Esotiq & Henderson S.a. · GPW:EAH
Esotiq & Henderson — Q1 2025 Earnings Presentation
37 slides from Esotiq & Henderson's earnings presentation, May 2025
Slide 1: Investor Presentation: Financial Results for 1Q25
Investor Presentation FINANCIAL RESULTS FOR 1Q25 May 2025
Slide 2: Financial Results 1Q25
ESOTIQ @ HENDERSON Financial Results 1025
Slide 3: Q1 2025 Summary (mln PLN)
Q1 2025 Summary (mln PLN) And Events up to the Date of Report Publication 44,2 Gross Profit 67,0 290 Revenue Number of Stores 88,0 Consolidated Revenue The Group’s gross profit from sales in Q1 In Q1 2025, the Group generated At the end of Q1 2025, the Group Consolidated revenue for the four-month p
Slide 4: Q1 2025 Financial Results (PLN million)
Q1 2025 Financial Results (PLN million) +6.0% -25.5% -73.6% - YoY YoY YoY GROUP: 67,0 REVENUE 4,6 EBITDA 0,4 EBIT -0,07 NET PROFIT +4.4% -26.3% -77.3% -90.3% YoY YoY YoY YoY STANDALONE: 65,9 4,7 0,4 0,06 REVENUE EBITDA EBIT NET PROFIT 4
Slide 5: Income Statement Q1 – Parent Company
Income Statement Q1 Parent Company (Standalone) • Gross Profit: Increased by 4.4% YoY to PLN 42.88 in PLN thousand 1Q25 1Q24 Change Change % million, with the gross margin maintained at 65.1%. Revenue from Sales 65 876 63 096 2 780 4.4% • Sales Revenue: Increased by 4.4% YoY to PLN 65.88 million. Co
Slide 6: Income Statement Q1 – Capital Group
Income Statement Q1 Capital Group (Consolidated) ▪ Gross Profit: Increased by 6.0% YoY to PLN 44.25 in PLN thousand 1Q25 1Q24 Change Change % million, with the gross margin maintained at 66.0%. ▪ Sales Revenue: Increased by 6.0% YoY to PLN 67.03 Revenue from Sales 67 031 63 237 3 794 6.0% million. C
Slide 7: A solid and stable gross margin level
A solid and stable gross margin level 60,0 54,7 400,0% 52,5 52,3 50,3 350,0% 50,0 47,2 44,2 42,1 41,8 300,0% 38,6 37,6 38,2 38,3 40,0 34,3 31,8 32,0 31,8 250,0% 29,5 29,7 29,3 29,4 30,8 28,9 30,0 24,4 200,0% 22,4 21,8 150,0% 20,0 65,2% 65,0% 61,4% 61,4% 66,7% 63,1% 65,0% 64,4% 67,2% 62,0% 67,7% 63,4
Slide 8: Group Costs per m²
Group Costs per m² GROUP OPERATING EXPENSES (PLN million) Monthly Cost per m² 1Q25 1Q24 YoY Selling Expenses General Administrative Expenses 49,5 50,0 48,8 46,2 44,6 44,0 45,0 43,8 8,5 10,0 Group SG&A Expenses 379 346 9,5% 40,6 8,0 40,0 39,1 39,2 39,0 7,7 7,6 37,6 8,9 35,4 6,5 35,0 7,5 8,5 Esotiq Po
Slide 9: Debt and Cash
Debt and Cash 40,0 GROUP CASH FLOWS Q1 2025 (PLN million) ▪ The Group ended the first quarter of 2025 with a cash balance of PLN 2.4 million. Cash flow during the period was significantly impacted by changes in inventory 30,0 and liabilities, an investment in real estate intended for the Company’s 2
Slide 10: Working Capital and Inventory
Working Capital and Inventory Esotiq & Henderson began Q1 2025 with a strong operational foundation — inventory levels reached PLN WORKING CAPITAL (PLN thousand) 104.9 million, ensuring full sales readiness for the coming 41 378 50 000 months. 37 571 36 937 45 000 35 141 34 859 34 760 34 660 34 623
Slide 11: Business Summary
ESOTIQ @ HENDERSON
Slide 12: ESOTIQ stores present in 8 countries
ESOTIQ stores present in 8 countries 25 online stores ▪ Esotiq’s sales strategy envisions the brand’s presence in Own and franchise store network both Polish and European markets through offline and Wholesale and multibrand sales online sales channels, primarily via listings on various @ Online stor
Slide 13: Expansion of the ESOTIQ Retail Store Network
Expansion of the ESOTIQ Retail Store Network NUMBER OF STORES Optimization of the ESOTIQ Retail Network – Company 293 288 Objective 275 273 274 271 261 ▪ The company continues to acquire new locations; however, all new retail points must ensure high profitability. 2018 2019 2020 2021 2022 2023 2024
Slide 14: Development of Esotiq's Online Sales
Development of Esotiq’s Online Sales 23.3 PLN mln 35% ONLINE SALES GENERATED IN Q1 2025 HIGHEST SHARE OF ONLINE SALES IN THE COMPANY'S HISTORY ▪ Sales through proprietary e-commerce platforms and external marketplace platforms, ensuring broad customer reach ▪ Implementation of React technology – sig
Slide 15: Record Online Sales in Q1 2025
Record Online Sales in Q1 2025 E-Store Revenue (PLN thousand) 30 000 24 616 23 306 25 000 19 475 16 343 20 000 15 007 14 903 14 903 ▪ In Q1 2025, online sales were conducted via proprietary platforms: Esotiq.com, 14 080 12 680 11 508 11 473 11 317 15 000 Henderson.pl, and Vosedo. 9 696 9 574 9 052 8
Slide 16: Esotiq Mobile Application
Esotiq Mobile Application ▪ Shifting the sales process to the mobile application has significantly improved the shopping convenience for customers. This solution allows users to place orders quickly and easily, saving time. Continuous development of the app and its features, tailored to customer nee
Slide 17: Marketing Activities
Marketing Activities 1.74 mln 612k 1.2 mln Number of ESOTIQ CLUB App Downloads as of Reach of Online Brand Members March 31, 2025 Awareness Campaign ▪ Ongoing growth in social media reach ▪ Collaborations with influencers and brand ambassadors: Marcelina Zawadzka, Joanna Krupa, Ewa Minge, Agata Sier
Slide 18: Long-Term Objectives of the Company
Long-Term Objectives of the Company
Slide 19: Main Strategic Objectives of the Company
Main Strategic Objectives of the Company Continued sales growth alongside Acceleration of product turnover in Introduction of new an increase in gross value margin the retail network and optimization of product lines to expand the commercial quality offering Expansion of retail space Dynamic growth
Slide 20: Competitive Advantages
Competitive Advantages Strong Financial Position Dynamic Growth in Online Sales Cost Management and Operational Efficiency Wide Range of High-Quality Products A stable gross margin of approx. 66% in Q1 2025 In Q1 2025, online sales accounted for approx. The company has launched initiatives aimed at
Slide 21: Additional Information
Additional Information 21
Slide 22: Export Market Development
Export Market Development Country/City Number of Stores as of March 31, 2025 Latvia 1 Moldova 1 North Macedonia 2 Serbia 5 Slovakia 2 Ukraine 12 ▪ In Q1 2025, international B2B sales were conducted in 20 countries through cooperation with 30 partner entities. Across Europe, the company operates a to
Slide 23: International Expansion Plans 2024–2027
International Expansion Plans 2024–2027 ▪ The company has revised its previous international expansion strategy and Planned International Expansion developed a comprehensive growth plan for its brands in foreign markets, with a focus on selected product segments. An extended offering is currently be
Slide 24: 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 via the B2B channel. Sales are made to wholesalers, retailers, The company operates its own stores under the Esotiq brand The company is intensively
Slide 25: Esotiq
Esotiq Esotiq is a women’s lingerie, nightwear, and swimwear brand with a 25-year presence on the Polish market. Its products are available in 267 monobrand stores across Poland and online via the Esotiq.com platform as well as selected marketplaces (including Zalando). The brand operates in the mid
Slide 26: Esotiq
Esotiq Marketing efforts are supported by collaborations with top models such as Joanna Krupa and Marcelina Zawadzka, as well as upcoming partnerships with celebrities, which will be announced to the market soon. In May, Esotiq also launched a collaboration with Ewa Chodakowska, aimed at strengtheni
Slide 27: New Product Line: Bloovii
New Product Line: Bloovii ▪ For customers seeking modern styling, Esotiq has introduced a new product line — Bloovii — expanding the Company’s overall offering. ▪ Bloovii products are developed based on Esotiq’s professional expertise and experience, which sets them apart on the market. ▪ The produc
Slide 28: Henderson
Henderson Henderson is a men’s and women’s underwear brand with a 25-year presence on the Polish market. The brand is known for its premium design, characterized by timeless elegance. Henderson’s minimalist, essential products are made from natural materials, ensuring high quality and wearing comfor
Slide 29: Esotiq's Competitive Advantage: Brafitting
Esotiq’s Competitive Advantage: Brafitting ▪ Brafitting is one of the Company’s core competencies and an essential element of the customer journey across all distribution channels. ▪ Sales teams in Esotiq stores regularly participate in brafitting training sessions to enhance their skills and effect
Slide 30: Deposit-Based Franchise Model in Poland
Deposit-Based Franchise Model in Poland Costs and Responsibilities (Franchisee Perspective): Advantages for the Franchisee: E&H ▪ The goods and sales system are owned by Esotiq & Henderson (E&H) ▪ Earning a share of the retail margin ▪ E&H supplies the inventory, manages cash flow, and handles promo
Slide 31: Sales Structure
Sales Structure GROUP SALES STRUCTURE (PLN million) 100,0 Own Stores Franchise Stores Online Other 90,0 81,9 80,5 80,2 80,0 74,2 13,7 70,1 71,7 14,0 15,7 70,0 66,3 13,4 9,1 61,1 62,7 59,8 60,5 14,5 60,0 16,3 10,1 55,1 12,3 11,8 11,0 10,7 15,0 19,5 50,7 13,1 24,8 50,0 9,4 14,6 8,8 9,6 23,3 7,2 14,0 1
Slide 32: Retail Network Expansion
Retail Network Expansion 2019 2020 2021 2022 2023 2024 2025 Number of Stores 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Esotiq 297 308 306 304 303 306 313 312 312 307 303 304 305 299 296 295 292 292 286 288 288 287 289 293 290 Esotiq Poland 263 268 268 271 269 272 276
Slide 33: Expansion of Retail Space
Expansion of Retail Space 2019 2020 2021 2022 2023 2024 2025 RETAIL STORE AREA (m²) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Esotiq 18 090 18 661 18 689 18 667 18 818 18 902 19 364 19 405 19 408 18 773 18 537 18 658 18 836 18 535 18 285 18 241 18 088 18 028 17 643 1
Slide 34: Growth in Average Store Size
Growth in Average Store Size 2019 2020 2021 2022 2023 2024 2025 AVERAGE STORE SIZE (m²) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Esotiq 61 61 61 61 62 62 62 62 62 61 61 61 62 62 62 62 62 62 62 62 62 63 63 63 63 Esotiq Poland 61 60 61 61 62 62 62 63 63 62 62 62 63 63
Slide 35: Quarterly Results of the Group
Quarterly Results of the Group in PLN million 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Group Revenue 39,1 45,2 50,4 45,1 38,3 39,7 51,7 44,0 45,7 49,1 59,9 51,1 51,3 55,5 74,8 60,2 61,1 61,1 82,1 71,1 63,2 72,4 81,2
Slide 36: Shareholding and Voting Structure
Shareholding and Voting Structure As of May 30, 2025 Treasury Shares Adam Skrzypek Treasury Shares Adam Skrzypek 12,22% 4,77% 8,44% 6,07% 2 233 500 3 233 500 Others Others 29,49% 42,47% Patronado Limited 40,54% Patronado Limited 36 56,00%
Slide 37: Contact
Contact ESOTIQ & Henderson S.A. Ul. Budowlanych 31C, Gdańsk Phone. +48 58 728 48 00 www.esotiq.com www.esotiqhenderson.com ir@esotiqhenderson.com @esotiq @henderson_underwear @esotiq