Answear.com (ANR) investor relations material

Executive summary

• H1 revenue rose 8.4% to PLN 815.044m; Q2 revenue grew 9.3% to PLN 436.3m, with online sales up 11.5%.

• H1 EBITDA was PLN 28.7m versus PLN 30.2m a year earlier; H1 net profit fell to PLN 1.451m from PLN 6.530m, while Q2 net profit rose 196% to PLN 8.3m.

• Q2 gross sales margin increased 1.3 pp to 44.9%; H1 gross margin rose to 42.6% from 41.7%.

• Premiumization, tighter product selection and improved inventory management supported sales and profitability; active customers reached 2.7m, up 4.1% year over year.

Financial highlights

• Q2 EBITDA increased 9% to PLN 22.1m; H1 operating profit was PLN 16.269m, down from PLN 18.263m, and H1 net margin was 0.18%.

• H1 gross profit was PLN 347m, up 10.7%; gross margin reached 42.6%, up 0.9 pp year over year.

• Q2 marketing expense rose 5.9% to PLN 86m, below online sales growth; H1 marketing expense was PLN 154.5m, equal to 19.6% of online sales.

• H1 operating cash flow improved to PLN 88.068m from negative PLN 11.459m; financing cash flow was negative PLN 114.863m.

• Inventory was 7% lower year over year; inventory turnover improved and the cash conversion cycle shortened by 33 days in H1.

Outlook and guidance

• Management expects Q3 sales growth to exceed the prior quarter and sees Q4 positively; successive 2026 quarters are expected to improve in sales growth and profitability, barring unexpected events.

• Further year-over-year gross margin growth and lower marketing costs as a share of revenue are expected in coming quarters; Q4 marketing spend is expected below last year, mainly online and without a TV campaign.

• Management cited small double-digit sales growth, gradual margin improvement and marketing-cost optimization as support for the PLN 90m EBITDA incentive target, and was optimistic about achieving or nearing it.

• Priorities include premium brand expansion, inventory optimization, AI investment, and growth in app downloads and loyalty membership; no formal financial forecasts were published.