Spinneys 1961 (SPINNEYS) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached AED 3.6 billion, up 13.1% year-over-year, with 10.7% like-for-like growth.

• E-commerce sales grew 37% to 17% of total sales; 13 new stores opened, the largest annual network expansion to date.

• Profit after tax rose 14.5% to AED 332 million, with a 9.1% margin.

• Three smaller stores were closed after migration to larger formats; the network ended the year at 90 stores.

• Board recommended a final dividend of AED 129.6 million, or 3.60 fils per share, bringing the full-year payout to 75% of annual profit.

Financial highlights

• Revenue rose 13.1% to AED 3.6 billion; gross profit increased 14.7% to AED 1.53 billion.

• Adjusted EBITDA increased 15.9% to AED 731 million, with a 20% margin.

• Profit before tax rose 22.4% to AED 395 million; profit after tax was AED 332 million, up 14.5%.

• Free cash flow was AED 463 million, with a 93.6% conversion rate.

• Net debt was AED 259 million, with cash and bank balances of AED 776 million.

Outlook and guidance

• FY2026 revenue growth guidance is 9–11%, including like-for-like growth of 6–8%.

• Plan to open 6–10 stores in FY2026, excluding Kuwait and the Philippines; planned expansion includes two KSA stores and first stores in Kuwait and the Philippines.

• Adjusted EBITDA margin guidance is 18–20%; capex is expected at 3.5–4.0% of revenue, including higher investment for Food Tech Valley.