Lulu Retail Holdings Plc · ADX:LULU
Lulu Retail — Q2 2026 Earnings Presentation
19 slides from Lulu Retail's earnings presentation, August 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 2026
Slide 2: Agenda
Agenda 1. Business Overview 2. Q2 2026 Financial Update 3. Business Update 4. Q&A 5. Appendix 1 1
Slide 3: Disclaimer
Disclaimer Nothing in this document is intended to be or should be construed as a profit forecast. Any statements made in this document that may be considered “forward-looking” are based upon various assumptions, including, management’s review of historical operating trends, information contained in
Slide 4: Business Overview
1. Business Overview 3
Slide 5: Q2 2026 at a glance
Q2 2026 at a glance Retail Footprint Customer Count E-Commerce 283 Stores c.695k 8.9% of retail sales +6 new openings +5k added in Q2 +332bps Loyalty Programme Loyalty Linked Sales Private Label 9.4 m members 30.7% of retail sales 69.8% +382k in Q2 +104 bps 4
Slide 6: Q2 2026 Financial Update
2. Q2 2026 Financial Update 5 5
Slide 7: Q2 2026 summary financials
Q2 2026 summary financials Revenue Gross Profit EBITDA $2.0 bn I 2.3% $453 m I 3.3% $182 m I 10.8% Net Income Dividends Leverage 1.2x (excl. leases) $42 m I 26.5% 3.0 fils for H1 2026 3.5x (incl. leases) 6
Slide 8: Revenue growth impacted by weakness in discretionary demand
Revenue growth impacted by weakness in discretionary demand Revenue ($ m) Revenue ($ m) 2.6% 2,017 36 34 1,971 4,098 3,991 2.3% (116) 5.9% LFL 2,017 1,971 decline Q2'25 Q2'26 H1'25 H1'26 Revenue LFL sales New store Wholesale Revenue (Q2'25) sales and others (Q2'26) • Q2’26 revenue declined 2.3% YoY,
Slide 9: Q2 revenue by category
Q2 revenue by category Sales growth impacted by Non-Food performance during the quarter $m 2.3% 2,017 1,971 Q2'25 Food Non Food Q2'26 8
Slide 10: Q2 performance affected by ongoing geopolitical developments
Q2 performance affected by ongoing geopolitical developments Revenue Segment Country ($ m) Adjusted EBITDA ($ m) Q2’25 Q2’26 % change Q2’25 Q2’26 % change UAE 761 756 0.7% 88 82 6.1% KSA 382 338 11.3% 23 17 26.6% Oman 294 290 1.5% 32 30 5.2% Qatar 277 270 2.6% 37 32 13.0% Kuwait 181 186 2.4% 26 25 3
Slide 11: Margin performance was mainly affected by lower revenue
Margin performance was mainly affected by lower revenue Gross Profit ($ m) EBITDA ($ m) Net Income ($ m) Gross Margin (%) EBITDA Margin (%) Net Margin (%) 23.2% 23.0% 10.1% 9.2% 2.8% 2.1% 3.3% 468 453 10.8% 26.5% 204 182 57 42 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 • Gross profit declined by 3.3% YoY •
Slide 12: Healthy cash generation supporting high cash conversion
Healthy cash generation supporting high cash conversion Capex ($ m) Cash flow ($ m) Leverage ($ m) Capex Cash flow Leverage Net debt ($ m) 2,506 2,559 Capex as 1.4% 1.3% Cash 86.2% 85.9% % of Sales Conversion 864 808 176 156 1,972 2,051 28 (330) (299) 26 Dec-25 Jun-26 13 8 Lease Liabilities Financia
Slide 13: Business Update
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Slide 14: Situation update
Situation update Operational continuity strengthened via proactive risk management and supply-chain resilience ✓ Broad and flexible sourcing network across geographies and suppliers ✓ Local sourcing, established ahead of the disruption, provided a strong buffer against international freight constrai
Slide 15: Private label and e-commerce continued to gain share
Private label and e-commerce continued to gain share Private label E-commerce ✓ Private label reached 30.7% of retail sales, benefiting ✓ Single loyalty programme across store and app, from customer substitution anchored by Happiness ✓ Broad coverage across price tiers, from value to ✓ Digital capab
Slide 16: Concluding remarks
Concluding remarks Resilient execution supporting future growth Stable performance despite a challenging operating environment Core food business remains fundamentally strong Digital momentum continues to accelerate Maintaining a disciplined approach to costs and profitability Interim dividend of $8
Slide 17: Q&A
4. Q&A 16
Slide 18: Appendix
5. Appendix 17
Slide 19: Portfolio footprint
Portfolio footprint Country Q1 2026 Q2 2026 Hypermarket Express Mini Total Hypermarket Express Mini Total # of stores UAE 44 70 7 121 44 71 8 123 KSA 30 24 13 67 30 24 17 71 Other GCC 49 35 5 89 49 35 5 89 Format total 123 129 25 277 123 130 30 283 Total 277 283 Country Q1 2026 Q2 2026 Hypermarket E