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ASOS (ASC) investor relations material
ASOS H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary21 Nov, 2025
Executive summary
Completed the second stage of transformation, focusing on building a sustainably profitable, flexible, and resilient business model.
Addressed legacy issues by reducing inventory by over 60% since FY22, warehouse footprint by over 50% since FY21, and optimizing supply chain.
Built a new commercial model emphasizing speed, agility, and profitability, including faster production, deeper partner relationships, and AI-driven personalization.
Launched new initiatives like ASOS.WORLD loyalty program, AI stylist, and exclusive product collaborations, driving higher engagement and frequency among members.
Financial highlights
FY25 GMV declined 12% year-over-year to £2,456.3m due to cautious consumer environment and deliberate profitability actions.
Adjusted gross margin improved by 370bps to 47.1%, driven by higher full-price sales and reduced discounting.
Adjusted EBITDA increased by over 60% year-over-year to £131.6m.
Free cash inflow of £14.1m, ahead of guidance, and net debt reduced by 40% since FY23 to £184.7m.
Inventory reduced by £118m (23%) to just over £400m, reflecting a more efficient operating model.
Outlook and guidance
FY26 GMV expected to improve, outperforming revenue by 3–4ppt, with new customer acquisition up 10% in the U.K. year-to-date.
Gross margin expansion of at least 100bps above 48% targeted, with a 48–50% range.
Adjusted EBITDA guidance for FY26 set at £150–180m, with margin improvement in both H1 and H2 and broadly neutral free cash flow expected.
Medium-term guidance unchanged: return to GMV growth, adjusted EBITDA margin of 8%, and sustainable structural free cash flow generation.
ASOS's role in agentic e-commerce future
New customer profile and long-term value
Structural free cash flow drivers and investment fuel
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Frequently asked questions
Where fashion meets convenience
ASOS is a global online fashion retailer that offers a wide range of clothing, accessories, and beauty products for men and women. The company primarily operates through its e-commerce platform, providing customers with a convenient and accessible shopping experience.
ASOS operates on a business-to-consumer (B2C) model, selling directly to individual consumers through its online platform. The company curates a vast selection of products from various brands, including its own private label offerings. ASOS generates revenue through the sale of merchandise, with multiple payment options and global shipping capabilities to reach a wide customer base.
Extensive product range
ASOS boasts a vast product catalog, featuring thousands of fashion items from both established brands and emerging designers. Its diverse selection helps cater to different customer preferences and style needs, giving shoppers a wide range of choices.
ASOS has established a strong online presence, leveraging its e-commerce platform and mobile app to provide a seamless shopping experience. The company invests in user-friendly interfaces, personalized recommendations, and responsive customer service, enhancing customer satisfaction and loyalty.
The company predominantly targets fashion-forward millennials, understanding their preferences for on-trend styles and a digital-first shopping experience. The company curates its offerings to align with the latest fashion trends, engaging its target audience effectively.
Global expansion opportunities but intense competition
ASOS has the opportunity to expand its customer base further by targeting international markets. The company can leverage its strong brand recognition and logistics capabilities to enter new geographies and tap into the growing demand for online fashion retail. However, the online fashion retail space is highly competitive, with other e-commerce giants and fashion retailers vying for market share. ASOS consequently needs to differentiate itself through unique product offerings, superior customer experience, and effective marketing strategies. Without being successful in terms of differentiation, ASOS could fall into the trap of only being able to compete with cheap prices, which usually eats up the profit over time.
Listed Peers: Zalando, Boohoo Group, Farfetch Limited.
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