Maisons du Monde (MDM) investor relations material

Executive summary

• H1 2026 sales declined 7.1% year-over-year to €412.8m, with like-for-like sales down 5.8%.

• Performance weakened in Q2 (-9.8%) compared to Q1 (-4.5%), mainly due to inventory constraints and reduced promotional activity.

• The Group finalized a major refinancing plan in July 2026, reducing bank debt from €250.3m to €40.8m and raising €218.4m in equity, resulting in a 95.2% dilution for existing shareholders.

• Net loss improved to €64.0m from €75.6m in H1 2025, despite continued market headwinds and gross margin compression.

• €15m in gross cost savings achieved, supporting profitability amid lower volumes.

Financial highlights

• Gross margin fell to 61.9% (down 240 bps), mainly due to higher promotions in Q1 and a tough comparison base.

• Current EBITDA dropped 41% to €27.1m; current EBIT was -€36.8m (vs. -€22.0m in H1 2025).

• Free cash flow improved to -€49.8m (from -€64.9m), aided by inventory reduction and better working capital management.

• Capex totaled €23.2m, including a €10m deposit for refinancing; core investments focused on IT and store upgrades.

• Net financial debt (post-refinancing, pro forma): €24.6m as of June 30, 2026.

Outlook and guidance

• Market conditions remain fragile, with ongoing uncertainty around consumer recovery and purchasing power in Europe.

• No financial guidance provided due to ongoing transition and recent refinancing.

• The Group's ability to continue as a going concern depends on executing its transformation and cost-saving plans.