Lubawa S.A. (LBW) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for Q1 2025 reached PLN 107.6m, up 6.7% year-over-year; net profit was PLN 11.6m, down 21.6% from Q1 2024 due to lower margins in key segments.

• Lubawa S.A. standalone revenue rose 17% to PLN 24.2m, with net profit nearly doubling to PLN 2.2m, driven by reduced financial costs.

• Growth was supported by ongoing contract execution and increased demand in the defense segment.

Financial highlights

• Q1 2025 consolidated revenue: PLN 107.6m (Q1 2024: PLN 100.9m); net profit: PLN 11.6m (Q1 2024: PLN 14.8m).

• Operating profit: PLN 12.2m (Q1 2024: PLN 16.9m); EBITDA not separately disclosed.

• EPS: PLN 0.08 (Q1 2024: PLN 0.10); diluted EPS unchanged.

• Net cash from operations: PLN -66.0m (Q1 2024: PLN -28.3m); net cash from investing: PLN -53.1m; net cash from financing: PLN -0.06m.

• Total assets: PLN 719.8m (Q1 2024: PLN 574.2m); equity: PLN 475.0m (Q1 2024: PLN 377.3m).

Outlook and guidance

• Management expects the negative impact of EUR/PLN exchange rates on advertising materials to diminish in future quarters due to hedging.

• Ongoing multi-year contracts and increased defense sector demand are expected to support future performance.