Esotiq & Henderson S.a. · GPW:EAH
Esotiq & Henderson — FY2025 Earnings Presentation
34 slides from Esotiq & Henderson's earnings presentation, April 2026
Slide 1: Investor Presentation FY2025 Results
Investor Presentation FY2025 RESULTS April 2026
Slide 2: FY2025 Financial Results
ESOTIO @ HENDERSON FY2025 Financial Results
Slide 3: FY2025 Summary
FY2025 Summary AND EVENTS UP TO THE REPORT PUBLICATION DATE 216.9 PLN m GROSS PROFIT 323.6 287 PLN m REVENUE NUMBER OF STORES 71.7 PLN m REVENUE The Group's consolidated gross profit on In 2025, the Group achieved PLN At the end of 2025, the Group's According to preliminary data, consolidated revenu
Slide 4: FY2025 Financial Results (PLN m)
FY2025 Financial Results (PLN m) +8.5% -11.8% -20.0% -29.4% YoY YoY YoY YoY Group: 323.6 REVENUE 31.7 EBITDA 14.8 EBIT 7.7 NET PROFIT +8.3% -10.0% -19.1% -27.4% YoY YoY YoY YoY Parent company: 318.7 32.5 15.0 8.1 REVENUE EBITDA EBIT NET PROFIT 4
Slide 5: Income Statement 4Q - Parent Company
Income Statement 4Q PARENT COMPANY • Revenue grew by 9.4% YoY, reaching PLN 87.49m. In PLN k 4Q25 4Q24 Change Change % • Gross profit on sales increased by 8.2% YoY to PLN Revenue from sales 87,488 79,964 7,524 9.4% 57.54m, with a gross margin of 65.8% (a decline of 0.7 p.p. YoY). Cost of goods sold
Slide 6: Income Statement 4Q - Capital Group
Income Statement 4Q CAPITAL GROUP ▪ The fourth quarter of 2025 delivered revenue of PLN 88.7m, driven primarily by the Black Friday period and the Christmas season. In PLN k 4Q25 4Q24 Change Change % ▪ Gross profit on sales increased by 8.1% YoY to PLN Revenue from sales 88,670 81,513 7,157 8.8% 59.
Slide 7: Solid and stable gross margin level
Solid and stable gross margin level 100.0% 100.0 90.0% 72.5% 72.3% 80.0% 67.7% 68.9% 66.4% 66.0% 67.2% 65.9% 66.7% 80.0 62.0% 63.4% 62.7% 64.4% 63.8% 70.0% 58.9% 61.3% 58.9 59.2 60.0% 60.0 52.5 52.3 54.7 54.6 50.3 47.2 50.0% 42.1 41.8 44.2 37.6 38.2 38.3 40.0% 40.0 31.8 30.8 30.0% 20.0 20.0% 10.0% 0
Slide 8: Group Costs/m2
Group Costs/m2 GROUP OPERATING COSTS (PLN m) Costs/m2 per month 4Q25 4Q24 YoY Selling costs General and administrative costs 57.0 55.6 54.2 49.5 48.8 49.4 9.3 9.3 Group SG&A Costs 453 305 48.6% 46.2 47.0 44.6 43.8 8.5 44.0 8.5 10.0 40.6 8.0 39.1 39.2 39.0 7.7 7.6 37.6 8.9 Esotiq Poland stores 392 36
Slide 9: Debt and cash
Debt and cash GROUP FINANCIAL CASH FLOWS FY2025 (PLN m) ▪ The Group closed 2025 with a cash balance of PLN 6.1m. 40.0 ▪ In the fourth quarter of 2025, the Company allocated PLN 5.9m for dividend 35.0 5.3 -13.4 16.9 -1.8 1.1 -7.6 payment. The dividend record date was 29 September, 2025, and payment w
Slide 10: Working capital and inventories
Working capital and inventories WORKING CAPITAL (PLN k) • Esotiq & Henderson closed Q4 2025 with a strong operational foundation – inventory levels amounted to PLN 95.6m, 41,378 50,000 39,217 37,571 ensuring the Company's full sales readiness for the coming 45,000 35,123 35,141 34,859 34,760 34,660
Slide 11: Business summary
ESOTIQ @ HENDERSON Business summary
Slide 12: ESOTIQ brand stores in 8 countries
ESOTIQ brand stores in 8 countries 25 ON-LINE ▪ Sales strategy Esotiq is based on the brand's presence in Polish and European markets, realised through offline and Network of own, franchise and partner stores online channels, with particular emphasis on sales via Wholesale and multi-brand marketplac
Slide 13: Development of ESOTIQ retail store network
Development of ESOTIQ retail store network NUMBER OF STORES Store network optimisation 293 ▪ We strengthened our strategic cooperation with a key partner 288 287 275 273 274 ▪ We held discussions on introducing lingerie and perfumery assortment to additional retail 271 261 chains, opening new distri
Slide 14: Development of Esotiq online sales
Development of Esotiq online sales 97.1 PLN m 30% OF SALES GENERATED SHARE OF ONLINE ONLINE IN 2025 SALES ▪ Sales through proprietary e-commerce platforms and external marketplace, platforms ensuring wide reach to customers. ▪ Convenient online returns via mobile app. Customers initiating a return c
Slide 15: Online sales
Online sales E-STORE REVENUE (PLN k) ▪ In 2025, online sales were conducted on proprietary platforms: Esotiq.com, Henderson.pl oraz Vosedo.com. 35,000 29,153 26,419 ▪ In the fourth quarter, consolidated online sales revenue amounted to approx. 26.4 mln 24,616 30,000 23,306 PLN, an increase of 7% com
Slide 16: Export market development
Export market development Country/City Number of stores (31.12.2025) Planned directions for international sales development: Latvia 1 ▪ Expansion into the Romanian market – launching sales on the leading marketplace Moldova 1 eMAG, allowing us to reach a broad base of local customers. North Macedoni
Slide 17: International expansion plans 2024-2027
International expansion plans 2024-2027 ▪ The existing international expansion strategy has been reviewed. A Planned international comprehensive development plan for the Company's brands in international expansion markets has been created, focusing on selected product areas. Preparations are underwa
Slide 18: Esotiq mobile app
Esotiq mobile app ▪ Moving the sales process to the mobile app has significantly improved the shopping convenience for customers. This solution allows users to order products conveniently, saving time. Continuous app development and adaptation of its features to customer needs make the shopping expe
Slide 19: ESOTIQ marketing activities
ESOTIQ marketing activities 1.66 mln 753k 1.2 mln ESOTIQ CLUB members app downloads Views of the most popular post as of 31.12.2025 from the campaign ▪ Continued growth in social media reach ▪ Opening of a new store in Warsaw's Arkadia ▪ Development of the loyalty programme and app – launch of the Ś
Slide 20: Additional information
Additional information 20
Slide 21: Business model
Business model BRICK-AND-MORTAR STORES ONLINE SALES B2B OWN STORES OWN E-COMMERCE PLATFORMS In the Polish market, the company sells the Henderson brand through the B2B channel. Sales are directed to wholesalers, The company operates its own stores under the Esotiq brand The company is actively devel
Slide 22: Esotiq brand
Esotiq brand Esotiq is a women's lingerie, nightwear and swimwear brand, present on the Polish market for over 25 years. The brand's products are available in 266 mono-brand stores located throughout Poland and online – on the esotiq.com platform and selected marketplaces (incl. Zalando). The Esotiq
Slide 23: Esotiq brand
Esotiq brand Marketing activities are supported by collaboration with top models Joanna Krupa and Marcelina Zawadzka, as well as celebrity partnerships that we will announce to the market shortly. In May, Esotiq also launched a collaboration with Ewa Chodakowska, aimed at strengthening the brand's i
Slide 24: New product line Bloovii
New product line Bloovii ▪ For customers seeking a modern aesthetic, a new product line, Bloovii, has been introduced, expanding the Company’s offering. ▪ Bloovii products are developed based on Esotiq’s professional expertise and experience, which distinguishes them in the market. ▪ The structure o
Slide 25: Henderson brand
Henderson brand Henderson is a men's and women's lingerie brand that has been present on the Polish market for 25 years. The brand is characterised by premium design, distinguished by timeless elegance. The minimalist, essential Henderson products are made from natural materials, ensuring high quali
Slide 26: Competitive advantage Esotiq brafitting
Competitive advantage Esotiq brafitting ▪ Brafitting is the Company's core competency and a key element of the sales journey across all distribution channels. ▪ Sales teams in Esotiq stores regularly participate in brafitting training to enhance their skills and effectiveness. ▪ The Company plans to
Slide 27: Deposit franchise in Poland
Deposit franchise in Poland Costs and responsibilities: Advantages: E&H (parent company) ▪ Goods and the sales system belong to E&H. ▪ Earning retail margin. ▪ E&H delivers goods to stores, manages cash flow and is responsible for promotions. ▪ Full control over goods. ▪ Sales are made on E&H's acco
Slide 28: Sales structure
Sales structure GROUP SALES STRUCTURE (PLN m) SPRZEDAŻY GRUPY (mln PLN) 100.0 Own Stores Franchise Stores Online Other 91.4 90.0 86.6 81.9 80.5 13.1 80.2 80.0 74.2 74.9 18.1 13.7 70.1 71.7 14.0 15.7 70.0 66.3 10.7 13.4 9.1 61.1 62.7 59.8 60.5 14.5 29.2 60.0 16.3 10.1 55.1 12.3 11.8 11.0 10.7 15.0 19
Slide 29: Store network development
Store network development 2022 2023 2024 2025 NUMBER OF STORES 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q BRAND Esotiq 305 299 296 295 292 292 286 288 288 287 289 293 290 289 286 287 Esotiq Poland 275 278 276 274 271 270 265 266 265 264 265 269 267 268 265 266 Partner stores 211 213 210 208 206
Slide 30: Store Area Development
Store Area Development 2022 2023 2024 2025 STORE FLOOR AREA m2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q BRAND Esotiq 18,836 18,535 18,285 18,241 18,088 18,028 17,643 17,775 17,788 17,945 18,087 18,326 18,365 18,337 18,188 18,216 Esotiq Poland 17,267 17,407 17,179 17,080 16,927 16,781 16,515 1
Slide 31: Development of average store size
Development of average store size 2022 2023 2024 2025 AVERAGE SALON SIZE m2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q BRAND Esotiq 62 62 62 62 62 62 62 62 62 63 63 63 63 63 64 63 Esotiq Poland 63 63 62 62 62 62 62 62 62 63 63 63 64 64 64 64 Partner stores 57 56 56 56 56 56 56 56 56 56 56 56 57
Slide 32: Quarterly Group Results
Quarterly Group Results In PLN M 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Group Revenue 51.3 55.5 74.8 60.2 61.1 61.1 82.1 71.1 63.2 72.4 81.2 81.5 67.0 75.5 92.4 88.7 Cost of Goods Sold 19.5 17.9 30.8 22.0 22.8 19.0 31.8 23.9 21.5 19.9 28.9 26.8 22.8 20.9 33.5
Slide 33: Share and Vote Structure
Share and Vote Structure AS OF 24 APRIL 2026 Other (<5% of votes at AGM) 29.49% Other (<5% of votes at AGM) 42.47% Patronado Limited 21.18% Patronado Limited 29.26% 2,233,500 3,233,500 pcs. pcs. Esotiq & Henderson S.A. (treasury shares) 8.44% Adam Dombrowicz- Szczepanowski Esotiq & Henderson Nemisam
Slide 34: Contact
Contact ESOTIQ & Henderson S.A. Ul. Budowlanych 31C, Gdańsk tel. +48 58 728 48 00 www.esotiq.com www.esotiqhenderson.com ir@esotiqhenderson.com @esotiq @henderson_underwear @esotiq