Lulu Retail Holdings Plc · ADX:LULU
Lulu Retail — FY2025 Earnings Presentation
19 slides from Lulu Retail's earnings presentation, Feb 13, 2026
Slide 1: 2025 Earnings Presentation
2025 Earnings Presentation February 2026
Slide 2: Agenda
Agenda 1. Business Overview 2. 2025 Results 3. Strategic 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: 2025 at a glance
2025 at a glance Retail Footprint Selling Area Transactions LFL 267 Stores 1.38 mn sqm +4.4% +2.3% +20 new openings1 +73k sqm Customer Count Loyalty Program Private Label E-Commerce c.675k 8.4 mn members 29.8% of retail sales 6.0% of retail sales +26k added in Q4 +2.9mn c.+0.2% +1.5% 4 Source: Compa
Slide 6: 2025 Results
2. 2025 Results 5
Slide 7: 2025 performance
2025 performance Revenue Gross Profit EBITDA $7.9 bn I 4.1% $1.8 bn I 3.3% $782 mn I 0.5% Net Income Dividends Leverage 3.5 fils for H2 2025 1.1x (excl. leases) $205 mn I 5.4% 7.0 fils for FY25 3.2x (incl. leases) 6 Source: Company information.
Slide 8: 2025 Revenue growth driven by LFL and new store openings
2025 Revenue growth driven by LFL and new store openings Revenue ($ mn) Revenue ($ mn) 4.1% 180 86 47 7,934 7,621 7,621 7,934 2.3% LFL Growth 2.4% 1,894 1,940 Revenue LFL sales New Store Wholesale Revenue Q4'24 Q4'25 FY'24 FY'25 (FY'24) Sales and others (FY'25) • FY’25 revenue grew 4.1% YoY, driven
Slide 9: Top-line growth was supported by strong performance in UAE and Kuwait
Top-line growth was supported by strong performance in UAE and Kuwait Revenue Segment Country ($ mn) Adjusted EBITDA ($ mn) FY’24 FY’25 % change FY’24 FY’25 % change UAE 2,745 2,920 6.4% 347 357 3.1% KSA 1,478 1,518 2.7% 74 71 4.6% Oman 1,176 1,189 1.1% 132 132 0.5% Qatar 1,099 1,122 2.1% 138 133 3.
Slide 10: Resilient margins reflecting core strength of Lulu business
Resilient margins reflecting core strength of Lulu business Gross Profit ($ mn) EBITDA ($ mn) Net Income ($ mn) Gross Margin (%) EBITDA Margin (%) Net Margin (%) 23.2% 23.0% 10.3% 9.9% 2.8% 2.6% 3.3% 1,823 0.5% 1,765 786 782 5.4% 216 205 2024 2025 2024 2025 2024 2025 • Gross profit increased by 3.3%
Slide 11: Consistent cash generation delivering high cash conversion
Consistent cash generation delivering high cash conversion Capex ($ mn) Cash flow ($ mn) Leverage ($ mn) Capex Cash flow Leverage Net debt ($ 2,528 2,506 Capex as 1.8% 1.7% Cash 82.6% 82.9% mn) % of Sales Conversion 974 864 137 134 650 648 1,900 1,972 45 46 (346) (330) Dec-24 Dec-25 Lease Liabilitie
Slide 12: Strategic Update
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Slide 13: E-commerce scaling with strong momentum
E-commerce scaling with strong momentum Lulu online order evolution 2026 focus areas 2.5x ✓ Scaling quick commerce capacity and last- mile optimisation ✓ Accelerating customer acquisition and retention via performance marketing and first- 1.0x party data personalisation Jan Mar Jun Sep Dec ✓ Strengt
Slide 14: Enhancing efficiency across our business functions
Enhancing efficiency across our business functions AI-driven demand & inventory optimisation Operational excellence in KSA ✓ Phased implementation of next-generation ✓ Ongoing execution of a comprehensive AI demand planning in progress to enhance operational excellence programme across forecasting a
Slide 15: Private label - Strengthening customer retention and profitability
Private label - Strengthening customer retention and profitability Serving across categories Private label strategy Goodness Forever - ✓ Strong private label pipeline across food, non- Finest quality across food, health & beauty, baby, pet and home care functional foods, ✓ Food expansion focused on
Slide 16: 2026 guidance reiterated
2026 guidance reiterated Financial Metrics FY 2025A FY 2026e Revenue Growth (%) 4.1% YoY +4–5% EBITDA Margin (%) 9.9% Flat Net Profit $205 million +10% # of Stores 20 stores 18–20 stores 15 Source: Company information.
Slide 17: Q&A
4. Q&A 16
Slide 18: Appendix
5. Appendix 17
Slide 19: Portfolio footprint: # of stores
Portfolio footprint Country Q3 2025 Q4 2025 Hypermarket Express Mini Total Hypermarket Express Mini Total # of stores UAE 44 61 7 112 44 64 8 116 KSA 28 21 13 62 30 22 13 65 Other GCC 49 32 5 86 49 32 5 86 Format total 121 114 25 260 123 118 26 267 Total 260 267 Country Q3 2025 Q4 2025 Hypermarket E