Esotiq & Henderson S.a. · GPW:EAH
Esotiq & Henderson — H1 2026 Earnings Presentation
32 slides from Esotiq & Henderson's earnings presentation, September 2026
Slide 1: Investor presentation 1H26 Results
Investor presentation 1H26 RESULTS September 2026
Slide 2: Financial results 1H26
ESOTIQ @ HENDERSON Financial results 1H26
Slide 3: 1H26 Summary
1H26 Summary AND EVENTS UP TO THE REPORT PUBLICATION DATE 109.0 157.8 285 224.8 PLN M GROSS PROFIT PLN M REVENUE NUMBER OF STORES PLN M REVENUE Consolidated gross profit on sales of the In 1H26 the Group achieved PLN 157.8 m of At the end of 1H26 the Group's products According to preliminary informa
Slide 4: Financial results 1H26 (PLN m)
Financial results 1H26 (PLN m) +10.7% +9.7% +8.1% -22.8% YoY YoY YoY YoY 157.8 15.3 6.2 2.5 Group: REVENUE EBITDA EBIT NET PROFIT +11.3% +10.5% +10.8% -18.1% YoY YoY YoY YoY 155.5 15.8 6.4 2.7 Parent company: 4 REVENUE EBITDA EBIT NET PROFIT
Slide 5: Income statement 2Q26 – Parent company
Income statement 2Q26 PARENT COMPANY ■ Revenue increased in 2Q26 by 11.2% YoY In PLN k 2Q26 2Q25 Change Change % to PLN 82.1 m. Revenue from sales 82,056 73,822 8,234 11.2% ■ Gross profit on sales increased in 2Q26 by 10.0% YoY to PLN 58.4 m at a gross Cost of goods sold 23,679 20,735 2,944 14.2% ma
Slide 6: Income statement 2Q26 – Capital group
Income statement 2Q26 CAPITAL GROUP ■ In 2Q26 consolidated revenue increased In PLN k 2Q26 2Q25 Change Change % by 10.7% YoY to a record for this period of PLN 83.5 m. Revenue from sales 83,543 75,454 8,089 10.7% ■ Gross profit on sales increased in 2Q26 Cost of goods sold 23,490 20,894 2,596 12.4%
Slide 7: Solid and stable gross margin level
Solid and stable gross margin level 100,0% 100,0 90,0% 68,9% 72,5% 72,3% 71,9% 80,0% 67,7% 66,4% 66,0% 64,4% 67,2% 65,9% 66,7% 65,9% 80,0 62,0% 63,4% 62,7% 61,3% 63,8% 70,0% 58,9% 58,9 59,2 60,1 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
Slide 8: Group costs/m²
Group costs/m² GROUP OPERATING COSTS (PLN m) Costs/m² per month 2Q26 2Q25 YoY Selling expenses General and admini strative expenses Group SG&A costs 467 431 8.4% 55,5 57,0 54,2 53,4 Esotiq Poland stores 439 402 9.2% 49,6 48,8 49,4 9,3 49,6 9,3 9,4 46,1 47,0 44,6 43,8 8,5 44,0 8,5 9,4 ■ Logistics cos
Slide 9: Debt and cash
Debt and cash GROUP CASH FLOWS 1H26 (PLN m) ■ The Group ended 1H26 with a cash balance of PLN 4.4 m . 40,0 ■ Operating cash flows were positively affected by e.g. depreciation of PLN 35,0 9.1 m and the change in receivables of PLN 4.8 m. The change in 30,0 4.8 -15.8 liabilities had the biggest impac
Slide 10: Working capital and inventory
Working capital and inventory WORKING CAPITAL (PLN k) 41 378 39 217 37 571 45 000 36 461 35 141 35 123 34 859 34 760 34 660 34 108 33 966 33 261 40 000 31 835 31 750 29 367 29 009 28 385 35 000 30 000 ■ Inventory on track to normalise: from PLN 110.8 m at 25 000 the peak (2Q25) to PLN 92.2 m in 2Q26
Slide 11: Business summary
ESOTIQ @ HENDERSON Business summary
Slide 12: ESOTIQ stores in 8 countries
ESOTIQ stores in 8 countries 25 ONLINE ■ The sales strategy of Esotiq is based on the presence of the brand in the Polish and Network of own, franchise and partner stores European markets, delivered through both offline and online channels, with particular Wholesale and multibrand emphasis on sales
Slide 13: Development of the ESOTIQ retail store network
Development of the ESOTIQ retail store network NUMBER OF STORES 300 290 ■ Consistent development of the Esotiq brand strategy based on femininity, diversity and a 280 modern approach to designing lingerie and beachwear collections. 270 293 ■ Subsequent collections are created based on detailed analy
Slide 14: Development of Esotiq online sales
Development of Esotiq online sales 50.1 PLN m 32 % OF SALES GENERATED ONLINE IN 1H26 SHARE OF ONLINE SALES ■ The online channel maintained strong growth momentum. ■ New app features – receipts in the app, coupons for club members, referral codes; the app is used by over 248 k people. ■ TikTok Shop a
Slide 15: Online sales
Online sales E-SHOP REVENUE (PLN k) 35 000 29 153 27 869 30 000 ■ Sales online was carried out on proprietary platforms: Esotiq.com, Henderson.pl 26 419 24 616 and Vosedo.com. 23 306 22 247 25 000 ■ In 1H26 revenue from online sales was PLN 50.1 m and was higher by 20.8% YoY; 19 475 in just 2Q26 it
Slide 16: International expansion plans 2024-2027
International expansion plans 2024-2027 Planned international expansion ■ In exports the Group is restructuring its sales model: developing cooperation with existing partners, increasing order value and the number of categories and SKUs, and acquiring new distributors and wholesalers. ■ The Group pr
Slide 17: ESOTIQ marketing activities
ESOTIQ marketing activities ■ New sales channels – from 15 June Esotiq sells on TikTok Shop, running live streams in-house with the participation of ambassadors; from April it develops sales through influencers in cooperation with Metapic. ■ Development of Esotiq Club – receipts in the app, coupons
Slide 18: Additional information
ESOT1!IQ @ HENDERSON Additional information
Slide 19: Business model
Business model BRICK-AND-MORTAR STORES ONLINE SALES B2B OWN STORES OWN E-COMMERCE PLATFORMS In the Polish market the company conducts sales of the Henderson brand through the B2B channel. Sales are The Company operates its own stores under the The Company is intensively developing online sales made
Slide 20: Esotiq Brand
Esotiq Brand Esotiq is a brand of women's lingerie, sleepwear and swimwear, present for over 25 years on the Polish market. The brand's products are available in 266 monobrand stores, located across the whole of Poland and online - on the esotiq.com platform and selected marketplaces (incl. Zalando)
Slide 21: Esotiq Brand
Esotiq Brand Marketing activities are supported by cooperation with top models, Joanna Krupa, Marcelina Zawadzka, and collaborations with stars – in 2026 incl. the premium line Eva Minge x Esotiq. Cooperation with Ewa Chodakowska covered in 2026 the sale of swimwear and bra fitting at the Be Active
Slide 22: New Bloovii product line
New Bloovii product line ■ Consistent development of Bloovii as one of the youngest lines in the brand portfolio. ■ A response to the needs of a new group of customers and their modern lifestyle. ■ Building collections based on fresh design, current trends and functionality. ■ Developing a coherent
Slide 23: Henderson brand
Henderson brand Henderson is a men's and women's underwear brand with 25 years' presence on the Polish market. The brand is characterized by premium design distinguished by timeless elegance. Minimalist, basic Henderson products are made from natural materials, ensuring high quality and comfort of u
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 journey across all distribution channels. ■ Sales teams in Esotiq salons regularly take part in brafitting training, improving their product expertise and the effi
Slide 25: Consignment franchise in Poland
Consignment franchise in Poland Costs and responsibilities: Advantages: ■ Merchandise and the sales system belong to E&H. ■ Retail margin captured. E&H (parent company) ■ E&H delivers goods to stores, organizes cash handling and is responsible for ■ Full control over merchandise. promotion. ■ No nee
Slide 26: Sales structure
Sales structure GROUP SALES STRUCTURE (PLN m) Own stores Franchise stores Online Other 100,0 91,4 90,0 86,5 83,5 82,0 13,1 80,2 80,5 80,0 74,2 74,9 18,1 11,5 13,7 71,7 71,7 70,1 15,7 14,0 70,0 66,3 10,7 13,4 9,1 9,4 62,7 60,5 61,2 29,2 59,7 14,5 60,0 16,3 10,1 22,2 55,0 10,7 12,3 26,4 50,8 11,8 11,0
Slide 27: Store network development
Store network development 2022 2023 2024 2025 2026 NUMBER OF STORES 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q BRAND Esotiq 299 296 295 292 292 286 288 288 287 289 293 290 289 286 287 284 285 Esotiq Polska 278 276 274 271 270 265 266 265 264 265 269 267 268 265 266 265 266 Partner stores 213
Slide 28: Space development
Space development 2022 2023 2024 2025 2026 STORE AREA m² 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q BRAND Esotiq 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 18,104 Esotiq Poland 17,407 17,179 17,080 16,927 16,781 16,515 16,5
Slide 29: Development of average store size
Development of average store size 2022 2023 2024 2025 2026 AVERAGE STORE SIZE m² 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q BRAND Esotiq 62 62 62 62 62 62 62 62 63 63 63 63 63 64 63 64 64 Esotiq Polska 63 62 62 62 62 62 62 62 63 63 63 64 64 64 64 64 64 Partner stores 56 56 56 56 56 56 56 56
Slide 30: Group quarterly results
Group quarterly results PLN m 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Group revenue 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 83.5 Cost of production 17.9 30.8 22.0 22.8 19.0 31.8 23.9 21.5 19.9 28.9 26.8 22.8 20.9 33
Slide 31: Shareholding and voting structure
Shareholding and voting structure AS AT 25 SEPTEMBER 2026 Others (<5% of votes at the GMS) Patronado Limited 29,40% 21,18% Others (<5% of votes at the GMS) 42,34% Patronado Limited 29,26% 2,233,500 3,233,500 pcs pcs Esotiq & Henderson S.A. (treasury shares) 8,53% Nemisama Investment Limited 19,36% A
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