BasicNet (BAN) Q2 2026 earnings summary

Executive summary

• Consolidated revenues rose 25.4% year-over-year to €216.4 million in H1 2026, driven by the integration of Woolrich and Sundek brands and strong e-commerce growth (+111%).

• Aggregate sales by third-party licensees grew 15.4% to €453.1 million, with Europe as the leading market.

• EBITDA was €9.1 million, down from a pro-forma €15.1 million in H1 2025, reflecting integration and restructuring costs.

• Net financial position with banks worsened to -€146.2 million, impacted by seasonal cash absorption, acquisitions, and investments.

• The group reported a net loss of €11.1 million (vs. €0.8 million profit in H1 2025), mainly due to integration and higher amortisation/depreciation.

Financial highlights

• Direct sales reached €188.7 million (+37.4% vs H1 2025), while royalties and sourcing commissions declined 21.3% to €27.2 million.

• Gross margin on direct sales increased to €95.2 million from €61.3 million in H1 2025.

• EBITDA margin compressed due to increased labor, G&A, sponsorship, and one-off integration costs.

• EBIT (pro-forma) showed a loss of €10.3 million, compared to a €4.4 million profit in H1 2025.

• Basic earnings per share fell to -€0.4357 from €0.0181 year-over-year.

Outlook and guidance

• Management expects improved profitability as integration costs subside and synergies from Woolrich and Sundek materialize.

• Right-sizing actions at Woolrich and Sundek are expected to yield full run-rate effects from Q3 2026.

• Anticipated acceleration in sourcing center sales in H2, supported by strong order backlog and early Q3 deliveries.

• Continued expansion and rationalization of the direct retail network, with strong e-commerce performance.

• Management confident in returning to regular profitability and low double-digit EBITDA margin within a year.