Cake Box (CBOX) H1 2026 earnings summary

Executive summary

• Group revenue increased 53.5% year-over-year to £28.8m, driven by strong organic growth, new store openings, digital enhancements, and the maiden contribution from Ambala.

• Underlying EBITDA rose 33.3% to £4.6m, supported by operational efficiencies and digital sales growth, with Ambala contributing £0.4m.

• 11 new stores opened in H1, including 2 Ambala and 9 Cake Box stores, expanding the estate to 284 stores.

• Like-for-like franchise sales grew 6.3% year-over-year, up from 2% in the prior year.

• Digital sales and customer engagement showed robust growth, with online sales up 25.9% and a 29% increase in the subscription database.

Financial highlights

• Group sales grew 53.5% year-over-year to £28.8m, with Cake Box franchise like-for-like sales up 6.3%.

• Underlying EBITDA rose 33.3% to £4.6m; underlying profit before tax was £2.7m, impacted by higher interest costs post-Ambala acquisition.

• Free cash flow was £0.8m, and net debt increased to £11.6m, reflecting acquisition funding and capex.

• Dividend per share increased 5.9% to 3.6p.

• Basic EPS fell 15.1% to 4.40p, reflecting increased shares in issue and higher interest expense.

Outlook and guidance

• H2 FY26 revenues and profits expected to exceed H1, following seasonal trends and a strong start to the second half.

• On track to open 25 new Cake Box and 10 Ambala franchise stores by year-end.

• Digital sales momentum continues, with October online sales up 17.4% year-over-year.

• Confident in delivering year-on-year growth in line with market expectations despite a challenging consumer environment.