Wittchen (WTN) Q4 2025 earnings summary

Executive summary

• Achieved record annual sales in 2025, with revenue up 5% year-over-year, driven by strong Q4 performance and robust online growth.

• Online sales accounted for 55.8% of annual revenue, with e-commerce orders up 18% year-over-year.

• Net profit for 2025 increased by 3.2% year-over-year, supported by higher sales and lower financial costs.

• Maintained stable gross margin above 61% despite competitive pressures.

Financial highlights

• Revenue for 12M25: PLN 476.7m (+5.0% y/y); Q4 revenue: PLN 151.1m (+13.5% y/y).

• Gross margin: 61.5% in Q4 and 61.7% for the year, stable year-over-year.

• Operating profit for 12M25: PLN 47.9m (-7.5% y/y); Q4 operating profit: PLN 21.3m (+13.9% y/y).

• Net profit for 12M25: PLN 35.3m (+3.2% y/y); Q4 net profit: PLN 16.7m (+88.9% y/y).

• EBITDA for 12M25: PLN 80.0m (-3.4% y/y); Q4 EBITDA: PLN 29.4m (+18.1% y/y).

Outlook and guidance

• Focus on further e-commerce development and optimization of the stationary network.

• Product mix evolution towards higher share of apparel and accessories, lower share of luggage.

• Cost efficiency improvements and expansion of the distribution center planned.

• Management prioritizes debt restructuring, profitability improvement, and investment financing; no dividend recommended for 2025-2027.