Geox (GEO) H1 2025 earnings summary

Executive summary

• New CEO appointed ten weeks ago to accelerate business plan execution amid challenging market conditions.

• Completed first phase of capital increase, raising €29.9 million through full subscription of new shares as of June 17, 2025.

• Recent initiatives and cost optimizations have started to yield positive results, improving margins and profitability.

• H1 2025 sales reached €305.3 million, down 4.7% year-over-year, mainly due to China and US exits.

• Net financial position (pre-IFRS16) improved to -€100.5 million from -€112.7 million a year earlier.

Financial highlights

• Net sales for H1 2025 at €305.3 million, down 4.7% year-over-year, or -1.9% excluding China and USA.

• Adjusted EBITDA (pre-IFRS16) at €8.6 million, up from €4.0 million in H1 2024.

• Adjusted EBIT turned positive at €0.6 million, up from -€5.5 million in H1 2024, driven by cost efficiency.

• Net result at -€3.1 million (adjusted), improved from -€15.4 million in H1 2024.

• Bank debt at €100.5 million as of June 30, 2025, down from €112.7 million at June 2024.

Outlook and guidance

• FY2025 guidance confirmed: mid-single-digit sales decline expected, with EBIT adjusted margin targets unchanged.

• Net debt by year-end projected between €100 million and €110 million, in line with the financial plan.

• Persistent macroeconomic and geopolitical uncertainty continues to weigh on consumer demand and market projections.

• Focus for the next 6–12 months is on accelerating sales and supporting the current product pipeline.