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LPP (LPP) investor relations material
LPP Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary11 Dec, 2025
Executive summary
Q3 2025 revenue reached PLN 6.1 billion, up 22% year-over-year, with 4.3% like-for-like sales growth and Sinsay as the main growth engine.
EBITDA rose 48%, EBIT 61%, and adjusted net profit 39% YoY, reflecting improved profitability and operational efficiency.
232 new stores opened in Q3, mainly Sinsay, bringing the total to nearly 3,500 stores and Sinsay stores to over 2,000.
E-commerce sales grew 22% YoY in constant currency, now 27.4% of group revenues, with omnichannel up 32% during Black Week.
Over PLN 1.2 billion in dividends paid, with a yield around 4% and a second tranche of PLN 330 per share in October.
Financial highlights
Q3 sales reached PLN 6.1 billion, EBITDA PLN 1.7 billion, EBIT PLN 1.2 billion, and adjusted net profit PLN 800 million.
Gross profit margin improved to 57.6%, aided by favorable FX rates and fewer promotions.
SG&A costs rose 13.5% YoY, but per m² fell 9% YoY due to automation and lower marketing spend.
Inventory per square meter dropped significantly, improving working capital.
Online sales in Q3 2025 grew 20.7% YoY, representing 27.4% of total sales.
Outlook and guidance
FY2025 guidance: at least PLN 23–23.5 billion in sales, 20% growth in both online and offline, gross margin 54.5–55%, OPEX 40.5–41% of sales, and net debt at 1.1x.
FY2026 targets: at least PLN 28–29 billion in sales, EBITDA margin 22–23%, CapEx PLN 2.6 billion, and lower logistics spending.
350–400 new stores planned for Q4, mostly Sinsay, with floorspace to increase 25–30% in 2025.
2027 revenue target set at minimum PLN 33 billion, with continued dividend growth.
Re Trading write-off recovery prospects?
How new financing supports capex strategy?
Sinsay's long-term market share strategy?
Sinsay mini-format freeze rationale?
LPP's strategy vs. Chinese e-commerce platforms?
Quantify refinancing savings for 2026-27.
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Next LPP earnings date
Q4 24/253 Apr, 2026
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Frequently asked questions
LPP SA designs, manufactures, distributes and retails clothing for women, men and children. The company has a network of retail stores in South Africa and exports to Tanzania, Zambia, Botswana, Swaziland, Nigeria and Angola. Its portfolio includes several brands of international repute such as Mannequins, Fashion Network and its own label. The company was founded in 1989 and is headquartered in Gdansk, Poland.
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