OVS (OVS) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2025 reached €354.4 million, up 0.6–1% year-over-year, with strong performance in womenswear and beauty segments despite macroeconomic headwinds and adverse weather.

• EBITDA for Q1 2025 was €28.1 million, down €1.5–1.6 million from Q1 2024, mainly due to inflationary overhead and fixed SG&A costs.

• Profit before tax stood at €8.0 million, with stable depreciation and financial expenses.

• The accelerated acquisition of 100% of Goldenpoint aims to boost synergies and profitability in the underwear segment, with integration and relaunch underway.

• Strong start to Q2 with mid-single-digit sales growth expected, supporting confidence in full-year growth.

Financial highlights

• Net sales: €354.4 million (+0.6% vs. Q1 2024); EBITDA: €28.1 million (-5.3% year-over-year); EBIT: €12.4 million.

• EBITDA margin at 7.9% (vs. 8.4% in Q1 2024); EBIT margin at 3.5% (vs. 4.0%).

• Net debt as of April 30, 2025, was €261.1 million, with leverage ratio stable at 1.3–1.34x.

• Cash absorption peaked at end of April due to seasonality, but full-year cash generation target of over €70 million reaffirmed.

• Adjusted results exclude IFRS16 and non-recurring items.

Outlook and guidance

• Sales have accelerated since May, showing mid-single-digit growth compared to 2024, with no risks seen to 2025 growth targets.

• Gross margin expected to benefit from favorable FX, lower raw material costs, and improved supplier terms.

• Full-year guidance excludes Goldenpoint; core business expected to meet consensus.

• 2026 profitability expected to benefit from cost reductions and favorable macroeconomic trends.