Lubawa S.A. (LBW) investor relations material

Executive summary

• Consolidated revenue for H1 2026 was 258.8 million PLN, down 17.1% year-over-year, with net profit at 41.2 million PLN, a 27.6% decrease from H1 2025, but up 26.2% and 38.3% respectively versus H1 2024.

• The textiles segment led with 100.9 million PLN in external sales (+59.4% y/y), while specialist equipment and advertising materials segments saw declines.

• Major new contracts were signed, including a 586 million PLN deal for military camouflage systems and a letter of intent for a potential 2 billion PLN contract.

• The group continues to focus on cost efficiency, product innovation, and leveraging synergies among subsidiaries.

Financial highlights

• Gross profit from sales was 89.98 million PLN, down 18.1% year-over-year.

• EBITDA reached 54.3 million PLN (21.0% margin), down from 75.9 million PLN (24.3%) in H1 2025.

• Net profit margin was 15.9% (vs. 18.2% in H1 2025).

• Operating cash flow was negative at -33.5 million PLN; cash at period end was 61.0 million PLN, down from 138.0 million PLN at year-end 2025.

• Equity increased to 629.5 million PLN (+7% vs. year-end 2025); total assets decreased by 5.5% to 755.0 million PLN.

Outlook and guidance

• Management expects continued growth in the textiles segment and stable demand for defense-related products due to geopolitical factors.

• Ongoing investments in R&D, automation, and new product development are planned.

• No financial forecasts were published for H1 2026.