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Frasers Group (FRAS) investor relations material
Frasers Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved group revenue of £4,925.6m, down 7.4% year-over-year, with gross margin improving by 170 bps to 45.6%.
Adjusted profit before tax (APBT) was £560.2m, up 2.8% year-over-year, and adjusted basic EPS rose 2.4% to 98.1p.
Net assets increased 6.1% to £1,988.1m, with net assets per share up to £4.41.
Continued execution of Elevation Strategy, international expansion, and growth in Frasers Plus financial services.
Financial highlights
Retail revenue declined 7.4% to £4,753.7m, but retail gross margin improved by 170 bps to 45.6%.
Group profit from trading was £808.9m, down 2.5% year-over-year.
Cash inflow from operating activities before working capital was £800.4m, down 4.1% year-over-year.
Net cash inflows from operating activities rose to £1,083.7m, with a positive movement in net working capital.
Outlook and guidance
FY26 APBT expected in the range of £550m–£600m, excluding XXL ASA acquisition.
Focus on mitigating at least £50m of incremental costs from last year's Budget through efficiencies, AI, and acquisition synergies.
Ongoing investment in Elevation Strategy, international expansion, and Frasers Plus growth.
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