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DNB Markets – Nelly: Profitability has to wait

Nelly issued a profit warning for Q2 last week. Despite a higher gross margin and lower warehousing costs, operating profit has been decreasing in Q2, mainly due to lower revenues. Nelly expects sales growth to decline by a double-digit percentage and operating profit is expected to be negative or close to zero in Q2. Accordingly, we have reduced our 2022–2024e sales and EBIT, and in turn lowered our fair value to SEK15–25/share (35–45/share).Nelly issued a Q2 profit warning. Its expectations of weaker sales are primarily driven by fewer visits to its websites, and e-commerce saw weaker

DNB Markets - Nelly: Profitability from Q2e

Nelly reported Q4 sales 1% above our forecast but EBIT SEK2m below. However, we are more optimistic about the sales growth and EBIT margin trend following upbeat management comments on the near-term outlook. As a result, we have raised our fair value to SEK35–45/share (SEK30–40).Q4 results. Sales of SEK407m (1.2% above our forecast of SEK402m) were driven by 9% growth in the core Nordic operations, in part due to more customers. Gross profit of SEK177m (1% below our forecast of SEK179m) was affected by cost inflation and supply-chain disruptions. Nelly reported a gross margin of 43.4% (

Nelly's new warehouse gets a modern automation solution for fast and efficient deliveries

Nelly Group AB (publ) (“Nelly”) gathers its operations in Borås to boost cooperation and efficiency. As previously announced, Nelly will move its warehouse from Falkenberg to Borås in 2021. It has now been decided that Nelly's new and energy efficient warehouse will be automated through an AutoStore system supplied by Element Logic.The automation solution is manufactured by Autostore, designed and delivered by Element Logic and financed through a supplement on the rent to Catena, the incoming owner of the new warehouse premises in Borås. The investment in automation and track systems

NOTICE TO ATTEND THE EXTRAORDINARY GENERAL MEETING

The shareholders of Nelly Group AB (publ), org. nr. 556035-6940, (”Nelly Group”) are hereby invited to the Extraordinary General Meeting to be held on Wednesday, 16 December 2020. Due to the COVID-19 pandemic, the meeting will be carried out only through postal voting pursuant to temporary legislation. It will not be possible for shareholders to attend the general meeting in person or by proxy.RIGHT TO ATTEND THE MEETING Shareholders who wish to attend the Extraordinary General Meeting shall i. be entered as shareholders in the share register maintained by Euroclear Sweden AB in

Qliro Group has changed its name to Nelly Group to reflect its current business

Qliro Group has distributed CDON AB and Qliro AB to its shareholders. The group’s only subsidiary is the fashion company Nelly. To reflect its current business, Qliro Group AB (publ) has changed its name to Nelly Group AB (publ). Today, Kristina Lukes took on her position as CEO of Nelly Group.- Today begins a new phase for the group with a focus on Nelly. Nelly is one of the Nordic region's strongest brands in fashion for young women. Our brand encourages young women to celebrate that they are fabulous and to express themselves with fashion. Nelly.com is a fashion destination with 119

CDON AB's shares will be admitted to trading on Nasdaq First North Growth Market

Press release, Stockholm, 27 October 2020CDON AB ("CDON") today publishes a company description prior to the admission to trading of CDON's shares on Nasdaq First North Growth Market. CDON has received a conditional approval for listing and the first day of trading will be Friday, 6 November 2020. The admission to trading is part of the distribution of all of Qliro Group AB's (publ) (“Qliro Group”) shares in CDON to the holders of ordinary shares in Qliro Group, which was resolved at an Extraordinary General Meeting of Qliro Group on 26 October 2020. CDON's company description will be

Bulletin from Qliro Group's Extraordinary General Meeting 26 October 2020 - resolution on distribution of the subsidiary CDON

Qliro Group AB (publ) (“Qliro Group”) today held an Extraordinary General Meeting (“EGM”). The EGM resolved to distribute all shares in the subsidiary CDON AB (“CDON”) to the holders of ordinary shares in Qliro Group.The EGM resolved, in accordance with the proposal of the Board of Directors, to distribute all shares in the wholly-owned subsidiary CDON to the holders of ordinary shares in Qliro Group. Thirty (30) ordinary shares in Qliro Group entitle the holder to one (1) share in CDON. If the current shareholding in Qliro Group is not evenly divisible by thirty (30) it will be rounded

Interim report for January 1 – September 30, 2020

SPLIT-UP BEING FINALIZED THIRD QUARTER · Net sales amounted to SEK 460.7 (540.8) million- CDON increased external merchant’s sales by 100 percent. Net sales increased by 82 percent for CDON Marketplace (service income) and decreased by 42 percent for CDON Retail (sale of own goods).- Nelly’s sales in the Nordics decreased by 3 percent but was stable in local currencies in the Nordic. In line with the Nordic focus, sales decreased outside the region. · Operating profit before depreciation and amortization improved to SEK 14.0 (-0.8) million- CDON’s operating profit before

Qliro Group changes management and name

Press release, Stockholm, 20 October 2020 Qliro Group's Board of Directors has appointed Kristina Lukes as the new CEO from November 6 2020 and John Afzelius as the new CFO from April 1 2021. Kristina and John currently have corresponding roles at the subsidiary Nelly. Nelly will be Qliro Group's remaining business after the distribution of Qliro AB and CDON. To reflect the company's new focus, Qliro Group changes its name to Nelly Group around November 6. As previously announced, Mathias Pedersen is leaving his role as CEO as the split-up of Qliro Group is being completed. David Granath

Invitation to Conference Call following Qliro Group’s report

Qliro Group will publish its report for the third quarter 2020 on Wednesday 21th of October at 8 a.m. Analysts, investors and media are invited to a conference call the same day at 10 a.m. The conference call will also be webcasted on www.qlirogroup.com.The conference call will be in English and hosted by CEO Mathias Pedersen and CFO David Granath. Click to join:https://events.globalmeet.com/Public/ClickToJoin/ZW5jPUZZWUZDa1V1NEV5ZWlDMU9Hb1VNWE5zaHl1NW5jVGVodEtGUTJ0WFZJNjQ3ZG53UjZQUVQ1Zz09 The link becomes active 15 minutes prior to the meeting. Or dial-in:Sweden +46 8 5033

Information brochure before the proposed distribution of CDON AB

Press release, Stockholm, 5 October 2020 The board of directors of Qliro Group has proposed that an Extraordinary General Meeting on 26 October 2020, resolves on a distribution of all shares in CDON AB to Qliro Group's shareholders. Today, an information brochure is published regarding the proposed distribution. The distribution of, and the first day for trading in, the shares in CDON AB is expected to take place in November. The information brochure contains information on CDON AB, the remaining group that focuses on Nelly, the proposed distribution and the subsequent listing of CDON

Election of new Board members in Qliro Group and resolution on distribution of the subsidiary Qliro – listing prospectus to be published during today

Qliro Group AB (publ) ("Qliro Group") today held an Extraordinary General Meeting. The Meeting elected Mathias Pedersen and Josephine Salenstedt as new Board members and resolved to distribute all shares in the subsidiary Qliro AB ("Qliro") to the holders of ordinary shares in Qliro Group.New Board membersThe Extraordinary General Meeting elected Mathias Pedersen and Josephine Salenstedt as new Board members to replace Andreas Bernström and Jessica Pedroni Thorell. Andreas Bernström and Jessica Pedroni Thorell resigned as Board members on 18 September 2020 following the completion of

NOTICE TO ATTEND THE EXTRAORDINARY GENERAL MEETING

N.B. This notice is a translation of a Swedish notice, and in case of any conflict between the two language versions, the Swedish version shall prevail. The shareholders of Qliro Group AB (publ), org. no. 556035-6940, (”Qliro Group”) are hereby invited to the Extraordinary General Meeting on Monday 26 October 2020 at 10.00 a.m. at the company's premises on Sveavägen 151 in Stockholm, Sweden. The doors open for shareholders at 09.45 a.m. CETSpecial arrangements in view of the spread of the corona virus The continued development of the spread of the corona virus (COVID-19) remains

Qliro Group's Board of Directors proposes distribution of the shares in CDON AB to Qliro Group's shareholders

Press release, Stockholm, 25 September 2020 Qliro Group's Board of Directors will today convene an Extraordinary General Meeting on October 26, 2020 to resolve upon the distribution of all the shares in the wholly owned subsidiary CDON AB (“CDON”) to Qliro Group's shareholders. Provided that the Extraordinary General Meeting resolves upon the distribution, CDON's shares are expected to be admitted to trading on Nasdaq First North Growth Market. On Monday September 28, 2020, a previously convened Extraordinary General Meeting in Qliro Group will resolve upon a proposal to distribute the

Changes in Qliro Group’s Board of Directors

Press release, Stockholm, 18 September 2020 Andreas Bernström and Jessica Pedroni Thorell have today resigned from their Board assignments in Qliro Group after the completion of Kinnevik's sale of the shares in Qliro Group. “On behalf of the Board, I would like to thank Andreas Bernström and Jessica Pedroni Thorell for their valuable contributions to Qliro Group,” commented Christoffer Häggblom, Chairman of Qliro Group. As previously announced, Rite Ventures proposes that the Extraordinary General Meeting on September 28 shall elect Mathias Pedersen and Josephine Salenstedt as new

Rite Ventures has completed the acquisition of the shares in Qliro Group from Kinnevik

Press release, Stockholm, 18 September 2020 Qliro Group announced on June 11, 2020 that the company had been informed that its two largest shareholders, Kinnevik and Rite Ventures, had entered into an agreement meaning that Rite Ventures would acquire 36,021,945 shares in Qliro Group from Kinnevik. The transaction was conditional on approval from the Swedish Financial Supervisory Authority, which has now been announced. This means that the transaction now has been completed and that Rite Ventures is the largest shareholder in Qliro Group with 25.06 percent of the total number of shares

Information brochure before the proposed distribution of Qliro AB

Press release, Stockholm, 4 September 2020 The board of directors of Qliro Group AB has proposed that an extraordinary general meeting on 28 September 2020, resolves on the distribution of all shares in Qliro AB to Qliro Group's shareholders. Today, an information brochure is published regarding the proposed distribution. The distribution of, and the first day for trading in, the shares in Qliro AB is expected to take place around October 2, 2020.The information brochure contains information on Qliro AB, the remaining group (Nelly and CDON), the proposed distribution and the subsequent

Increased number of shares and votes in Qliro Group

Qliro Group AB (publ) (“Qliro Group”) today announces that the total number of shares and votes in Qliro Group amounts to 184,949,730. The increase in number of shares refers to the directed issue of 29,954,951 ordinary shares resolved upon by the board of directors on 26 August 2020.As of 31 August 2020, the total number of shares and votes in Qliro Group amounts to 184,949,730, of which 179,729,730 are ordinary shares and 5,220,000 are class C shares. All class C shares are held as treasury shares by Qliro Group. This information is information that Qliro Group AB (publ) is obliged to

NOTICE TO ATTEND THE EXTRAORDINARY GENERAL MEETING

The shareholders of Qliro Group AB (publ) are hereby invited to the Extraordinary General Meeting on Monday 28 September 2020 at 10.00 a.m. at the company's premises on Sveavägen 151 in Stockholm. The doors open for shareholders at 09.45 a.m. CETSpecial arrangements in view of the spread of the corona virus The continued development of the spread of the corona virus (COVID-19) remains difficult to assess with any certainty. Qliro Group is carefully monitoring developments. As a precautionary and risk-minimising measure for its shareholders and employees etc. Qliro Group has decided to

Qliro Group has carried out a directed share issue of approximately SEK 210 million – the Board of Directors proposes a distribution of the shares in Qliro AB to the shareholders of Qliro Group

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR OTHER MEASURESPress release, Stockholm, 26 August 2020 Qliro Group AB (publ) (“Qliro Group” or the “Company”) (Nasdaq Stockholm: QLRO) hereby announces that the Company has carried out a directed share issue of approximately 30 million new ordinary shares, at a subscription price of SEK 7.00 per share (the “New

Half-year report for January 1 – June 30, 2020

GOOD OPERATIONAL DEVELOPMENT IN THE QUARTER THE GOAL IS TO COMPLETE THE SPLIT-UP IN 2020SECOND QUARTER · Net sales amounted to SEK 683.9 (732.8) million- Qliro AB increased the loan book by 29 percent and total operating income by 10 percent, adjusted for the previously announced non-recurring effect of SEK 8.4 million- CDON increased total marketplace sales by 44 percent and external merchant sales by 106 percent. Net sales increased by 89 percent for CDON Marketplace and decreased by 22 percent for CDON Retail (our own sales)- Nelly’s sales were flat in the Nordics despite a

Qliro Group removes its subsidiaries' previous financial targets. The Group's goal is to complete the split-up during 2020

Press release, Stockholm, 14 July 2020 Qliro Group removes the financial targets and previous guidance for 2020 for its subsidiaries. The Group's goal is to complete the planned split-up during 2020, where Qliro AB, CDON and Nelly will become separately listed companies, and in addition limit the central management costs. Qliro AB:s previous targets were set based on a planned IPO with a capital injection, and before Covid-19 impacted the size of the credit loss provisions. CDON's previous growth target is achieved, and the external merchants’ sales is growing significantly faster.

One-off effects in the second quarter for the subsidiary Qliro AB

Press release, Stockholm, 3 July 2020 Qliro Group's subsidiary Qliro AB reports two negative one-off effects totalling SEK 24 million in the second quarter. The first effect is an impairment of intangible fixed assets of SEK 16 million. The second effect is due a changed method regarding when commissions to Qliro AB's merchants are recorded and is estimated at SEK 8 million.Qliro AB's intangible fixed assets amounted to SEK 183 million at the end of the first quarter. These mainly relates to proprietary intangible assets such as the check-out solution and the digital platforms such as

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