Esotiq & Henderson S.a. · GPW:EAH
Esotiq & Henderson — Q1 2026 Earnings Presentation
32 slides from Esotiq & Henderson's earnings presentation, May 2026
Slide 1: Investor presentation 1Q26 Results
Investor presentation 1Q26 RESULTS May 2026
Slide 2: Financial results 1Q26
ESOTIQ @ HENDERSON . Financial conc} ha results 1026 Julia Wieniawa
Slide 3: 1Q26 summary
1Q26 summary AND EVENTS UP TO THE PUBLICATION DATE OF THE REPORT 48.9 PLN M OF GROSS PROFIT 74.2 PLN M OF REVENUES 284 NUMBER OF STORES 92.3 PLN M OF REVENUES The Group's consolidated gross profit on In 1Q26, the Group achieved PLN At the end of 1Q26, the Group's According to preliminary information
Slide 4: Financial results 1Q26 (in PLN m)
Financial results 1Q26 (in PLN m) +10.7% -8.4% n/a n/a y/y y/y Group: 74.2 REVENUES 4.2 EBITDA -0.3 EBIT -2.2 NET RESULT +11.5% +0.3% -62.2% n/a y/y y/y y/y Parent company: 73.5 4.7 0.2 -1.7 REVENUES EBITDA EBIT NET RESULT 4
Slide 5: Profit and loss statement 1Q - Parent company
Profit and loss statement 1Q PARENT COMPANY • Revenues increased by PLN 7.6 m, i.e. 11.5% y/y, In PLN k 1Q26 1Q25 Change Change % which confirms further growth in the scale of operations and positive sales dynamics. Revenues from sales 73,477 65,876 7,601 11.5% • Gross margin increased by 0.4 p.p. y
Slide 6: Profit and loss statement 1Q - Capital Group
Profit and loss statement 1Q CAPITAL GROUP ▪ Consolidated revenues increased by PLN 7.2 m, i.e. In PLN k 1Q26 1Q25 Change Change % 10.7% y/y, reaching the level of PLN 74.2 m. The growth Revenues from sales 74,234 67,031 7,203 10.7% confirms further improvement in the scale of the Group's operations
Slide 7: Solid and stable level of gross margin
Solid and stable pevel of gross margin 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% 65.9% 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 48.9 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
Slide 8: Group costs/sq m2
Group costs/sq m2 GROUP OPERATING COSTS (PLN m) Costs/m2 per month 1Q26 1Q25 y/y Selling costs General and administrative costs 57.0 55.6 54.2 49.5 48.8 49.4 9.3 49.6 9.3 Group SG&A costs 388 379 2.4% 46.2 47.0 44.6 43.8 8.5 44.0 8.5 9.4 10.0 40.6 8.0 39.1 39.2 39.0 7.7 7.6 37.6 8.9 Esotiq Poland st
Slide 9: Debt and cash
Debt and cash 40.0 GROUP CASH FLOWS 1Q26 (PLN m) ▪ The Group ended 1Q26 with a cash level of PLN 2.4 m. 35.0 ▪ Operating cash flows were positively affected by, among others, depreciation of 30.0 PLN 4.5 m and a change in receivables of PLN 5.0 m. The largest impact on cash 25.0 flows was the change
Slide 10: Working capital and inventory
Working capital and inventory WORKING CAPITAL (PLN k) 41,378 50,000 39,217 37,571 36,461 45,000 35,123 35,141 34,859 34,760 34,660 33 966 33,261 31,835 31,750 40,000 29,367 29,009 28,385 35,000 • Inventory on a normalization path: from PLN 110.8 m at the 30,000 peak (2Q25) to PLN 94.8 m in 1Q26 — a
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 ▪ The sales strategy of Esotiq is based on the brand's presence on the Polish and European markets, carried out Network of own, franchise and partner stores through offline and online channels, with particular Wholesale and multi-brands emphasis on sales
Slide 13: Development of ESOTIQ sales network
Development of ESOTIQ sales network NUMBER OF STORES 293 ▪ Consistent development of the brand strategy Esotiq based on femininity, diversity and a 288 287 275 modern approach to lingerie and beachwear design. 271 273 274 261 ▪ Basing the SS26 collection on the best-selling and proven forms that hav
Slide 14: Development of Esotiq online sales
Development of Esotiq online sales 27.9 PLN m 39% SALES GENERATED SHARE OF ONLINE ONLINE IN 1Q26 SALES ▪ The online channel remains the Group's main growth driver - online revenues increased by 19.6% y/y, i.e. almost twice as fast as the Group's total revenues, which increased by 10.7% y/y. ▪ Conven
Slide 15: Online sales
Online sales E-STORE REVENUES (PLN k) 35,000 29,153 27,869 26,419 24,616 30,000 ▪ In 2025, online sales were carried out on own platforms: Esotiq.com, Henderson.pl and 23,306 Vosedo.com. 19,475 25,000 18,197 16,343 15,007 14,903 20,000 14,903 ▪ The online channel maintained its high growth dynamics
Slide 16: International expansion plans 2024-2027
International expansion plans 2024-2027 ▪ The current international expansion strategy has been verified. A Planned international comprehensive development plan for the Company's brands on international expansion markets was created, focusing on selected product areas. Preparation of an extended off
Slide 17: ESOTIQ marketing activities
ESOTIQ marketing activities 1.92 m 970k 5.6 m number of ESOTIQ CLUB app downloads reach of publications with participants as of 31.03.2026 Julia Wieniawa ▪ Seasonal and ambassador campaigns – “The Language of Love” for Valentine's Day and Women's Day, activation with bra fitters, and Hot Drops by Ju
Slide 18: Additional information
ESOTIQ @ HENDERSON Additional information
Slide 19: Business model
Business model STATIONARY STORES ONLINE SALES B2B OWN STORES OWN E-COMMERCE PLATFORMS On the Polish market, the company sells the Henderson brand through the B2B channel. Sales are carried out to The company operates its own stores under the Esotiq brand The company is intensively developing online
Slide 20: Esotiq brand
Esotiq brand Esotiq is a brand of women's lingerie, nightwear, and swimwear, present for over 25 years on the Polish market. The brand's products are available in 265 monobrand stores, located throughout Poland, and online - on the esotiq.com platform and selected marketplaces (e.g. Zalando). The Es
Slide 21: Esotiq brand
Esotiq brand Marketing activities are supported by cooperation with top models, Joanna Krupa, Marcelina Zawadzka, and collaborations with stars about whom we will inform the market soon. In May, Esotiq also started a collaboration with Ewa Chodakowska, which is to strengthen the brand's image in the
Slide 22: New product line Bloovii
New product line Bloovii ▪ Consistent development of Bloovii as one of the youngest lines in the brand’s portfolio. ▪ A response to the needs of a new group of female customers and their modern lifestyle. ▪ Building the collection around fresh design, current trends, and functionality. ▪ Development
Slide 23: Henderson brand
Henderson brand Henderson is a men's and women's underwear brand that has been present on the Polish market for 25 years. The brand is characterized by premium design that stands out with timeless elegance. Minimalist, basic Henderson products are made of natural materials, which ensures high qualit
Slide 24: Competitive advantage Esotiq brafitting
Competitive advantage Esotiq brafitting ▪ Brafitting remains one of the Company's key competencies and an important element of the sales path across all distribution channels. ▪ Sales teams in Esotiq stores regularly participate in brafitting training sessions, enhancing their product competencies a
Slide 25: Deposit franchise in Poland
Deposit franchise in Poland Costs and responsibilities: Advantages: E&H (parent company) ▪ Goods and sales system belong to E&H. ▪ Obtaining a retail margin. ▪ E&H delivers goods to stores, organizes cash turnover, and is responsible for promotion. ▪ Full control over goods. ▪ Sales are made to the
Slide 26: Sales structure
Sales structure GROUP SALES STRUCTURE (PLN m) 100.0 Own Stores Franchise Stores Internet 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 71.7 15.7 70.0 66.3 10.7 13.4 9.1 9.4 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 19.5 18.2 26.4 50
Slide 27: Store network development
Store network development 2022 2023 2024 2025 2026 NUMBER OF STORES 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q BRAND Esotiq 305 299 296 295 292 292 286 288 288 287 289 293 290 289 286 287 284 Esotiq Poland 275 278 276 274 271 270 265 266 265 264 265 269 267 268 265 266 265 Partner stores 211
Slide 28: Area development
Area development 2022 2023 2024 2025 2026 STORE AREA m2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 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 18,112 Esotiq Poland 17,267 17,407 17,179 17,080 16,927 16,781 16,51
Slide 29: Growth of average store size
Growth of average store size 2022 2023 2024 2025 2026 AVERAGE STORE SIZE m2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Esotiq BRAND 62 62 62 62 62 62 62 62 62 63 63 63 63 63 64 63 64 Esotiq Poland 63 63 62 62 62 62 62 62 62 63 63 63 64 64 64 64 64 Partner stores 57 56 56 56 56 56 56 56 56 56
Slide 30: Group's quarterly results
Group's quarterly results IN PLN m 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Group revenues 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 74.2 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 2
Slide 31: Share and voting structure
Share and voting structure AS OF 28 MAY 2026 Others (<5% of Others (<5% of votes at GSM) votes at GSM) 29.49% 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 Nemis
Slide 32: 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