OVS (OVS) Q4 2026 earnings summary

Executive summary

• Achieved record full-year results for FY 2025, with net sales of €1,746 million, up 7.0% year-over-year, driven by strong organic growth, Goldenpoint consolidation, and positive trends across all brands, especially in womenswear and beauty.

• Adjusted EBITDA rose 11.7% to €218.2 million, with margin up to 12.5%, and net income increased 14.8% year-over-year.

• Cash generation improved 31.2% to €90.0 million, with leverage reduced to 0.7x EBITDA.

• Dividend increased by 27% to €0.14 per share, with continued share buybacks and a proposal for further buyback authorization.

• Success attributed to the 'house of brands' strategy, with all group brands posting positive figures and strong performance in new segments.

Financial highlights

• Net sales reached €1,745.9 million, up 7.0% year-over-year; like-for-like sales grew 2.9%, outperforming the market.

• Adjusted EBITDA reached €218.2 million (+€22.9 million), EBITDA margin at 12.5%; gross margin increased by 100 bps to 59.2%.

• Net income close to €90 million, up 14.8% year-over-year.

• Cash conversion ratio improved to 41.3% of EBITDA; cash flow return on investment reached 26%.

• Q4 2025 net sales up 10.1% vs. Q4 2024; EBITDA up 9.7% to €65.8 million.

Outlook and guidance

• 2026 expected to see further growth in EBITDA and cash generation, supported by favorable EUR/USD rates, ongoing projects, and strong reception of new collections.

• Over 100 new stores planned for 2026 across all brands, including OVS, UPIM, Shaka, CROFF, Stefanel, and Goldenpoint.

• Women’s segment targeted to reach 40–45% of total sales within 3–4 years.

• CapEx for 2026 projected to increase by €10–15 million, mainly for new store openings and refurbishments, especially for Goldenpoint.

• Continued buyback plan and international expansion planned for 2026.