Answear.com (ANR) Q4 2025 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth in 2025, reaching PLN 1.7bn, with stronger growth in constant currencies despite challenging market conditions and aggressive price competition.

• Maintained position as one of the fastest-growing fashion e-commerce companies in Europe, outperforming most competitors in revenue and EBITDA growth.

• Continued transformation toward premium and high-end segments, enriching the brand portfolio and optimizing product offerings.

Financial highlights

• Gross margin increased by 14% YoY to PLN 688m, with gross margin percentage up 0.2 p.p. to 40.4%.

• EBITDA rose 63% YoY to PLN 56m, with significant improvement in annual profitability, though Q4 EBITDA was under pressure from high marketing costs and price competition.

• Average order value (AOV) grew 4.3% YoY to PLN 394, with higher AOVs in premium segments.

• Polish market sales surged 31% YoY, while some foreign markets saw declines due to economic headwinds and FX impacts.

Outlook and guidance

• Revised 2026 EBITDA target downward by 10% due to Q4 2025 underperformance, but medium-term path to PLN 120m EBITDA in 2027 remains realistic.

• Plans for further expansion of premium brands, optimization of inventory and marketing, and continued focus on operational efficiency.

• Marketing expenditures to be optimized in 2026, aiming for improved ROI and profitability.