last updated Aug'26@ 88.9
FY: Apr–Mar@ 88.9
As of

Revenue

14.2$ mn
YoY▲24.6%
AOP14+1.2%
VP15.2−7.0%

Quick-commerce share

21.4%
YoY▲5.2pp
AOP22.2%−0.7pp
VP23.1%−1.7pp

Material margin (%)

28.3%
YoY▼1.3pp
AOP27.5%+0.8pp
VP31.9%−3.7pp

EBITDA margin

8.3%
YoY▼0.8pp
AOP6.9%+1.4pp
VP13.4%−5.1pp

Inventory days

94.2days
YoY▼6.9%
AOP91.1+3.4%
VPNot reported

Realisation per kg

10.4$
YoY▲3.8%
AOP10.4+0.6%
VP10.4+0.7%

Cash & runway

Cash balance39.9$mn+0.6/mo · avg of 3Runwayn/acash positive

Revenue

14.2$ mn · Aug ’26
01020$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’24109.8—8.2
Oct ’241312.813.410.5
Nov ’2412.812.413.110.5
Dec ’249.99.810.38
Jan ’259.59.59.97.6
Feb ’259.39.19.67.6
Mar ’258.88.89.27
Apr ’259.39.79.87.7
May ’259.910.110.18.1
Jun ’2510.310.510.68.3
Jul ’2511.111.111.28.6
Aug ’2511.411.912.19.4
Sep ’2512.112.712.910
Oct ’2516.216.516.913
Nov ’2516.116.316.612.8
Dec ’2512.512.7139.9
Jan ’2611.412.212.69.5
Feb ’2611.611.812.29.3
Mar ’2611.311.411.88.8
Apr ’2611.711.412.49.3
May ’2612.111.812.99.9
Jun ’2612.312.513.510.3
Jul ’2613.31314.211.1
Aug ’2614.21415.211.4

Branded revenue

8.9$ mn · Aug ’26
0510$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’245.55.4—4
Oct ’246.97.17.65.3
Nov ’2476.97.55.2
Dec ’245.45.55.94
Jan ’255.35.45.83.8
Feb ’255.25.25.63.9
Mar ’254.955.43.7
Apr ’255.25.65.84
May ’255.75.864.2
Jun ’255.96.16.34.4
Jul ’256.26.56.74.6
Aug ’256.577.35.1
Sep ’2577.67.95.5
Oct ’259.59.910.46.9
Nov ’259.39.810.37
Dec ’257.37.78.15.4
Jan ’266.87.47.95.3
Feb ’2677.27.75.2
Mar ’266.777.44.9
Apr ’267.177.95.2
May ’267.47.48.35.7
Jun ’267.67.88.75.9
Jul ’268.28.29.26.2
Aug ’268.98.89.96.5

Quick-commerce revenue

3$ mn · Aug ’26
024$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’241.31.3—0.6
Oct ’241.71.71.90.9
Nov ’241.71.71.90.9
Dec ’241.31.41.50.7
Jan ’251.31.41.50.7
Feb ’251.31.41.50.8
Mar ’251.31.41.50.7
Apr ’251.41.51.60.8
May ’251.51.61.70.9
Jun ’251.71.71.80.9
Jul ’251.81.921
Aug ’251.82.12.21.2
Sep ’252.12.32.41.3
Oct ’252.833.21.7
Nov ’252.833.21.7
Dec ’252.22.42.61.3
Jan ’262.12.42.61.3
Feb ’262.22.32.51.3
Mar ’262.22.32.51.3
Apr ’262.32.42.71.4
May ’262.42.52.81.5
Jun ’262.52.731.7
Jul ’262.82.83.21.8
Aug ’2633.13.51.8

Quick-commerce share

21.4%Aug ’26
0%10%20%%PLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’2412.5%12.9%—7.7%
Oct ’2413.1%13.3%14.0%8.2%
Nov ’2413.2%13.8%14.4%9.0%
Dec ’2413.5%14.2%14.8%9.2%
Jan ’2513.9%14.5%15.3%9.6%
Feb ’2514.0%14.9%15.7%9.9%
Mar ’2514.4%15.4%16.1%10.6%
Apr ’2514.7%15.7%16.5%10.4%
May ’2515.4%16.1%16.9%11.2%
Jun ’2516.1%16.6%17.3%11.0%
Jul ’2516.4%16.9%17.7%11.7%
Aug ’2516.3%17.4%18.2%12.7%
Sep ’2517.3%17.7%18.6%12.5%
Oct ’2517.5%18.0%19.0%13.1%
Nov ’2517.1%18.6%19.4%13.2%
Dec ’2517.6%19.0%19.8%13.5%
Jan ’2618.7%19.5%20.2%13.9%
Feb ’2618.7%19.8%20.6%14.0%
Mar ’2619.1%19.9%21.0%14.4%
Apr ’2619.7%20.6%21.4%14.7%
May ’2619.7%20.9%21.9%15.4%
Jun ’2620.4%21.2%22.3%16.1%
Jul ’2621.0%21.8%22.7%16.4%
Aug ’2621.4%22.2%23.1%16.3%

Volume sold

1,356t · Aug ’26
01,0002,000tPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’241,0381,000—865
Oct ’241,3241,3011,3611,094
Nov ’241,2991,2611,3271,089
Dec ’249899911,040844
Jan ’259689581,005786
Feb ’25924917966787
Mar ’25888890929738
Apr ’25938971981805
May ’259991,0081,016837
Jun ’251,0151,0511,057860
Jul ’251,1041,1071,111896
Aug ’251,1301,1891,200958
Sep ’251,1951,2611,2801,038
Oct ’251,6121,6391,6761,324
Nov ’251,5841,6131,6391,299
Dec ’251,2311,2481,283989
Jan ’261,1111,2031,238968
Feb ’261,1421,1461,196924
Mar ’261,0911,1121,149888
Apr ’261,1571,1101,211938
May ’261,1711,1501,256999
Jun ’261,2021,2171,3101,015
Jul ’261,2821,2561,3771,104
Aug ’261,3561,3491,4691,130

Realisation per kg

10.4$ · Aug ’26
0510$PLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’249.69.8—9.5
Oct ’249.89.89.89.6
Nov ’249.89.99.89.6
Dec ’24109.99.99.5
Jan ’259.89.99.99.7
Feb ’2510.19.99.99.7
Mar ’259.99.99.99.5
Apr ’259.910109.6
May ’251010109.7
Jun ’2510.110109.6
Jul ’251010109.7
Aug ’2510.11010.19.9
Sep ’2510.110.110.19.6
Oct ’251010.110.19.8
Nov ’2510.210.110.19.8
Dec ’2510.210.210.210
Jan ’2610.310.110.29.8
Feb ’2610.210.310.210.1
Mar ’2610.310.310.29.9
Apr ’2610.110.310.39.9
May ’2610.310.310.310
Jun ’2610.310.310.310.1
Jul ’2610.310.310.310
Aug ’2610.410.410.410.1

Material margin

4$ mn · Aug ’26
0246$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’242.82.8—2.3
Oct ’243.73.73.73
Nov ’243.63.53.72.7
Dec ’242.82.82.92.3
Jan ’252.82.82.92.1
Feb ’252.72.62.72.2
Mar ’252.52.52.71.9
Apr ’252.52.92.82.2
May ’252.83.132.3
Jun ’252.93.23.12.3
Jul ’253.13.43.32.5
Aug ’253.43.63.62.6
Sep ’253.33.93.92.8
Oct ’254.65.15.13.7
Nov ’254.5553.6
Dec ’253.53.942.8
Jan ’263.23.83.92.8
Feb ’263.53.63.82.7
Mar ’263.33.53.72.5
Apr ’263.33.13.92.5
May ’263.43.24.12.8
Jun ’263.63.44.22.9
Jul ’263.93.64.53.1
Aug ’2643.84.93.4

Material margin (%)

28.3%Aug ’26
0%10%20%30%%PLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’2428.3%28.8%—28.0%
Oct ’2428.7%29.1%28.0%28.8%
Nov ’2427.9%28.5%28.2%26.1%
Dec ’2428.2%28.8%28.4%28.6%
Jan ’2529.2%29.2%28.7%28.2%
Feb ’2528.5%29.0%28.6%29.2%
Mar ’2528.2%29.0%29.0%27.1%
Apr ’2527.2%30.4%29.0%28.6%
May ’2528.1%30.4%29.3%28.0%
Jun ’2528.6%30.6%29.4%28.1%
Jul ’2528.0%30.5%29.7%29.2%
Aug ’2529.6%30.3%29.9%27.5%
Sep ’2527.0%30.7%30.0%28.3%
Oct ’2528.4%30.7%30.2%28.7%
Nov ’2528.0%30.5%30.3%27.9%
Dec ’2528.2%30.6%30.5%28.2%
Jan ’2628.0%30.9%30.7%29.2%
Feb ’2629.9%30.6%30.8%28.5%
Mar ’2629.3%30.9%31.0%28.2%
Apr ’2627.8%27.1%31.0%27.2%
May ’2628.0%27.4%31.3%28.1%
Jun ’2629.1%27.1%31.3%28.6%
Jul ’2629.2%27.4%31.8%28.0%
Aug ’2628.3%27.5%31.9%29.6%

Gross profit

3.3$ mn · Aug ’26
024$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’242.42.3—1.9
Oct ’243.13.13.12.5
Nov ’242.933.12.2
Dec ’242.32.42.41.9
Jan ’252.32.32.41.8
Feb ’252.22.22.31.9
Mar ’252.12.12.21.6
Apr ’252.12.52.41.8
May ’252.32.62.51.9
Jun ’252.42.72.61.9
Jul ’252.62.92.82.1
Aug ’252.83.132.1
Sep ’252.73.33.32.4
Oct ’253.94.34.33.1
Nov ’253.74.24.32.9
Dec ’2533.33.42.3
Jan ’262.73.23.32.3
Feb ’262.93.13.22.2
Mar ’262.833.12.1
Apr ’262.72.63.32.1
May ’262.82.73.52.3
Jun ’2632.83.62.4
Jul ’263.32.93.92.6
Aug ’263.33.24.22.8

Gross margin

23.6%Aug ’26
0%10%20%%PLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’2423.6%24.1%—23.0%
Oct ’2423.9%24.3%23.2%24.0%
Nov ’2423.0%23.7%23.4%21.0%
Dec ’2423.5%24.1%23.6%23.8%
Jan ’2524.4%24.5%23.9%23.3%
Feb ’2523.8%24.3%23.9%24.3%
Mar ’2523.5%24.2%24.3%22.2%
Apr ’2522.4%25.8%24.3%23.8%
May ’2523.4%25.7%24.6%23.2%
Jun ’2523.8%25.9%24.7%23.3%
Jul ’2523.4%25.9%25.0%24.3%
Aug ’2524.9%25.7%25.2%22.7%
Sep ’2522.3%26.1%25.4%23.6%
Oct ’2523.8%26.1%25.6%23.9%
Nov ’2523.2%25.9%25.7%23.0%
Dec ’2523.7%26.0%25.9%23.5%
Jan ’2623.3%26.3%26.2%24.4%
Feb ’2625.2%26.1%26.3%23.8%
Mar ’2624.6%26.4%26.5%23.5%
Apr ’2623.0%22.3%26.5%22.4%
May ’2623.3%22.7%26.9%23.4%
Jun ’2624.3%22.3%26.9%23.8%
Jul ’2624.6%22.7%27.4%23.4%
Aug ’2623.6%22.8%27.5%24.9%

EBITDA

1.2$ mn · Aug ’26
0123$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’240.80.8—0.5
Oct ’241.31.31.31.1
Nov ’241.11.21.30.7
Dec ’240.70.80.80.6
Jan ’250.70.70.80.4
Feb ’250.60.60.70.5
Mar ’250.50.60.70.3
Apr ’250.50.90.80.5
May ’250.710.90.5
Jun ’250.7110.5
Jul ’250.81.21.10.6
Aug ’2511.31.30.6
Sep ’250.81.51.40.8
Oct ’251.72.22.21.3
Nov ’251.62.12.21.1
Dec ’2511.41.50.7
Jan ’260.81.31.40.7
Feb ’2611.21.30.6
Mar ’260.91.21.30.5
Apr ’260.80.61.40.5
May ’260.80.71.50.7
Jun ’2610.71.60.7
Jul ’261.20.81.80.8
Aug ’261.2121

EBITDA margin

8.3%Aug ’26
0%5%10%15%%PLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’247.7%8.2%—6.7%
Oct ’2410.2%10.5%10.0%10.1%
Nov ’248.9%9.7%10.0%6.8%
Dec ’247.2%7.9%8.3%7.1%
Jan ’257.7%7.8%8.2%5.7%
Feb ’256.6%7.0%7.7%6.8%
Mar ’255.8%6.5%7.7%3.6%
Apr ’254.9%9.3%8.2%6.1%
May ’256.6%9.6%8.6%6.1%
Jun ’257.2%9.9%9.0%6.1%
Jul ’257.4%10.4%9.7%7.2%
Aug ’259.0%10.6%10.5%6.2%
Sep ’256.9%11.5%11.0%7.7%
Oct ’2510.4%13.2%13.1%10.2%
Nov ’259.6%12.8%12.9%8.9%
Dec ’258.2%11.0%11.4%7.2%
Jan ’266.8%10.9%11.3%7.7%
Feb ’268.6%10.1%11.1%6.6%
Mar ’267.9%10.1%10.8%5.8%
Apr ’266.5%5.1%11.2%4.9%
May ’266.8%5.6%11.8%6.6%
Jun ’267.8%5.7%12.1%7.2%
Jul ’268.7%6.2%12.9%7.4%
Aug ’268.3%6.9%13.4%9.0%

Profit before tax

1$ mn · Aug ’26
0123$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’240.60.6—0.4
Oct ’241.11.21.20.9
Nov ’240.911.10.5
Dec ’240.50.60.70.4
Jan ’250.50.60.60.3
Feb ’250.40.40.60.3
Mar ’250.30.40.50.1
Apr ’250.30.70.60.3
May ’250.50.80.70.3
Jun ’250.50.90.80.3
Jul ’250.610.90.4
Aug ’250.81.11.10.4
Sep ’250.61.31.20.6
Oct ’251.5221.1
Nov ’251.41.920.9
Dec ’250.81.21.30.5
Jan ’260.61.11.20.5
Feb ’260.811.20.4
Mar ’260.711.10.3
Apr ’260.60.41.20.3
May ’260.60.41.30.5
Jun ’260.80.51.40.5
Jul ’2610.61.60.6
Aug ’2610.81.80.8

Inventory days

94.2days · Aug ’26
050100daysPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPprior yrmonths
numbers
periodactualAOPprior yr
Sep ’24106104115
Oct ’24106103118
Nov ’24106103112
Dec ’24104102109
Jan ’25110102112
Feb ’25107100109
Mar ’2510299.5109
Apr ’2510499.2114
May ’25107100109
Jun ’2510397.9111
Jul ’2510597112
Aug ’2510197.9113
Sep ’2510697.1106
Oct ’2596.396.4106
Nov ’2510295.6106
Dec ’2510195.1104
Jan ’2699.994.5110
Feb ’2696.794.2107
Mar ’2610094.4102
Apr ’2693.892.6104
May ’2699.493107
Jun ’2610392.5103
Jul ’2698.692105
Aug ’2694.291.1101

Net debt

4$ mn · Aug ’26
024$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPprior yrmonths
numbers
periodactualAOPprior yr
Sep ’244.44.24.7
Oct ’244.34.24.7
Nov ’244.34.24.7
Dec ’244.34.14.5
Jan ’254.44.24.7
Feb ’254.44.14.6
Mar ’254.44.14.6
Apr ’254.24.14.6
May ’254.34.14.5
Jun ’254.24.14.5
Jul ’254.44.14.4
Aug ’254.34.14.4
Sep ’254.244.4
Oct ’254.344.3
Nov ’254.244.3
Dec ’254.144.3
Jan ’264.344.4
Feb ’264.144.4
Mar ’264.244.4
Apr ’264.13.94.2
May ’2643.94.3
Jun ’264.13.94.2
Jul ’2643.94.4
Aug ’2643.84.3

Cash balance

39.9$ mn · Aug ’26
02040$ mnPLAN →Sep ’24Feb ’25Jul ’25Dec ’25Aug ’26Feb ’27ActualAOPVPprior yrmonths
numbers
periodactualAOPVPprior yr
Sep ’249.29.4—5.2
Oct ’241010.410.15.9
Nov ’2410.811.211.16.3
Dec ’2428.428.628.56.5
Jan ’2528.829.1296.8
Feb ’2529.129.529.57.1
Mar ’2529.329.8307.1
Apr ’2529.63030.57.4
May ’2529.930.631.17.7
Jun ’2530.431.431.88
Jul ’2531.132.232.58.3
Aug ’253233.133.48.8
Sep ’2532.634.134.49.2
Oct ’2533.635.736.110
Nov ’2534.737.337.610.8
Dec ’2535.438.338.728.4
Jan ’2635.839.239.728.8
Feb ’2636.54040.729.1
Mar ’2637.240.841.629.3
Apr ’2637.537.542.629.6
May ’263837.943.729.9
Jun ’2638.438.344.930.4
Jul ’263938.846.231.1
Aug ’2639.939.447.732

Net cash flow

0.9$ mn · Aug ’26
051015$ mnSep ’24Jan ’25May ’25Sep ’25Jan ’26Aug ’26Actualprior yrmonths
numbers
periodactualprior yr
Sep ’240.40.4
Oct ’240.80.6
Nov ’240.90.4
Dec ’2417.50.2
Jan ’250.40.3
Feb ’250.30.3
Mar ’250.3(0)
Apr ’250.30.3
May ’250.30.3
Jun ’250.50.2
Jul ’250.70.3
Aug ’250.90.5
Sep ’250.70.4
Oct ’250.90.8
Nov ’251.10.9
Dec ’250.717.5
Jan ’260.40.4
Feb ’260.80.3
Mar ’260.60.3
Apr ’260.30.3
May ’260.50.3
Jun ’260.40.5
Jul ’260.60.7
Aug ’260.90.9