Lulu Retail Holdings Plc · ADX:LULU
Lulu Retail — Q1 2026 Earnings Presentation
20 slides from Lulu Retail's earnings presentation, May 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 2026
Slide 2: Agenda
Agenda 1. Business Overview 2. Q1 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: Situation update
Situation update The Group remains operationally resilient, with no material disruption to core business ✓ Multi-geography, multi-channel sourcing and supply diversification ✓ Strategic inventory buffers in essential categories and key markets ✓ Active monitoring of landed cost trends with selective
Slide 6: Q1 2026 at a glance
Q1 2026 at a glance Retail Footprint Customer Count Loyalty Linked Sales 277 Stores c.692k 69.9% +11 new openings1 +7k added in Q1 Loyalty Program Private Label E-Commerce 9.0 mn members 30.2% of retail sales 7.9% of retail sales +610k in Q1 +94 bps +315bps 5 Source: Company information. 1. One Mini
Slide 7: Q1 2026 Financial Update
2. Q1 2026 Financial Update 6
Slide 8: Q1 2026 summary financials
Q1 2026 summary financials Revenue Gross Profit EBITDA $2.0 bn I 2.9% $449 mn I 3.3% $192 mn I 10.3% Net Income Leverage 0.9x (excl. leases) $47 mn I 32.9% 3.3x (incl. leases) 7 Source: Company information.
Slide 9: Revenue growth impacted by lower non-food sales in March
Revenue growth impacted by lower non-food sales in March Revenue ($ mn) Revenue ($ mn) 2.9% 2,080 39 16 2,020 (115) 2,080 2,020 5.7% LFL decline Q1'25 Q1'26 Revenue LFL sales New store Wholesale Revenue (Q1'25) sales and others (Q1'26) • Q1’26 revenue declined 2.9% YoY, reflecting pronounced impact
Slide 10: Q1 revenue breakdown by category
Q1 revenue breakdown by category Quarterly growth impacted by Non –Food sales in March $mn 2.9% 2,080 2,020 Q1'25 Jan & Feb March - Food March - Non Food Q1'26 Source: Company information. 9
Slide 11: Top-line performance affected by ongoing geopolitical developments
Top-line performance affected by ongoing geopolitical developments Revenue Segment Country ($ mn) Adjusted EBITDA ($ mn) Q1’25 Q1’26 % change Q1’25 Q1’26 % change UAE 742 754 1.7% 99 94 4.8% KSA 410 364 11.3% 26 19 27.3% Oman 322 298 7.5% 35 30 15.8% Qatar 304 292 4.0% 31 31 1.1% Kuwait 171 186 9.0%
Slide 12: Margin performance was mainly affected by lower revenue
Margin performance was mainly affected by lower revenue Gross Profit ($ mn) EBITDA ($ mn) Net Income ($ mn) Gross Margin (%) EBITDA Margin (%) Net Margin (%) 22.3% 22.2% 10.3% 9.5% 3.4% 2.3% 3.3% 465 449 10.3% 32.9% 214 192 70 47 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 • Gross profit declined by 3.3% Yo
Slide 13: Healthy cash generation supporting high cash conversion
Healthy cash generation supporting high cash conversion Capex ($ mn) Cash flow ($ mn) Leverage ($ mn) Capex Cash flow Leverage Net debt ($ mn) 2,506 2,497 Capex as 1.3% 1.3% Cash 87.7% 86.6% % of Sales Conversion 188 864 823 166 1,972 2,088 26 26 (330) (414) Dec-25 Mar-26 9 7 Lease Liabilities Finan
Slide 14: Business Update
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Slide 15: E-commerce continued growth momentum
E-commerce continued growth momentum Progress to date and the road ahead Lulu #1 downloaded app in UAE ✓ E-commerce capabilities expanded ✓ Quick commerce launched and scaled across different geographies ✓ Developing infrastructure to scale the non-food categories in e-commerce ✓ Next Steps ✓ Expans
Slide 16: Private label continue to grow as customers see value
Private label continue to grow as customers see value Private label Loyalty ✓ Expanding private label portfolio across core and ✓ Loyalty member base continued to expand QoQ, high-growth categories with 610k members onboarded in Q1 ✓ Food innovation focused on premium and health- ✓ Happiness program
Slide 17: Concluding remarks
Concluding remarks Maintaining stability amid uncertainty Store operations remain stable across the network 2026 expansion pipeline progressing as planned Focused on uninterrupted supply and operational efficiency 2026 guidance currently under review Source: Company information. 16
Slide 18: Q&A
4. Q&A 17
Slide 19: Appendix
5. Appendix 18
Slide 20: Portfolio footprint
Portfolio footprint Country Q4 2025 Q1 2026 Hypermarket Express Mini Total Hypermarket Express Mini Total # of stores UAE 44 64 8 116 44 70 7 121 KSA 30 22 13 65 30 24 13 67 Other GCC 49 32 5 86 49 35 5 89 Format total 123 118 26 267 123 129 25 277 Total 267 277 Country Q4 2025 Q1 2026 Hypermarket E