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Watches of Switzerland Group (WOSG) investor relations material
Watches of Switzerland Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary4 Dec, 2025
Executive summary
First half revenue reached £845 million, up 10% at constant currency, driven by 20% US growth and resilient UK performance after adjusting for showroom closures.
Adjusted EBIT rose 6% year-over-year to £69 million in constant currency, with statutory profit before tax up 50% to £61 million.
Free cash flow increased 71% to £48 million, and ROCE improved to 17.3%.
Certified Pre-Owned became the group's second-largest luxury watch brand, with strong e-commerce (up 17%) and luxury branded jewellery growth, especially Roberto Coin (up 16% in US wholesale).
Disciplined investment in showrooms, digital, and luxury jewellery supported growth, with multiple new boutiques and refurbishments completed.
Financial highlights
Revenue increased 10% year-over-year in constant currency (8% reported), with US retail up 20% and UK up 5% adjusting for closures.
Adjusted EBIT margin was 8.1% (-30bps YoY), and Adjusted EBITDA margin was 10.8% (-30bps YoY).
Adjusted EPS rose 8% to 19.6p; statutory basic EPS increased 57% to 19.1p.
Free cash flow conversion was 53% for H1, expected to reach 65%-70% for the full year.
Net debt at £112 million, with net debt/adjusted EBITDA leverage at 0.6x; £25 million share buyback completed.
Outlook and guidance
Full-year guidance reiterated: 6%-10% revenue growth at constant currency, adjusted EBIT margin flat to down 100bps.
CapEx expected between £65 million and £70 million for the year.
Trading in line with expectations; well positioned for the holiday season.
Clarify US tariff impact on H1 retail margin
Detail UK&Europe EBIT margin decline drivers
Explain lab-grown diamonds' role in inventory
U.S. profit growth: key drivers and sustainability
U.K. market: VAT-free impact and recovery strategy
CPO growth impact on group product margin
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Frequently asked questions
Watches of Switzerland Group plc retails luxury watches and jewelry through its network of stores and e-commerce platforms. The company operates multibrand and mono-brand boutiques across the UK and the U.S., representing high-end watch manufacturers. It targets premium and affluent customer segments. The company is headquartered in Leicester, United Kingdom, and its shares are listed on the LSE.
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