Spinneys
DFM: SPINNEYS
A premium, fresh‑led grocery retailer.
A UAE core, expansion into Saudi Arabia, and an exclusive Waitrose partnership in the UAE.
- Company
- Spinneys 1961 Holding PLC
- Sector
- Consumer Staples
- First report
Why Spinneys stands out
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Fresh at its heart.
Close to two-thirds of what it sells is fresh food.
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Waitrose in the UAE.
It runs Waitrose stores in the UAE under an exclusive partnership.
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Its own brands, a growing share.
Spinneys’ own brands make up close to half of what it sells.
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Saudi Arabia, the next market.
Its Saudi plan centres on Riyadh’s new districts, including Diriyah, ROSHN and KAFD.
From the company’s reports and our research.
VASRO on Spinneys
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Research on Spinneys
- Third quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what happened to Spinneys in the first half of 2026, and why does the report say to read the segments?
- What were H1 2026 revenue and profit, and how did the UAE and Saudi Arabia each perform in Q2?
- How does the report explain the H1 2026 gross margin, including the AED 8.5m provision release and the underlying figure?
- When is the guidance review expected, and what would the second half need to deliver against FY2026 revenue guidance?
- How are the Kuwait venture with Alshaya, the Philippines venture with Ayala and the new Singapore entity structured?
- Why did Spinneys take a further 20% of its Saudi business, and which committed store locations does the report highlight?
- Which signs of recovery does the report point to, such as June and July trading and the larger selling area, and what would each show?
- How did like-for-like sales move from Q1 to Q2 2026, and how did UAE costs and profit before tax respond?
- Second quarter 2026
- Ask this report
Eight questions to start
- In three sentences: how did Spinneys perform in Q1 2026, and how did the March disruption shape the margin picture?
- What did Q1 2026 deliver in revenue, like-for-like growth and profit, and how did new stores contribute to the revenue bridge?
- How does the report describe cash after Q1 2026, including free cash flow, the AED 871m cash balance, net debt and the dividend?
- When did the March shipping disruption hit, and how quickly were the delayed shipments received afterwards?
- What do transactions, basket size and online participation show about demand from Spinneys' customers in Q1 2026?
- What new supply chain capability came out of March, and how does the UK-to-UAE road freight corridor change sourcing?
- Which areas does the Q1 2026 execution table flag to follow, and what would each one show for the rest of 2026?
- How did fresh sales and private label mix change versus Q1 2025, and how does Q1 like-for-like growth compare with recent quarters?
- Ask this report
Eight questions to start
- In three sentences: how does the report read the state of Spinneys' core operations?
- Which FY2025 results does the report recall to show the position Spinneys was in coming into this period?
- What does the appendix show for FY2025 cash from operations, capital expenditure and dividends paid?
- When are the EFG-Hermes conference and the Q1 2026 results expected, according to the corporate calendar?
- Why does the report describe premium grocery as an essential segment, and how does that shape demand?
- Which parts of the model is management reinforcing, such as own-channel delivery and the Food Tech Valley facility, and why?
- Which signs does the report use to read business continuity rather than disruption, and what does each one show?
- What has Spinneys Swift achieved so far in service area coverage, UAE stores and share of sales on its own online platform?
- First quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what did Spinneys deliver in FY2025, and what does its FY2026 guidance point to?
- What were FY2025 revenue, like-for-like growth and adjusted EBITDA, and how does the report treat the new Pillar Two tax baseline?
- What does the report say about free cash flow of AED 463m, the cash position, lease-driven net debt and the final dividend?
- Which milestones does the roadmap place in 2026, from U-Walk Jeddah in Q1 to the first Philippines stores in Q4?
- What progress does the report note on the Kuwait joint venture, including the first location identified at Avenues Mall?
- What does FY2026 guidance cover, and how does the report read the 18% to 20% adjusted EBITDA margin band?
- Which execution points does the report say to watch in 2026, such as Saudi store ramps and omnichannel fulfilment, and what would each show?
- How did the store network, selling area, omnichannel share, transactions and basket size change from FY2024 to FY2025?
- Ask this report
Eight questions to start
- In three sentences: what kind of grocer is Spinneys, where does it operate, and what does the report see as the main test ahead?
- What do the Q3 and 9M 2025 figures show for revenue, gross margin and adjusted EBITDA compared with 2024?
- How does the report describe Spinneys' cash generation and balance sheet, including free cash flow, cash balances and lease-driven net debt?
- When are U-Walk Riyadh, U-Walk Jeddah and the first stores in Kuwait and the Philippines expected to open?
- What do the Kuwait partnership with Alshaya and the Philippines partnership with Ayala add, and how many stores does each plan by 2030?
- What are the four strategy pillars the report sets out, and how does it suggest tracking each one?
- Which items and catalysts does the report say to watch next, and what would each one show?
- How did fresh mix, private label, e-commerce participation and transactions change in 9M 2025 versus 9M 2024?
Research, not investment advice. Every report carries its full disclosures. Research disclosures
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