Lubawa S.A. (LBW) Q2 2025 earnings summary

Executive summary

• Achieved record financial results in H1 2025, with strong contract acquisition and execution in both domestic and international markets.

• Consolidated sales reached PLN 312.0 million, up 52.2% year-over-year; net profit was PLN 56.9 million, the highest H1 result in group history.

• Major growth in specialist equipment and technical textiles segments, driven by large contracts and new orders, especially for defense and NATO clients.

• Key contracts included anti-drone ponchos for NATO and ballistic vests for police and military.

Financial highlights

• Revenue: PLN 312.0 million (+52.2% YoY); Net profit: PLN 56.9 million (+90.7% YoY).

• EBITDA: PLN 75.9 million (+76.1% YoY); EBIT: PLN 68.8 million (+100.9% YoY).

• Gross margin: 35.2% (up from 32.8%); ROE: 10.9%; ROA: 8.5%.

• Cash flow from operations: -PLN 62.1 million; net cash change: -PLN 103.5 million.

• Equity: PLN 520.1 million (+12.4% from 2024 year-end); total assets: PLN 671.5 million.

Outlook and guidance

• Management expects continued high demand for defense and specialist products due to geopolitical uncertainty and ongoing sales efforts.

• No financial forecasts were published for H1 2025.

• Investment plans to be financed from own funds, loans, and external sources; no issues foreseen in funding future investments.