This article first appeared on GuruFocus.
Net Sales: Up 11% to close to EUR900 million; 3% like-for-like growth in OVS and Upim, plus 3% organic growth excluding Goldenpoint, plus full-semester Goldenpoint consolidation.
Gross Margin: Improved as expected, driven by favorable euro-dollar exchange rate (spring/summer ’27 vs. spring/summer ’26) and operating leverage.
EBITDA: Increased EUR12.5 million, reaching 13% of revenues; excluding Goldenpoint, EBITDA grew EUR17 million to 13.8% of revenues.
Goldenpoint EBITDA: Positive EUR200,000 vs. negative EUR4.2 million in H1 2025; full-year projection of EUR3-4 million.
OVS EBITDA Margin: 15.1%, among the best in the industry.
Upim EBITDA Margin: Close to 12%, up from around 10% a couple of years ago.
Cash Generation: Improved by EUR15 million vs. last year, mostly driven by higher EBITDA (EUR12.5 million) and working capital discipline.
Net Debt: Reduced by EUR54 million vs. last year, despite increased shareholder returns via dividends and buyback.
Leverage Ratio: 1.0-1.1x EBITDA.
Capital Expenditures: Included Goldenpoint store refurbishment plan, plus new store openings in Italy and abroad (second India store opened in Q2; Dubai in Q3).
Store Openings: Second small luxury OVS store opened in Trento; second store in India opened in Q2; Dubai store coming in Q3.
Current Trading: Fall/winter season started well, in line with the last two robust seasons; margin to further benefit from euro-dollar comparison (fall/winter 2026 vs. fall/winter 2025).
Outlook: Expects further improvement in results in H2 2026 compared to 2025, with operating costs under control.
Release Date: September 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Net sales increased 11% to nearly EUR900 million, with 3% like-for-like growth in OVS and Upim plus additional organic growth and the full consolidation of Goldenpoint.
Gross margin improved, driven by favorable euro-dollar exchange rate and operating leverage, with EBITDA rising EUR12.5 million to 13% of revenues.
Goldenpoint turned EBITDA positive at EUR200,000 in H1 2026 versus a negative EUR4.2 million last year, with a clear path to 12-13% EBITDA margin over time.
OVS brand achieved a 15.1% EBITDA margin, among the best in the industry, while Upim’s margin approached 12%, showing long-term improvement.
Net debt reduced by EUR54 million year-over-year, leverage is a safe 1.0-1.1x EBITDA, and full-year cash generation is expected to rise to about EUR100 million.
The women’s segment is growing 5% like-for-like, driven by higher traffic, conversion, and average ticket, with successful brand extensions like B.Angel, Les Copains, and Utopja attracting younger customers.