B&M European Value Retail (BME) Q3 2025 TU earnings summary

Executive summary

• Exited the golden quarter with strong profitability and momentum, driven by robust trading in December and January.

• Q3 FY25 saw strong volume momentum, driving profit and cash generation, with a £151m special dividend declared.

• Disciplined operational execution led to profit growth, with the business maintaining focus despite economic headwinds.

• Positive like-for-like (LFL) sales of approximately 1.5% in December and early January, with general merchandise outperforming.

• Strategic price investments in toys, Christmas, and home categories delivered double-digit LFL growth without margin sacrifice.

Financial highlights

• Profit outlook range narrowed to £620m–£650m, compared to £616m last year.

• Group Q3 revenue grew 2.8% year-over-year on a constant currency basis; YTD revenue up 3.5%.

• Increased ordinary dividend by 45% and announced a £0.15 per share special dividend (£151m total).

• Over £2.2bn returned to shareholders via dividends over five years.

• Group adjusted EBITDA (pre-IFRS 16) for FY25 expected between £620m and £650m (FY24: £616m–£629m).

Outlook and guidance

• Guidance targets the top half of the £620m–£650m profit range, assuming a normal garden season start.

• FY25 Group adjusted EBITDA guidance narrowed to £620m–£650m, reflecting continued profit growth.

• No further price investment planned for general merchandise; FMCG pricing to remain stable with no inflation.

• 45 new store openings planned for FY26, including 12 in France.

• Further excess capital returns to be finalized after completion of the redomicile process.