Answear.com (ANR) investor relations material

Executive summary

• Q1 2026 revenue grew 7.4% YoY to PLN 378.7m, driven by strong performance in Poland (+21.3%) and effective marketing strategies despite challenging market conditions.

• Gross profit increased 8% YoY to PLN 151.2m, with gross margin up to 39.9% (+0.4pp YoY), reflecting better product mix and partner negotiations.

• EBITDA reached PLN 6.6m (1.7% margin), down 33% YoY, impacted by higher marketing and logistics costs.

• Net loss of PLN -6.8m, compared to a net profit of PLN 3.7m in Q1 2025, mainly due to negative FX differences and higher financial costs.

• Record investment in brand marketing, with a shift from TV to online campaigns for greater flexibility.

Financial highlights

• Revenue: PLN 378.7m (+7.4% YoY), with Poland leading at +21.3% YoY; growth reduced by PLN appreciation against CEE currencies.

• Gross profit: PLN 151.2m (39.9% margin, +0.4pp YoY).

• EBITDA: PLN 6.6m (1.7% margin), down from PLN 9.9m in Q1 2025, impacted by increased marketing and logistics costs.

• Net loss: PLN -6.8m vs. PLN 3.7m profit in Q1 2025.

• Operating cash flow: PLN -17.4m, improved YoY due to better inventory management.

Outlook and guidance

• Plans to reduce marketing spend in coming quarters through optimisation and scaling.

• 2026 EBITDA target recalibrated downward by 10% due to Q4 2025 underperformance; medium-term goal of PLN 120m EBITDA in 2027 remains.

• Results in coming quarters will depend on execution of premiumization strategy, macroeconomic conditions, and FX trends.

• Key risks include consumer demand, situation in Ukraine, global conflicts, and currency volatility.

• No financial forecasts for 2026 were published.