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LPP (LPP) investor relations material

LPP Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary25 Sep, 2025

Executive summary

  • Achieved strong double-digit like-for-like sales growth, with Sinsay and Reserved leading, and robust performance in both traditional and online channels.

  • E-commerce sales grew 16–19.7% YoY in Q2/H1, reaching up to 26.9% of total sales, despite lower online traffic and optimized marketing spend.

  • Continued profit growth in 2Q25, with EBITDA, EBIT, and net profit all increasing year-over-year.

  • Network expansion continued, with 296 new stores opened, especially in Sinsay, and entry into new markets such as Uzbekistan and Albania.

  • Operational efficiency improved through cost control, logistics investments, and performance marketing optimization.

Financial highlights

  • 2Q25 revenue reached PLN 5.6bn (+17% YoY); 1H 2025 revenue was PLN 10.5bn (+12.9% YoY); EBITDA for H1 exceeded PLN 2.1bn (+17.6% YoY); EBIT for Q2 was PLN 689m; net profit for H1 was PLN 799m (+11% YoY).

  • Gross margin stabilized at 54.0%, slightly down YoY due to Sinsay's higher share and increased promotions.

  • Online sales accounted for up to 26.9% of total sales in H1 2025.

  • Inventory turnover increased to 176 days, with over 75% of inventory dedicated to Autumn/Winter 2025.

  • Net debt/EBITDA ratio at 1.3, with net debt at PLN 5.7bn.

Outlook and guidance

  • Full-year 2025 revenue targeted at PLN 23–24bn, with double-digit growth in both traditional and online channels.

  • Gross margin expected at 53–54%, SG&A/sales at 41–42%, EBITDA margin 19–20%, net margin 7–8%.

  • Planned opening of 200–250 new stores in Q3 and 400–450 in Q4, mainly Sinsay, targeting around 1,100 stores.

  • Capex for 2025 planned at PLN 3.1bn, focused on store and logistics expansion.

  • Inventory control targeted for 2026, aiming for optimal levels within 2–3 quarters.

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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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