OVS (OVS) Q2 2026 earnings summary

Executive summary

• Achieved record first-half results with net sales of €792.9 million, up 4.1% year-over-year, driven by strong performance in women's apparel, beauty, and the first-time consolidation of Goldenpoint.

• Net income rose 31.7% to €45.6 million, supported by EBITDA growth and margin expansion.

• Women's segment, led by Les Copains and Piombo, and the beauty category delivered strong double-digit growth and higher margins.

• Goldenpoint contributed €15 million in sales in July and boosted overall results since consolidation.

• Like-for-like August sales showed double-digit growth, with September also performing well.

Financial highlights

• Net sales reached €792.9 million (+4.1%); gross margin improved to 60.7%; adjusted EBITDA increased to €101.7 million (+14.3%), with margin at 12.8%.

• Net income at €45.6 million, up 31.7% year-over-year; EBIT at €69.2 million (+20.8%).

• Net financial debt as of July 31, 2025, was €293.6 million, reflecting Goldenpoint consolidation and seasonality.

• Working capital remained stable; inventory elevated due to Suez Canal disruption and anticipated purchases.

• Treasury shares in portfolio represent 4.297% of share capital as of September 16, 2025.

Outlook and guidance

• Full-year growth expectations confirmed, with strong sales momentum continuing into the second half and double-digit like-for-like August sales.

• Expect mid-single-digit revenue growth for the year, with Goldenpoint contributing €60 million in H2 sales.

• Free cash flow forecasted at €70 million for the year, with Goldenpoint's contribution expected to be neutral.

• CapEx guidance for the year is €70–75 million, with a sharper drop expected from 2026.

• Gross margin for the full year expected to remain above last year, with some benefit from favorable FX hedging in 2026.