LPP S.A.

2025 was a record year: strong growth + profitability maintained - Opened 1,000+ new stores (store count 2,700 → 3,700), with ~6 new markets added and nearly PLN 6.2bn total investments (incl. PLN 1.3bn logistics/automation/robotics). - E-commerce grew ~20% (management highlighted this as unusually strong for Europe). - Financial performance emphasis: ~+35–36% growth in net profit/EBIT-type measures (as described by the Chairman), while cost growth was controlled and profitability remained strong (stores targeting positive EBITDA contribution for 98% of stores; net average store EBITDA margin ~30%). - Balance sheet/financing: net debt / EBITDA ~1.1; loan package oversubscribed (banks sought up to PLN 20bn, LPP agreed PLN 13.5bn).

Dividend: shareholder return - Proposed dividend per share for 2026 of PLN 900 (+36% YoY), to be approved at the General Assembly.

Q4 / FY dynamics: like-for-like (LFL) mixed; weather-driven demand shifts explained - 4Q seasonal pressures described: customers waited for Black Friday early in November; then better through Christmas but warm/cold swings affected traffic. - E-commerce rebalanced vs stores: during colder periods, store traffic fell, while e-commerce rose (~+30% after Christmas period into January). - Management’s framing for FY: ~+19% growth in constant-currency like-for-like (net of the VAT picture per CFO framing). - LFL stabilization/normalization: - Sinsay normalization was weaker in Q4 (cited deceleration from prior years: 24%/20%/11%/1.5% sequence described), but still positive versus a 2-year average (~+4.1% in Sinsay, ~+3.3% in other brands). - Reserved/other brands showed positive normalization after a more experimental apparel phase in 2024.