External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1Q25 earnings from continuing operations were recorded at USD70mn, up 15.8% YoY (+7.7%QoQ, in-line with estimates)</li><li>Revenue up 7.3% YoY to USD2.1bn (+9.8% QoQ; +2.1% vs estimates)</li><li>EBITDA up 6.5%YoY to USD214mn (-2.4% QoQ; +2.5% vs estimates)</li><li>Gross profit up 4.0% YoY to USD465mn (+4.9% QoQ; -0.8% vs estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 earnings from continuing operations were recorded at USD70mn, up 15.8% YoY (+7.7%QoQ, in-line with estimates)Revenue up 7.3% YoY to USD2.1bn (+9.8% QoQ; +2.1% vs estimates)EBITDA up 6.5%YoY to USD214mn (-2.4% QoQ; +2.5% vs estimates)Gross profit up 4.0% YoY to USD465mn (+4.9% QoQ; -0.8% vs estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LuLu Retail Holdings - 1Q25 Earnings up 15.8% YoY (+7.7% QoQ) To USD70mn, in Line with Estimates

<ul><li>LuLu reported preliminary results with 4Q24 earnings from continuing operations of USD65mn, down 38% YoY (+84% QoQ, Lower than estimates) </li><li>LuLu announced 2H24 dividend of USD84.4mn (3fils per share), implying a payout ratio of 85%</li><li>Group opened nine new stores in 4Q24 taking the total number of new store rollouts to 21 in 2024. Overall, for FY24 Lulu posted a revenue of USD7.6bn,up 4.7% YoY, below the full year guidance of 8-10%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LuLu reported preliminary results with 4Q24 earnings from continuing operations of USD65mn, down 38% YoY (+84% QoQ, Lower than estimates) LuLu announced 2H24 dividend of USD84.4mn (3fils per share), implying a payout ratio of 85%Group opened nine new stores in 4Q24 taking the total number of new store rollouts to 21 in 2024. Overall, for FY24 Lulu posted a revenue of USD7.6bn,up 4.7% YoY, below the full year guidance of 8-10%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LuLu Retail Holdings  (LuLu) - 4Q24 Earnings* Down 38% YoY (+84.4% QoQ) To USD65mn

United Arab Emirates

Lulu Retail Holdings PLC operates as a holding company. The Company, through its subsidiaries, owns and manages hypermarkets, supermarkets, and small-format mini markets that retails foods, non-foods, lifestyle items, and electronics products. Lulu Retail Holdings serves customers in the United Arab Emirates.

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Lulu Retail Holdings (LULU UH)

LuLu Retail Holdings - 1Q25 Earnings up 15.8% YoY (+7.7% QoQ) To USD70mn, in Line with Estimates

1Q25 earnings from continuing operations were recorded at USD70mn, up 15.8% YoY (+7.7%QoQ, in-line with estimates) Revenue up 7.3% YoY to USD2.1bn...

International Securities

LuLu Retail Holdings (LuLu) - 4Q24 Earnings* Down 38% YoY (+84.4% QoQ) To USD65mn

LuLu reported preliminary results with 4Q24 earnings from continuing operations of USD65mn, down 38% YoY (+84% QoQ, Lower than estimates)

International Securities

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