Maisons du Monde (MDM) H1 2026 earnings summary

Executive summary

• Net sales for H1 2026 were €412.8m, down 7.1% year-over-year, with like-for-like sales down 5.8%.

• Performance weakened in Q2 (-9.8%) compared to Q1 (-4.5%), mainly due to constrained inventory and reduced promotional activity.

• Store network showed resilience (-3.0% LfL), with Southern Europe nearly flat and France declining by 4.0% LfL; online sales dropped 11.8%.

• €15m in gross cost savings achieved, supporting profitability amid lower volumes.

• Balance sheet strengthened post-July 2026 refinancing, providing financial stability for turnaround efforts.

Financial highlights

• Gross margin decreased to 61.9% (down 2.4ppt), impacted by higher Q1 promotions and a tough comparison base.

• Current EBIT was -€36.8m (vs. -€22.0m in H1 2025), reflecting top-line pressure and margin compression.

• Net loss improved to -€64.0m from -€75.6m in H1 2025, despite higher financial charges and restructuring costs.

• Free cash flow improved to -€49.8m (from -€64.9m), driven by better working capital management and lower inventory.

• Capex totaled €23.2m, including a €10m deposit for refinancing; core investments focused on IT and store upgrades.

Outlook and guidance

• No financial guidance provided due to ongoing transition and recent refinancing.