Sales
€626 M
(+7.4%)
# Stores
394
LFL
+1.0%
EBITDA
€65 M
(+9.7%)
CAPEX
€22 M
Highlights of the year
Hebe opened 16 stores in Poland (11 net additions) and two stores in Czechia
International operations and the Hebe Partner Programme (HPP) added to the online performance
A new edition of the “my hebe” loyalty programme was introduced, further strengthening customer engagement
Additional information, particularly about our sustainability initiatives, may be found in Chapter "Sustainability" of this Report.
Message from the CEO
The year 2025 proved to be even more challenging than anticipated. The year brought significant headwinds across the market as we operated in a rapidly evolving consumer landscape with no volume growth. Consumers became more price sensitive, less loyal, and increasingly drawn to the convenience of online options. Hebe faced intensified competitive pressure, not only from established players but also from new entrants and retailers moving into Health & Beauty from other distribution sectors, both offline and online.
Despite these challenges, and after an extremely difficult first quarter, we concentrated on strengthening our fundamentals while staying disciplined in our actions to adapt and sustain both sales and profitability. Our focus remained firmly on profitable growth, leveraging Hebe’s key differentiators to attract and retain customers. As a result, Hebe achieved meaningful sales growth, strengthened its market position, and increased both the EBITDA margin and cash flow.
The year brought further growth to our online business and, with e-commerce now accounting for near 20% of total sales, Hebe has firmly established itself as a true omnichannel retailer. A key contributor to the online performance has been the Hebe Partner Programme, which became a powerful engine of growth and differentiation – significantly expanding our assortment and supporting our ambition to become a leading destination for Health & Beauty.
We have rethought our approach to international expansion, with redefined focus and growth drivers, and we maintained our vision to extend our reach throughout Central and Eastern European.
Looking forward, we anticipate further challenges and a more uncertain environment. Nevertheless, our proven resilience and unwavering belief in our long-term strategy give me strong confidence in our ability to deliver a successful year.
Sacha Djokic
Performance
Despite a challenging start, the Company closed the year above its 2024 performance, demonstrating adaptability and resilience in an extremely dynamic market environment.
The year 2025 unfolded in a far more demanding environment than initially anticipated. After a difficult first quarter, the Company successfully stabilized its performance, demonstrating strong adaptability in a market under significant pressure.
Operating in an increasingly price-competitive market, the Company achieved sales growth of 5.7% in local currency, with LFL growth of 1.0%, despite the significant basket deflation, and the impact of a demanding comparative base. In euros, sales reached 626 million, 7.4% above previous year, with solid performances across all core categories (Make-up, Skin care, Hair and Fragrance).
Hebe continued to strengthen its position as a modern, international and digitally driven retailer in all three countries of operation. The business model was continuously adjusted to the specific dynamics of each channel, while maintaining a strong focus on accelerating the development of digital capabilities. Online sales now account for nearly 20% of total revenues, confirming the growing importance of the omnichannel model.
Net Sales
(€ Million)
The Company remains fully committed to its strategic ambition of becoming a reference Health & Beauty player in Poland, with e-commerce at its core, while steadily expanding across Central and Eastern Europe. This ambition is supported by consistent efforts to enhance product availability and develop distinctive categories, particularly through digital channels and the expansion of the HPP.
Throughout 2025, Hebe continued to invest in improving both its assortment and customer experience across physical stores and online platforms. The core objective remained unchanged: to provide compelling reasons for customers to choose Hebe and to build lasting loyalty.
The “my hebe” loyalty ecosystem was further developed, offering attractive and differentiated benefits for both new and existing customers. This programme enables customers to collect diamonds (as points), which can be redeemed for valuable discounts and promotions, reinforcing engagement and purchase frequency.
At the same time, the mobile app has confirmed its role as a key driver for the online channel, supporting customer interaction, personalisation and conversion.
By the end of 2025, Hebe’s international network comprised seven stores operating across Czechia and Slovakia, marking another step forward in building a sustainable presence beyond the domestic market.
Against a backdrop of subdued demand and strong competitive pressure, Hebe maintained a strict approach to cost management. Operational expenses were tightly controlled, and profitability was protected through a careful balance of sales mix optimisation and efficiency measures.
As a result, despite modest like-for-like growth, EBITDA increased to 65 million euros, improving 9.7% against the previous year. The EBITDA margin reached 10.4% (compared to 10.2% in 2024), highlighting the Company’s ability to sustain financial performance even in an adverse environment. Profitability continued to be built through the development of beauty categories, digital channels and international activities.
Awards and recognitions of note
Awarded first place in the Beauty category at the Polish Customer’s Choice Awards 2025.
Recognition for its social responsibility initiatives and the “Discover Yourself with Hebe” programme by Wiadomości Kosmetyczne in the “Drugstore of the Year 2025” awards.
Recognised as Recruitment Leaders in the “Effectiveness” category by OLX Jobs for outstanding conversion efficiency in recruitment advertisements.