Esotiq & Henderson S.a. · GPW:EAH
Esotiq & Henderson — H1 2025 Earnings Presentation
37 slides from Esotiq & Henderson's earnings presentation, September 2025
Slide 1: Investor Presentation H1 2025 Results
Investor Presentation H1 2025 Results September 2025
Slide 2: Financial Results 1H25
ESOTIQ @ HENDERSON Financial Results 1H25
Slide 3: Summary H1 2025
Summary H1 2025 AND EVENTS UP TO THE REPORT PUBLICATION DATE 98.8 PLN M GROSS PROFIT 142.5 289 PLN M REVENUE STORES 209.3 PLN M CONSOLIDATED REVENUE Gross profit on sales in H1 2025 amounted In the first half of 2025, the Group At the end of Q2 2025, the Group’s Consolidated sales revenues for the 8
Slide 4: Financial Results 1H25 (PLN m)
Financial Results 1H25 (PLN m) +5.1% -19.7% -31.6% -48.1% y/y y/y y/y y/y GROUP: 142.5 SALES 14.0 EBITDA 5.7 EBIT 3.2 NET PROFIT +4.2% -17.9% -31.0% -46.4% y/y y/y y/y y/y STANDALONE: 139.7 14.3 5.8 3.3 SALES EBITDA EBIT NET PROFIT 4
Slide 5: Income Statement 2Q - Parent Company
Income Statement 2Q PARENT COMPANY • Sales revenue: Up 4.0% y/y to PLN 73.82m. in PLN ‘000 2Q25 2Q24 Change Change % • Gross profit on sales: Up 3.6% y/y to PLN 53.09m, Revenue from Sales 73 822 70 974 2 848 4.0% with a gross margin of 71.9% (down 0.4 pp y/y). • Selling and general administrative ex
Slide 6: Income Statement 2Q - Capital Group
Income Statement 2Q CAPITAL GROUP ▪ Sales revenue: Up 4.3% y/y to PLN 75.45m. in PLN ‘000 2Q25 2Q24 Change Change % ▪ Gross profit on sales: Up 4.0% y/y to PLN 54.56m, with a gross margin of 72.3% (down 0.3 pp y/y). Revenue from Sales 75 454 72 370 3 084 4.3% ▪ Selling and general administrative exp
Slide 7: Solid and stable gross margin level
Solid and stable gross margin level 60,0 54,7 54,6 400,0% 52,5 52,3 50,3 350,0% 50,0 47,2 44,2 42,1 41,8 300,0% 38,6 37,6 38,2 38,3 40,0 34,3 31,8 32,0 31,8 250,0% 29,4 30,8 28,9 30,0 24,4 200,0% 21,8 150,0% 20,0 61,4% 61,4% 66,7% 63,1% 65,0% 64,4% 67,2% 62,0% 67,7% 63,4% 62,7% 68,9% 61,3% 66,4% 66,
Slide 8: Group Costs per m²
Group Costs per m² GROUP OPERATING EXPENSES (PLN million) Monthly Cost per m² 2Q25 2Q24 y/y Selling expenses General administrative expenses 49,5 49,4 50,0 48,8 46,2 44,6 44,0 8,5 45,0 43,8 8,5 10,0 Group SG&A Expenses 431 430 0.2% 40,6 8,0 40,0 39,1 39,2 39,0 7,7 7,6 37,6 8,9 35,4 6,5 35,0 7,5 8,5
Slide 9: Debt and Cash
Debt and Cash 40,0 CASH FLOW 1H25 (PLNm) ▪ The Group closed H1 2025 with cash and cash equivalents of PLN 3.2m. Cash flow in this period was primarily affected by changes in inventories and liabilities 30,0 as well as the investment in real estate for the Company’s new headquarters in 20,0 8.2 -16.7
Slide 10: Working Capital and Inventory
Working Capital and Inventory WORKING CAPITAL (000 PLN) 41 378 50 000 • Esotiq & Henderson closed Q2 2025 with a strong operational 37 571 36 937 45 000 35 141 34 859 34 760 34 660 34 623 base – inventory levels stood at PLN 110.8m, ensuring full 33 966 33 261 33 029 31 835 31 750 40 000 29 367 29 0
Slide 11: Business Summary
ESOTIQ @ HENDERSON Business Summary
Slide 12: ESOTIQ stores present in 8 countries
ESOTIQ stores present in 8 countries 25 online stores ▪ Esotiq’s sales strategy envisions the brand’s presence in Network of own, franchise, and partner stores both Polish and European markets through offline and Wholesale and multibrand sales online sales channels, primarily via listings on various
Slide 13: Expansion of the ESOTIQ Retail Store Network
Expansion of the ESOTIQ Retail Store Network Optimization of the Retail Network NUMBER OF STORES ▪ The Company is in the process of acquiring new locations; however, each new point of sale must ensure high profitability. 293 ▪ Average basket value increased by 4.8%, while store traffic declined by 1
Slide 14: Esotiq Online Sales Development
Esotiq Online Sales Development 41,5 PLNm 29% ONLINE SALES GENERATED IN H1 2025 SHARE OF ONLINE SALES ▪ Sales through own e-commerce platforms and external marketplaces, ensuring broad customer reach. ▪ Convenient online returns via the mobile app – customers can initiate a return directly from thei
Slide 15: Online Sales in 2Q25
Online Sales in 2Q25 E-SHOP REVENUES (PLN ’000) 30 000 24 616 23 306 25 000 19 475 18 197 ▪ In H1 2025, online sales were carried out through own platforms: Esotiq.com, 16 343 20 000 15 007 14 903 14 903 14 080 Henderson.pl, and Vosedo.com.In Q2, consolidated online sales revenues amounted to 12 680
Slide 16: Mobile App
Mobile App ▪ The shift of the sales process to the mobile app has significantly enhanced shopping convenience for customers. Thanks to this solution, users can place orders in a simple and time-saving way. Continuous development of the app and tailoring its features to customer needs make shopping m
Slide 17: ESOTIQ Marketing Activities
ESOTIQ Marketing Activities 1.51 mln 627k 5.1 mln Esotiq Club members app downloads (as of reach of Facebook campaigns 30.06.2025) in 2025 ▪ Steady growth in social media reach. ▪ Collaborations with influencers and brand ambassadors: Marcelina Zawadzka, Joanna Krupa, Ewa Minge, Agata Sieramska. In
Slide 18: Long-Term Goals of the Company
Long-Term Goals of the Company
Slide 19: Main Strategic Objectives of the Company
Main Strategic Objectives of the Company Continued sales growth alongside Acceleration of product turnover in Introduction of new an increase in gross value margin the retail network and optimization of product lines to expand the commercial quality offering Expansion of retail space Dynamic growth
Slide 20: Competitive Advantages
Competitive Advantages Strong financial position Dynamic growth of online sales Cost management and operational Broad portfolio of high-quality products efficiency A stable gross margin of approx. 72% in 2Q25, In H1 2025, online sales accounted for approx. Unique know-how in lingerie design and driv
Slide 21: Additional Information
Additional Information 21
Slide 22: Export Market Development
Export Market Development Country Number of stores (as of 30.06.2025) Planned directions for international sales growth: Latvia 1 ▪ Expansion into the Romanian market – launch of sales on the leading marketplace Moldova 1 eMAG, enabling access to a broad base of local customers. North Macedonia 3 Se
Slide 23: International Expansion Plans 2024–2027
International Expansion Plans 2024–2027 ▪ The company has revised its previous international expansion strategy and Planned International Expansion developed a comprehensive growth plan for its brands in foreign markets, with a focus on selected product segments. An extended offering is currently be
Slide 24: Business Model
Business Model Brick-and-Mortar Stores Online Sales B2B Own Stores Own E-commerce Platforms In the Polish market, the company sells the Henderson brand via the B2B channel. Sales are made to wholesalers, retailers, The company operates its own stores under the Esotiq brand The company is intensively
Slide 25: Esotiq
Esotiq Esotiq is a women’s lingerie, nightwear, and swimwear brand with a 25-year presence in the Polish market. The brand’s products are available in 268 monobrand stores across Poland and online – via the esotiq.com platform as well as selected marketplaces (including Zalando). Esotiq’s offer is p
Slide 26: Esotiq
Esotiq Marketing activities are supported by collaborations with top models Joanna Krupa and Marcelina Zawadzka, as well as upcoming partnerships with celebrities soon to be announced. In May, Esotiq also launched a collaboration with Ewa Chodakowska, aimed at strengthening the brand’s image in the
Slide 27: New Product Line – Bloovii
New Product Line – Bloovii ▪ For customers seeking modern styling, a new product line – Bloovii – has been introduced, expanding the Company’s offering. ▪ Bloovii products are developed based on Esotiq’s professional expertise and experience, which makes them stand out on the market. ▪ The product s
Slide 28: Henderson
Henderson Henderson is a men’s and women’s underwear brand with a 25-year presence on the Polish market. The brand is known for its premium design, characterized by timeless elegance. Henderson’s minimalist, essential products are made from natural materials, ensuring high quality and wearing comfor
Slide 29: Esotiq’s Competitive Advantage: Brafitting
Esotiq’s Competitive Advantage: Brafitting ▪ Brafitting is one of the Company’s core competencies and an essential element of the customer journey across all distribution channels. ▪ Sales teams in Esotiq stores regularly participate in brafitting training sessions to enhance their skills and effect
Slide 30: Deposit-Based Franchise Model in Poland
Deposit-Based Franchise Model in Poland Costs and Responsibilities (Franchisee Perspective): Advantages for the Franchisee: E&H ▪ The goods and sales system are owned by Esotiq & Henderson (E&H) ▪ Earning a share of the retail margin ▪ E&H supplies the inventory, manages cash flow, and handles promo
Slide 31: Sales Structure
Sales Structure GROUP SALES STRUCTURE (PLN million) 100,0 Own Stores Franchise Stores Online Other 90,0 81,9 80,5 80,2 80,0 74,2 74,9 13,7 70,1 71,7 14,0 15,7 70,0 66,3 10,7 13,4 9,1 61,1 62,7 59,8 60,5 14,5 60,0 16,3 10,1 55,1 12,3 11,8 11,0 10,7 15,0 19,5 18,2 50,7 13,1 24,8 50,0 9,4 14,6 8,8 9,6
Slide 32: Retail Network Expansion
Retail Network Expansion 2019 2020 2021 2022 2023 2024 2025 Number of Stores 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Esotiq Brand 297 308 306 304 303 306 313 312 312 307 303 304 305 299 296 295 292 292 286 288 288 287 289 293 290 289 Esotiq Poland 263 268 268 27
Slide 33: Expansion of Retail Space
Expansion of Retail Space 2019 2020 2021 2022 2023 2024 2025 STORE AREA m² 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Esotiq Brand 18 090 18 661 18 689 18 667 18 818 18 902 19 364 19 405 19 408 18 773 18 537 18 658 18 836 18 535 18 285 18 241 18 088 18 028 17 643 1
Slide 34: Growth in Average Store Size
Growth in Average Store Size 2019 2020 2021 2022 2023 2024 2025 AVERAGE STORE SIZE m² 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Esotiq Brand 61 61 61 61 62 62 62 62 62 61 61 61 62 62 62 62 62 62 62 62 62 63 63 63 63 63 Esotiq Poland 61 60 61 61 62 62 62 63 63 62 6
Slide 35: Quarterly Results of the Group
Quarterly Results of the Group in PLN million 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Group Revenue 39,1 45.2 50.4 45.1 38.3 39.7 51.7 44.0 45.7 49.1 59.9 51.1 51.3 55.5 74.8 60.2 61.1 61.1 82.1 71.1 63.2 72.4
Slide 36: Shareholding and Voting Structure
Shareholding and Voting Structure As of September 26, 2025 Treasury shares Adam Skrzypek Treasury shares Adam Skrzypek 12,22% 4,77% 8,44% 6,07% 2 233 500 3 233 500 Others Others 29,49% 42,47% Patronado Limited 40,54% Patronado Limited 36 56,00%
Slide 37: Contact
Contact ESOTIQ & Henderson S.A. Ul. Budowlanych 31C, Gdańsk Phone. +48 58 728 48 00 www.esotiq.com www.esotiqhenderson.com ir@esotiqhenderson.com @esotiq @henderson_underwear @esotiq