Frasers Group (FRAS) H2 2026 earnings summary

Executive summary

• Group revenue rose 8.7% year-over-year to £5,325.9m, with retail revenue up 8.3% to £5,149.5m.

• Adjusted profit before tax increased 24.5% to £1,005.9m, while adjusted basic EPS fell 15.1% to 83.3p.

• Net assets grew 23.4% to £2,452.7m, and cash inflow from operating activities before working capital was £946.4m.

Financial highlights

• Retail gross margin improved by 150 bps to 47.1%; group gross margin up 160 bps to 48.4%.

• Group profit from trading increased 24.5% to £1,005.9m.

• Net cash inflows from operating activities were £745.0m, up from £580.8m year-over-year.

• Net debt (excluding securitisation borrowings) increased to £1,168.1m from £847.5m.

Outlook and guidance

• Strategic ambitions remain unchanged, with continued international expansion and ongoing takeover offers for HUGO BOSS and Accent Group.

• No financial guidance for FY27 due to ongoing transactions; position to be reviewed at half year.