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Frasers Group (FRAS) investor relations material
Frasers Group H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group revenue rose 8.7% year-over-year to £5,325.9m, with retail revenue up 8.3% to £5,149.5m.
Adjusted profit before tax increased 24.5% to £1,005.9m, while adjusted basic EPS fell 15.1% to 83.3p.
Net assets grew 23.4% to £2,452.7m, and cash inflow from operating activities before working capital was £946.4m.
Financial highlights
Retail gross margin improved by 150 bps to 47.1%; group gross margin up 160 bps to 48.4%.
Group profit from trading increased 24.5% to £1,005.9m.
Net cash inflows from operating activities were £745.0m, up from £580.8m year-over-year.
Net debt (excluding securitisation borrowings) increased to £1,168.1m from £847.5m.
Outlook and guidance
Strategic ambitions remain unchanged, with continued international expansion and ongoing takeover offers for HUGO BOSS and Accent Group.
No financial guidance for FY27 due to ongoing transactions; position to be reviewed at half year.
- Revenue up 5%, margins improved, but adjusted profit fell; FY26 APBT guided at £550m–£600m.FRAS
H1 20264 Dec 2025 - Gross margin and APBT rose despite lower revenue, with strong growth in Frasers Plus and net assets.FRAS
H2 202517 Jul 2025 - APBT down 1.5%, margins up, and international expansion drives future growth.FRAS
H1 202513 Jun 2025 - Adjusted profit before tax rose 13.1% and margins improved, with strong FY25 guidance.FRAS
H2 202413 Jun 2025
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