Maisons du Monde (MDM) H2 2025 & Status update earnings summary

Executive summary

• The group faced a challenging macroeconomic environment and home furnishings market downturn since 2021, leading to financial fragility from high fixed costs and €50m in post-Covid investments.

• Comprehensive financial restructuring was agreed with a consortium led by Alteri Investors and Eicos Investment Group, following breaches of banking covenants and failed negotiations, culminating in a conciliation protocol signed on 18 June 2026.

• FY 2025 net loss was €406m, mainly due to €350m in non-cash asset impairments.

• Operational efficiency measures delivered €45m in gross cost savings and inventory optimization.

• The protocol aims to reduce debt, inject new capital, and transfer control to the consortium, with completion required by 15 September 2026.

Financial highlights

• Existing bank debt will be reduced by 84%, from €250.3m to €39.4m, through debt-to-equity conversion and new financing.

• The consortium will provide up to €45.7m, including €33m in new senior financing and €12.7m for acquiring non-participating bank claims.

• FY 2025 sales were €947m, down 5% year-over-year, with a gross margin of 63%.

• EBITDA is projected to reach €50m and free cash flow over €30m by FY29, with revenue stabilizing around €844m–€947m over FY25–FY29.

• Net debt (excluding IFRS 16) was €157.7m at year-end 2025, up €73m year-over-year.

Outlook and guidance

• The business plan anticipates no like-for-like revenue growth from FY27–FY29, focusing on profitable stores and cost savings.

• Operational restructuring includes supply chain optimization and overhead reduction.

• No financial guidance provided due to transition context and ongoing restructuring.

• Completion of restructuring targeted by 15 September 2026, with a shareholder meeting scheduled for 27 July 2026.