Geox (GEO) Q3 2025 earnings summary

Executive summary

• Sales for the first nine months of 2025 reached €492.8 million, down 6.2% year-over-year; excluding China and US closures, the decline was 3.8%.

• Cost rationalization and efficiency measures led to about €20 million in savings, improving adjusted EBIT margin by €4 million (100 basis points) year-over-year.

• Direct retail channel sales remained stable, while wholesale and web channels underperformed; only the owned website showed positive like-for-like growth.

• The company is actively pursuing a turnaround, including restructuring, network optimization, and a capital increase of €29.4 million.

• Net financial position (pre-IFRS16) at September 2025 was €-119.0 million, compared to €-90.9 million at December 2024 and €-145.8 million at September 2024.

Financial highlights

• Net sales declined 6.2% year-over-year to €492.8 million; excluding China and US, the decline was 3.8%.

• Adjusted EBITDA and EBIT margins improved year-over-year, supported by €20 million in cost reductions.

• Bank net debt as of September 2025 was €-106.6 million, up from €-103 million at December 2024.

• Operating working capital at September 2025 was €161.4 million, or 25.6% of net sales, up from 24.7% a year earlier.

• Inventory levels decreased to €208.8 million, down €34.9 million from December 2024.

Outlook and guidance

• Full-year 2025 sales are expected to decline in the high single-digit range year-over-year.

• Adjusted EBIT margin is forecasted to remain in line with plan expectations due to ongoing cost efficiencies.

• Year-end bank net debt is projected between €100 million and €110 million.

• A revised business plan will be presented in spring 2026, reflecting the new sales and cost structure.