Italian fashion retailer OVS S.p.A. delivered a stronger first half of 2026, with revenue, operating earnings and adjusted profit all increasing as higher like-for-like sales and tighter cost management supported performance.
For the six months to July 31, 2026, OVS recorded net sales of €877.4 million, up 10.7% from the corresponding period a year earlier. Adjusted EBITDA increased 12.3% to €114.3 million, while adjusted net profit climbed 7.7% to €49.1 million.
Profitability also improved. Adjusted gross margin expanded 149 basis points to 62.1%, while the adjusted EBITDA margin reached 13.0%, an increase of 19 basis points.
“In the first half of 2026, all brands grew, mainly thanks to the increase in like-for-like sales; indeed, the group continues to outperform the apparel market, which grew by 1.5 per cent in the period,” said Stefano Beraldo, chief executive officer, OVS S.p.A..
Broad-based sales performance
Excluding Goldenpoint, which was not included in the comparable perimeter, organic revenue rose 6.1% to €825.4 million. Adjusted EBITDA for the business increased 17.5% to €114.1 million, lifting the organic EBITDA margin by 135 basis points to 13.8%.
The OVS first-half 2026 performance was supported by growth across its main sales channels. Direct-store revenue advanced 11.0% to €716.9 million, while franchising and business-to-business sales rose 9.0% to €160.5 million.
Both OVS and Upim posted 6.1% sales growth. Goldenpoint contributed €52.1 million in revenue, approximately 11% higher than a year earlier. Stefanel was another strong performer, with sales rising 31%, including an 11% like-for-like increase.
Earnings and margins strengthen
Adjusted gross profit grew 13.4% to €545.2 million. Adjusted EBIT rose 10.8% to €76.7 million, while profit before tax increased 13.0% to €68.7 million.
At the brand level, OVS EBITDA climbed 15.1% to €93 million, giving the brand a 15.1% margin. Upim EBITDA rose 20.5% to €22.8 million, with its margin reaching 11.9%.
Goldenpoint also moved into positive EBITDA territory. Its earnings improved by more than €4 million year on year, helped by purchasing synergies and changes to its store format.
Lower adjusted net debt
Capital expenditure increased moderately to €46.3 million from €43.6 million. Net cash flow, excluding acquisitions and shareholder distributions, recorded a seasonal outflow of €50.2 million, an improvement of €15.3 million year on year.
Adjusted net debt fell to €240.1 million at July-end from €293.6 million a year earlier. The adjusted net debt-to-EBITDA ratio consequently improved to 1.04 times from 1.41 times.
Reported net financial debt was €1.42 billion, including €1.19 billion associated with IFRS 16 lease accounting.
OVS maintains positive outlook
OVS said early autumn trading was broadly consistent with the performance of the previous two years, with new collections receiving a positive response.
The company expects currency movements, particularly a stronger euro against the US dollar, to provide some margin support during the second half. It also expects full-year 2026 cash generation to exceed the €90 million recorded in 2025.
The retailer additionally highlighted early trading at its Dubai Mall flagship, which opened in September, as another development supporting its international expansion.
