been supporting the charity 5 Skoler and 
their efforts to help children in areas of war, conflict 
and disaster for many years. In the aftermath of 
the earthquake in Syria and Turkey, Boozt and its 
employees donated essential items. 
Engaging Suppliers
• Higg BRM joint effort: At this stage, Boozt has 
nominated and contacted 147 brands representing 
68% of our business volume to complete Higg 
BRM 2022. During the year, Boozt will share more 
information about how many brand partners have 
completed Higg BRM 2022.
Development in the quarter
Employees
Engaging & Healthy Work Environment
• High employee engagement with an aggregated 
participation rate of 87% in Boozt’s monthly employee 
survey. The resulting Employee Net Promoter Score 
(eNPS) has improved to a score of 57 (Q1 2022: 46). 
 
Shaping Employee Development
• Launch of Boozt Mentorship Program. This is an 
initiative to build stronger relationships, development 
and knowledge sharing internally.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 10 =====

Development 
by segment 
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 11 =====

Boozt.com
Net revenue
Net revenue increased 12.3% to SEK 1,278.6 million (1,138.8) in 
the quarter. The net revenue growth was positively impacted by 
currency effects from the strengthening of DKK and EUR to SEK 
compared to the first quarter last year.
The overall market for apparel in the Nordics continues to be 
challenged by the pressure on disposable income. The high 
promotional activity in the market continued from last year, 
fuelled by high industry inventory levels and more muted 
consumer spending.
The acceleration in sales was driven by a strong performance 
across categories and countries. Further, the return rate 
developed positively supported by the continued growth of the 
adjacent categories and our Fair Use initiative. The number of 
active customers dropped slightly compared with last year, 
caused by the more challenging environment with consumers 
experiencing additional pressure on disposable income.
The average order value continued the strong progress and 
increased 11.8% to SEK 938 (838). The continued execution 
of the Nordic Department Store strategy resulted in a further 
diversification of sales benefiting the number of items per basket 
and a structurally lower return rate driven largely by continued 
efforts with the Fair Use initiative. True frequency continued at 
a strong level of 6.9 (6.9) with cohorts displaying similar buying 
patterns as our historic cohorts despite the ongoing pressure on 
consumers' disposable income. Customer satisfaction remained 
at a high level as shown by a Trustpilot score of 4.5 (4.5) 
recovering from a slight drop in the fourth quarter of 2022 and a 
Net Promoter Score of 75 (74).
Adjusted EBIT and EBIT
Adjusted EBIT increased to SEK 21.8 million (15.7) in the quarter, 
while the adjusted EBIT margin increased to 1.7% (1.4).
The increase in adjusted EBIT margin is mainly related to 
operational leverage on the cost base which was partly offset by 
the high promotional activity impacting gross margin.
The adjustment in the quarter amounted to SEK 16.3 million 
(11.9) and consisted fully of share-based payments.
EBIT improved to SEK 5.5 million (3.8) for the quarter.
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 months
Boozt.com
Net revenue 1,278.6 1,138.8 12.3% 5,750.2
EBIT 5.5 3.8 44.9% 245.2
EBIT margin (%) 0.4% 0.3% 0.1pp 4.3%
Adjusted EBIT* 21.8 15.7 39.0% 278.0
Adjusted EBIT margin (%)* 1.7% 1.4% 0.3pp 4.8%
No. of orders (000)* 1,297 1,277 1.6% 5,974
True frequency* 6.9 6.9 0.0% 6.9
Average order value (SEK)* 938 838 11.8% 912
Active customers (000)* 2,508 2,531 -0.9% 2,508
No. of orders per active customer* 2.38 2.37 0.6% 2.38
Rounding differences may affect the summations. 
*The figure is an Alternative Performance Measure (APM) (non-IFRS), for further information see page 28.
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 months
Boozt.com - Net revenue
Nordics 1,187.6 1,045.8 13.6% 5,258.9
Rest of Europe 90.9 92.9 -2.1% 491.3
Total Net revenue 1,278.6 1,138.7 12.3% 5,750.2
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 12 =====

Booztlet.com
Net revenue
Net revenue decreased -13.7% to SEK 246.1 million (285.3) in 
the quarter. Booztlet’s growth opportunities were negatively 
impacted during the second half of 2022 as well as the first 
quarter of 2023 due to high promotional activity both from online 
and offline players as a consequence of elevated inventory 
levels in the industry. On top, the Group estimates that the core 
customer group of Booztlet is likely to have experienced a more 
significant dilution of their disposable income displayed in the 
increasing number of customers who, on average, shop less.
The Group remains positive that the market for a Nordic fashion 
outlet is very attractive in terms of growth and profitability also 
for the short to medium term. The ambition for Booztlet is to 
return to a high growth trajectory by increasing selection and 
curation of the Booztlet universe. At the moment Booztlet has 
the organisational capacity to secure the right stock and grow the 
business meaningfully.  
Growth in the Nordics amounted to -17.0% mainly impacted 
by the performance in Denmark and Sweden. Rest of Europe 
experienced a growth of 10.2% to SEK 37.3 million. 
The average order value increased significantly during the first 
quarter reaching a record high SEK 920 (810). The positive 
developments over the last year are mainly driven by an 
increased number of items per basket as we have broadened our 
selection along with positive effects from currency translation.
Adjusted EBIT and EBIT
Adjusted EBIT improved to SEK -4.9 million (-6.9) in the quarter, 
and the adjusted EBIT margin increased marginally to -2.0% 
(-2.4).
The low adjusted EBIT was driven by a lower gross margin 
as a consequence of the promotional environment as well as 
diseconomies of scale on the cost base. The Group is taking 
immediate and necessary measures to improve the profitability 
of Booztlet.
The adjustment in the quarter amounted to SEK 3.1 million (1.7) 
and consisted fully of share-based payments.
EBIT improved slightly compared to last year at SEK -8.0 million 
(-8.6) and the EBIT margin decreased to -3.3% (-3.0).
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 months
Booztlet.com
Net revenue 246.1 285.3 -13.7% 1,093.8
EBIT -8.0 -8.6 -6.8% 10.5
EBIT margin (%) -3.3% -3.0% -0.2pp 1.0%
Adjusted EBIT* -4.9 -6.9 -29.8% 16.0
Adjusted EBIT margin (%)* -2.0% -2.4% 0.5pp 1.5%
No. of orders (000)* 258 345 -25.0% 1,251
Average order value (SEK)* 920 810 13.6% 849
Active customers (000)* 748 691 8.2% 748
No. of orders per active customer* 1.67 1.83 -8.7% 1.67
Rounding differences may affect the summations. 
*The figure is an Alternative Performance Measure (APM) (non-IFRS), for further information see page 28.
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 months
Booztlet.com - Net revenue
Nordics 208.8 251.5 -17.0% 971.2
Rest of Europe 37.3 33.8 10.2% 122.6
Total Net revenue 246.1 285.3 -13.7% 1,093.8
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 12

===== SIDA 13 =====

Significant events during the first quarter
Boozt announced long-term growth and profitability ambitions
In connection with the Capital Markets Day on March 28, 2023 
the Group announced new long-term ambitions for growth and 
profitability. Also, the company updated the capital allocation 
policy to reflect the maturity of the business.
Long-term growth and profitability ambitions:
• Market share around 10% of the fashion and lifestyle market in 
the Nordics
• Profitability: Adjusted EBIT margin exceeding 10%
Boozt has successfully managed to grow net revenue significantly 
faster than the Nordic market since 2017. The market in the 
Nordics remains attractive and the company expects to continue 
the accelerated market share gains supported by the position as 
the leading Nordic Department Store.
The company expects that when the Group’s growth rate is in 
line with the general online fashion and lifestyle market growth 
in the Nordics, that its business model with best-in-industry unit 
economics will result in double-digit margins and strong cash 
generation.
Capital allocation principles:
1. Reinvest to drive long-term value creation through profitable 
organic growth
2. Return excess cash to shareholders
The company aims to return proceeds from the dual listing on 
Nasdaq Copenhagen in the coming three years amounting to SEK 
800 million subject to stable or positively developing market 
conditions.
Other information
The current fulfilment facility enables the business to handle SEK 
10-11 billion in net revenue. As a consequence, the company 
expects moderate investments in the coming years with CAPEX 
between SEK 150-200 million per year.
Issue and repurchase of C shares for performance-based 
share program 
Pursuant to the authorization granted by the annual general 
meeting on 27 April 2022, the Board of Directors of Boozt AB 
(”Boozt”) has resolved to issue and immediately thereafter 
repurchase 821,851 series C shares. The shares are issued and 
repurchased in accordance with the performance-based share 
program LTI 2022, which was adopted by the annual general 
meeting on 27 April 2022.
Changes in the Board of Directors of Boozt AB (publ) 
Ahead of the Annual General Meeting on April 26, 2023, the Nom -
ination Committee in Boozt AB proposed that Henrik Theilbjørn, 
Jón Björnsson, Cecilia Lannebo, Aileen O´Toole, Julie Wiese and 
Benjamin Büscher are re-elected as ordinary board members 
and that Henrik Theilbjørn is re-elected as Chair of the Board of 
Directors. The current board member Luca Martines declined 
reelection.
Significant events after the reporting date
No significant events have occurred after the reporting date.
Annual General Meeting 2023
The annual general meeting was held on April 26, 2023. The AGM 
decided that no dividends are paid to the shareholders and that 
the Company’s profit for 2022 are carried forward. The AGM also 
decided on implementation of a new long-term incentive program 
(LTIP 2023). More information of the outcome of the Annual 
General Meeting 2023 is available on the Company’s website: 
https://www.booztgroup.com/annual-general-meeting.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 13

===== SIDA 14 =====

Employees
Number of employees was 1,187 (1,380) at the end of the period 
equivalent to a decrease of 14.0 % impacted by the right-sizing of 
the organisation carried out with effect from July 1, 2022 as well 
as an increased use of consultants at the warehouse to ensure 
flexibility of the workforce.
Seasonal variances
Seasonal variances affect the Group since purchases are cyclical 
and inventories are built up before each season. However, each 
quarter is comparable between years. Traditionally the fourth 
quarter has the highest net revenue, whereas the first quarter 
has the lowest. Inventory levels in the industry can be affected 
by an early or late start to the season impacting the promotional 
activities needed to clear inventory. To illustrate the long-term 
development trend the Group reports rolling twelve months’ 
figures, where applicable. 
Parent company
Boozt AB (publ), Corp. Id. No. 556793-5183, is the parent 
company of the Group. Boozt AB (publ) is incorporated and regis -
tered in Sweden. 
Since May 31, 2017, Boozt AB (publ) has been listed on Nasdaq 
Stockholm and since November 20, 2020, secondary listed on 
Nasdaq Copenhagen. Since January 3, 2022, Boozt AB (publ) has 
been traded on Nasdaq Large Cap. The address to the head office 
is Hyllie Boulevard 35, 215 37 Malmö, Sweden. 
Net revenue of the parent company amounted to SEK 16.8 million 
(17.8) during the quarter. The parent company has invoiced 
fees for management services in accordance with the Group’s 
intra-company agreements to other Group companies during 
the period. Costs for the period are mainly attributable to costs 
related to personnel costs for the Group Management and 
remuneration to the Board of Directors. The result for the quarter 
totalled SEK -11.1 million (-5.5).
Risks and uncertainties
Boozt has developed a risk management framework with the 
purpose to strengthen the structure of how risk management is 
carried out throughout the Group. Identified risks are reviewed by 
the Board of Directors continuously. No recognisable risk for the 
Group’s ability to continue as a going concern has been identified. 
All identified risks as well as the risk management process is 
described in the Group’s Annual Report 2022 on pages 36-38. No 
additional risk has been identified as of March 31, 2023.
The Boozt share
The Boozt share is listed on Nasdaq Stockholm with secondary 
listing on Nasdaq Copenhagen. The Boozt share is traded on 
Nasdaq Stockholm under the ticker BOOZT and Nasdaq Copen -
hagen under the ticker BOOZT DKK. The ISIN-code for the Boozt 
share is SE0009888738.
The combined average turnover of the Boozt share on Nasdaq 
Stockholm and Nasdaq Copenhagen was 278,022 shares per day 
during the first quarter compared to 180,252 shares per day in 
the first quarter last year. As per April 27, 2023, the company had 
more than 17,000 shareholders, whereof the largest sharehold -
ers were BLS Capital (24.5%), Ferd (12.6%), Invesco (5.7%), ATP 
(5.2%), Norges Bank (3.9%) and Första AP-Fonden (3.6%).
The market value for the Company as per March 31, 2023 
amounted to SEK 8,312 million. The total number of shares at the 
end of the reporting period amounted to 68,289,488, whereof 
2,480,266 C shares are held in own custody. 821,851 C shares 
were issued and repurchased during the quarter under LTIP 
2022/2025 pursuant to the authorization by the annual general 
meeting on April 27, 2022. More information of the Group’s share 
capital can be found in the Annual report 2022 on page 107. 
Beyond shares, the Company has issued long-term incentive 
programs where participants can receive or have the right to 
receive or acquire shares under specific terms and conditions.
Long-term incentive program
The Group has currently four ongoing long-term incentive 
programs directed to senior executives and key employees 
within the Group. LTIP 2020/2023, LTIP 2021/2024, LTIP 
2022/2025 and LTIP 2023/2026 are performance share 
programs where the maximum number of shares that can be 
granted to the participants amounts to 3,520,000. The programs 
contain different performance criterions and constraints. More 
information of the Groups long-term incentive programs can be 
found in the Annual report 2022 on pages 99-100.
Related party transactions
Boozt’s related parties and the extent of transactions with its 
related parties are described in Note 26 in the Annual Report 
2022. No material changes occurred during the quarter or the 
year for the Group or the parent company in relations or extent 
of transactions with its suppliers, classified as related parties, 
compared with the disclosures in the Annual Report 2022.
There have not been any transactions with members of Group 
Management during the quarter.   
Outlook for 2023
The Group expects a net revenue growth for 2023 in the range of 
5-15% and an adjusted EBIT between SEK 275-375 million.
Due to the volatile and unpredictable markets, the outlook for 
2023 is more uncertain than normally. 
As a consequence, the Group decided to widen the range com -
pared to previous years for both net revenue growth and adjusted 
EBIT. The net revenue growth is supported by market share 
gains, continued online penetration and a stable or improving 
consumer confidence compared to the historic low of 2022.
The Adjusted EBIT outlook for 2023 is positively impacted by a 
reassessment of the useful lives of selected parts of the Group’s 
fixed assets that mainly relates to the AutoStore installations. The 
reassessment is carried out to better reflect the actual useful life on 
a component level based on the experience obtained after operat-
ing our AutoStore setup for the past six years. In addition, we have 
performed a benchmark for companies operating similar setups.
The conclusion based on our own experience in combination with 
the benchmark is that the AutoStore components have a longer 
useful life than what our assessment previously reflected. By 
extending the useful lives, the Group assesses a higher degree of 
comparability of EBIT towards industry peers. In conclusion, the 
positive impact on yearly depreciation on a like-for-like basis is in 
the level SEK 25 million, compared to 2022.
The priority is a continued high investment in growth as well as 
a further strengthening of the customer experience, while main -
taining solid profitability driven by a sustainable high average 
order value and further cementing the position as the leading 
Nordic Department Store.
The outlook for 2023 assumes that the exchange rates will 
remain at the current level.
Long-term growth and profitability 
ambitions
In connection with the Capital Markets Day on March 28, 2023 
the group announced new long-term ambitions for growth and 
profitability.
Long-term growth and profitability ambitions:
• Market share around 10% of the fashion and lifestyle market in 
the Nordics
• Profitability: Adjusted EBIT margin exceeding 10%
Boozt has successfully managed to grow net revenue significantly 
faster than the Nordic market since 2017. The market in the 
Nordics remains attractive and the company expects to continue 
the accelerated market share gains supported by the position as 
the leading Nordic Department Store.
The company expects that when the Group’s growth rate is in 
line with the general online fashion and lifestyle market growth 
in the Nordics, that its business model with best-in-industry unit 
economics will result in double-digit margins and strong cash 
generation.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 14

===== SIDA 15 =====

Consolidated income statement Consolidated statement of 
comprehensive income
CONSOLIDATED INCOME STATEMENT 
SEK million unless otherwise indicated Note Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Rolling 12 month
OPERATING INCOME
Net revenue 2 1,524.6 1,424.0 6,844.0
Other operating income 0.0 7.6 0.0
Total operating income 1,524.6 1,431.7 6,844.0
OPERATING COSTS
Goods for resale -938.4 -864.5 -4,150.5
Other external costs -338.4 -341.2 -1,450.2
Cost of personnel -178.2 -176.5 -744.4
Depreciation and amortisation of tangible and intangible assets -60.9 -54.3 -229.1
Other operating costs -11.2 0.0 -14.4
Total operating costs -1,527.1 -1,436.4 -6,588.6
OPERATING PROFIT (EBIT) 2 -2.5 -4.8 255.4
FINANCIAL INCOME AND EXPENSES
Financial  income 5.7 0.0 10.6
Financial expenses 3 -9.0 -4.0 -27.0
Net financial items -3.3 -4.0 -16.3
PROFIT BEFORE TAX 2 -5.8 -8.8 239.1
Income tax 0.9 1.2 -51.3
PROFIT FOR THE PERIOD -4.9 -7.6 187.7
ATTRIBUTABLE TO:
Parent company’s shareholders -4.9 -7.6 187.7
Non-controlling interest  -  -  - 
PROFIT FOR THE PERIOD -4.9 -7.6 187.7
Average number of shares (000) 67,504 67,089 67,477
Average number of shares after dilution (000) 68,326 67,502 68,259
Earnings per share (SEK) -0.07 -0.11 2.78
Earnings per share after dilution (SEK) -0.07 -0.11 2.75
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Rolling 12 month
RESULT FOR THE PERIOD  -4.9  -7.6 187.7
ITEMS THAT MAY BE RE-CLASSIFIED TO THE INCOME STATEMENT:
Translation differences  5.7 2.8 0.0
TOTAL COMPREHENSIVE PROFIT FOR THE PERIOD 0.8 -4.8 187.7
ATTRIBUTABLE TO
Parent company’s shareholders  0.8 -4.8 187.7
Non-controlling interest  -  -  - 
Rounding differences may affect the summations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 15

===== SIDA 16 =====

Consolidated statement of financial position
SEK million unless otherwise indicated Note Mar 31, 2023 Mar 31, 2022 Dec 31, 2022 SEK million unless otherwise indicated Note Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
ASSETS EQUITY AND LIABILITIES
Non-current assets EQUITY
Intangible assets Share capital  5.6  5.6  5.6 
Trademarks 4  94.7  86.9 93.6 Other capital contributions  2,243.8  2,219.7  2,234.4 
Goodwill 4  303.3  278.5 299.8 Reserves  45.1  6.4  34.6 
Web platform 4  174.7  143.0 164.6 Retained earnings including profit for the period  223.0 34.3  227.9 
Total intangible assets  572.7  508.4 558.0 Equity attributable to parent company shareholders  2,517.5  2,266.1 2,502.6
Tangible assets Non-controlling interest  -  - 0.0
Right of use asset  543.6  461.1  526.1 Total equity  2,517.5  2,266.1 2,502.6
Machinery and equipment 4  850.7  669.9  866.5 
Total tanbgible assets  1,394.3  1,131.0 1,392.6 Non-current liabilities
Non-current interest bearing liabilities 3  359.2  290.3 402.1
Other assets Non-current lease liabilities 3  471.2  401.9 457.4
Deposits  8.2  8.3  8.0 Other non-current liabilities 3  -  - 0.2
Shares in associated companies  27.7  -  27.2 Other non-current provisions 3  35.4  39.8 30.1
Deferred tax asset  6.3 6.4  6.3 Deferred tax liabilities  18.9  17.6 18.6
Total other assets  42.2  14.7 41.5 Total non-current liabilities  884.7  749.5 908.4
Total non-current assets  2,009.2  1,654.1 1,992.1
Current liabilities
Current assets Current interest bearing liabilities 3  149.9  158.7 168.0
Inventory  2,260.3  2,028.2 2,038.6 Current lease liabilities 3  85.5  70.4 81.1
Accounts receivable 3  33.0  47.4 30.3 Accounts payable 3  1,301.8  1,188.5 1,384.9
Other receivables 3  80.8  122.9 68.7 Current tax liabilities  39.5  41.2 82.1
Current tax receivables  9.5  8.8 1.7 Other liabilities 3  192.2  233.0 386.2
Prepaid expenses and accrued income  113.6  103.7 83.5 Accrued expenses and prepaid income  299.8  376.5 478.9
Cash and cash equivalents 3  964.6  1,118.9 1,777.2 Total current liabilities  2,068.7  2,068.3 2,581.1
Total current assets 3,461.8  3,429.9 4,000.1 Total  liabilities  2,953.4  2,817.9 3,489.5
TOTAL  ASSETS 5,470.9  5,084.0 5,992.2 TOTAL EQUITY AND LIABILITIES  5,470.9  5,084.0 5,992.2
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 16

===== SIDA 17 =====

Consolidated statement of changes in equity
SEK million Share capital Other capital contributions Reserves Profit brought forward incl. 
period’s profit/loss for the year
Total equity attributable to parent 
company shareholders
Non-controlling interest Total equity
Equity brought forward Jan 1, 2022 5.6 2,201.9 3.6 -34.6 2,176.5 121.1 2,297.7
Profit for the period - - - -7.6 -7.6 - -7.6
Other comprehensive income - - 2.8 - 2.8 - 2.8
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD 0.0 0.0 2.8 -7.6 -4.8 0.0 -4.8
Share capital increase 0.0 - - -0.0 0.0 - 0.0
Share based compensation - 17.8 - - 17.8 - 17.8
Acquisition of minority shares - - - 76.5 76.5 -121.1 -44.6
Total transaction with owners 0.0 17.8 0.0 76.5 94.3 -121.1 -26.8
Equity carried forward Mar 31, 2022 5.6 2,219.7 6.4 34.3 2,266.1 -0.0 2,266.1
SEK million Share capital Other capital contributions Reserves Profit brought forward incl. 
period’s profit/loss for the year
Total equity attributable to parent 
company shareholders
Non-controlling interest Total equity
Equity brought forward Jan 1, 2023 5.6 2,229.6 39.4 228.0 2,502.6 0.0 2,502.6
Profit for the period - - - -4.9 -4.9 - -4.9
Other comprehensive income - - 5.7 - 5.7 - 5.7
COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD 0.0 0.0 5.7 -4.9 0.7 0.0 0.7
Share capital increase 0.0 - - 0.0 0.0 - 0.0
Share based compensation - 14.2 - - 14.2 - 14.2
Total transaction with owners 0.0 14.2 0.0 0.0 14.2 0.0 14.2
Equity carried forward Mar 31, 2023 5.6 2,243.8 45.0 223.0 2,517.5 0.0 2,517.5
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 17

===== SIDA 18 =====

Consolidated statement of cash flow
SEK million Note Jan 1 - Mar 31, 
2023
Jan 1 - Mar 31, 
2022
Rolling 12 month SEK million Note Jan 1 - Mar 31, 
2023
Jan 1 - Mar 31, 
2022
Rolling 12 month
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL CASH FLOW FROM INVESTING ACTIVITIES
Operating  profit -2.5 -4.8 255.4 Acquisition of operations, net liquidity effect 4 0.0 -163.9 -31.4
Adjustments for non-cash items: Investments in fixed assets 4 -10.3 -177.5 -278.6
  Non-cash remuneration from share based payments (social charges) 14.2 -9.3 6.8 Change in financial assets 4 -0.2 -0.1 0.2
  Non-cash remuneration from share based payments 5.3 17.8 15.2 Investments in intangible assets 4 -23.6 -18.6 -79.3
  Change in other provisions 0.1 -0.1 -4.3 CASH FLOW FROM INVESTING ACTIVITIES 4 -34.1 -360.1 -389.2
  Depreciation 60.9 54.3 229.1
  Other items not included in cash flow 2.2 -0.5 3.5 CASH FLOW FROM FINANCING ACTIVITIES
Interest received 5.7 0.0 10.6 Share capital increases 0.0 0.0 0.0
Interest paid 3 -9.4 -4.0 -27.4 New loans 58.0 167.5 343.6
Paid income tax -49.0 21.5 -51.1 Repayments of loans -119.0 -91.8 -283.4
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL 27.3 74.9 437.7 Repayments of lease liability -21.9 -19.2 -79.9
CASH FLOW FROM FINANCING ACTIVITIES -82.9 56.5 -19.8
CASH FLOW FROM CHANGES IN WORKING CAPITAL
Changes in inventory -222.2 -296.2 -232.8
Changes in current assets -44.8 -27.7 45.1 Cash flow for the period -813.6 -445.5 -158.3
Changes in current liabilities -456.8 106.9 0.7 Currency exchange gains/losses in cash and cash equivalents 0.9 -0.5 3.9
Cash flow from changes working capital -723.8 -216.9 -187.0 Cash and cash equivalents beginning of period 1,777.1 1,564.9 1,118.9
CASH FLOW FROM OPERATING ACTIVITIES -696.5 -141.9 250.7 CASH AND CASH EQUIVALENTS END OF PERIOD 964.5 1,118.9 964.5
Rounding differences may affect the summations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 18

===== SIDA 19 =====

Note 1 - Accounting principles Note 2 - Segment reporting
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Change Rolling 12 month
NET REVENUE
Boozt.com 1,278.6 1,138.8 139.8 5,750.2
Booztlet.com 246.1 285.3 -39.2 93.8
TOTAL NET REVENUE 1,524.6 1,424.0 100.6 5,844.0
EBIT
Boozt.com 5.5 3.8 1.8 245.2
Booztlet.com -8.0 -8.6 0.6 10.5
TOTAL EBIT -2.5 -4.8 2.3 255.7
EARNINGS BEFORE TAX
Boozt.com 2.3 0.6 1.8 231.0
Booztlet.com -8.6 -9.3 0.8 7.9
EARNINGS BEFORE TAX -6.3 -8.8 2.5 238.9
Rounding differences may affect the summations.
The report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish annual Accounts Act. Information 
required by IAS 34 p.16 A is provided in notes and other sections in the interim report. The accounting principles and calculations 
method have remained unchanged from those applied in the 2022 Annual Report. Amended or new standards taking effect from 
January 1, 2023 have not had any material impact on the Group's financial reports for the period.
The Group has carried out a reassessment of the useful lives of selected parts of the Group’s fixed assets that mainly relates to the 
AutoStore installations. The reassessment is carried out to better reflect the actual useful life on a component level based on the 
experience obtained after operating our AutoStore setup for the past six years. In addition, we have performed a benchmark for 
companies operating similar setups.
By extending the useful lives, the Group assesses a higher degree of comparability of EBIT towards industry peers. In conclusion,  
the positive impact on yearly depreciation on a like-for-like basis is in the level SEK 25 million, compared to 2022. The impact for  
the first quarter of 2023 is SEK 6.25 million.
Important estimates and assessments
Preparation of the financial reports in accordance with IFRS requires management to make assessments and estimates and 
assumptions that affect application of the accounting policies and the recognised amounts of assets, liabilities, income, and expenses. 
Actual results may differ from these estimates. Estimates and assumptions are continually evaluated. Changes in estimates are 
recognised in the period the change is made if the change only affected that period or in the period the change is made and in future 
periods if the change affects both current and future periods.
Important estimates and assessments are disclosed in the 2022 Annual Report on page 95.
Parent company
For the Parent Company Boozt AB (publ), the financial statements have been prepared in accordance with the Swedish Annual 
Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The reporting 
currency is SEK and all figures in the interim report are rounded to the nearest million with one decimal point. 
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 19

===== SIDA 20 =====

Note 3 - Financial instruments
Mar 31, 2022 Finacial assets valued at 
amortised cost
Finacial liabilities valued 
at amortised cost
Financial instruments 
measured at fair value via 
income statement
Total carrying amount Fair value
Financial assets
Deposits 8.3 - - 8.3 8.3
Accounts receivables 47.4 - - 47.4 47.4
Other receivables 121.7 - 1.2 122.9 122.9
Cash and cash equivalents 1,118.9 - - 1,118.9 1,118.9
Total financial assets 1,296.3 - 1.2 1,297.5 1,297.5
Financial liabilities
Liabilities to credit institutions - 448.9 - 448.9 448.9
Accounts payables - 1,188.5 - 1,188.5 1,188.5
Other liabilities - 229.0 8.1 237.1 237.1
Lease liabilities - 472.2 - 472.2 472.2
Total financial liabilities 0.0 2,338.7 8.1 2,346.8 2,346.8
Mar 31, 2023 Finacial assets valued at 
amortised cost
Finacial liabilities valued 
at amortised cost
Financial instruments 
measured at fair value via 
income statement
Total carrying amount Fair value
Financial assets
Deposits 8.2 - - 8.2 8.2
Accounts receivables 33.0 - - 33.0 33.0
Other receivables 80.8 - 0.0 80.8 80.8
Cash and cash equivalents 964.6 - - 964.6 964.6
Total financial assets 1,086.5 - 0.0 1,086.5 1,086.5
Financial liabilities
Liabilities to credit institutions - 509.1 - 509.1 509.1
Accounts payables - 1,301.8 - 1,301.8 1,301.8
Other liabilities - 192.2 2.0 194.2 194.2
Lease liabilities - 556.8 - 556.8 556.8
Total financial liabilities 0.0 2,559.8 2.0 2,561.8 2,561.8
Calculation of fair value
The Group has derivative instruments that comprise of foreign exchange forward used for hedging 
purposes, which are measured at fair value according to Level 2 of the valuation hierarchy. 
Derivative assets amount to SEK 0.0 million (1.2). Other financial liabilities measured at fair value 
via income statement consists of earn-out from acquisitions of operations of SEK 2.0 million (8.1), 
of which some parts are conditional. Other financial liabilities measured at fair value can be found 
at Level 3 of the valuation hierarchy. The Group’s other financial assets and liabilities are considered 
to be close to the carrying amount, after which the carrying amount is estimated to be the same as 
the fair value. For a more detailed description of the Group’s classification and valuation of financial 
instruments please see Note 1 on page 94 and Note 28 on page 111 in the Annual Report 2022.
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Rolling 12 months
Interest expenses 5.7 0.0 10.6
Interest expenses leasing -6.8 -2.2 -18.7
Interest expense leases -2.2 -1.9 -8.3
Change in fair value - - 0.0
Total net financial items -3.3 -4.0 -16.3
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 20

===== SIDA 21 =====

Note 4 - Investments
• Acquisition of fixed assets (warehouse capex) relates to the expansion phases of AutoStore at the Fulfilment Centre. 
• Acquisition of subsidiaries relates to the acquisition of the remaining shares in Nordic Brand Hub A/S (was Everyday 
Luxury Feeling A/S).  
• Acquisition of intangible assets relates to capitalised development costs on the Group’s own developed platforms.
SEK million Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022 Rolling 12 months
Acquisition of fixed assets (other capex) -5.9 -2.6 -12.7
Acquisition of fixed assets (warehouse capex) -4.5 -174.9 -265.9
-10.3 -177.5 -278.6
Acquisition of subsidiaries 0.0 -163.9 -31.4
Change in financial assets -0.2 -0.1 0.2
-0.2 -164.0 -31.3
Acquisition of intagible assets (capitalised development costs) -22.8 -17.1 -70.5
Acquisition of intagible assets (other) -0.8 -1.5 -8.8
-23.6 -18.6 -79.3
Cash flow from investments -34.1 -360.1 -389.2
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
PAGE – 21

===== SIDA 22 =====

Parent company income statement
PARENT COMPANY INCOME STATEMENT 
SEK million unless otherwise indicated Jan 1 - Mar 31, 2023 Jan 1 - Mar 31, 2022
OPERATING INCOME
Net revenue 16.8 17.8 
Total operating income 16.8 17.8 
OPERATING COSTS
Other external costs -1.9 -2.0 
Cost of personnel -28.8 -22.6 
Total operating costs -30.7 -24.7 
OPERATING PROFIT (EBIT) -14.0 -6.9 
FINANCIAL INCOME AND EXPENSES
Financial expenses -0.0 -0.0 
Net financial items -0.0 -0.0 
PROFIT AFTER FINANCIAL ITEMS -14.0 -6.9 
Income tax 2.9 1.4 
PROFIT FOR THE PERIOD -11.1 -5.5 
Rounding differences may affect the summations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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Parent company financial position
SEK million Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
ASSETS
Non-current assets
Shares in Group companies 1,138.7 1,138.1 1,138.1
Shares in associated companies 27.2 - 27.2
Total non-current assets 1,165.9 1,138.1 1,165.3
Current assets
Other receivables 0.4 0.5 0.4
Receivables from Group companies 792.7 804.5 786.8
Current tax assets 0.1 0.0 0.1
Prepaid expenses and accrued income 0.8 0.7 0.2
Cash and cash equivalents 4.5 2.7 4.5
Total current assets 798.5 808.4 792.0
TOTAL  ASSETS 1,964.5 1,946.5 1,957.3
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 5.6 5.6 5.6
5.6 5.6 5.6
Unrestricted equity
Share premium reserve 2,146.0 2,127.5 2,136.4
Retained earnings -266.5 -266.5 -266.5
Earnings for the period 0.0 0.0 0.7
1,879.5 1,860.9 1,870.6
TOTAL EQUITY 1,885.1 1,866.6 1,876.2
SEK million Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
LIABILITIES
Non-current liabilities
Other provisions 22.6 22.6 19.0
Total non-current liabilities 22.6 22.6 19.0
Current liabilities
Accounts payable 0.9 0.0 0.4
Liabilities to Group companies 37.8 37.8 37.8
Other liabilities 3.5 2.9 8.0
Accrued expenses and prepaid income 14.7 16.6 26.0
Total current liabilities 56.8 57.4 72.1
TOTAL LIABILITIES 79.4 79.9 91.1
TOTAL EQUITY AND LIABILITIES 1,964.5 1,946.5 1,967.4
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 24 =====

Audit
This report has not been subject to a limited review by the Group’s auditors.  
Signatures 
The undersigned certify that this interim report gives a true and fair overview of the Parent Company’s and the Group’s 
operations, financial position, performance and describes the material risks and uncertainties facing the Parent 
Company and the companies in the Group.  
April 27, 2023
Hermann Haraldsson  
Group CEO  
In accordance with authorisation given by the Board of Directors 
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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Additional 
information 
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 26 =====

Information by quarter
SEK million unless otherwise indicated Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
NET REVENUE
Boozt.com 1,278.6 2,078.6 1,116.1 1,276.9 1,138.8 1,697.9 1,031.8 1,270.8 937.6 1,247.9 796.2 1,070.1
Booztlet.com 246.1 359.5 212.0 276.3 285.3 270.0 200.3 205.5 199.8 177.3 143.9 158.1
NET REVENUE 1,524.6 2,438.1 1,328.1 1,553.2 1,424.0 1,967.9 1,232.1 1,476.3 1,137.4 1,425.1 940.1 1,228.2
OPERATING PROFIT/LOSS (EBIT)
Boozt.com 5.5 158.4 32.0 49.1 3.8 113.1 11.1 67.4 44.9 85.4 37.1 101.2
Booztlet.com -8.0 -0.5 3.5 15.6 -8.6 4.9 -3.7 13.5 13.3 16.6 10.8 19.1
OPERATING PROFIT/LOSS (EBIT) -2.5 157.9 35.5 64.7 -4.8 117.9 7.4 80.9 58.3 102.0 47.9 120.3
OPERATING PROFIT/LOSS (EBIT) %
Boozt.com 0.4% 7.6% 2.9% 3.8% 0.3% 6.7% 1.1% 5.3% 4.8% 6.8% 4.7% 9.5%
Booztlet.com -3.3% -0.2% 1.7% 5.6% -3.0% 1.8% -1.8% 6.6% 6.7% 9.4% 7.5% 12.1%
OPERATING PROFIT/LOSS (EBIT) % -0.2% 6.5% 2.7% 4.2% -0.3% 6.0% 0.6% 5.5% 5.1% 7.2% 5.1% 9.8%
EARNINGS BEFORE TAX
Boozt.com 2.3 156.5 27.6 44.7 0.6 106.8 5.8 65.2 42.1 81.5 35.4 97.7
Booztlet.com -8.6 -0.9 2.7 14.7 -9.3 3.8 -3.7 12.2 12.7 17.5 8.8 19.2
EARNINGS BEFORE TAX -6.3 155.7 30.2 59.3 -8.8 110.7 2.1 77.4 54.8 99.0 44.2 116.9
ADJUSTED EBIT
Boozt.com 21.8 169.6 23.5 63.1 15.7 140.7 25.6 84.6 53.6 120.1 55.8 119.4
Booztlet.com -4.9 1.0 1.9 18.0 -6.9 8.8 -1.3 15.5 15.1 20.6 13.8 21.6
ADJUSTED EBIT 17.0 170.7 25.3 81.0 8.8 149.5 24.3 100.1 68.7 140.7 69.7 141.1
ADJUSTED EBIT %
Boozt.com 1.7% 8.2% 2.1% 4.9% 1.4% 8.3% 2.5% 6.7% 5.7% 9.6% 7.0% 11.2%
Booztlet.com -2.0% 0.3% 0.9% 6.5% -2.4% 3.3% -0.6% 7.5% 7.6% 11.6% 9.6% 13.7%
ADJUSTED EBIT % 1.1% 7.0% 1.9% 5.2% 0.6% 7.6% 2.0% 6.8% 6.0% 9.9% 7.4% 11.5%
Rounding differences may affect the summations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 27 =====

Information by quarter
SEK million unless otherwise indicated Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
EBIT MARGIN (%)
Gross margin (%) 38.5% 38.3% 40.1% 41.3% 39.3% 41.0% 40.4% 39.9% 40.3% 43.0% 42.8% 41.5%
Fulfillment cost ratio (%) -12.1% -10.5% -11.6% -11.4% -12.6% -12.1% -12.2% -11.4% -11.1% -11.0% -11.6% -11.1%
Marketing cost ratio (%) -10.0% -10.7% -11.4% -11.0% -11.0% -10.2% -12.0% -9.6% -10.6% -10.1% -11.4% -8.0%
Admin & other cost ratio (%) -12.5% -8.2% -10.3% -11.3% -12.2% -10.4% -12.0% -10.8% -10.1% -12.4% -11.5% -10.1%
Depreciation (%) -4.0% -2.4% -4.2% -3.5% -3.8% -2.4% -3.5% -2.6% -3.3% -2.3% -3.3% -2.4%
EBIT MARGIN (%) -0.2% 6.5% 2.7% 4.2% -0.3% 6.0% 0.6% 5.5% 5.1% 7.2% 5.1% 9.8%
Adjusted admin & other cost ratio (%) -11.2% -7.7% -11.0% -10.2% -11.3% -8.8% -10.7% -9.5% -9.2% -9.7% -9.1% -8.4%
Net working capital - percent of LTM net revenue 9.7% -1.6% 8.4% 9.6% 7.7% 4.8% 9.7% 7.5% 7.8% 1.7% 0.3% 2.3%
BOOZT.COM
No. of orders (000) 1,297 2,081 1,184 1,413 1,277 1,943 1,200 1,574 1,163 1,543 982 1,317
True frequency  6.9 5.8 7.0 6.6  6.9  5.9  6.9  6.3  6.7  6.0  7.1  7.3 
Average order value (SEK)  938 959 872 853  838  837  807  803  815  819  808  820 
Active customers (000) 2,508 2,503 2,471 2,477 2,531 2,503 2,331 2,257 2,158 2,043 1,852 1,774
No. of orders per active customer  2.38  2.38  2.35 2.35  2.37  2.35  2.35  2.33  2.32  2.30  2.33  2.36 
BOOZTLET.COM
No. of orders (000)  258 404 247 342  345  361  264  292  277  255  209  233 
Average order value (SEK)  920 861 833 791  810  723  714  669  705  640  666  682 
Active customers (000)  748 775 738 733  691  657  594  564  539  469  396  340 
No. of orders per active customer 1.67 1.73 1.75 1.79 1.83 1.82 1.83 1.83 1.81 1.79 1.78 1.77
NET REVENUE - GEOGRAPHICAL SPLIT
Nordics 1,396.5 2,257.7 1,257.1 1,453.2 1,297.2 1,802.9 1,154.7 1,370.3 1,051.2 1,311.8 893.4 1,132.3
Rest of Europe 128.2 180.5 71.0 100.0 126.7 165.0 77.3 106.0 86.2 113.3 46.7 95.9
TOTAL NET REVENUE 1,524.6 2,438.1 1,328.1 1,553.2 1,424.0 1,967.9 1,232.1 1,476.3 1,137.4 1,425.1 940.1 1,228.2
Rounding differences may affect the summations.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 28 =====

Definitions and rationale for the use 
of certain Alternative Performance 
Measures (APM)
The quarterly report contains certain performance measures that are not defined in accordance with IFRS (alternative performance 
measures). The performance measures included are used by investors, securities analysts and other stakeholders as additional 
measures of performance and financial position. The Group’s alternative performance measures are not necessarily comparable to 
similar measurements presented by other companies and have certain limitations as analytical tools. They should therefore not be 
considered separately from, or as a substitute for, the Group’s financial information prepared in accordance with IFRS.
Definitions, calculations, and rationale behind the use of included alternative performance measures are available on the Group’s 
website www.booztgroup.com/reports-and-presentations , “Q1 Report 2023” – “Key financials”.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 29 =====

Financial calendar
August 18, 2023 
Half-year report January-June 2023 
November 7, 2023 
Interim report January-September 2023
Financial reports
Consolidated financial statements are available at www.booztgroup.com . Boozt AB (publ) is a public limited company.  
In case of enquiries or questions to the Group, please contact:
Ronni Funch Olsen, Head of Investor Relations  
rofo@boozt.com  / +45 31 22 04 56
or
Sandra Gadd, Group CFO  
sga@boozt.com  / +46 768 27 61 18
The interim report is such information as Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act.  
The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on April 27, 2023.
This report may contain forward-looking information that is based on the present expectations of Boozt’s management. No assurance may be given that these expectations 
will prove to be correct. Actual outcomes may deviate significantly from what is reflected in the forward-looking information due to changed conditions relating to the 
economy, market or competition, changes in legal requirements and other political measures, fluctuations in exchange rates and other factors outside of Boozt’s control.
BOOZT GROUPINTERIM FINANCIAL REPORT Q1 2023
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===== SIDA 30 =====

Contact details
Adress: Hyllie Boulevard 35 215 37 Malmö, Sweden  
Phone: +46 40 12 80 05 
E-mail: info@boozt.com  
www.booztgroup.com  
Org. nr: 556793-5183
VAT nr: SE556793518301