Lulu Retail Holdings Plc · ADX:LULU
Lulu Retail — Q3 2025 Earnings Presentation
20 slides from Lulu Retail's earnings presentation, November 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 2025
Slide 2: Table of contents
Table of contents 1. Business Overview 2. Q3’25 Results 3. Strategic Update 4. Q&A 5. Appendix 1
Slide 3: Disclaimer
Disclaimer No statement in this document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed a “forward- looking” are based upon various assumptions, including, management’s examination of historical operating trends, data containe
Slide 4: Business Overview
1. Business Overview 3
Slide 5: Q3'25 performance
Q3’25 performance Key Financials Q3’25 Retail Operations Retail Footprint Revenue Retail Gross Footprint Profit Retail Footprint Retail Footprint Selling Area $1.9 bn $448.9 mn 260 stores2 1.36 mn sqm +2.0% YoY +3.1% YoY 30.6% Private label sales1 23.7% margin +6 new openings +18k sqm in Q3’25 6.4%
Slide 6: Q3'25 Results
2. Q3’25 Results 5
Slide 7: Business update
Business update 9M 2025 Financial Performance Revenue Gross Profit EBITDA $6.0 bn 4.7% YoY $1,381.9 mn 4.5% YoY $598.3 mn 5.5% YoY Profit Before Tax Net Profit $184.3 mn 9.9% YoY $162.9 mn 7.5% YoY 9M'25 Leverage and Cashflow 9M’25 Leverage 9M’25 Free Cash Flow 1.4x (excl. leases) 0.1x1 $515.1 mn 9.
Slide 8: Revenue growth continues in Q3 2025
Revenue growth continues in Q3 2025 Revenue ($ mn) Revenue ($ mn) 1,859 44 8 1,896 YoY: 4.7% (14) YoY: 2.0% 5,994 5,727 232 256 1.0% LFL decline 1,859 1,896 5,495 5,738 73 81 1,786 1,816 Q3'24 Q3'25 9M'24 9M'25 Revenue LFL sales New Store Wholesale Revenue Retail sales Wholesale and Others (Q3'24) S
Slide 9: UAE continues to outperform...
UAE continues to outperform... Country UAE KSA Oman YoY: 5.1% YoY: (1.0%) YoY: (0.8%) 662 695 369 366 290 288 Revenue ($ mn) Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 YoY: 3.6% YoY: (41.4%) YoY: 9.8% 79 81 32 Segment 30 17 10 Adjusted EBITDA ($ mn) Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 8 Source: Company inf
Slide 10: ...supported by growth in Kuwait
…supported by growth in Kuwait Country Qatar Kuwait Others1 YoY: 1.4% YoY: 3.3% YoY: 0.6% 254 258 166 171 118 118 Revenue ($ mn) Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 YoY: (2.5)% YoY: 4.8% YoY: (2.9%) 32 32 Segment 23 24 18 17 Adjusted EBITDA ($ mn) Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 9 Source: Compan
Slide 11: Stable margins maintained through operational discipline and cost control
Stable margins maintained through operational discipline and cost control Gross Profit ($ mn) EBITDA ($ mn) PBT ($ mn) Net Income ($ mn) Gross Margin (%) EBITDA Margin (%) PBT Margin (%) Net Income Margin (%) 23.4% 23.7% 9.5% 9.5% 2.2% 2.1% 1.9% 1.9% YoY: 3.1% YoY: 2.2% YoY: (0.7%) YoY: 2.4% 435 449
Slide 12: Cash flow generation supported by EBITDA expansion
Cash flow generation supported by EBITDA expansion Capex ($ mn) Cash Flow ($ mn) Leverage ($ mn) Capex Cash flow Leverage Net debt ($ mn) 2,528 2,609 Capex as Cash 1.7% 1.4% 76.8% 84.0% % of Sales Conversion YoY: 11.9% 974 964 99 1,900 1,906 83 39 (346) (261) 31 151 135 Dec-24 Sep-25 59 Lease Liabil
Slide 13: Strategic Update
oy es Lulu J Lula =) Lik tL 2153153 MINISTRY OF FINANCE MINISTRY OF FINANC MINISTRY OF FINANCE
Slide 14: Strategic plan for Saudi Arabia
Strategic plan for Saudi Arabia ✓ Frequent shopping trips ✓ Smaller basket size Current Retail ✓ Higher price sensitivity Dynamics ✓ Rapid rise of online and quick-commerce platforms ✓ Growth of value players ✓ Store expansion ✓ Building own e-commerce platform Strategic Focus ✓ Omnichannel expansio
Slide 15: Update on E-commerce Business
Update on E-commerce Business E-Commerce Growth Journey Since January 2025 Strategic Levers in Motion Lulu online order evolution 1.7x Digital Platform Fast Delivery & Omni Upgrade Expansion 1.0x January March June September ✓ Lulu online is scaling fast, c.70% increase in orders in September vs Jan
Slide 16: New store rollouts for FY 2025 and medium term
New store rollouts for FY 2025 and medium term FY26e - FY28e 13 stores ✓ On track to open 20 stores in FY 2025 opened in 9M’25 +4 Hypermarkets, c.50 +7 Express stores + 2 Minimarkets store openings 20 Stores KSA (30% - 35%) Mix by UAE (30% - 35%) country 13 Stores ✓ 3 stores opened in Others (35% -
Slide 17: Business Outlook and Guidance
Business Outlook and Guidance Financial Metrics FY 2025e FY 2026e Revenue Growth (%) 4% YoY 4 – 5 % YoY EBITDA Margin (%) c.9.8% Flat YoY Net Profit c.2.5% margin 10% YoY growth # of Stores 20 Stores 18 – 20 Stores 16 Source: Company information.
Slide 18: Q&A
4. Q&A 17
Slide 19: Appendix
5. Appendix 18
Slide 20: QoQ Store and Space Evolution
QoQ Store and Space Evolution Country Q2 2025 Q3 2025 Hypermarket Express Mini Total Hypermarket Express Mini Total # of stores UAE 44 60 6 110 44 61 7 112 KSA 27 20 14 61 28 21 13 62 Other GCC 49 32 4 85 49 32 5 86 Format total 120 112 24 256 121 114 25 260 Total 256 260 Country Q2 2025 Q3 2025 Hyp