Geox (GEO) Q2 2026 earnings summary

Executive summary

• Profitability improved in H1 2026 despite an 11.4% year-over-year sales decline to €270.4 million, driven by cost rationalization, operational efficiency, and network optimization.

• Adjusted EBITDA (excl. IFRS 16) rose to €12.6 million from €8.6 million, and adjusted EBIT reached €5.6 million versus €0.6 million in H1 2025.

• Gross margin improved to 52.6% from 51.2%, supported by collection efficiency and favorable channel mix.

• Bank debt reduced to €95.3 million as of June 2026, with further reduction expected by year-end, supported by a €30 million capital increase.

• Business Plan 2027–2029 to be presented in September 2026.

Financial highlights

• Sales for H1 2026 were €270.4 million, down 11.4% year-over-year; comparable basis decline was 8.8%.

• Adjusted EBITDA (excl. IFRS 16): €12.6 million (H1 2025: €8.6 million); adjusted EBIT: €5.6 million (H1 2025: €0.6 million).

• Net result: -€3.9 million (H1 2025: -€4.9 million); adjusted net result: -€3.1 million.

• Operating expenses (adjusted): €136.6 million, down €19.1 million year-over-year.

• Net financial position (pre-IFRS 16): -€95.3 million at June 2026 (Dec 2025: -€92.6 million).

Outlook and guidance

• FY2026 sales expected at approximately €550 million, a high single-digit percentage decline from 2025.

• FY2026 adjusted EBITDA (excl. IFRS 16) forecast at €30–34 million; adjusted EBIT margin expected at 2–3%.

• Year-end bank debt projected at €40–45 million, supported by working capital optimization and capital increase.

• Updated Industrial Plan for 2027–2029 to be presented in September 2026.

• High forecast uncertainty due to geopolitical and inflationary pressures.