About You (YOU) Q2 2026 earnings summary

Executive summary

• Group revenue grew 7.6% year-over-year to €1,041.7 million in H1 2025/2026, with adjusted EBITDA rising to €22.6 million from €12.8 million.

• Active customers increased 9.2% to 13.6 million, and number of orders rose 4.2% to 39.5 million.

• The Commerce segment delivered moderate revenue growth and improved profitability, while SCAYLE achieved strong revenue growth but saw a margin decline due to higher investments.

• The period included significant one-time costs related to the Zalando takeover and organizational restructuring.

Financial highlights

• Adjusted EBITDA margin improved to 2.2% (H1 2024/2025: 1.3%), while the gross margin declined to 40.1% (H1 2024/2025: 40.8%).

• Loss for the period was €34.5 million, a slight improvement from €37.6 million in the prior year.

• Free cash flow was negative at €-22.8 million, down from €13.9 million, mainly due to one-off effects from the Zalando transaction.

• Cash and cash equivalents decreased to €100.7 million from €145.8 million at the previous year-end.

• Equity ratio fell to 14.2% from 22.5% due to the period loss and a capital decrease.

Outlook and guidance

• Moderate group revenue growth and strong adjusted EBITDA growth are expected for FY 2025/2026.

• Commerce is forecasted to see moderate revenue and strong EBITDA growth; SCAYLE is expected to deliver strong growth in both revenue and EBITDA.

• Management highlights ongoing macroeconomic and geopolitical uncertainties, with close monitoring of market conditions.