Lubawa S.A. (LBW) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated revenues of 616.7 million PLN, up 20.9% year-over-year, and net profit of 126.1 million PLN, up 25.4% from 2024.

• Growth driven by strong demand in defense and security sectors, especially due to geopolitical tensions and increased defense budgets in Poland and Europe.

• Major international contracts, including a €18 million deal for anti-drone ponchos for a NATO country, and significant domestic contracts for protective equipment.

• All main business segments contributed positively, with the textiles segment showing the highest growth.

Financial highlights

• Consolidated sales: 616.7 million PLN (+20.9% YoY); net profit: 126.1 million PLN (+25.4% YoY).

• EBITDA: 163.0 million PLN (+23.1% YoY); EBIT: 146.3 million PLN (+26.1% YoY).

• Gross margin: 41.0% (up from 40.2%); net margin: 20.5%.

• Lubawa S.A. standalone: revenue 278.3 million PLN (+10.1% YoY), net profit 47.8 million PLN (+36.4% YoY).

• Cash and equivalents plus short-term investments increased, indicating strong liquidity.

Outlook and guidance

• Strategic focus on synergy, cost optimization, and innovation to sustain growth.

• Plans to maintain EBITDA margin at 15% and reach 500 million PLN consolidated revenue by 2026, already surpassed in 2025.

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

• Geopolitical risks (Ukraine, Middle East) may impact costs but also create long-term demand in defense segments.