OVS (OVS) Q3 2025 earnings summary

Executive summary

• Q3 2024 net sales rose 12.8% year-over-year to €414.7 million, with robust like-for-like growth and strong performance across all brands, especially in the women’s segment.

• Adjusted EBITDA increased 31.7% in Q3 2024 to €46.2 million, and profit before tax grew 70.9%, driven by successful merchandising and brand initiatives.

• For the first nine months of 2024, net sales reached €1,176.3 million, up 6.7% year-over-year, with adjusted EBITDA up 11.3% to €135.2 million.

• Upim posted record results since acquisition, outperforming OVS year-to-date; Stefanel showed strong recovery in H2 due to new creative leadership.

• Strategic focus on women’s segment, new house brands, and beauty category drove increased store traffic and customer base.

Financial highlights

• Q3 2024 adjusted EBITDA margin improved to 11.1% from 9.5% in Q3 2023; EBIT margin rose to 7.0% from 5.1%.

• Nine-month adjusted EBITDA margin reached 11.5%, up from 11.0% in 9M 2023; EBIT margin increased to 7.3%.

• Last twelve months net sales and EBITDA reached €1,609 million and €196 million, respectively, with a 12.2% EBITDA margin.

• EBITDA margin above 12% for the full year, with OVS close to 13% and Upim above 10%.

• Cash flow before dividends and treasury share purchases increased by €8.0 million year-over-year, driven by EBITDA growth.

Outlook and guidance

• Q4 and full-year 2024 sales and EBITDA are expected to align with or slightly exceed 2023, with cash generation in line with last year.

• Guidance for full-year CapEx is €90–95 million, with ordinary CapEx expected to decrease by €15–20 million in coming years.

• Growth drivers for next year include easier H1 comparison, new projects (Les Copains, sport, beauty), Goldenpoint consolidation, and international expansion.

• Interest confirmed in acquiring part of Conbipel's retail network, with further consolidation opportunities being explored.