Slides
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Q4 & FY2025EARNINGS PRESENTATIONFEBRUARY 2026
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No statement in this document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed a “forward-looking” are based upon various assumptions, including, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant risks, uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. Risks, uncertainties, contingencies could cause the actual results of operations, financial condition and liquidity of the Company to differ materially from those results expressed or implied in the document by such forward-looking statements. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. No reliance should be placed on any forward-looking statement. Disclaimer Q4 & FY2025 EARNINGS PRESENTATION
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Contents1. Business Overview2. Execution of our Strategy3. Financial Highlights4. Strategic Focus5. Guidance7. Q&A8. Appendix
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Business Overview
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Business Overview 2025 Q4 & FY2025 EARNINGS PRESENTATION Sales reaching AED 3.6b for FY 2025, up 13.1% YoYLike-for-like sales growth of 10.7%, primarily driven by increase in transactionsProfit after tax of AED 332m, up 14.5% YoY with profit margin at 9.1%Ecommerce growth of 37% YoY, with participation at 17% Board recommends final dividend of AED 129.6m, equivalent to 3.60 fils per share, which will result in full year dividend at 75% of profit for the year Robust performance in FY2025Largest annual store network growth to date with 13 new store openings increasing GSA by12.4%
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FY2025 Business Highlights Q4 & FY2025 EARNINGS PRESENTATION Transactions 37.3m 42.2m▲13.1% Fresh Sales63.3% 64.2%▲90bpsPrivate Label Penetration 43.3% 45.4%▲210bpsStore Footprint 80 90▲13%Ecommerce Participation14.1% 17.0%▲290bps Average Basket SizeAED 87.1 AED 85.22.1%
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Execution of our Strategy
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Record Roll Out of Store Openings Q4 & FY2025 EARNINGS PRESENTATION 80 13 -3 90 FY2024 Stores New Stores Store Closure/Transfer FY2025 Stores FY2024 – FY2025 Stores Bridge Notes: Market stores defined as stores with GSA below11,000 sq. ft., Medium Supermarkets with GSA between 11,000 and 22,000 sq. ft., Large Supermarkets with GSA above 22,000 sq. ft.742 806 906 202320242025Total GSA (excl. Abu Dhabi) – SQFT 000s+8.6%+12.4%3,802 3,935 3,961 2023 2024 2025+3.5%+0.7%Retail Revenue per SQFT - AED
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Continued Focus on our Core Business Q4 & FY2025 EARNINGS PRESENTATION UAERefining The Kitchen by Spinneys model with four stores in operationContinued white space expansion in our home marketEcommerceExpanded coverage of hyperlocal delivery service Spinneys Swift alongside platform enhancements.Opened our 3rdstore in Riyadh and launched our own e-commerce delivery service. KSA
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First location identified in Avenue MallsJV Incorporated and support systems & processes being put in placeKUWAITNew JV incorporatedSupport systems & processes being put in placeFirst and second store planned for Q4 2026 with capital commitment of AED 18 million by the GroupPHILIPPINES Regional and International Expansion Q4 & FY2025 EARNINGS PRESENTATION
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Embedding our culture into a growing team Q4 & FY2025 EARNINGS PRESENTATION Continued work on the Spinneys purpose and our habits to embed our culture with new joiners
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Financial Highlights
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12M Financial Highlights Q4 & FY2025 EARNINGS PRESENTATIONGROSS PROFITAED753m+14.2% YOYADJ. EBITDAAED365m+20.0% YOYFREE CASH FLOW1AED226m90.6%FCF ConversionNET DEBT2AED 362mPROFIT BEFORE TAXAED202m+24.4% YOYPROPOSED FINAL DIVIDENDAED 129.6m3.60 Fils per SharePROFIT AFTER TAXAED 170m+16.2% YOYREVENUEAED1.8b+13.7% YOYNotes:1. FCF: Adjusted EBITDA +/- change in net working capital (NWC) +/- change in related party balances, minus purchase of property, plant and equipment, depreciation and impairment on right-of-use assets and interest on lease liabilities. 2. Total interest-bearing loans and borrowings plus lease liabilities minus cash and short-term deposits. REVENUEAED3.6b +13.1% YOYGROSS PROFITAED1.5b+14.7% YOYADJ. EBITDAAED 731m+15.9% YOYPROFIT BEFORE TAXAED 395m+22.4% YOYPROFIT AFTER TAXAED 332m+14.5% YOYFREE CASH FLOW1AED 463m93.6%FCF ConversionNET DEBT2AED 259mCASH AND BANK BALANCESAED 776m
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Financial Highlights– Retail Revenue Q4 & FY2025 EARNINGS PRESENTATION •13stores opened and 3closed•2 closed stores were temporary locations that were replaced by larger supermarkets•Increase in Fresh Sales and Private Label penetration by 90bpsand 210bps, respectively•LFL growth of 10.7%from existing stores•Online sales penetration increased to 17% •13stores opened and 3closed•2 closed stores were temporary locations that were replaced by larger supermarkets•Increase in Fresh Sales and Private Label penetration by 90bpsand 210bps, respectively•LFL growth of 10.7%from existing stores•Online sales penetration increased to 17% Retail Revenue (AED m)LFL Growth (%)110.7%10.7%3,171 331 128 -41 3,589 FY2024 Retail Revenue Existing Stores New Stores Store Closure FY2025 Retail RevenueFY2024 – FY2025 Retail Revenue Bridge (AED m)9101,0383,1713,589Q4 2024 Q4 2025 FY2024 FY2025Notes: 1 LFL: % change in revenues for stores generating monthly revenues over the 12 months in a given financial year, excluding stores closed during the period.+14.0%+13.2%11.0%11.3%
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10.0%9.6%10.1% 11.0%6.7%15.7%6.1%10.7%Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Financial Highlights – LFL Retail Revenue Q4 & FY2025 EARNINGS PRESENTATION Quarterly Like-for-Like Retail Revenue Growth•Our LFL definition includes all stores which have traded for more than 12 months.•La Strada (KSA) opened 24thof June 2024. This means in the LFL calculation it will include 7 days 2024 vs 6 months of trading 2025 resulting in a spike in Q2 2025 LFL.•Our LFL definition includes all stores which have traded for more than 12 months.•La Strada (KSA) opened 24thof June 2024. This means in the LFL calculation it will include 7 days 2024 vs 6 months of trading 2025 resulting in a spike in Q2 2025 LFL.
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Financial Highlights – Gross Profit Q4 & FY2025 EARNINGS PRESENTATION388 452 1,336 1,531 Q4 2024 Q4 2025 FY2024 FY2025Gross Profit (AED m) and GM %41.8%42.9%41.4%42.0%•Efficient sourcing and supply chain, achieved through proximity to suppliers providing significant cost advantage•“Fresh premium” offering targeting affluent customers belonging to mid-high income socio-economic group with healthy lifestyle aspirations – no comparable peer in the market •Successful private label strategy, underpinned by a strategic shift towards high margin products and optimizing both front and back-end margins•Efficient sourcing and supply chain, achieved through proximity to suppliers providing significant cost advantage•“Fresh premium” offering targeting affluent customers belonging to mid-high income socio-economic group with healthy lifestyle aspirations – no comparable peer in the market •Successful private label strategy, underpinned by a strategic shift towards high margin products and optimizing both front and back-end margins Spinneys’ Secret Recipe for Best-in-Class Profitability+16.6%+14.7%•Overall margin increased due to increase in Fresh and Private Label penetration, partially offset by higher wastage due to increase in fresh penetration and new stores.•Overall margin increased due to increase in Fresh and Private Label penetration, partially offset by higher wastage due to increase in fresh penetration and new stores. Gross margin (%)
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Financial Highlights – Adjusted EBITDA and Profit Q4 & FY2025 EARNINGS PRESENTATIONProfit for the Period (AED m)Adjusted EBITDA margin2(%)•Impact on comparative period ofone-off IPO related costs incurred in 2024 amounting to AED 4m, and preopening expenses in Saudi Arabiaamounting to more than AED 10m•Impact of 6% additional tax on applicability of Pillar Two Rules which provides for a minimum tax of 15%, effective from January 2025, affects profit for the period vs. 2024•Impact on comparative period ofone-off IPO related costs incurred in 2024 amounting to AED 4m, and preopening expenses in Saudi Arabiaamounting to more than AED 10m•Impact of 6% additional tax on applicability of Pillar Two Rules which provides for a minimum tax of 15%, effective from January 2025, affects profit for the period vs. 2024 Adjusted EBITDA1(AED m)Profit for the period margin (%)210 228 631 731 Q4 2024 Q4 2025 FY2024 FY2025+8.8%+15.9%22.6%21.7%19.5%20.0%108 120 290 332 Q4 2024Q4 2025FY2024FY2025+11.4%+14.5%11.6%11.4%9.0%9.1%Profit Before Tax (AED m)PBT margin (%)12.9%13.5%10.0%10.8% Notes:1. Adjusted EBITDA is profit before tax plus depreciation and impairment of property, plant and equipment, depreciation and impairment of right-of-use assets, impairment of goodwill, finance costs minus finance income. 2. Adjusted EBITDA divided by revenue.120 142 323 395 Q4 2024 Q4 2025 FY2024 FY2025+18.8%+22.4%
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Financial Highlights – Free Cash Flow and Net Debt Q4 & FY2025 EARNINGS PRESENTATION Free Cash Flow1Evolution (AED m)58.9%93.6%243463FY2024 FY2025FCF conversion2(%)Net Debt Evolution3(AED m)530259-530-771FY2024 FY2025Net DebtNet Debt (excl. lease liabilities)Notes:1. FCF: Adjusted EBITDA +/- change in net working capital (NWC) +/- change in related party balances, minus purchase of property, plant and equipment, depreciation and impairment on right-of-use assets and interest on lease liabilities. 2. FCF conversion: FCF divided by Adjusted EBITDA (post lease related expenses). 3. Total interest-bearing loans and borrowings plus lease liabilities minus cash and short-term deposits.•> 99% of gross debt relates to lease liabilities •Self-funded growth with minimal financial debt on balance sheet•Cash and bank balances of AED 776m•> 99% of gross debt relates to lease liabilities •Self-funded growth with minimal financial debt on balance sheet•Cash and bank balances of AED 776m
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Strategic Focus
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Strategic Focus Q4 & FY2025 EARNINGS PRESENTATION Building our UAE store portfolio New Markets KSA Execution •The UAE remains the core focus of our business with the role out of new stores continuing •Commencement of initial work on Food Tech ValleyUAE•Continue to grow Saudi business at a steady pace, U-Walk Jeddah planned for Q1 2026KSA•Continue to enhance our own E-commerce proposition as well as refine our aggregator operating modelsSpinneys Ecommerce•Continuing to build upon our GCC footprint•Opening the first stores in Philippines during Q4 2026Regional and International Expansion
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2026 Guidance
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13.1%10.7%20%3.4%133FY2025 (A)2026 Guidance Q4 & FY2025 EARNINGS PRESENTATIONRevenue Growth %LFL Revenue Growth %Adj. EBITDA Margin %Capex as % of RevenueStore openings Store closures9 – 11%FY2026 Guidance6 - 8%18 - 20%3.5% - 4.0%6 – 1011Notes:1. Store Openings excludes Philippines and Kuwait.
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Q&A
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Appendix
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Our Purpose 9M & Q3 2025 EARNINGS PRESENTATION Mr. Ali Saeed Juma AlbwardyChairman“We don’t want to be the biggest retailer, we want to be the best retailer” To nourish and inspire our communities to live better lives, day by dayStrong link to foodHolistic - nourish body, mind & soulIt's personal for us, we treat our customers with personalized serviceWe strive to be a pillar throughoutour communities – the Spinneysfamily, our suppliers & ourcommunities of customersHealthier, happier, more meaningful, tastier, more sustainableOngoing, consistency& resilienceInspirations from our colleagues'journeys & focus on health,wellbeing, as well as indulgence
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Consolidated Statement of Profit and Loss Q4 & FY2025 EARNINGS PRESENTATION FY2024FY 2025Q4 2024Q4 2025AED ‘0003,170,6613,588,883910,2111,037,608Revenue from contracts with customers54,95657,87616,50515,767Rental income3,225,6173,646,759926,7161,053,375Revenue(1,890,060)(2,115,365)(539,155)(601,309)Cost of sales1,335,5571,531,394387,561452,066Gross profit12,50712,2826,4153,345Other income(717,532)(812,667)(184,125)(227,141)Selling, general and administrative expenses(174,656)(188,352)(50,444)(49,692)Depreciation and impairment of right-of-use assets(95,571)(116,143)(29,856)(28,938)Depreciation and impairment of property, plant and equipment13,30024,2253,8576,562Finance income(50,977)(55,967)(13,755)(14,030)Finance costs322,628394,772119,653142,172Profit before tax(33,003)(63,026)(11,884)(22,111)Income tax expense289,625331,746107,769120,061Profit for the period/ year0.08450.0949Earnings per Share* (AED per share)*Basic and diluted, profit for the period attributable to equity holders of the Company
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Consolidated Statement of Financial Position Q4 & FY2025 EARNINGS PRESENTATION 31 December 202431 December 2025AED ‘000ASSETSNon-current assets425,792434,981Property, plant and equipment34,00034,000Intangible assets923,749871,834Right of use assets56,04553,232Other non-current assets1,0991,200Deferred tax assets1,440,6851,395,247Total Non-current AssetsCurrent assets157,111170,476Inventories55,08689,048Trade receivable, prepayments and other receivables3,7654,619Amounts due from related parties536,168776,459Bank balances and cash752,1301,040,602Total Current Assets2,192,8152,435,849TOTAL ASSETSEQUITY AND LIABILITIES36,00036,000Share capital4,7784,778Restricted reserve267,825388,997Retained earnings-(14)Own shares-(2,551)Own shares reserve6,1443,134Actuarial reserve7881,468Foreign currency translation reserve315,535431,812Equity Attributable to equity holders of the company(16,316)(26,013)Non-controlling interest299,219405,799Total EquityLIABILITIESNon-current liabilities5,5075,118Interest-bearing loans and borrowings14,59118,794Other non-current liabilities886,736845,206Lease liabilities79,17287,230Employees EOS benefits-1,147Deferred tax liability986,006957,495Total Non-current LiabilitiesCurrent liabilities677,666807,581Trade payable, accruals and other payables173,657184,478Lease liabilities751808Interest bearing loans and borrowings23,63218,790Amounts due to related parties31,88460,898Income tax payable907,5901,072,555Total Current Liabilities1,893,5962,030,050TOTAL LIABILITIES2,192,8152,435,849TOTAL EQUITY AND LIABILITIES
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Consolidated Statement of Cash Flows Q4 & FY2025 EARNINGS PRESENTATION 31 December 202431 December 2025AED ‘000OPERATING ACTIVITIES322,628394,772Profit before taxAdjustments to reconcile profit before tax to net cash flows:(1,342)(1,548)Net gain on disposal of property, plant and equipment(13,300)(24,225)Finance income50,97755,967Finance costs95,571116,143Depreciation and impairment of PPE174,656188,352Depreciation and impairment of ROU6,770(5,270)(Gain) / loss on change in fair value of forward exchange contracts12,06110,756Provision for old and obsolete inventories(545)(384)Gain on termination and modification of leases11,74013,415Provision for employees’ end of service benefits659,216747,978Working capital Adjustments:(36,011)(24,121)Inventories(8,509)(20,699)Trade receivable, prepayments and other receivables(9,301)(4,864)Related parties' balances(11,658)137,877Trade payable, accruals and other payables593,737836,171(5,441)(8,828)Employees’ end of service benefits paid(490)(391)Interest paid(1,448)(32,953)Income tax paid586,358793,999Net cash flows from operating activitiesINVESTING ACTIVITIES(113,762)(124,481)Purchase of property, plant and equipment 2,0201,971Proceeds from disposal of property, plant and equipment (476,000)(191,000)Investment in short-term deposits, net13,30022,634Interest received(574,442)(290,876)Net cash flows used in investing activitiesFINANCING ACTIVITIES(102,600)(220,320)Dividends paid-(9,826)Payment to the Liquidity Provider for purchase and sale of own shares, net of service charges(202,596)(222,372)Repayment of lease liabilities(765)(789)Repayment of loans and borrowings(305,961)(453,307)Net cash flows used in financing activities(294,045)49,816NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS354,06160,168Cash and cash equivalents at 1 January(152)(525)Net foreign exchange difference60,168109,459CASH AND CASH EQUIVALENTS AT 31 DECEMBER
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Thank you