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Frasers Group (FRAS) investor relations material
Frasers Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary4 Dec, 2025
Executive summary
Group revenue rose 5.0% year-over-year to £2,581.3m, driven by 42.8% international growth and margin improvements in Sports Direct and Premium & Luxury, especially at Flannels, despite a challenging consumer environment and sector-wide excess inventory.
Adjusted profit before tax (APBT) fell 2.8% to £290.9m, mainly due to higher impairments and interest costs, partially offset by gains from disposals and strategic investments.
Gross margin improved by 160 bps to 47.3%, with notable gains in UK Sports and Premium Lifestyle segments.
Basic EPS increased to 76.4p, up 40.5p year-over-year, reflecting fair value gains on derivatives; adjusted EPS was 49.8p, down 2.4%.
Continued execution of the Elevation Strategy, including international expansion, brand partnerships, and property acquisitions.
Financial highlights
Group revenue rose 5.0% year-over-year to £2,581.3m; retail revenue up 5.1% to £2,509.1m.
Group gross margin increased by 160 bps to 47.3%; retail gross margin also up 160 bps to 46.2%.
Adjusted profit before tax (APBT) fell 2.8% to £290.9m; adjusted basic EPS down 2.4% to 49.8p.
Net assets increased to £2,394.2m from £1,988.1m at FY25; net assets per share up to £5.32.
Cash inflow from operating activities before working capital was £430.8m, supporting ongoing investments.
Outlook and guidance
FY26 APBT expected between £550m and £600m, including losses from XXL ASA and first-time equity accounting of HUGO BOSS and Accent Group.
Ambitions remain high despite a weaker trading environment compared to FY24.
Focus remains on cost savings, synergies, and efficiency to offset over £50m in incremental annual costs.
Criteria for significant influence on investments?
Key headwinds to FY26 APBT guidance?
Net impact of cost savings vs. wage increases?
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Frequently asked questions
Frasers Group plc, together with its subsidiaries, operates as a specialty retail company in the United Kingdom and internationally. The company engages in the provision of sports and leisure clothing, footwear, equipment, and apparel through department stores, shops and online. Frasers Group plc was founded in 1982 and is headquartered in Shirebrook, the United Kingdom.
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