Plesio (CO) H1 2026 earnings summary

Executive summary

• Entered growth phase of turnaround plan, with H1 2026 results aligning with the Renouveau 2030 strategy and operational progress.

• Transformation focused on restructuring, cost control, franchise development, and digital acceleration.

• Continued investment in brands, store concepts, and digitalization, with streamlined store portfolio and closure of loss-making stores.

• Adjusted EBITDA rose 13.9% to €326m, with margin up 119 bps to 8.2%, reflecting cost savings and improved store performance.

• Trading profit turned positive at €49m (vs. -€11m in H1 2025), and net loss narrowed to -€205m from -€225m.

Financial highlights

• Net sales reached €3,967m in H1 2026 (+0.4% LFL, -2.7% total); adjusted EBITDA €326m (+13.9%); trading profit €49m.

• Net loss (Group share) at -€205m, mainly due to financial expenses.

• Free cash flow before financial expenses was -€30m, improved by €23m vs. H1 2025.

• Net debt increased by €197m to €1.7bn at end of June.

• Liquidity at €713m, with €701m available cash.

Outlook and guidance

• Focus remains on execution, adapting to market evolution, and targeting break-even free cash flow before financial expenses for 2026.

• Financial restructuring and adaptation of financial structure expected to be completed by end of 2026.

• Leverage ratio expected to exceed covenant threshold by September 2026; waiver to be sought.

• Projected minimum liquidity of €0.5bn in Q3 2026.