Le Slip Francais (ALLSF) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was €9.062m, down 4.5% YoY; digital growth and a more favorable channel mix helped offset store closures and lower mass-retail sales.

• Gross margin rose 8.0 pts to 63.8%; net income attributable to shareholders reached €2k versus a €133k loss in H1 2025.

• The July listing raised €5.0m through new shares, including €3.5m cash proceeds and conversion of €1.5m of Vatel Capital bonds.

Financial highlights

• Revenue was €9.062m versus €9.493m in H1 2025; sales were up 2.9% excluding boutiques.

• Gross profit increased 9.1% to €5.782m; gross margin expanded to 63.8% from 55.8%, supported by channel mix, internal production and lower sourcing costs.

• Operating margin rose 23.3% to €4.457m, or 49.2% of revenue; reported EBITDA was €378k versus €364k, and EBITDA adjusted for tax credits was €475k versus €471k.

• Operating income after goodwill amortization was €157k versus €142k; adjusted operating income was €269k versus €263k, and financial result was -€222k versus -€197k.

• H1 2025 comparisons are informative indicators reconstructed with specified consolidation adjustments, not consolidated financial statements.

Outlook and guidance

• H2 is seasonally the largest period; inventory was prepared in H1, while an expanded customer base, loyalty program and post-IPO funding support year-end plans.

• Targets reaffirmed: double FY2025 revenue by 2030 and achieve operating income above 10% of revenue over 3–5 years; plans also include three industrial cells and five everyday-equipment categories by 2030.

• Plans include integrated T-shirt and sweatshirt production, scaling FIER (T) and LA BELLE PAIRE, growing third-party manufacturing and reducing debt.