BasicNet (BAN) Q4 2025 TU earnings summary

Executive summary

• Fiscal year 2025 featured extraordinary transactions, including Permira's minority stake in K-Way and acquisitions of Woolrich Europe, Sundek, and Sebago France, with a focus on evolving the multibrand model and expanding the portfolio with heritage brands.

• Consolidated revenues for 12m 2025 were €408.3 million, down 0.2% year-over-year, excluding Woolrich's post-acquisition contribution; adjusted EBITDA reached €54.1 million, reflecting extraordinary items and transaction costs.

• Net Financial Position with banks improved to negative €74.4 million, aided by cash from the K-Way transaction despite acquisitions and shareholder distributions.

• Emphasized direct presence in Europe, group synergies, and brand enhancement for long-term value creation.

Financial highlights

• Total aggregated sales for 12m 2025 were €1,225.7 million, up 4.0% year-over-year, with €908 million from licensees and €318 million from sourcing centers.

• Adjusted EBITDA at €54.1 million, down from €61.1 million in 2024, which included a €7 million one-off termination fee.

• Q4 EBITDA was lower than prior year due to weaker December retail activity.

• Net royalties from licensees increased by 9.0% year-over-year.

Outlook and guidance

• Q1 and Q2 2026 order books show a positive trend compared to the previous year, with January 2025 starting strong for like-for-like brands.

• Investments in retail and workforce are expected to foster growth, with Woolrich and Sundek anticipated to contribute positively to EBITDA in 2026.