LPP S.A. (LPP) Q2 2026 Earnings Report
PL:LPP Q2 2026 EPS Results
- Actual EPS
- PLN 472.67
- Consensus EPS
- PLN 399.83
- Beat/Miss
- Beat by +PLN 72.84
- One Year Ago EPS
- PLN 251.63
PL:LPP Q2 2026 Revenue Results
- Actual Revenue
- PLN 6.58B
- Expected Revenue
- PLN 6.50B
- Beat/Miss
- Beat by +PLN 72.31M
- YoY Revenue Growth
- +18.42%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/17/2026
- Time
- TBA
- Conference Call
- Thursday, September 17, 2026
LPP S.A.'s next earnings date is estimated for December 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call was predominantly positive, supported by 17% revenue growth, double-digit first-half profit growth, stable 54% gross margin, accelerated store expansion, strong back-to-school and early Q3 sales, improving logistics efficiency and a comfortable leverage ratio. These positives were tempered by sales running below internal ambitions, lower like-for-like growth than desired, elevated inventory, the Romanian warehouse fire and related disruption costs, delayed Russian receivables, and rising financial costs. Overall, the highlights significantly outweighed the lowlights.
For '25, LPP targets PLN 10.5 billion in sales from core business, an increase in offline, plus 90% and online 20%, with margin, EBITDA and net margin at the top levels according to our guidance; it plans 200, 250 in the third quarter, 400, 450 in the fourth quarter Sinsay and 20 to 40 new stores of Reserve Cropp, House, Mohito, while investment expenditure for logistics next year could be a similar amount, closer to PLN 1 billion, maybe somewhat maybe PLN 1.0 billion, and inventory of 1,800 and 1,900 is the goal, with 2 or 3 quarters needed to control inventory in '26.
- Revenue GrowthQ2 group revenue grew 17% to PLN 5.6 billion, with over PLN 5.5 billion also cited for the quarter. Store sales increased 19% and Internet sales increased 14.5%.
- Positive Store Like-for-Like SalesStore like-for-like sales grew by nearly 2% in Q2 despite entering the quarter with the coldest May in history. Reserved delivered double-digit like-for-like growth.
- E-Commerce Growth and Profitability FocusE-commerce generated PLN 1.4 billion in Q2, up 16% in constant currencies. Management said this was twice the development rate of online players and the broader market, while performance-marketing spending was optimized to improve profitability.
- Accelerated Sinsay ExpansionLPP opened nearly 300 stores across all brands in Q2, including 253 Sinsay stores. The number of openings was over 2.5x the level from 2024, with Sinsay described as the driving force of the group.
- International Network GrowthAt the end of Q2, LPP had nearly 3,200 stores, and total floor space grew 23% year-on-year, mostly abroad. The company is focusing new openings on Central, Eastern and Southern Europe and formally entered Uzbekistan in August, with plans to add another 20 stores there.
- Strong Profitability in the First HalfEBIT and net profit were higher than last year in Q2. For the first half, EBITDA, EBIT and net profit grew by double digits, and first-half EBITDA exceeded PLN 1.2 billion with comparable profitability levels.
- Stable Gross MarginQ2 gross margin was 54%, described as stable versus the previous two quarters and higher than in 2023. Management said the first-half margin, EBITDA and net margin were at the top levels of the company’s guidance.
- Operating Cost EfficienciesThe company reported operational cost efficiencies, including a decline in Internet advertising spend from around 10% of Internet revenue in Q2 last year to 8%. Logistics efficiency also improved after the new warehouse in Bucharest moved beyond its initial learning curve.
- Logistics and Robotics InvestmentLPP invested over PLN 1.2 billion in the first half, with almost PLN 380 million invested in Q2. The company said this year and next year involve considerable logistics investments, including PLN 0.5 billion cited for new warehouse capacity and robotic solutions representing over 20% of the investment. The cost per piece in the Brzesc warehouse dropped 2.5x, with full capacity expected from September.
- Comfortable LeverageManagement described the company’s debt position as very comfortable, with leverage at 1.3.
- Strong Back-to-School PerformanceThe back-to-school period was described as strong. From mid-August through the first week of September, omnichannel sales increased 35%, online sales increased 40% and offline sales increased 33%.
- Positive Third-Quarter Sales OutlookFrom August 1 through the end of September, sales were up 22% year-on-year, with a positive response to the autumn/winter collections across Reserved, Cropp, House and Mohito. LPP planned to open 200 to 250 stores in Q3, 400 to 450 Sinsay stores in Q4, and 20 to 40 new Reserved, Cropp, House and Mohito stores.
- Consumer Demand and Regional StrengthManagement cited Polish retail consumption growth of 3-plus percent and said the consumer’s purchasing power was visible in the company’s like-for-like results. Southern Europe and Eastern Europe, particularly Kazakhstan, performed really well, with Kazakhstan above average.
- Sinsay App and Loyalty EngagementSinsay applications were described as among the most frequently downloaded apps. The Sinsay Club loyalty program was performing really well, and management said omnichannel customers buy 5x more than single-channel customers.
- AI and Technology InitiativesLPP is investing in AI and other new solutions across contact centers, back office, collection preparation, e-commerce product presentation, warehouse stock optimization and store-location analysis. The company said it is focusing on solutions that bring measurable results.
- Refinancing Program UnderwayLPP is conducting comprehensive refinancing covering supplier finance, reverse factoring, current financing and current expenditure. Management said the process was competitive and expected to move the company toward a consortium-based structure stable for up to five years, with the situation expected to improve in Q4.
PL:LPP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Dec 03, 2026 | 2026 (Q3) | 387.81- | -8.61 | ― | ― |
| Sep 17, 2026 | 2026 (Q2) | 399.83472.67 | 251.63 | 87.84% (+221.03) | |
| Jun 11, 2026 | 2026 (Q1) | 254.91298.00 | 181.03 | 64.61% (+116.97) | |
| Mar 26, 2026 | 2025 (Q4) | 335.75407.87 | 245.38 | 66.22% (+162.49) | |
| Dec 11, 2025 | 2025 (Q3) | 291.23-8.61 | 310.9 | -102.77% (-319.51) | |
| Sep 25, 2025 | 2025 (Q2) | 206.25251.63 | 238.77 | 5.39% (+12.86) | |
| Jun 11, 2025 | 2025 (Q1) | 146.06181.03 | 148.77 | 21.69% (+32.26) | |
| Apr 03, 2025 | 2024 (Q4) | 269.54245.38 | 251.19 | -2.32% (-5.82) | |
| Dec 11, 2024 | 2024 (Q3) | 315.33310.90 | 282.04 | 10.23% (+28.86) | |
| Sep 25, 2024 | 2024 (Q2) | 322.09238.77 | 240.74 | -0.82% (-1.97) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.