OVS (OVS) Q2 2027 earnings summary

Executive summary

• All brands achieved strong growth in H1 2026, with net sales up 11% and EBITDA up 12.3% year-over-year, driven by product innovation, new store openings, and brand portfolio diversification.

• Goldenpoint integration delivered a turnaround, contributing double-digit sales growth and positive EBITDA after a prior loss.

• Stefanel accelerated its turnaround with 31% sales growth (11% like-for-like), while Utopja and Les Copains also outperformed.

• Brand portfolio development included new lines and collections, with notable expansion in women's and beauty segments.

• Market conditions in Italy stabilized, with the group gaining share and being recognized as a key alternative to competitors.

Financial highlights

• Net sales reached €877.4 million, up 11% year-over-year; organic perimeter net sales up 6.1%.

• EBITDA rose to €114.3 million (+12.3%), with a margin of 13.0%; OVS EBITDA margin reached 15.1%, Upim nearly 12%.

• Goldenpoint achieved positive EBITDA of €0.2 million to approximately €4 million, a significant turnaround from a prior loss.

• Net income increased 7.7% to €49.1 million, and gross margin improved to 62.1%.

• Net debt reduced by €54 million year-over-year, with adjusted net financial debt at €240.1 million.

Outlook and guidance

• Management expects H2 2026 results to improve versus last year, with continued margin expansion and robust sales momentum.

• Full-year 2026 cash generation forecast confirmed, with further improvement over €90 million in 2025.

• Dubai store projected to generate positive margin in year one, with turnover potential of €10–15 million.

• Gross margin improvement from FX hedging expected to be sustained into 2027.

• No significant negative impacts expected in operating costs.