Ultimate Products (ULTP) H1 2026 TU earnings summary

Executive summary

• Proprietary brand sales increased by 5% year-over-year to £65.8m, aligning with the strategic focus on owned brands.

• Total group revenue declined 6% year-over-year to £74.5m, reflecting subdued consumer demand and a planned reduction in non-core third-party clearance sales.

• Trading performance remains in line with market expectations despite challenging market conditions.

Financial highlights

• Adjusted EBITDA for H1 2026 is expected to be around £5.0m, impacted by lower sales.

• Net bank debt at period end was £9.7m, down from £14.1m at 31 July 2025.

• Net bank debt/adjusted EBITDA ratio improved to 0.9x from 1.1x at 31 July 2025.

• Rolling 12-month average net bank debt/adjusted EBITDA was 1.4x.

Outlook and guidance

• Current trading is in line with market expectations.

• Board remains confident that ongoing investment in operational capabilities will position the group for growth as macroeconomic conditions improve.

• FY26 consensus revenue is £137.7m, with adjusted EBITDA of £12.5m and adjusted EPS of 7.4p.