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Investor Relations14 Oct 2025
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B&M European Value Retail (BME) investor relations material
B&M European Value Retail H1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 TU earnings summary7 Oct, 2025
Executive summary
Group revenue grew 4.0% year-over-year to £2,749m in H1 FY26, driven by UK and France, with new store openings contributing to growth.
Operational execution issues impacted UK performance, prompting a CEO-led review and launch of the 'Back to B&M Basics' plan to restore like-for-like growth.
The plan targets improvements in price, promotions, range, and availability, aiming for sustainable UK LFL growth.
Immediate actions include repricing, benchmarking, SKU reduction, and replenishment process improvements.
CEO transition and operational review in June 2025 set the stage for strategic changes.
Financial highlights
Group adjusted EBITDA (pre-IFRS 16) for H1 FY26 expected at approximately £198m, down from £274m in H1 FY25, reflecting cost headwinds and margin pressure.
H1 revenue: B&M UK £2,196m (+3.5%), France £280m (+13.4%), Heron Foods £273m (-0.9%).
New Extended Producer Responsibility tax cost £14m in H1; wage cost inflation added £30m.
Full-year group adjusted EBITDA guidance set at £510m–£560m, with UK LFL sales as the main variable.
Gross margin in B&M UK pressured by ASP deflation and lower product margins, with some recovery in Q2.
Outlook and guidance
H2 UK like-for-like sales expected to range from low single-digit decline to low single-digit growth.
Full impact of operational changes expected in 12–18 months, aiming for sustainable LFL growth and stable profit margins at least at FY26 levels.
Leverage ratio expected slightly above 1.0–1.5x target at year-end due to lower earnings and seasonal working capital peaks.
When will 'Back to B&M Basics' materially impact EBITDA?
What drives B&M France's strong LFL growth?
Detail capital return plans post-redomicile.
Why the lower long-term EBITDA margin target?
How will customers perceive Back to Basics changes?
What is the sales impact of SKU reduction?
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Next B&M European Value Retail earnings date
H1 202613 Nov, 2025
Next B&M European Value Retail earnings date
H1 202613 Nov, 2025
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Frequently asked questions
B&M European Value Retail S.A. operates a chain of discount retail stores offering a wide range of products, including food, home goods, toys, and seasonal merchandise. The company serves value-oriented consumers through locations primarily in the United Kingdom and continental Europe. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the LSE.
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