OVS (OVS) Q2 2026 earnings summary

Executive summary

• Achieved record first-half 2025 results with net sales of €792.9 million, up 4.1% year-over-year, driven by strong organic growth, women's apparel, beauty, and the first-time consolidation of Goldenpoint.

• Adjusted EBITDA rose to €101.7 million (+14.3%), with margin improving to 12.8%; adjusted net profit increased by 32% to €46 million.

• Goldenpoint contributed €15 million in sales since July consolidation, accelerating growth in a high-margin segment.

• Outperformed the Italian clothing market, which declined by about 1% year-over-year.

• August and September saw double-digit like-for-like sales growth, with new Upim store formats exceeding expectations.

Financial highlights

• Net sales: €792.9 million (+4.1% year-over-year); adjusted EBITDA: €101.7 million (+14.3%), margin 12.8%; adjusted net profit: €45.6 million (+31.7%).

• Gross margin improved to 60.7% (from 59.6%); adjusted EBIT: €69.2 million (+20.8%), margin 8.7%.

• Adjusted net financial debt: €293.6 million, leverage ratio 1.41x; average leverage over last 12 months: 1.26x.

• Working capital stable; inventory elevated at €550.6 million due to Suez Canal disruption and Goldenpoint acquisition.

• Treasury shares as of September 2025: 4.297% of share capital.

Outlook and guidance

• Management confirms full-year growth expectations, with mid-single-digit revenue growth and €70 million free cash flow forecasted.

• Goldenpoint expected to contribute €60 million in H2 sales; free cash flow impact neutral.

• CapEx guidance for the year is €70–75 million, with a sharper drop expected from 2026.

• Gross margin for the full year expected to remain above last year, with some benefit from favorable FX hedging in 2026.

• Recent store openings and new formats support a positive outlook for the remainder of the year.