BasicNet (BAN) Q1 2026 earnings summary

Executive summary

• Aggregate sales rose 11.3% year-over-year to €299.1m, with consolidated revenues up 35.1% to €132.8m, driven by newly acquired brands Woolrich and Sundek.

• EBITDA reached €15.4m, up 21.1% year-over-year, with Woolrich and Sundek already EBITDA positive, though right-sizing actions are ongoing.

• Net financial position with banks increased to €102.3m, reflecting seasonal cash absorption and acquisitions.

• Growth in consolidated revenues was driven by direct sales (+45% year-over-year) and European market consolidation, while royalties declined.

Financial highlights

• Direct sales grew from €81m to €118.8m (+45%), with double-digit growth even excluding new brands.

• EBITDA improved from €12.7m to €15.4m, with Woolrich and Sundek contributing just under €2.4m.

• Net royalties decreased to €13.8m (-14.4% vs Q1 2025).

• Negative operating cash flow of €11.8m, mainly due to trade working capital and Woolrich payment alignment.

• CAPEX for the period was €7.1m, focused on retail expansion, IT, and renovations.

Outlook and guidance

• Q3 and especially Q4 expected to show results from ongoing profitability improvement actions, particularly for Woolrich.

• Wholesale backlog remains positive and consistent with Q1; no major changes expected for fall/winter.

• Continued shift from third-party royalties to direct revenues as European market consolidation progresses.

• Right-sizing actions at Woolrich and Sundek expected to further impact margins in future quarters.

• Growth trajectory maintained despite geopolitical and macroeconomic uncertainty, focusing on sustainable medium to long-term development.