OVS (OVS) Q3 2026 earnings summary

Executive summary

• Achieved strong sales and EBITDA growth across all brands and segments, with winter collections and strategic focus on womenswear and beauty driving double-digit growth and higher sales per square meter.

• Brand initiatives, including PIOMBO, Les Copains, B.Angel, Utopja, and beauty expansion, attracted younger and female customers.

• International expansion, notably in India and Dubai, delivered strong sales density and profitability, with the first OVS store in India matching top Italian malls.

• Goldenpoint integration and new product development led to double-digit sales growth in related categories.

• Store network expanded to 2,660 locations as of 31 October 2025.

Financial highlights

• Q3 2025 net sales reached €452 million, up 9% year-over-year, and 9M 2025 net sales totaled €1,245 million, up 5.8% year-over-year.

• Q3 2025 adjusted EBITDA was €50.6 million, up 9.4% year-over-year; 9M 2025 adjusted EBITDA reached €152.3 million, up 12.6% year-over-year.

• Adjusted profit before tax for 9M 2025 increased 21.5% to €87.8 million.

• Last twelve months net sales and EBITDA reached €1,700 million and €212 million, respectively.

• Directly operated stores and e-commerce grew nearly 4% over nine months; franchise and B2B revenues declined slightly due to lower off-price marketplace sales.

Outlook and guidance

• Management expects continued growth and profitability, with positive year-end outlook and ongoing benefits from strategic initiatives.

• Sourcing benefits from favorable euro/dollar exchange rates are anticipated to positively impact margins in 2025.

• Leverage ratio remains stable, with further international expansion prioritized.