Lulu Retail Holdings Plc · ADX:LULU
Lulu Retail — H1 2026 Earnings Presentation
29 slides from Lulu Retail's earnings presentation, October 2026
Slide 1: Lulu Retail Investor Presentation October 2026
Lulu Retail Investor Presentation October 2026
Slide 2: 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 3: Table of Contents
Table of Contents 1. Lulu Retail Today 2. Investment Case 3. Our Strategy 4. Key Financials H1’26 2
Slide 4: Lulu Retail Today
1. Lulu Retail Today 3
Slide 5: Home-Grown Champion With Proven Track Record 50+ Years
Home-Grown Champion With Proven Track Record 50+ Years Pre-LuLu GCC Expansion and Build Out of Sourcing Platform Omni-Channel Expansion Foundation Yusuff Ali MA 200th Store Listing on LuLu Entered Kuwait Bahrain 100th Store Opened First ADX in Q4’24 Organised Retail in UAE Entry Entry Grocery Store
Slide 6: Operational Highlights
Operational Highlights Lulu Retail Operations Store Format Retail Footprint Selling Area Sourcing capabilities One-Stop- Shop 2831 stores 1.41 mn 85 countries 123 Hypermarkets Sqm With 19 on-the-ground sourcing offices UAE (123), KSA (71), Oman (33), Qatar (24), Kuwait (19), Bahrain (13) +23k sqm in
Slide 7: Investment Case
2. Investment Case 6
Slide 8: LuLu – Pan-GCC's Largest Growing Full-Line Retailer
LuLu – Pan-GCC’s Largest Growing Full-Line Retailer 1 Market Large and Growing Addressable Market Supported by Strong Macro Tailwinds and Transformation Agendas Scale Advantag e 2 Scale GCC’s Largest Retailer Distinguished by Scale, Agility and Trusted Partnerships Ope 3 Customer rEaxtional Excel Ic
Slide 9: Economic Backdrop Driving Significant Market Opportunity
1 Economic Backdrop Driving Significant Market Opportunity GCC Macro Tailwinds Transformation Agendas Total Addressable Market(1) Key Retail Macro Drivers In The GCC Markets Are Primed For Significant Market Potential GCC Are Outperforming Global Averages + Growth Driven By Transformation Agendas =
Slide 10: Flexible, Dynamic Business Model, with High Barriers to Entry
2 Flexible, Dynamic Business Model, with High Barriers to Entry Local Expertise Agile Approach Diverse SKU Base for All Ethnicities and Budgets Highly Integrated Supply Chain Significantly broadens potential customer base underpinned Efficient sourcing underpinned by global over 200,000 active SKUs
Slide 11: Compelling Customer Proposition Underpinned by Well-Balanced Product Offering
3 Compelling Customer Proposition Underpinned by Well-Balanced Product Offering Comprehensive Approach to Exceptional Customer Service Diverse Product Range Catering to Various Customers Needs(1) 52% Consumer Packaged Goods Fresh Food 23% Tailored product selection by actively seeking, listening and
Slide 12: Differentiated and High-Quality Private Label Offering Across Categories
3 Differentiated and High-Quality Private Label Offering Across Categories Core Features Extensive Product Range Select Products Higher margin profile vs branded Fresh products Electrical Food Goods Private Label 29% 30% Lifestyle Products 3% Renowned for high quality and Fresh Consumer value for mo
Slide 13: Global Sourcing and Logistics Network Underpin Operating Resilience and Competitiveness
4 Global Sourcing and Logistics Network Underpin Operating Resilience and Competitiveness Bringing the World’s Products to the GCC Competitive Advantages Bargaining power resulting from significant regional scale Great Britain Canada Poland Turkey Larger and more diverse product USA Spain Italy asso
Slide 14: LuLu has Demonstrated Robust Historical Growth with Strong Margins
5 LuLu has Demonstrated Robust Historical Growth with Strong Margins Revenue(3) ($mn) Gross Profit(3) ($mn) EBITDA(1,2,3) ($mn) Gross Margin (%) EBITDA Margin (%) 22.5% 23.0% 23.2% 23.0% 10.2% 10.4% 10.3% 9.9% CAGR: 4.8% 7,934 7,621 7,278 6,894 CAGR: 5.6% 1,765 1,823 CAGR: 3.6% 1,675 1,549 703 753 7
Slide 15: Strategic Growth Potential Backed by Established Levers
6 Strategic Growth Potential Backed by Established Levers 01 02 03 04 Existing Operating New Store Further Stores Leverage and Rollouts Upside Growth Efficiencies Agile product strategy with GCC wide whitespace Operational gearing Expansion of Private Label widest SKUs potential Comprehensive market
Slide 16: Our Strategy
3. Our Strategy 15
Slide 17: Growth Momentum Anchored in Established Drivers
Growth Momentum Anchored in Established Drivers 01 02 Existing Store Growth New Store Rollouts 03 04 Operating Leverage and Further Upside Efficiencies 16
Slide 18: Driving Like-for-like Growth Across Our Store Portfolio
Existing Store Growth New Store Rollouts Operating Leverage and Efficiencies Further Upside Driving Like-for-like Growth Across Our Store Portfolio Performance Enhancement Action Plans Routine Review ✓ SKU evaluation ✓ Tactical pricing ✓ Clearly defined KPIs and timelines to track progress ✓ Price b
Slide 19: Happiness Program Momentum Continues
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside Happiness Program Momentum Continues Enrollment Methods Value Proposition Q2 2026 update 1 Website 9.4 Million Points Loyalty Members + 2 Mobile App 382K 70% Instant Discounts New Signups in Q2 2026 Loyalty S
Slide 20: New Store Rollouts On Track
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside New Store Rollouts On Track Medium term openings 16 net stores opened in H1’26 +12 Express Store locations Stores identified for +4 Mini Markets 20 + openings in medium term Stores ✓ On track to meet FY 2026
Slide 21: Portfolio Footprint as of 30 June 2026
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside Portfolio Footprint as of 30 June 2026 Country Hypermarket Express Mini Total UAE 44 71 8 123 # of stores KSA 30 24 17 71 Other GCC 49 35 5 89 Format total 123 130 30 283 Total 283 Country Hypermarket Express
Slide 22: Operating Leverage And Efficiency
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside Operating Leverage And Efficiency Scale Advantage Cost Improvements Store Efficiencies ✓ Closer proximity to ✓ Leveraging existing ✓ Technology led customers workforce for new store enhancements in store roll
Slide 23: Customer Focused Private Label Strategy Driving Strong Adoption
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside Customer Focused Private Label Strategy Driving Strong Adoption Commitment to quality at affordable prices Q2 2026 update Availability and affordability $571 mn Sales in Q2 2026 Quality 30.7% % of Sales Wide
Slide 24: Digital Expansion On Track With Strong Performance
Existing store growth New store rollouts Operating Leverage and Efficiencies Further upside Digital Expansion On Track With Strong Performance Covering a wide customer base with diverse preferences Q2 2026 update $165 mn LuLu App E-commerce sales in Q2 2026 53.0% Sales Growth YoY LuLu Online Store L
Slide 25: Key Financials H1'26
4. Key Financials H1’26 24
Slide 26: H1'26 Financial Performance
H1’26 Financial Performance Revenue Gross Profit EBITDA $4.0 bn I 2.6% $902 mn I 3.3% $374 mn I 10.6% Net Income Dividends Leverage 1.2x (excl. leases) $89 mn I 30.0% 3.0 fils for H1’ 26 3.5x (incl. leases) 25
Slide 27: Margin Performance Mainly Affected By Lower Revenue
Margin Performance Mainly Affected By Lower Revenue Gross Profit ($ m) EBITDA ($ m) Net Income ($ m) Gross Margin (%) EBITDA Margin (%) Net Margin (%) 23.2% 23.0% 10.1% 9.2% 2.8% 2.1% 3.3% 468 453 10.8% 26.5% 204 182 57 42 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 • Gross profit declined by 3.3% YoY • EBI
Slide 28: Healthy Cash Generation Supporting High Cash Conversion
Healthy Cash Generation Supporting High Cash Conversion Capex ($ m) Cash Flow ($ m) Leverage ($ m) Capex Cash flow Leverage Net debt ($ m) 2,506 2,559 Capex as % of Cash Sales 1.4% 1.3% 86.2% 85.9% Conversion 864 808 176 156 1,972 2,051 28 (330) (299) 26 Dec-25 Jun-26 13 8 Lease Liabilities Financia
Slide 29: Thank You
@ a) LULU Where the world comes to shop Thank You