BasicNet (BAN) Q4 2025 TU earnings summary

Executive summary

• Fiscal year 2025 featured major transactions, including Permira's minority stake in K-Way and acquisitions of Woolrich Europe, Sundek, and Sebago France.

• Consolidated revenues for 2025 were €408.3 million, down 0.2% year-over-year, excluding Woolrich's €7.5 million post-acquisition contribution.

• Adjusted EBITDA reached €54.1 million, reflecting extraordinary transaction costs and excluding non-recurring items.

• Net Financial Position with banks improved to -€74.4 million from -€90.8 million year-over-year, aided by the K-Way transaction.

• The group focused on evolving its multibrand model, expanding with heritage brands, and enhancing long-term value.

Financial highlights

• Aggregated sales for 2025 were €1,225.7 million, up 4.0% year-over-year, with €907.7 million from licensees and €318 million from sourcing centers.

• Adjusted EBITDA was €54.1 million, down from €61.1 million in 2024, which included a €7 million termination fee.

• Operating cash flow plus lease payments generated €28 million, down from €40 million in 2024, mainly due to higher inventory and working capital needs.

• Q4 standalone EBITDA was €14.2 million, impacted by a slowdown in retail activity.

• Net Financial Position with banks improved by €16.4 million year-over-year.

Outlook and guidance

• January 2025 started strong, with like-for-like brands outperforming January 2024.

• Q1 and Q2 2026 order books show a positive trend compared to the previous year.

• Woolrich and Sundek are expected to maintain or slightly reduce revenues in 2026 to preserve brand image and marginality, with positive EBITDA expected.

• Investments in retail and workforce are expected to foster growth, despite short-term margin impact.