Forus (FORUS) Q2 2025 earnings summary

Executive summary

• Sales grew 1.0% year-over-year in 2Q25, despite last year's 2Q being the best quarter in company history.

• International subsidiaries contributed 28% of total sales in 2Q25, with 5.3% growth year-over-year.

• DTC channel performed slightly better than wholesale, with DTC accounting for 85% of total sales.

• Secured exclusive representation of PARFOIS for Chile and Peru, opening new stores and e-commerce platforms in both countries.

• Expanded strategic alliance with VF Corporation to operate Vans in Colombia and Peru, with new stores and digital channels launching in 3Q25 and 2026.

Financial highlights

• Consolidated revenue in 2Q25 was Ch$111,645 million, up 1.0% YoY; EBITDA margin was 19.8%, down from 21.3% in 2Q24.

• Net income for 2Q25 was Ch$10,231 million, down 12.4% YoY.

• Gross margin remained stable at 54.4% in 2Q25, down 6 basis points year-over-year.

• Digital revenues fell 6.3% YoY, representing 29% of DTC sales and 25% of total revenue.

• International subsidiaries' revenues grew 5.3% YoY, contributing 28.1% of consolidated revenue and 31.1% of EBITDA.

Outlook and guidance

• Remain on track with the construction of a new distribution center, within budget and deadlines, with an initial size of 16,200 m2, expandable to 24,000 m2.

• Dividend policy for 2025 set at 40% of net profits, with interim dividends subject to performance and cash position.

• Investment plans for 2025 are fully funded, with a conservative cash management approach and minimal financial debt.

• Expanded strategic alliance with VF Corporation to distribute Vans in Colombia (2025) and Peru (2026).