Lands' End (LE) investor relations material

Executive summary

• Achieved a return to top-line growth in Q4 2025, with net revenue up 4.7% year-over-year and 5% comparable sales growth, driven by strong performance across owned, licensed, and marketplace businesses.

• Announced a transformative $300 million joint venture with WHP Global to monetize and expand brand IP, eliminate term loan debt, and unlock long-term value.

• Strengthened the foundation for sustainable, profitable long-term growth, with accelerated customer acquisition and expanded reach across demographics and geographies.

• Full year results showed gross margin expansion, 10% growth in Adjusted EBITDA to $102 million, and more than doubled adjusted net income to $27 million.

Financial highlights

• Q4 2025 net revenue was $462.4 million, up 4.7% year-over-year; GMV grew mid-single digits; gross profit was $209.6 million, up 4.1%.

• Q4 adjusted EBITDA was $47.4 million, up 9% year-over-year; full-year adjusted EBITDA was $102.3 million, up 10%.

• Q4 adjusted net income was $24 million ($0.76/share); full-year adjusted net income rose over 100% to $27 million ($0.86/share).

• Inventory at year-end was $269 million; term loan balance was $234 million, with zero ABL borrowings.

• FY25 net income was $5.5 million ($0.18/diluted share); gross margin for the year was 48.7%, up 80 bps.

Outlook and guidance

• No forward financial guidance provided due to the pending WHP Global transaction; guidance to be issued post-transaction with Q1 FY26 results.

• 2026 focus areas: profitable customer growth, product innovation, disciplined cost management, international expansion, and enhanced digital experience.