About You (YOU) Q2 24/25 earnings summary

Executive summary

• Revenue grew 2.4% year-over-year to €450.1 million in Q2 2024/2025, with strong 8.6% growth in DACH and nearly double-digit growth in Germany; H1 revenue reached €968.4 million (+2.3% YoY).

• Adjusted EBITDA improved by over €10 million to €-2.3 million in Q2 and by more than €20 million to €12.8 million in H1 2024/2025, with margin up to 1.3%.

• Active and new customer numbers returned to growth quarter-over-quarter, reaching 12.4 million in Q2, driven by marketing and exclusive collections.

• SCAYLE segment delivered over 20% annual recurring revenue growth, high profitability, and received a payment service license for further expansion.

• Fall/winter season started strongly in September with double-digit growth rates, signaling positive momentum.

Financial highlights

• Group revenue for Q2 24/25: €450.1 million (+2.4% YoY); H1 revenue: €968.4 million (+2.3% YoY); DACH up 8.6%, ROE up 0.2%, TME down 1.5%.

• Adjusted EBITDA for Q2: €-2.3 million (margin -0.5%); H1: €12.8 million (margin 1.3%).

• Gross margin increased to 40.8% in H1 (+3.4pp YoY) and 37.9% in Q2 (+2.8pp YoY), driven by higher average order value and lower promotional intensity.

• Free cash flow was positive at €13.9 million in H1, a significant improvement from -€32.6 million YoY; Q2 free cash flow was €-32.0 million.

• Cash and cash equivalents at €145.8 million as of August 31, 2024; net working capital improved to €-50.0 million.

Outlook and guidance

• FY 2024/2025 revenue growth guidance narrowed to +1% to +7% YoY (previously +1% to +10%).

• Adjusted EBITDA guidance raised to €15–35 million for FY 2024/2025 (previously €10–30 million).

• CapEx expected at €30–50 million for FY 2024/2025; net working capital to remain negative.

• Management anticipates double-digit group growth rates from FY 2025/2026 onwards, supported by market improvements and strategic initiatives.

• Guidance depends on external event developments and ongoing macroeconomic uncertainty.