FY26 Results

About this update from Dr. Martens Plc

[{"type":"text","content":"\n \n \n 19 May 2026 \n Dr. Martens plc \n Preliminary results for the 52 weeks ended 29 March 2026 \n   \n ADJUSTED PBT UP 61% AS BUSINESS RETURNS TO PROFIT GROWTH \n AND SHIFTS FROM CHANNEL-LED TO CONSUMER-FIRST \n   \n   \n \"In FY26 we returned the business to profit growth, delivering a 61% increase in adjusted PBT, with revenue in line with guidance, and made good progress pivoting the business to a consumer‑first operating model. Shoes were the standout performer, up 19%. Our focus on execution is paying off: we are improving the quality of revenues whilst strengthening margins, cash generation, the Balance Sheet and overall model resilience. \n   \n There is still work to do in pivoting the business, however in FY27 we will also enter the scale phase of our strategy. Desire for the Dr. Martens Brand continues to grow, with more collaborators approaching us, increased wholesale partner support, strong consumer response to new product families, and an excited reaction from the market to our first beacon store on Brewer Street, London. \n   \n In FY27, we will lean in with increased investment in the brand and targeted retail store upgrades, as well as continuing to build strong wholesale partner relationships to support demand at scale. With the operating model reset, key capabilities in place, combined with good visibility of our wholesale order books, our business is now well setup to deliver both our FY27 objectives and medium‑term targets.\" \n Ije Nwokorie, Chief Executive Officer \n FY26 RESULTS \n   \n \n \n \n \n £m \n \n \n FY26 \n Reported \n \n \n FY26 \n CC 2 \n \n \n FY25 \n Reported \n \n \n % change \n Reported \n \n \n % change \n CC 2   \n \n \n \n \n Revenue \n \n \n 764.9 \n \n \n 776.3 \n \n \n 787.6 \n \n \n (2.9%) \n \n \n (1.4%) \n \n \n \n \n Adjusted EBIT 1 \n \n \n 79.3 \n \n \n 78.7 \n \n \n 60.7 \n \n \n 30.6% \n \n \n 29.7% \n \n \n \n \n Adjusted PBT 1 \n \n \n 55.0 \n \n \n 54.2 \n \n \n 34.1 \n \n \n 61.3% \n \n \n 58.9% \n \n \n \n \n PBT \n \n \n 32.7 \n \n \n 29.8 \n \n \n 8.8 \n \n \n 271.6% \n \n \n 238.6% \n \n \n \n \n Adjusted basic EPS 1 \n \n \n 4.2 \n \n \n \n \n \n 2.4 \n \n \n 75.0% \n \n \n   \n \n \n \n \n EPS (p) \n \n \n 2.5 \n \n \n \n \n \n 0.5 \n \n \n 400.0% \n \n \n   \n \n \n \n \n Net Debt 1 (including leases) \n \n \n 213.5 \n \n \n \n \n \n 249.5 \n \n \n   \n \n \n   \n \n \n \n \n Dividend per share (p) \n \n \n 2.55 \n \n \n \n \n \n 2.55 \n \n \n   \n \n \n   \n \n \n \n \n   \n   \n Strategic summary \n Our Levers for Growth strategy has three phases: stabilise, pivot and scale. During FY25 we successfully stabilised the business. FY26 was centred on pivoting the business to being truly consumer-first. This involved hard calls and a significant amount of heavy lifting to ensure that we shifted from being channel-led to consumer-first, pulling back on clearance activity across the business in both DTC and wholesale to improve the quality of our revenue, putting in place a world-class leadership team and reorganising our business to simplify how we operate and drive accountability . \n The FY26 strategic objectives we set were all achieved or exceeded: \n ·      Consumer: Our objective was to reduce the reliance on discounted pairs in USA Wholesale. We achieved this, with off-price pairs declining 31% \n ·      Product: We achieved the objective of growing our product families of Lowell, Buzz and Zebzag, and they now account for 9% of pairs, triple the FY25 contribution. We also grew shoe revenues by 19%, across a range of silhouettes including Lowell and Buzz, together with iconic silhouettes of the 1461 Shoe, the Adrian Tassel Loafer and the Mary Jane. \n ·      Markets : The interest from partners in the brand meant we exceeded the objective to open in at least one new market and have delivered new and expanded distribution partnerships for Latin America, the UAE and the Philippines. \n ·      Organisation: Our objective was to simplify the operating model, and in Q4 we reorganised the business, removing the regional structure and moving to a market model for the start of FY27, driving consumer-centricity and speed of execution. The business is now led by a streamlined Executive Team, with enterprise level accountability.   \n   \n There is more work to do in pivoting the business, however in FY27 we will also enter the scale phase of the strategy. This does not mean volume at any cost. It means scaling higher-quality revenues and operational leverage, underpinned by a more resilient model. The desire for our brand is strengthening and we will leverage this momentum, increasing brand investment and delivering our improved retail strategy. The retail strategy is centred on moving from a transactional one-size-fits-all model to a tiered retail estate which repositions retail as a growth engine, with investment in high potential stores. These investments, in both our brand and our physical estate, will further support growth. \n FY26 financial summary \n In this year of pivot, our focus was to prioritise quality of revenue and profitability growth. This mindset guided the decisions we made through the year. \n ·      Group revenue of £764.9m (£776.3m CC), was down 2.9% reported or 1.4%CC, in line with our guidance. As planned and guided, our focus was on improving the quality of revenue by reducing clearance in DTC and off-price wholesale activity. \n o  Americas was the best performing region. Full Price 3 DTC revenues were up 14%, with Full Price mix up 9pts. Wholesale was up 1.2% CC which included the headwind from a large off-price wholesale deal in FY25. The planned reduction in clearance to focus on Full Price resulted in revenue up 1.1% CC. \n o  Our EMEA markets saw good wholesale growth, up 7.6% CC, reflecting strong partner relationships and healthy order books. As previously noted, our DTC performance was impacted by increased consumer participation in clearance, resulting in a 4pts decline in Full Price DTC mix, with Full Price DTC revenue down 13%. With Full Price mix in USA and APAC markets addressed, growing Full Price mix in our largest EMEA markets is a priority for FY27. Our new market structure, with dedicated General Managers for our largest markets, is a key enabler. EMEA revenue overall declined by 1.7% or 3.7% CC. \n o  APAC revenue was broadly flat (down 0.3% CC) due to planned reductions in clearance activity, through both ecommerce and with select wholesale partners. As a result, the quality of revenue in APAC markets was improved, with Full Price DTC revenue up 15%, with mix up 8pts. South Korea's Full Price retail performance was particularly strong, reinforcing the market's strategic importance. \n ·      Gross margin increased by 120bps to 66.2% driven by continued tight cost control and improved Full Price mix \n ·      Continued strong control of operating costs, with non-marketing costs down 6.0% \n ·      Adjusted PBT of £55.0m was significantly up year-on-year, with 61.3% growth, and is in line with our expectations \n ·      Following the US Supreme Court judgment in February, the Group has recognised the full amount of previously incurred IEEPA‑related US 4 tariff costs as an operating expense within adjusting items. This treatment removes the impact of these tariffs from underlying cost of sales and inventory balances and ensures comparability of underlying year‑on‑year performance. \n ·      Net bank debt (excluding leases) of £69.7m, down from £94.1m last year, as expected. Net debt including leases is in line with guidance at £213.5m. \n ·      Dividend maintained at 2.55p, reflecting our commitment to shareholder returns while aligning with our long-term payout strategy \n   \n Outlook \n   \n We achieved significant PBT growth in FY26 and plan to deliver further strong PBT growth in FY27, driven by operational leverage. Over the last two years we have put in the hard work to set the business up for growth, and as we look forward there are significant benefits as a result, including the quality of our revenue base through reduced discounting, the strength of our wholesale order books, the benefit from pricing, continued tight management of costs and the improvement in speed of execution from our new market model. We have good visibility of our supply chain costs for the majority of FY27. We are currently navigating an unpredictable trading environment, with geopolitical uncertainty impacting consumer confidence, and against this backdrop are focused on executing our strategy. There is still ongoing work to complete in some areas of the business, including the execution of our retail strategy, which will represent a short-term revenue headwind. However, our business is materially more resilient than it was previously and this underpins our confidence in our medium-term targets. \n   \n Footnotes \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n 2. Constant currency applies the prior period exchange rates to current period results to remove the impact of FX. \n 3.\"Full Price\" refers to product sold through our own DTC channels at full price and this also includes the use of targeted welcome codes such as % off for new consumers or student discount. \"Markdown\" or \"Clearance\" refers to discounts on seasonal products. \n 4. In February and April 2025, the US Government imposed a number of import tariffs pursuant to emergency powers under the International Emergency Economic Powers Act (IEEPA) (the 'IEEPA-related US tariffs'). \n   \n \n Enquiries \n Investors and analysts                                                                       \n Bethany Barnes, Director of Investor Relations and \n Corporate Communications                                                                                                [email protected] \n                                                                                                                                            +44 7825 187465 \n                                                                                                                                                                                                             \n Louise Durey, Investor Relations and \n Corporate Communications Senior Manager                                                     [email protected] \n                                                                                                                                                          \n Press                                                                                                                                  \n Sodali & Co \n Rob Greening \n Ludo Baynham-Herd                                                                                                           [email protected] \n                                                                                                                                             +44 207 250 1446 \n \n   \n Presentation of full year results \n Ije Nwokorie, CEO and Giles Wilson, CFO will be presenting the Full Year results live from our Brewer Street, London, store at 09:30 (UK time) on 19 May 2026 followed by a Q&A session for analysts and investors. The live presentation can be viewed on the Dr. Martens plc website https://www.drmartensplc.com , with a playback and transcripts available soon afterwards. \n   \n   \n   \n About Dr. Martens \n Dr. Martens is an iconic British footwear brand founded in Northamptonshire, England. Its first silhouette, the 1460 boot - named after the date it was produced - rolled off the production line on 1st April 1960. Originally chosen by workers for their air-cushioned comfort and durability, \"Docs\" or \"DM's\" were later adopted by musicians and subcultural pioneers who took them from the street to the global stage. \n Over six decades later, Dr. Martens operates in more than 60 countries and employs around 3,600 people. The company continues to honour the brand's heritage through its 'Made in England' footwear, manufactured at its original Northamptonshire factory, while meeting global demand from multiple high-quality production sites across Asia. All our products are made with an unwavering commitment to craft, combined with innovative techniques. \n A brand built to put a bounce in the step of those who stand out from the crowd, Dr. Martens is available through Direct-to-Consumer (Retail and Ecommerce) and Wholesale channels. The brand's collections range from its Original silhouettes - The Icons such as the 1460 boot, 1461 shoe, 2976 Chelsea boot, and Adrian loafer - to modern franchises like the Zebzag, Buzz, and Lowell. The lineup also includes an extensive range of sandals, a dedicated Kids collection, and a curated selection of bags, small leather goods, and accessories. \n Every Dr. Martens product reflects craftsmanship, heritage, timeless style, comfort, and versatility. Having transcended generations, the brand stays as relevant today as it was at its inception. Its signature yellow welt stitching, grooved sole edges, and scripted \"With Bouncing Soles\" heel loops remain iconic symbols recognised around the world. \n Dr. Martens plc (DOCS.L) is listed on the main market of the London Stock Exchange and is a constituent of the FTSE 250 index. \n For more information, visit www.drmartens.com or www.drmartensplc.com \n   \n Cautionary statement relating to forward-looking statements \n Announcements, presentations to investors, or other documents or reports filed with or furnished to the London Stock Exchange (LSE) and any other written information released, or oral statements made, to the public in the future by or on behalf of Dr. Martens plc and its group companies (\"the Group\"), may contain forward-looking statements. \n Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'aim', 'ambition', 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated products, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the LSE. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. \n Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those referred to in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this report. \n   \n \n \n   \n BUSINESS REVIEW \n Our overarching ambition is to establish Dr. Martens as the world's most-desired premium footwear brand. \n Our medium-term guidance is unchanged: we expect to deliver sustainable, profitable revenue growth above the rate of the relevant footwear market, with operating leverage driving a mid to high-teens EBIT margin, underpinned by strong cash generation. We remain confident in our ability to achieve these targets, grounded in the significant progress already made. \n Our four Levers For Growth are: \n 1.     Consumer \n Engage more consumers \n ·      Lead marketing with product, grounded in comfort, craft and confidence \n ·      Deliver a seamless omni-channel experience tailored to each consumer \n ·      Build post-purchase engagement to increase purchase frequency and consumer spend \n   \n 2.     Product \n Drive more purchase occasions \n ·      Reinforce premium positioning of our icons through elevated collections \n ·      Manage hero product families to optimise newness across diverse wearing occasions \n ·      Extend our offer in sandals, bags and other adjacent categories \n ·      Innovate to enhance comfort, lightness and sustainability \n   \n 3.     Markets \n Curate market right distribution \n ·      Expand B2B through long-term product and marketing partnerships with top-tier accounts \n ·      Build a differentiated DTC footprint to elevate the brand, aligning operating models to each market \n ·      Enter new growth markets with capital-light distribution models \n   \n 4.     Organisation \n Simplify the operating model \n ·      Simplify how we work to drive efficiency, scale and speed \n ·      Optimise the cost base to support strategic priorities \n ·      Build a culture of excellence, care and accountability, strengthening organisational clarity, talent development and disciplined execution \n   \n FY26 performance summary \n Consumer: Engage more consumers \n FY26 objective: Reduce the reliance on discounted pairs in Americas wholesale. \n We achieved this objective, with off-price USA wholesale pairs declining 31%. The quality of our wholesale order books also continues to improve, with better diversification across product categories and silhouettes, and more tailored product assortments by wholesale customer based on their consumer mix. \n Beyond wholesale, we focused on improving Full Price DTC sales mix across our major markets by reducing the length of clearance periods and the depth of discount offered. We differentiate between the use of targeted welcome codes such as percentage discounts for new consumers and students, which are highly effective acquisition tools and are included in Full Price revenues, versus discounts on seasonal products, which we call \"markdown\" or \"clearance\". \n In FY26 we delivered Full Price DTC revenue up 1%, with Full Price DTC mix improving 3pts. However, this performance masks the strength of our largest market, the USA, together with key APAC markets. USA Full Price DTC revenue was up 14% and mix up 9pts, and in our APAC markets, led by Japan and South Korea, with Full Price DTC revenue up 15% and mix up 8pts. EMEA was impacted by increased consumer participation in clearance, resulting in a 4pts decline in Full Price DTC mix, with Full Price DTC revenue down 13%. With Full Price mix addressed in USA and APAC markets, growing Full Price mix in our largest EMEA markets is a priority for FY27. Our new market structure, with dedicated General Managers for our largest markets, is a key enabler of this. \n Our Customer Data Platform (CDP) is now a performance engine to engage more consumers. CDP allows us to segment consumers based on promotional participation and purchase drivers, such as style or craft. Utilisation of CDP-driven personalisation in our email campaigns is delivering returns: increased return on spend, higher re-activation rates and reduced discount dependency. The creation of a Customer Experience function within our brand organisation as part of the operating model changes is a key milestone that will further unlock the potential of CDP-led consumer engagement. \n Craft Curators are premium consumers with a strong attachment to product quality and heritage, and our consumer strategy is centred on growing our share of this consumer group. We have started to see our actions translate into growing our share of Craft Curators, with our share now the highest it has been since FY21 when we started measuring it, and the in-year improvement more than reversing the declines seen in FY24 and FY25. The growth in Craft Curators can also be evidenced in the performance of our Lowell product family, where pairs more than quadrupled year-on-year, and we expect further significant growth in Lowell in FY27. \n Product : Drive more purchase occasions \n FY26 objective: Drive pairs growth in product families such as Buzz, Zebzag and Lowell. \n The objective of driving pairs growth in the product families of Buzz, Zebzag and Lowell was exceeded, with these families now accounting for 9% of pairs, triple the contribution in FY25 (3% of pairs). Building multi-season product families that serve specific consumer needs and broaden our appeal alongside our iconic and continuity lines is central to driving more purchase occasions. \n Shoes and the new product families are the current growth engine. Shoes continue to perform strongly, with revenue up 19% in FY26 across a wide range of silhouettes. This includes new product families of Buzz and Lowell, together with iconic styles including the 1461 Shoe, the Adrian Tassel Loafer and the Mary Jane. Shoes now account for 31% of revenue, up from 26% in FY25. \n Boots are showing signs of stabilisation, with encouraging Full Price performance in USA. Boots revenue declined by 8%, however within this Full Price boots performed better, particularly in USA, where Full Price DTC boots were in growth in all but the first quarter of FY26. Encouragingly, the 1460 Boot was in growth in Full Price DTC in Q4 in USA. Within our boots range we continued to see success with taller boots, led by the Kasey, and had strong-performing boot collaborations such as Rick Owens and Metallica. Boots accounted for 52% of Group revenue in FY26, down from 57% in FY25. \n Sandals are a known gap with a fix in progress. Sandals revenue declined 11%, as anticipated given the lack of new products in the SS25 range. We did, however, see continued good performance from our Zebzag range across both sandals and mules. SS26 marked an improvement in our sandals range, again led by the USA, however we don't expect to see a significant change in our sandals performance until SS27, when the redeveloped range launches. Sandals accounted for 11% of Group revenue in FY26, down from 12% in FY25. \n Bags and Accessories are a long-term growth opportunity, with good early results. Bags revenue grew by 15% with particular success in the Top Handle Kiev across multiple colourways. Small Leather Goods, a relatively new area for us, continue to perform well, particularly in retail stores. Bags and other accounted for 6% of Group revenue in FY26, up from 5% in FY25. \n Across our ranges we have seen consumers continue to buy into higher price point lines across all categories . Products priced over £220 are the fastest-growing price category in DTC; whilst still small as a proportion of the overall business, the price band of £220 and above doubled in FY26. Higher price point products which performed strongly in FY26 include the Kasey knee-high boot (£210 / €240 / $250), the Made In England (MIE) Penton Classic Calf Loafers (£220 / €260 / $260), the Weekender Ambassador Leather bag (£310 / €330 / $330) and the success of our collaborations such as Rick Owens 1B60 Pentalace (£390 / €420 / $480) and Dr. Martens x Marc Jacobs Kiki boots (£290 / €320 / $290). This movement up the price architecture is supportive to gross margin and aligned with our strategy. \n Working in collaboration with influential designers and craft makers is an important part of building brand desire and across FY26 we worked with exceptional collaboration partners. Our collaboration strategy has three strands: speaking to craft, incubating new franchises and elevating our icons . Examples include: \n ·      In craft, we celebrated the return of our successful collaboration with Rick Owens, who is known for his blend of grunge and high fashion. This collaboration reconsidered our 1460 silhouette with exaggerated proportions, further cementing our long-term relationship. \n ·      Our launch with New York's MadeMe focused on strengthening the Buzz franchise. \n ·      Our partnership with Marc Jacobs, which blended their iconic Kiki upper language with our Corran outsole, was a standout success. \n ·      To further fuel the success of our Lowell family, we partnered with globally-renowned curators of craftmanship Beams, to bring a unique spin to the Lowell with a mixed material application. \n ·      To elevate our icons, we collaborated with a number of partners, and our Metallica collaboration, extending to the 1460 Boot, 1461 Shoe and a backpack, was one of the largest. This partnership brought together fans of Metallica and the Dr. Martens brand to create a collection inspired by iconic Metallica artwork and was accompanied by a dedicated activation and programme of community events in our Brewer Street London beacon store, which was amplified across our social channels. \n   \n Markets: Curate market right distribution \n FY26 objective: Open in new markets through a capital-light structure. \n We overdelivered against this objective, with the momentum and interest from world-class partners meaning we signed new and expanded distribution partnerships for Latin America, UAE and the Philippines. \n   \n ·      Latin America: At the end of FY25 we signed a distribution agreement with Crosby. In August, Crosby opened a mono-branded store in Buenos Aires, followed by Santiago, Chile, in October. The partnership initially covered Mexico, Argentina, Paraguay and Chile, but was extended in Q3 to include Colombia, Costa Rica, Peru and Uruguay. In April, Crosby also launched an ecommerce site in Chile, with encouraging early performance. \n ·      UAE: We signed a distribution agreement with Beside Group, representing our first entry into the UAE. Beside is a leading partner for international brands in the Middle East, with significant experience in retail and wholesale spanning several decades. The partnership will launch and then grow our presence in the UAE, initially through wholesale, with mono-branded store openings expected in the future. \n ·      Philippines: Our existing distribution partner is accelerating expansion plans. Three stores were opened in FY26, taking the total estate to five, with more stores in the pipeline. \n   \n We have begun refining the distribution model for several existing markets. In China , where we have seven directly operated stores mainly in Shanghai, we have begun working with partners to open mono-branded stores in other cities. Two stores opened in FY26, in Chongqing and Hangzhou, with more in the pipeline. Similarly, in Italy , where we have 14 directly operated stores, we opened our first franchise store in Pompei near Naples. We envisage that future retail growth in this important market will be delivered through a combination of directly operated stores in key cities and franchise stores operated by local partners in other cities. \n Deepening Wholesale partnerships. Across all our major markets we have been working more closely with wholesale accounts to launch new products and to put the consumer at the heart of our collective decision making and activity. Examples include: working with our largest EMEA wholesale partners on our Buzz, Lowell and Zebzag product launches; working with our largest USA wholesale partners across both our new product families and iconic products such as the Adrian tassel loafer; and working with our key partners in South Korea on our 1461 shoe. We have also worked with pinnacle wholesale partners as they showcase our products, such as the Rejena boot and Delapre Penny Loafer, to their consumers. An important part of deepening wholesale relationships is working with our partners to curate their product assortments in line with their consumer base, resulting in differentiated order books across our wholesale customer base; again we are making significant strides in this area \n   \n Organisation: Simplify the operating model \n FY26 objective: Simplify the operating model to operate closer to individual markets \n We achieved this objective with the reorganisation of the business. We are also making significant strides using technology to drive productivity. \n Move to streamlined Executive Team and a Market-led operating model. The aim of simplifying our operating model is to enable us to act closer to the consumer in our largest markets and to improve speed of execution across the business. We have simplified the leadership structure with the creation of an eight-person Executive Team, which sets business direction and has an enterprise-level view. This compares to the previous 12-person Global Leadership Team, which had a combination of functional and regional responsibilities. Under the Executive Team is now a clearly defined Leadership Team, consisting of market and functional-level leaders. In Q4 we restructured the business, removing the regional structure and introducing General Managers (GMs) for all our largest markets. Alongside this, we have invested in our central brand and product organisation, strengthening particularly the marketing, merchandising and the customer experience functions, bringing greater focus to the end-to-end consumer experience and journey. We are confident that the new leadership structures of the business will speed up decision-making, drive execution and strengthen accountability.   \n Technology is fuelling productivity, with AI being thoughtfully deployed across the business. The establishment of a Global Technology Centre (GTC) in India, first created in FY25 and expanded and embedded in FY26, is delivering material benefits. The GTC brought core engineering in-house to better enable us to leverage the opportunities of data and AI and to significantly speed up technology delivery. Key systems are now fully live and delivering benefits to the business, with more to come in the years ahead. \n Our CDP has to date focused on improving the consumer journey, generating repeat purchases and enhancing discount efficiency. The Supply and Demand Planning System went live at the start of FY26 and is enabling greater visibility and accuracy over our inventory forecasting, improving availability of product whilst optimising working capital. \n A key advantage of a modern systems architecture is that the vast majority of our systems are AI-enabled. AI is being thoughtfully deployed across the business with a clear productivity lens, improving the pace and effectiveness of our strategy execution while maintaining cost discipline. \n Examples of AI being utilised today include: \n ·      All our desk-based staff have personal AI tools including CoPilot and Claude, with high adoption rates \n ·      AI coding and testing is embedded in our engineering function to drive pace of implementation and solution quality \n ·      We have created a machine learning platform to power a predictive approach to customer acquisition forecasting, demand management, and supply optimisation. \n   \n Sustainability matters to our people and consumers . Over the past year, we have refreshed our sustainability strategy to take a more consumer‑first approach, with a clear focus on developing a strategy to scale circularity across key markets. Our repair and resale programmes, whilst still small in scale, continued to perform strongly, demonstrating demand for services that extend product life and reduce environmental impact.  \n   \n Retail Strategy review \n Our store estate today has many strengths but also has significant opportunity for improvement. Between FY21 and FY24, in line with the DTC-first strategy, the store estate expanded significantly, doubling from 122 to 239 stores. In contrast, FY24 retail revenue was only up by c.50% compared to pre-Covid FY20 levels. The financial performance was compounded by an undifferentiated retail format that meant even stores in good locations did not present a retail experience fit for that market. \n During FY26 we carried out a comprehensive review of our retail estate and strategy. This included detailed financial analysis, location assessment and an evaluation of the strategic value of each store, specifically around building brand desire, growing consumer engagement and driving purchase occasions. \n Four Tier model and disciplined capital allocation \n The output of the review is that we are categorising our existing and future store estate across four tiers, with each having clear financial hurdle rates and criteria including product assortment, location characteristics and brand objectives. The four tiers are: \n ·      Beacon store. An immersive brand destination where consumers experience the full expression of heritage, culture and creativity.  \n ·      Brand centre. A destination to explore the full brand, offering depth, expertise and elevated experience. \n ·      Brand store. Offering a clear, convenient and engaging store that makes it easy to shop the best of the brand. \n ·      Outlet. An accessible entry to the brand, offering value without compromising identity. \n The majority of our store estate today are Brand stores. Over the next 12-24 months, we will: \n ·      Invest in around 30 high potential stores, focused predominantly on elevating them into brand centres. These will take the learnings from the success of Brewer Street and Dosan Park. The investment is included within our capex guidance. \n ·      Experiment and launch further retail concepts in key cities globally. \n We anticipate that the overall store estate will be largely unchanged in size over the coming few years.  \n Brewer Street Beacon Store and Dosan Park Brand Centre: Proof of Concept \n In November we opened our first beacon store, in Brewer Street, London. This store was centred on premium and Craft Curators and has been designed with community events and activations in mind. Performance since we opened the store has been encouraging, with ASP over 15% higher than other London stores and the contribution from both MIE and products over £220 much higher than the average. These proof points give us confidence and important learnings to build upon in the years ahead. \n In March we opened Dosan Park, Seoul, a brand centre store. This space showcases our MIE icons, exclusive product and a dedicated Craft Zone where visitors can experience Dr. Martens craftsmanship firsthand. The store was developed utilising successful elements from Brewer Street, such as MIE and Bags & Accessories areas, and early response has been encouraging. \n   \n Looking forward, FY27 Strategic Objectives \n Our key strategic objectives for FY27, which are important parts of the move into the scale phase, are as follows: \n ·      Consumer: Drive Full Price mix in UK and DACH \n ·      Product: Successfully introduce an innovative new sandals range \n ·      Markets: Launch new retail concepts in key cities globally \n ·      Organisation: Unlock operating model and technology benefits \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n FINANCE REVIEW \n   \n Total revenue was £764.9m reported, or £776.3m Constant Currency (CC), in line with guidance and representing a decline of 2.9% or 1.4% CC. The focus on Full Price sales and reducing clearance activity was a headwind to DTC revenues, as expected, resulting in a decline of 5.8% (4.2% CC). Wholesale revenues grew by 2.5% (3.7% CC ), with growth seen across most major markets . \n   \n Adjusted profit before tax 1 was £55.0m (FY25: £34.1m) and £54.2m CC, up 61.3% or 58.9% CC. The improvement was driven by stronger margins year-on-year, with COGS and Opex 1 tightly managed and benefitting from the cost saving activities in FY25. Within Opex our continued tight focus on costs drove a year-on-year reduction in non-demand-generating spend of 6.0%, whilst spend on demand generation was broadly flat (down 0.2% reported or up 1.8% CC). Adjusted basic earnings per share 1 was 4.2p (4.1p CC), representing significant growth compared to 2.4p in FY25. \n   \n In order to assist shareholders' understanding of the performance of the Group, the narrative below is focused on the adjusted performance for the period, using several non-GAAP and Alternative Performance Measures (APMs); in particular adjusted EBIT 1 , adjusted profit before tax 1 and adjusted basic earnings per share 1 . The Directors consider these adjusted measures to be relevant as they provide a clearer view of the Group's ongoing operational performance. They also reflect how the business is managed and measured on a day-to-day basis, aid comparability between periods and, by excluding the effect of significant non-cash accounting adjustments, more closely correlate with the cash and working capital position of the Group. \n   \n The adjusted measures are before certain exceptional costs 1 , investment in transformation as well as impairment of non-financial assets and currency gains/(losses), as these are significant non-cash accounting adjustments. A glossary and a reconciliation of these APMs to statutory figures can be found at the end of this report on pages 74 to 76. \n   \n   \n Results - at a glance \n   \n \n   \n \n \n \n \n \n £m \n \n \n \n \n \n FY26 \n Reported  \n \n \n   \n FY26 \n CC 1,2 \n \n \n FY25 \n Reported \n \n \n % change \n Reported \n \n \n % change \n CC 1,2 \n \n \n \n \n Revenue \n \n \n Ecommerce \n \n \n 244.4 \n \n \n 248.7 \n \n \n 268.3 \n \n \n -8.9% \n \n \n -7.3% \n \n \n \n \n \n \n \n Retail \n \n \n 236.8 \n \n \n 240.5 \n \n \n 242.4 \n \n \n -2.3% \n \n \n -0.8% \n \n \n \n \n \n \n \n DTC \n \n \n 481.2 \n \n \n 489.2 \n \n \n 510.7 \n \n \n -5.8% \n \n \n -4.2% \n \n \n \n \n \n \n \n Wholesale 3 \n \n \n 283.7 \n \n \n 287.1 \n \n \n 276.9 \n \n \n 2.5% \n \n \n 3.7% \n \n \n \n \n \n \n \n Group \n \n \n 764.9 \n \n \n 776.3 \n \n \n 787.6 \n \n \n -2.9% \n \n \n -1.4% \n \n \n \n \n Gross margin \n \n \n \n \n \n 506.0 \n \n \n 512.8 \n \n \n 511.7 \n \n \n -1.1% \n \n \n 0.2% \n \n \n \n \n Opex 1 \n \n \n \n \n \n (359.0) \n \n \n (365.5) \n \n \n (378.4) \n \n \n -5.1% \n \n \n -3.4% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1 \n \n \n \n \n \n 79.3 \n \n \n 78.7 \n \n \n 60.7 \n \n \n   \n \n \n   \n \n \n \n \n Currency gains /(losses) \n \n \n \n \n \n 0.9 \n \n \n (0.9) \n \n \n (3.1) \n \n \n   \n \n \n   \n \n \n \n \n Impairment of non-financial assets \n \n \n \n \n \n (4.2) \n \n \n (4.1) \n \n \n (4.3) \n \n \n   \n \n \n   \n \n \n \n \n Exceptional costs 1 \n \n \n \n \n \n (12.1) \n \n \n (12.5) \n \n \n (16.3) \n \n \n   \n \n \n   \n \n \n \n \n Investment in transformation 1 \n \n \n \n \n \n (6.9) \n \n \n (6.9) \n \n \n - \n \n \n   \n \n \n   \n \n \n \n \n EBIT 1 \n \n \n   \n \n \n 57.0 \n \n \n 54.3 \n \n \n 37.0 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted profit before tax 1 \n \n \n   \n \n \n 55.0 \n \n \n 54.2 \n \n \n 34.1 \n \n \n   \n \n \n \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 32.7 \n \n \n 29.8 \n \n \n 8.8 \n \n \n   \n \n \n \n \n \n \n \n Profit after tax \n \n \n   \n \n \n 23.8 \n \n \n   \n \n \n 4.5 \n \n \n   \n \n \n \n \n \n \n \n Adjusted basic earnings per share (p) 1 \n \n \n   \n \n \n 4.2 \n \n \n 4.1 \n \n \n 2.4 \n \n \n   \n \n \n   \n \n \n \n \n Basic earnings per share (p) \n \n \n   \n \n \n 2.5 \n \n \n 2.2 \n \n \n 0.5 \n \n \n   \n \n \n \n \n \n \n \n Dividend per share (p) \n \n \n   \n \n \n 2.55 \n \n \n \n \n \n 2.55 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Key metrics \n \n \n Pairs sold (m) \n \n \n 10.2 \n \n \n   \n \n \n 10.5 \n \n \n -2.5% \n \n \n   \n \n \n \n \n \n \n \n No. of store s 4 \n \n \n 240 \n \n \n   \n \n \n 239 \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n DTC mix % \n \n \n 62.9% \n \n \n 63.0% \n \n \n 64.8% \n \n \n -1.9pts \n \n \n -1.8pts \n \n \n \n \n \n \n \n Gross margin % \n \n \n 66.2% \n \n \n 66.1% \n \n \n 65.0% \n \n \n 1.2pts \n \n \n 1.1pts \n \n \n \n \n \n \n \n Adjusted EBIT margin % 1 \n \n \n 10.4% \n \n \n 10.1% \n \n \n 7.7% \n \n \n 2.7pts \n \n \n 2.4pts \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n 2. Constant currency applies the prior period exchange rates to current period results to remove the impact of FX. \n 3. Wholesale revenue including distributor customers. \n 4. Directly-operated stores on streets and malls operated under arm's length leasehold arrangements. \n \n   \n \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n PERFORMANCE BY REGION \n   \n \n   \n \n \n \n \n \n   \n £m \n \n \n \n \n \n FY26 \n \n \n FY25 \n \n \n % change \n Reported \n \n \n % change \n CC 1 \n \n \n \n \n Revenue: \n \n \n EMEA \n \n \n 377.5 \n \n \n 384.2 \n \n \n -1.7% \n \n \n -3.7% \n \n \n \n \n \n \n \n Americas \n \n \n 278.4 \n \n \n 288.5 \n \n \n -3.5% \n \n \n 1.1% \n \n \n \n \n \n \n \n APAC \n \n \n 109.0 \n \n \n 114.9 \n \n \n -5.1% \n \n \n -0.3% \n \n \n \n \n \n \n \n \n \n \n 764.9 \n \n \n 787.6 \n \n \n -2.9% \n \n \n -1.4% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n EBIT 1 : \n \n \n EMEA \n \n \n 78.7 \n \n \n 74.4 \n \n \n 5.8 % \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 25.0 \n \n \n 9.4 \n \n \n 166.0 % \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 17.2 \n \n \n 15.0 \n \n \n 14.7 % \n \n \n   \n \n \n \n \n \n \n \n Support costs 2 \n \n \n (63.9) \n \n \n (61.8) \n \n \n 3.4 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n 57.0 \n \n \n 37.0 \n \n \n 54.1 % \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1 : \n \n \n EMEA \n \n \n 82.5 \n \n \n 77.3 \n \n \n 6.7% \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 27.0 \n \n \n 13.6 \n \n \n 98.5% \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 18.5 \n \n \n 16.0 \n \n \n 15.6% \n \n \n   \n \n \n \n \n \n \n \n Support costs 2 \n \n \n (48.7) \n \n \n (46.2) \n \n \n 5.4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n 79.3 \n \n \n 60.7 \n \n \n 30.6% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n EBIT 1 margin by region: \n \n \n EMEA \n \n \n 20.8% \n \n \n 19.4% \n \n \n 1.4 pts \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 9.0% \n \n \n 3.3% \n \n \n 5.7 pts \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 15.8% \n \n \n 13.1% \n \n \n 2.7pts \n \n \n   \n \n \n \n \n \n \n \n Total 3 \n \n \n 7.5% \n \n \n 4.7% \n \n \n 2.8 pts \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1 margin by region: \n \n \n EMEA \n \n \n 21.9% \n \n \n 20.1% \n \n \n 1.8pts \n \n \n   \n \n \n \n \n   \n \n \n Americas \n \n \n 9.7% \n \n \n 4.7% \n \n \n 5.0pts \n \n \n   \n \n \n \n \n   \n \n \n APAC \n \n \n 17.0% \n \n \n 13.9% \n \n \n 3.1pts \n \n \n   \n \n \n \n \n   \n \n \n Total 3 \n \n \n 10.4% \n \n \n 7.7% \n \n \n 2.7pts \n \n \n   \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n \n 2. Support costs represent Group-related support costs not directly attributable to each region's operations and including Group Finance, Legal, Group HR, Global Brand and Design, Directors, Global Supply Chain and other Group-only related costs and expenses. \n 3. Total EBIT margins are inclusive of support costs. \n \n   \n EMEA Revenue declined 1.7% to £377.5m, or 3.7% CC. Wholesale revenue grew by 9.8% (7.6% CC), supported by delivery of a stronger Autumn/Winter orderbook. Our EMEA DTC performance was impacted by consumers participating in clearance against a challenging consumer backdrop; this was particularly seen in UK and DACH. As a result, EMEA DTC declined by 8.0% (9.9% CC), with retail and ecommerce down 6.3% and 9.8% respectively (8.3% and 11.5% CC). Full Price DTC mix declined 4pts; growing Full Price mix in our largest EMEA markets is a priority for FY27. \n   \n EMEA adjusted EBIT 1 was £82.5m (FY25: £77.3m) due to tight management of costs. \n   \n Americas Revenue declined 3.5% to £ 278.4 m, however grew 1.1 % in CC. DTC revenue declined by 3.7% (+ 1.1% CC), with ecommerce revenues declining 7.9% ( 3.4% CC) with a strong performance in Full Price being offset by the headwind of planned reduced clearance activity. Americas retail grew 2.9% ( 8.2% CC), with growth in CC in all quarters driven by higher footfall. Americas wholesale revenue declined 3.1%, however grew 1.2% CC, benefitting from good growth in both AW25 and SS26 orderbooks. The wholesale performance was also impacted by the headwind of a one-off large off-price wholesale deal in FY25 which made minimal profit contribution but served to right-size inventory. Excluding this the underlying wholesale performance was stronger. \n   \n Americas adjusted EBIT 1 was £27.0m (FY25: £13.6m) driven by improved gross margin, favourable FX movements and tight management of costs. \n   \n APAC Revenue declined by 5.1% to £109.0m, down 0.3% CC. DTC revenues declined 3.4% but grew 1.3% CC. South Korea Retail grew 25.4% (34.2% CC), driving total APAC retail growth of 0.9% (6.2% CC). Japan, our largest market in APAC, grew ecommerce 12.6% (18.1% CC), while China and South Korea were again impacted by a significant planned reduction in clearance activity, contributing to a total ecommerce decline in APAC of 8.9% (5.0% CC). Wholesale was down 9.5% (4.3% CC) with an expected reduction in revenues to our Australian distributor together with our exit from several third-party ecommerce websites. \n   \n APAC adjusted EBIT 1 increased to £18.5m (FY25: £16.0m), driven by improved gross margin and tight management of costs. \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n PERFORMANCE BY CHANNEL \n   \n Revenue decreased by 2.9% or 1.4% CC, driven by a decline in DTC revenue of 5.8% or 4.2% CC. The focus on Full Price revenue resulted in DTC Full Price revenue growing 0.6% and Full Price mix increasing by 3pts, with a strong Full Price performance in USA and APAC and a decline in EMEA Full Price, where we have more work to do. Wholesale revenues increased by 2.5% or 3.7% CC. \n   \n Volume, represented by pairs sold, decreased 2.5% to 10.2m pairs with wholesale down 0.7% and DTC down 4.6% to 4.4m pairs. The volume decline (of 2.5%) was greater than the CC revenue performance (of 1.4%) due to the increase in ASP as a result of the Full Price focus. This dynamic was most pronounced in Americas. Full Price DTC pairs were up 2.4%, with Americas again the standout performance, with Full Price DTC pairs up 16.5%. The Americas pairs performance was despite a one-off large off-price wholesale deal in USA completed in Q4 last year. \n   \n Ecommerce revenue was down 8.9% or 7.3% CC. This performance was impacted by the planned reduction in clearance activity, particularly in America, China and South Korea, with all regions seeing a significant managed decline in discounted ecommerce revenue. This was partially offset by an increase in Full Price ecommerce revenue in Americas and APAC, however in EMEA the headwind from consumers participating in clearance against a challenging consumer backdrop resulted in Full Price revenue decline. \n   \n Retail revenue declined 2.3% or 0.8% CC. In EMEA retail declined by 8.3% CC, with weak footfall across all markets. We saw good growth in America and APAC, up 2.9% and 0.9% respectively (8.2% and 6.2% CC), with South Korea the standout market delivering double-digit growth in all quarters and 34.2% CC for FY26. During the period we opened 19 new stores and closed 18 stores to end the period with 240 directly-operated stores. The 18 stores closed during the period were in multiple markets and reflect the disciplined approach to store reviews in line with the new retail strategy. \n   \n Wholesale revenue was up 2.5% or 3.7% CC with both EMEA and Americas delivering positive growth as AW25 order books were fulfilled to wholesale customers, and strong SS26 orderbook growth in America. APAC declined 4.3% CC in line with expectations. \n   \n   \n RETAIL STORE ESTATE \n   \n During the period, we opened 19 (FY25: 17) new directly-operated stores (via arm's length leasehold arrangements) and closed 18 stores (FY25: 17), of which two were relocations. \n   \n \n \n \n \n Directly-operated stores \n \n \n   \n 30 March \n 2025 \n \n \n Opened \n \n \n Closed \n \n \n 29 March \n  2026  \n \n \n \n \n EMEA: \n \n \n UK \n \n \n 34 \n \n \n 2 \n \n \n (3) \n \n \n 33 \n \n \n \n \n \n \n \n Germany \n \n \n 17 \n \n \n 2 \n \n \n (1) \n \n \n 18 \n \n \n \n \n \n \n \n France \n \n \n 18 \n \n \n 1 \n \n \n - \n \n \n 19 \n \n \n \n \n \n \n \n Italy \n \n \n 14 \n \n \n - \n \n \n - \n \n \n 14 \n \n \n \n \n \n \n \n Spain \n \n \n 6 \n \n \n - \n \n \n (2) \n \n \n 4 \n \n \n \n \n \n \n \n Other \n \n \n 14 \n \n \n - \n \n \n - \n \n \n 14 \n \n \n \n \n \n \n \n \n \n \n 103 \n \n \n 5 \n \n \n (6) \n \n \n 102 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Americas: \n \n \n \n \n \n 59 \n \n \n 5 \n \n \n (7) \n \n \n 57 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n APAC: \n \n \n Japan \n \n \n 46 \n \n \n 4 \n \n \n (2) \n \n \n 48 \n \n \n \n \n \n \n \n China \n \n \n 7 \n \n \n 3 \n \n \n (3) \n \n \n 7 \n \n \n \n \n \n \n \n South Korea \n \n \n 17 \n \n \n 1 \n \n \n - \n \n \n 18 \n \n \n \n \n \n \n \n Hong Kong \n \n \n 7 \n \n \n 1 \n \n \n - \n \n \n 8 \n \n \n \n \n \n \n \n \n \n \n 77 \n \n \n 9 \n \n \n (5) \n \n \n 81 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total directly-operated stores \n \n \n 239 \n \n \n 19 \n \n \n (18) \n \n \n 240 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n The Group also trades from 15 (FY25: 20) concession counters in department stores in South Korea and a further 96 (FY25: 88) mono-branded franchise stores around the world as follows below, with the first stores opening in Italy, Argentina, Chile and China during the period.  \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n \n \n \n \n Franchise and partner stores \n \n \n   \n 30 March \n 2025 \n \n \n Opened \n \n \n Closed \n \n \n 29 March 2026  \n \n \n \n \n EMEA: \n \n \n Italy \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n \n \n \n \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Americas: \n \n \n Argentina \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n \n \n \n Chile \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n \n \n \n Canada \n \n \n 4 \n \n \n - \n \n \n - \n \n \n 4 \n \n \n \n \n \n \n \n \n \n \n 4 \n \n \n 2 \n \n \n - \n \n \n 6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n APAC: \n \n \n Japan \n \n \n 24 \n \n \n 1 \n \n \n - \n \n \n 25 \n \n \n \n \n \n \n \n China \n \n \n - \n \n \n 2 \n \n \n - \n \n \n 2 \n \n \n \n \n   \n \n \n Australia \n \n \n 22 \n \n \n - \n \n \n (1) \n \n \n 21 \n \n \n \n \n \n \n \n New Zealand \n \n \n 5 \n \n \n - \n \n \n - \n \n \n 5 \n \n \n \n \n \n \n \n Taiwan \n \n \n 14 \n \n \n - \n \n \n (2) \n \n \n 12 \n \n \n \n \n \n \n \n Indonesia \n \n \n 10 \n \n \n 2 \n \n \n (1) \n \n \n 11 \n \n \n \n \n \n \n \n Thailand \n \n \n 5 \n \n \n - \n \n \n - \n \n \n 5 \n \n \n \n \n \n \n \n Malaysia \n \n \n 2 \n \n \n 1 \n \n \n - \n \n \n 3 \n \n \n \n \n \n \n \n Philippines \n \n \n 2 \n \n \n 3 \n \n \n - \n \n \n 5 \n \n \n \n \n \n \n \n \n \n \n 84 \n \n \n 9 \n \n \n (4) \n \n \n 89 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total mono-branded franchise and partner stores \n   \n \n \n 88 \n \n \n 12 \n \n \n (4) \n \n \n 96 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n   \n ANALYSIS OF PERFORMANCE BY HALF \n   \n H1 revenue declined by 0.8% but increased by 0.8% CC, supported by DTC growth in the Americas and APAC. In H2, trading conditions became more competitive, increasing the consumer participation of clearance, particularly in UK and DACH. This, combined with stronger prior period comparatives in H2 than H1 resulted in revenue declining by 4.3% (3.0% CC) to £442.9m (FY25 H2: £463.0m). The reduction was driven by lower ecommerce revenue across all regions in H2 and the headwind of a large off-price Americas wholesale deal in FY25. These headwinds were partly offset by retail growth in the Americas and APAC, both up 2.9% CC in H2. Wholesale performance was stronger in H2 than H1, led by EMEA, which increased by 19.3% (16.0% CC). \n   \n \n \n \n \n \n \n \n \n \n \n H1 FY26 \n \n \n H2 FY26 \n \n \n \n \n   \n \n \n \n \n \n Reported \n \n \n CC \n \n \n Reported \n \n \n CC \n \n \n \n \n Total Revenue \n \n \n   \n \n \n -0.8% \n \n \n 0.8 % \n \n \n -4.3 % \n \n \n -3.0 % \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Region: \n \n \n EMEA \n \n \n -2.3 % \n \n \n -3.2 % \n \n \n -1.3 % \n \n \n -4.1 % \n \n \n \n \n   \n \n \n Americas \n \n \n 1.8 % \n \n \n 6.3 % \n \n \n -7.0 % \n \n \n -2.2 % \n \n \n \n \n   \n \n \n APAC \n \n \n -1.9% \n \n \n 1.5% \n \n \n -7.4 % \n \n \n -1.5 % \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Channel: \n \n \n Ecommerce \n \n \n -7.3 % \n \n \n -5.1 % \n \n \n -9.7 % \n \n \n -8.4 % \n \n \n \n \n \n \n \n Retail \n \n \n 3.0 % \n \n \n 4.8 % \n \n \n -5.8 % \n \n \n   -4.4 % \n \n \n \n \n \n \n \n DTC \n \n \n -1.9 % \n \n \n 0.1 % \n \n \n -7.9 % \n \n \n -6.6 % \n \n \n \n \n \n \n \n Wholesale 1 \n \n \n 0.6 % \n \n \n 1.8 % \n \n \n 4.4 % \n \n \n 5.6 % \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1. Wholesale revenue including distributor customers. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n ANALYSIS OF PERFORMANCE BY QUARTER \n   \n Revenue performance by quarter was uneven, reflecting a combination of deliberate trading decisions and the shape of comparatives. Q2 showed an improvement from Q1 across EMEA and APAC driven primarily by a strong retail performance which grew 8.7% CC in Q2, compared to 0.7% CC growth in Q1. Q3 was weaker against a more challenging comparative, with a weaker EMEA ecommerce performance, while US ecommerce remained resilient, delivering a third consecutive quarter of growth. Retail continued to show a strong performance with both Americas and APAC retail markets growing in Q3 and Q4. Wholesale grew in all quarters on a CC basis, with strong growth in EMEA and Americas wholesale performance, more than offsetting the impact of a large off-price US wholesale deal in Q4 last year. \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n \n \n \n \n \n \n \n \n \n \n Q1 \n \n \n Q2 \n \n \n Q3 \n \n \n Q4 \n \n \n \n \n   \n \n \n \n \n \n Reported \n \n \n CC \n \n \n Reported \n \n \n CC \n \n \n Reported \n \n \n CC \n \n \n Reported \n \n \n CC \n \n \n \n \n Total Revenue \n \n \n -2.3% \n \n \n 0.7% \n \n \n 0.0% \n \n \n 0.9% \n \n \n -3.1 % \n \n \n -2.7 % \n \n \n -5.9 % \n \n \n -3.5 % \n \n \n \n \n Region: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n EMEA \n \n \n -7.9% \n \n \n -7.2% \n \n \n 0.4% \n \n \n -1.3% \n \n \n -3.0 % \n \n \n -6.0 % \n \n \n 1.1 % \n \n \n -1.3 % \n \n \n \n \n   \n \n \n Americas \n \n \n 5.7% \n \n \n 11.9% \n \n \n -0.1% \n \n \n 3.4% \n \n \n -1.6 % \n \n \n 2.2 % \n \n \n -13.0 % \n \n \n -7.2 % \n \n \n \n \n   \n \n \n APAC \n \n \n -2.8% \n \n \n 0.0% \n \n \n -1.2% \n \n \n 2.7% \n \n \n -7.4 % \n \n \n -2.7 % \n \n \n -7.4 % \n \n \n 0.0 % \n \n \n \n \n Channel: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Ecommerce \n \n \n -4.9% \n \n \n -1.8% \n \n \n -9.1% \n \n \n -7.7% \n \n \n -6.8 % \n \n \n -6.1 % \n \n \n -14.1 % \n \n \n -11.9 % \n \n \n \n \n \n \n \n Retail \n \n \n -2.0% \n \n \n 0.7% \n \n \n 7.7% \n \n \n 8.7% \n \n \n -7.3 % \n \n \n -7.0 % \n \n \n -3.5 % \n \n \n -0.7 % \n \n \n \n \n \n \n \n DTC \n \n \n -3.3% \n \n \n -0.5% \n \n \n -0.7% \n \n \n 0.5% \n \n \n -7.0 % \n \n \n -6.5 % \n \n \n -9.3 % \n \n \n -6.8 % \n \n \n \n \n   \n \n \n Wholesale 1 \n \n \n 0.7% \n \n \n 4.2% \n \n \n 0.6% \n \n \n 1.2% \n \n \n 9.3 % \n \n \n 9.5 % \n \n \n 0.1 % \n \n \n 2.3 % \n \n \n \n \n 1. Wholesale revenue including distributor customers. \n \n \n \n \n   \n   \n PROFITABILITY ANALYSIS \n   \n Gross margin improved by 1.2pts to 66.2% or by 1.1pts CC driven by the benefit of the increase in Full Price mix across US and APAC partially offset by the promotional EMEA market, combined with continued good control of COGS across the Group, particularly through freight savings . \n   \n Opex 1 declined by 5.1%, or £19.4m, to £359.0m. Opex 1 not linked to demand generation was tightly controlled across the business and benefited from the cost actions taken in FY25; as a result non-demand generating opex declined 6% year-on-year. Demand generating opex remaining broadly flat, down 0.2%. \n   \n All IEEPA- related US tariffs included within Opex have been considered an exceptional cost due to their magnitude and unusual nature, with any future refunds to be considered exceptional income. \n   \n EBITDA 1 increased by 9.4% to £128.0m (FY25: £117.0m), with reduced revenues offset by tight cost control. \n   \n EBIT 1 improved by 54.1% to £57.0m (FY25: £37.0m) as a result of the increase in EBITDA and currency gains of £0.9m (FY25: currency losses of £3.1m), and lower depreciation and amortisation of £68.4m (FY25: £72.5m). \n   \n Profit after tax is analysed in the following table from EBITDA:  \n   \n \n   \n \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n EBITDA 1 \n \n \n 128.0 \n \n \n 117.0 \n \n \n \n \n Depreciation and amortisation \n \n \n (68.4) \n \n \n (72.5) \n \n \n \n \n Impairment \n \n \n (4.2) \n \n \n (4.3) \n \n \n \n \n Other gains/(losses) \n \n \n 0.7 \n \n \n (0.1) \n \n \n \n \n Currency gains/(losses) \n \n \n 0.9 \n \n \n (3.1) \n \n \n \n \n EBIT 1 \n \n \n 57.0 \n \n \n 37.0 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Add back: exceptional costs and adjusting items 1 \n \n \n 22.3 \n \n \n 23.7 \n \n \n \n \n Adjusted EBIT 1 \n \n \n 79.3 \n \n \n 60.7 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Net bank interest costs \n \n \n (17.7) \n \n \n (21.1) \n \n \n \n \n Interest on lease liabilities and unwind of provisions \n \n \n (6.6) \n \n \n (7.1) \n \n \n \n \n Profit before tax \n \n \n 32.7 \n \n \n 8.8 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Add back: exceptional costs and adjusting items 1 \n \n \n 22.3 \n \n \n 25.3 \n \n \n \n \n Adjusted profit before tax 1 \n \n \n 55.0 \n \n \n 34.1 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Tax \n \n \n (8.9) \n \n \n (4.3) \n \n \n \n \n Profit after tax \n \n \n 23.8 \n \n \n 4.5 \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n   \n \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n Depreciation and amortisation charged in the period was £68.4m (FY25 £72.5m) and is analysed as follows: \n \n   \n \n   \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Amortisation of intangibles 1 \n \n \n 6.3 \n \n \n 6.1 \n \n \n \n \n Depreciation of property, plant and equipment 2 \n \n \n 13.3 \n \n \n 15.0 \n \n \n \n \n \n \n \n 19.6 \n \n \n 21.1 \n \n \n \n \n Depreciation of right-of-use assets 3 \n \n \n 48.8 \n \n \n 51.4 \n \n \n \n \n Total \n \n \n 68.4 \n \n \n 72.5 \n \n \n \n \n   \n \n 1. Mainly represented by IT-related spend with the average useful term of 5 to 15 years. \n 2. Mainly represented by office and store fit-out costs with a useful term of 3 to 15 years. \n 3. Mainly represented by depreciation of IFRS 16 capitalised leases with the average useful term remaining of 2.9 years and 271 properties (FY25: 3.2 years and 267 properties). \n   \n \n   \n Foreign currency \n Dr. Martens is a global brand selling to consumers across the world in many different currencies with the Financial Statements reported in GBP. Foreign currency amounts in the Profit or Loss account are prepared on an average actual currency rate basis for the period. These exchange rates are calculated monthly and applied to revenue and costs generated in that month, such that the actual performance translated across the period is dependent on monthly trading profiles as well as movement in currency exchange rates. To aid comparability of underlying performance, we have also calculated constant currency 1 movements across the Profit and Loss account, which is calculated by applying the prior period exchange rates to current period results to remove the impact of FX. \n   \n Exchange rates mainly impacting the Group are GBP/USD, GBP/EUR and GBP/JPY. The following table summarises average exchange rates used in the period: \n   \n \n \n \n \n \n \n \n   \n GBP/USD \n \n \n   \n GBP/EUR \n \n \n   \n GBP/JPY \n \n \n \n \n \n \n \n FY26 \n \n \n FY25 \n \n \n % \n \n \n FY26 \n \n \n FY25 \n \n \n % \n \n \n FY26 \n \n \n FY25 \n \n \n % \n \n \n \n \n H1 \n \n \n 1.34 \n \n \n 1.28 \n \n \n 4.7 % \n \n \n 1.17 \n \n \n 1.18 \n \n \n -0.8 % \n \n \n 196 \n \n \n 195 \n \n \n 0.5% \n \n \n \n \n H2 \n \n \n 1.34 \n \n \n 1.27 \n \n \n 5.5 % \n \n \n 1.15 \n \n \n 1.20 \n \n \n -4.2 % \n \n \n 208 \n \n \n 194 \n \n \n 7.2% \n \n \n \n \n FY \n \n \n 1.34 \n \n \n 1.28 \n \n \n 4.7 % \n \n \n 1.16 \n \n \n 1.19 \n \n \n -2.5 % \n \n \n 202 \n \n \n 194 \n \n \n 4.1% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n   \n The Group takes a holistic approach to exchange rate risk, monitoring exposures on a Group-wide, net cashflow basis, seeking to maximise natural offsets wherever possible. While COGS purchases for the Group are predominantly denominated in USD, currency risk is partially offset from USD revenues earned in the Americas and from distributor revenues, which are also largely USD denominated. Where a net foreign currency exposure is considered material, the Group seeks to reduce volatility from exchange movements by using derivative financial instruments. During the period, a £1.4m loss (FY25: £3.8m gain) was recorded in revenues related to derivatives partially hedging the net EUR inflows. \n   \n Retranslation of foreign currency denominated monetary assets and liabilities in the period resulted in a currency gain of £0.9m (FY25: loss of £3.1m). This was predominantly due to the revaluation of external purchase balances following the depreciation of USD against GBP. \n   \n Interest \n The Group's exposure to movements in interest rates arises primarily from cash investments, borrowings and IFRS 16 lease liabilities. Total Group net interest costs for the period were £24.3m, £3.9m lower than the prior year (FY25: £28.2m). This reduction was mainly driven by lower interest on lease liabilities, together with reduced Term Loan interest and Revolving Credit Facility (RCF) non‑utilisation fees, reflecting lower average principal amounts following the refinancing completed in November 2024. In addition, £1.6m of unamortised costs related to fees on the prior debt were accelerated and recognised in FY25. \n   \n Adjusting items 1 \n In January 2026, the Group internally announced a reorganisation programme with operating model changes effective from 1 April 2026, moving from a regions-based to a market-centric operational model. The move to a market-centric model will enable a consumer-first focus and ensure the business is organised to enable delivery of the new strategy. Investment in transformation costs have been included within adjusting items 1 as a new category. \n   \n In FY25, the Group announced it would be undertaking a cost action plan, through operational efficiency and design, better procurement and operational streamlining. We saw some benefit in FY25, with the full benefit of annualised savings realised in FY26. In February 2025, the Group commenced a project to change and improve the Global Technology organisation and capability through the establishment of a new technology centre in India. The costs of these projects have been classed as exceptional. \n   \n In the period, the Group incurred exceptional costs of £12.1m (FY25: £16.3m), £9.9m of which related to IEEPA-related US tariffs following the US Supreme Court judgment, £0.8m director joining costs relating to the CEO and CFO, £0.4m in relation to establishment of the Global Technology Centre in India, and £1.0m pension buy-in accounting charges and associated expenses.  \n   \n Impairment of non-financial assets, in relation to 15 underperforming stores globally, currency gains/(losses) along with investment in transformation are presented as other adjusting items 1 to provide a clearer view of the Group's underlying operational performance. \n   \n   \n   \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Included in selling and administrative expenses \n \n \n   \n \n \n \n \n \n \n \n Exceptional costs 1 \n \n \n \n \n \n \n \n \n \n \n           Director joining costs \n \n \n 0.8 \n \n \n 4.6 \n \n \n \n \n           Cost savings-related costs \n \n \n 0.4 \n \n \n 11.7 \n \n \n \n \n           Pension buy-in accounting charges and associated expenses \n \n \n 1.0 \n \n \n - \n \n \n \n \n           IEEPA-related US tariffs following the US Supreme Court judgment \n \n \n 9.9 \n \n \n - \n \n \n \n \n \n \n \n 12.1 \n \n \n 16.3 \n \n \n \n \n Other adjusting items \n \n \n   \n \n \n   \n \n \n \n \n           Investment in transformation \n \n \n 6.9 \n \n \n - \n \n \n \n \n           Impairment of non-financial assets \n \n \n 4.2 \n \n \n 4.3 \n \n \n \n \n           Currency (gains)/losses \n \n \n (0.9) \n \n \n 3.1 \n \n \n \n \n Adjustments to EBIT 1 \n \n \n 22.3 \n \n \n 23.7 \n \n \n \n \n Exceptional costs 1 \n \n \n   \n \n \n \n \n \n \n \n           Accelerated amortisation of fees on debt refinancing \n \n \n - \n \n \n 1.6 \n \n \n \n \n Adjustments to profit before tax \n \n \n 22.3 \n \n \n 25.3 \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n   \n \n   \n Tax charge was £8.9m (FY25: £4.3m charge) with an effective tax rate of 27.2% (FY25: 48.9%), which is higher than the UK corporate tax rate of 25.0%. This is driven by non-deductible expenses and prior year tax adjustments on finalisation of FY25 tax returns. \n   \n Basic earnings per share was 2.5p (FY25: basic and diluted earnings per share of 0.5p) or 4.2p earnings on an adjusted basis (FY25: 2.4p). EPS and diluted EPS are similar numbers due to the minimal dilutive impact of share options on the total diluted share number. The following table summarises these EPS figures: \n \n   \n \n   \n \n \n \n \n   \n \n \n \n \n \n FY26 pence \n Reported \n \n \n FY26 pence \n CC 1 \n \n \n FY25 pence \n   \n \n \n \n \n Earnings per \n \n \n Adjusted basic 1 \n \n \n 4.2 \n \n \n 4.1 \n \n \n 2.4 \n \n \n \n \n share \n \n \n Basic \n \n \n 2.5 \n \n \n 2.2 \n \n \n 0.5 \n \n \n \n \n \n \n \n Diluted \n \n \n 2.4 \n \n \n 2.1 \n \n \n 0.5 \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n   \n   \n CASH FLOWS \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n EBITDA \n \n \n 128.0 \n \n \n 117.0 \n \n \n \n \n Decrease in inventories \n \n \n 23.5 \n \n \n 62.7 \n \n \n \n \n (Increase)/decrease in debtors \n \n \n (8.8) \n \n \n 6.3 \n \n \n \n \n Increase in creditors \n \n \n 5.1 \n \n \n 15.3 \n \n \n \n \n Total change in net working capital \n \n \n 19.8 \n \n \n 84.3 \n \n \n \n \n Share-based payments \n \n \n 5.2 \n \n \n 7.2 \n \n \n \n \n Capex \n \n \n (11.9) \n \n \n (18.7) \n \n \n \n \n Operating cash flow 1 \n \n \n 141.1 \n \n \n 189.8 \n \n \n \n \n Operating cash flow conversion 1,2 \n \n \n 110.2% \n \n \n 162.2% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net interest paid \n \n \n (17.2) \n \n \n (28.1) \n \n \n \n \n Payment of lease liabilities \n \n \n (55.6) \n \n \n (56.2) \n \n \n \n \n Taxation \n \n \n (10.9) \n \n \n (12.2) \n \n \n \n \n Repurchase of shares \n \n \n (6.7) \n \n \n - \n \n \n \n \n Derivatives settlement \n \n \n - \n \n \n (4.0) \n \n \n \n \n Defined benefit pension past service cost \n \n \n 0.6 \n \n \n - \n \n \n \n \n Proceeds from borrowings \n \n \n - \n \n \n 250.0 \n \n \n \n \n Repayment of borrowings \n \n \n - \n \n \n (283.0) \n \n \n \n \n Dividends paid \n \n \n (24.6) \n \n \n (9.5) \n \n \n \n \n Net cash inflow \n \n \n 26.7 \n \n \n 46.8 \n \n \n \n \n Opening cash \n \n \n 155.9 \n \n \n 111.1 \n \n \n \n \n Net cash exchange translation \n \n \n (2.3) \n \n \n (2.0) \n \n \n \n \n Closing cash \n \n \n 180.3 \n \n \n 155.9 \n \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n 2. Adjusted operating cash flow conversion 1 is 109.7% (FY25: 149.8%). \n \n   \n Operating cash flow 1 generated an inflow of £141.1m (FY25: inflow of £189.8m), impacted by positive working capital cash inflows of £19.8m (FY25: inflow of £84.3m). Cash inflows on inventory were inflated in FY25 as we cleared down obsolete and fragmented stock in order to right-size inventory. \n   \n Debtors have increased by £8.8m (FY25: £6.3m decrease), predominantly driven by wholesale customer orders in Q4. \n   \n Trade debtor days increased to 61 days (FY25: 58 days), falling marginally outside the standard 60‑day payment terms, driven by customer mix with a higher proportion of EMEA debtors (with debtor days at 64) than Americas (with debtor days at 53). \n   \n Creditors have increased by £5.1m (FY25: £15.3m) due to the timing of payments around the reporting date. \n   \n Capex was £11.9m (FY25: £18.7m) and represented 1.6% of revenue (FY25: 2.4%). The breakdown in Capex by category is as follows: \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Retail stores \n \n \n 7.2 \n \n \n 6.5 \n \n \n \n \n Supply Chain \n \n \n 0.1 \n \n \n 1.4 \n \n \n \n \n IT/Technology \n \n \n 4.6 \n \n \n 10.8 \n \n \n \n \n \n \n \n 11.9 \n \n \n 18.7 \n \n \n \n \n \n   \n \n   \n Net interest paid was £17.2m (FY25: £28.1m), representing a £10.9m improvement year-on-year. The reduction was primarily driven by lower debt interest following a change in interest term periods (from six to three months) and a reduction in the Term Loan principal amount after the refinancing in November 2024. Further benefits arose from lower non‑utilisation fees reflecting the reduced principal of the RCF. Cash investment interest increased modestly due to higher average cash balances, partially offset by lower interest rates. \n   \n Payment of lease liabilities was £55.6m (FY25: £56.2m), lower than FY25 by £0.6m. \n   \n Repurchase of shares \n During the period, the Dr. Martens plc Employee Benefit Trust (EBT) was established, for the purpose of purchasing and holding shares in Dr. Martens plc for subsequent transfer to employees under the terms of the Group's share plans. During the period, the Trust purchased 10,000,000 shares (FY25: nil) for a total cash consideration of £6.7m. \n   \n Funding and Leverage \n The Group is funded by internally generated operating cash flows, bank debt and equity. In November 2024, the Group agreed with existing and new lenders to refinance its debt facilities, previously comprising a €337.5m Term Loan and RCF of £200.0m. The facility consists of a £250.0m Term Loan and RCF of £126.5m for an initial term of three years, with two one-year extension options, subject to lender approval. \n   \n In April 2026, the lending syndicate approved the Group's request to exercise the one-year extension option on both the Term Loan and the RCF, extending the maturity of these facilities to 14 November 2028, effective from 1 May 2026. On 30 March 2026, the Group also cancelled £26.5 million of commitments under the RCF, thereby reducing the total facility size to £100.0 million. All other terms remain unchanged. Further details on the capital structure and debt are given in notes 18 and 22 of the Consolidated Financial Statements. \n   \n The facilities are subject to a financial covenant, based on a Net Debt/LTM EBITDA leverage ratio of <3x which is tested every six months. The total net leverage test is calculated with a full 12 months of EBITDA (covenant calculation basis) and net debt being inclusive of IFRS 16 lease liabilities at the Balance Sheet date. As at 29 March 2026, the Group had total net leverage of 1.4 times (FY25: 1.8 times). \n   \n BALANCE SHEET \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n   \n \n \n 29 March 2026 \n \n \n 30 March 2025 \n   \n \n \n \n \n Freehold property \n \n \n   \n \n \n 6.5 \n \n \n 6.7 \n \n \n \n \n Right-of-use assets \n \n \n   \n \n \n 131.3 \n \n \n 143.2 \n \n \n \n \n Other fixed assets \n \n \n   \n \n \n 66.7 \n \n \n 76.2 \n \n \n \n \n      Inventory \n \n \n   \n \n \n 160.8 \n \n \n 187.4 \n \n \n \n \n      Debtors \n \n \n   \n \n \n 71.2 \n \n \n 63.4 \n \n \n \n \n      Creditors 1 \n \n \n   \n \n \n (114.6) \n \n \n (111.4) \n \n \n \n \n Working capital \n \n \n   \n \n \n 117.4 \n \n \n 139.4 \n \n \n \n \n Other 2 \n \n \n   \n \n \n 7.0 \n \n \n 6.0 \n \n \n \n \n Operating net assets \n \n \n   \n \n \n 328.9 \n \n \n 371.5 \n \n \n \n \n Pension surplus \n \n \n   \n \n \n 3.0 \n \n \n - \n \n \n \n \n Goodwill \n \n \n   \n \n \n 240.7 \n \n \n 240.7 \n \n \n \n \n Cash \n \n \n   \n \n \n 180.3 \n \n \n 155.9 \n \n \n \n \n Bank debt \n \n \n   \n \n \n (250.0) \n \n \n (250.0) \n \n \n \n \n Unamortised bank fees \n \n \n   \n \n \n 2.4 \n \n \n 3.7 \n \n \n \n \n Lease liabilities \n \n \n   \n \n \n (143.8) \n \n \n (155.4) \n \n \n \n \n Net assets/equity \n \n \n   \n \n \n 361.5 \n \n \n 366.4 \n \n \n \n \n   \n 1. Includes bank interest of £2.1m (FY25: £2.4m). \n 2. Other includes investments, deferred tax assets, income tax assets, income tax payables, deferred tax liabilities, and provisions. \n \n   \n \n   \n Inventory \n Inventory declined from £187.4m in FY25 to £160.8m in FY26. Inventory levels were broadly flat year-on-year in EMEA and APAC with the reduction being driven by Americas. \n   \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n 29 March 2026 \n \n \n 30 March 2025 \n \n \n \n \n Inventory (£m) \n \n \n 160.8 \n \n \n 187.4 \n \n \n \n \n Turn (x) 1 \n \n \n 1.5x \n \n \n 1.5x \n \n \n \n \n Weeks cover 2 \n \n \n 32 \n \n \n 35 \n \n \n \n \n 1. Calculated as historical LTM COGS divided by average LTM inventory. \n 2. Calculated as 52 weeks divided by inventory turn. \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Pension Surplus \n In December 2025, the Trustees purchased a bulk insurance annuity policy, constituting a buy-in transaction. Prior to the buy-in transaction, the Plan surplus was not recognised on the grounds that Airwair International Limited was unlikely to derive any future economic benefits from the surplus. However, following the transaction, the asset ceiling has been removed with the surplus recognised in full, on the basis that any surplus now represents a true economic surplus. The net surplus of £3.0m (FY25: £nil) has been recognised on the Balance Sheet. Further details on the pension buy-in are given in notes 4 and 30 of the Consolidated Financial Statements. \n   \n Net Debt \n \n Reduced year-on-year by £36.0m to £213.5m as summarised below; \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n £m \n \n \n 29 March 2026 \n \n \n 30 March 2025 \n \n \n \n \n Bank loans (excluding unamortised bank fees) \n \n \n (250.0) \n \n \n (250.0) \n \n \n \n \n Cash \n \n \n 180.3 \n \n \n 155.9 \n \n \n \n \n Net bank loans \n \n \n (69.7) \n \n \n (94.1) \n \n \n \n \n Lease liabilities \n \n \n (143.8) \n \n \n (155.4) \n \n \n \n \n Net Debt 1 \n \n \n (213.5) \n \n \n (249.5) \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n   \n \n   \n Lease liabilities \n New lease commitments and remeasurements during the period were £38.0m, largely relating to £22.3m of remeasurements. This was offset by £55.6m of lease repayments. Average lease length is low, at 2.4 years to break (FY25: 2.6 years), with the average lease length we expect to utilise being 2.9 years (FY25: 3.2 years) reflected on the Balance Sheet. \n   \n \n \n \n \n   \n   \n £m \n \n \n   \n   \n 29 March 2026 \n \n \n 30 March 2025 \n \n \n Average lease length to break (years) \n \n \n \n \n Stores \n \n \n 106.0 \n \n \n 111.4 \n \n \n 2.6 \n \n \n \n \n Offices, warehouses and other \n \n \n 37.8 \n \n \n 44.0 \n \n \n 1.3 \n \n \n \n \n Lease liabilities \n \n \n 143.8 \n \n \n 155.4 \n \n \n 2.4 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n RETURNS TO SHAREHOLDERS \n   \n Our capital allocation framework guides our view of returns to shareholders and usage of excess cash. We have a target leverage of less than 1.5x Net Debt/EBITDA through the year. There are four uses of capital for our business. The first is investment into the business, for instance into the brand or through capex into stores, systems and other investment projects. Secondly, we maintain a progressive dividend policy of 25% to 35% earnings payout. The Board will also consider strategic investments and additional capital returns to shareholders in a situation when excess cash is available and we are below our target leverage. \n   \n   \n Dividends  \n The Board declares a final dividend of 1.70p, taking the total dividend for FY26, including the interim dividend of 0.85p, to 2.55p, in line with the FY25 dividend payment. This will be paid to shareholders on the register as at 28 August with payment on 7 October. \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Dividends paid during the period: \n \n \n   \n \n \n \n \n \n \n \n Prior period final dividend paid \n \n \n 16.4 \n \n \n 9.5 \n \n \n \n \n Prior period interim dividend paid \n \n \n 8.2 \n \n \n - \n \n \n \n \n Total dividends paid during the period \n \n \n 24.6 \n \n \n 9.5 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit for the period \n \n \n 23.8 \n \n \n 4.5 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Dividend in respect of the period: \n \n \n   \n \n \n \n \n \n \n \n Interim dividend: 0.85p (FY25: 0.85p) \n \n \n 8.2 \n \n \n 8.2 \n \n \n \n \n Final dividend: 1.70p (FY25: 1.70p) \n \n \n 16.3 \n \n \n 16.4 \n \n \n \n \n Total dividend in respect of the period \n \n \n 24.5 \n \n \n 24.6 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Payout ratio % \n \n \n 103% \n \n \n 547% \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n GUIDANCE \n Our guidance for FY27 is: \n ·      Depreciation and Amortisation of around £70m \n ·      Net finance costs of around £24m \n ·      Blended tax rate of c.27% \n ·      Capex of around £30m, which includes the investment in the store estate and a London head office move \n ·      Net debt of around £200m, including lease liabilities, with net bank debt of around £50m \n   \n In line with our retail strategy, we expect our store estate to be broadly flat over the next two years.  \n   \n FX revenue sensitivities are as follows: for every 1%pt movement in US dollar c.£3.0m; Japanese Yen c.£0.5m and Euro c.£2.5m. \n   \n DISCLOSURE CHANGES \n In FY27 we intend to move to market-based reporting, and no longer report regional revenues, in line with the new operating model for the business. We will publish historical financial data on the new reporting structure ahead of the first half results in November.   \n   \n   \n   \n   \n   \n   \n   \n   \n                                                                                                                                                             \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n Consolidated Statement of Profit or Loss \nFor the 52 weeks ended 29 March 2026 \n   \n \n \n \n \n \n \n \n Note \n \n \n FY26 \n £m \n \n \n FY25 \n £m \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 764.9 \n \n \n 787.6 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (258.9) \n \n \n (275.9) \n \n \n \n \n Gross margin \n \n \n \n \n \n 506.0 \n \n \n 511.7 \n \n \n \n \n Selling and administrative expenses \n \n \n 5 \n \n \n (449.0) \n \n \n (474.7) \n \n \n \n \n Finance income \n \n \n \n \n \n 3.7 \n \n \n 3.8 \n \n \n \n \n Finance expense \n \n \n 8 \n \n \n (28.0) \n \n \n (32.0) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 32.7 \n \n \n 8.8 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n EBIT 1 \n \n \n 3 \n \n \n 57.0 \n \n \n 37.0 \n \n \n \n \n Net finance expense \n \n \n \n \n \n (24.3) \n \n \n (28.2) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 32.7 \n \n \n 8.8 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Tax expense \n \n \n 9 \n \n \n (8.9) \n \n \n (4.3) \n \n \n \n \n Profit for the period \n \n \n \n \n \n 23.8 \n \n \n 4.5 \n \n \n \n \n   \n   \n \n \n \n \n Reconciliation of adjusted EBIT 1 : \n \n \n Note(s) \n \n \n FY26 \n £m \n \n \n FY25 \n £m \n \n \n \n \n EBIT 1 \n \n \n 3 \n \n \n 57.0 \n \n \n 37.0 \n \n \n \n \n Exceptional costs 1 \n \n \n 3, 4, 31 \n \n \n 12.1 \n \n \n 16.3 \n \n \n \n \n Investment in transformation \n \n \n 3, 4 \n \n \n 6.9 \n \n \n - \n \n \n \n \n Impairment of non-financial assets \n \n \n 3, 4 \n \n \n 4.2 \n \n \n 4.3 \n \n \n \n \n Currency (gains)/losses \n \n \n 3, 4 \n \n \n (0.9) \n \n \n 3.1 \n \n \n \n \n Adjusted EBIT 1 - non-GAAP measure \n \n \n   \n \n \n 79.3 \n \n \n 60.7 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Reconciliation of adjusted profit before tax 1 : \n \n \n Note(s) \n \n \n FY26 \n £m \n \n \n FY25 \n £m \n \n \n \n \n Profit before tax \n \n \n 3 \n \n \n 32.7 \n \n \n 8.8 \n \n \n \n \n Exceptional costs 1 \n \n \n 3, 4, 31 \n \n \n 12.1 \n \n \n 17.9 \n \n \n \n \n Investment in transformation \n \n \n 3, 4 \n \n \n 6.9 \n \n \n - \n \n \n \n \n Impairment of non-financial assets \n \n \n 3, 4 \n \n \n 4.2 \n \n \n 4.3 \n \n \n \n \n Currency (gains)/losses \n \n \n 3, 4 \n \n \n (0.9) \n \n \n 3.1 \n \n \n \n \n Adjusted profit before tax 1 - non-GAAP measure \n \n \n   \n \n \n 55.0 \n \n \n 34.1 \n \n \n \n \n   \n   \n \n \n \n \n Earnings per share \n \n \n Note \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Basic \n \n \n 10 \n \n \n 2.5p \n \n \n 0.5p \n \n \n \n \n Diluted \n \n \n 10 \n \n \n 2.4p \n \n \n 0.5p \n \n \n \n \n   \n \n \n \n \n Adjusted earnings per share 1 - non-GAAP measure \n \n \n Note \n \n \n FY26 \n \n \n FY25 \n \n \n \n \n Adjusted basic 1 \n \n \n 10 \n \n \n 4.2p \n \n \n 2.4p \n \n \n \n \n Adjusted diluted 1 \n \n \n 10 \n \n \n 4.1p \n \n \n 2.4p \n \n \n \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 74 to 76. \n   \n   \n The results for the periods presented above are derived from continuing operations and are entirely attributable to the owners of the Parent Company. \n   \n The notes on pages 23 to 62 form part of these Consolidated Financial Statements. \n                                   \n \n \n Consolidated Statement of Comprehensive Income \nFor the 52 weeks ended 29 March 2026 \n   \n \n \n \n \n \n \n \n Note \n \n \n FY26 \n £m \n \n \n FY25 \n £m \n \n \n \n \n Profit for the period \n \n \n \n \n \n 23.8 \n \n \n 4.5 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income/(expense) \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Items that may not subsequently be reclassified to profit or loss \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Remeasurements of defined benefit pension scheme \n \n \n 30 \n \n \n 3.6 \n \n \n - \n \n \n \n \n Tax in relation to remeasurements of defined benefit pension scheme \n \n \n 9 \n \n \n (0.9) \n \n \n - \n \n \n \n \n Items that may subsequently be reclassified to profit or loss \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n \n \n \n (5.2) \n \n \n (3.1) \n \n \n \n \n Cash flow hedges: Fair value movements in equity \n \n \n \n \n \n (1.9) \n \n \n (0.3) \n \n \n \n \n Cash flow hedges: Reclassified and reported in profit or loss \n \n \n 20 \n \n \n 1.3 \n \n \n (0.2) \n \n \n \n \n Tax in relation to share schemes \n \n \n 9 \n \n \n 0.3 \n \n \n (0.7) \n \n \n \n \n Tax in relation to cash flow hedges \n \n \n 9 \n \n \n 0.1 \n \n \n 0.3 \n \n \n \n \n   \n \n \n \n \n \n (2.7) \n \n \n (4.0) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n 21.1 \n \n \n 0.5 \n \n \n \n \n   \n The notes on pages 23 to 62 form part of these Consolidated Financial Statements. \n \n Consolidated Balance Sheet \nAs at 29 March 2026 \n \n \n \n \n \n \n \n Note(s) \n \n \n FY26 \n £m \n \n \n FY25 \n £m \n \n \n \n \n ASSETS \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n 270.4 \n \n \n 274.0 \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 43.5 \n \n \n 49.6 \n \n \n \n \n Right-of-use assets \n \n \n 13 \n \n \n 131.3 \n \n \n 143.2 \n \n \n \n \n Investments \n \n \n 21 \n \n \n 1.0 \n \n \n 1.0 \n \n \n \n \n Derivative financial assets \n \n \n 20 \n \n \n - \n \n \n - \n \n \n \n \n Deferred tax assets \n \n \n 23 \n \n \n 11.0 \n \n \n 11.1 \n \n \n \n \n Net pension asset \n \n \n 30 \n \n \n 3.0 \n \n \n - \n \n \n \n \n   \n \n \n \n \n \n 460.2 \n \n \n 478.9 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Inventories \n \n \n 14 \n \n \n 160.8 \n \n \n 187.4 \n \n \n \n \n Trade and other receivables \n \n \n 15 \n \n \n 70.7 \n \n \n 62.4 \n \n \n \n \n Income tax assets \n \n \n \n \n \n 4.8 \n \n \n 4.2 \n \n \n \n \n Derivative financial assets \n \n \n 20 \n \n \n 0.5 \n \n \n 1.0 \n \n \n \n \n Cash and cash equivalents \n \n \n 16 \n \n \n 180.3 \n \n \n 155.9 \n \n \n \n \n \n \n \n \n \n \n 417.1 \n \n \n 410.9 \n \n \n \n \n Total assets \n \n \n \n \n \n 877.3 \n \n \n 889.8 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n LIABILITIES \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n (112.3) \n \n \n (108.9) \n \n \n \n \n Borrowings \n \n \n 18 \n \n \n (2.1) \n \n \n (2.4) \n \n \n \n \n Lease liabilities \n \n \n 18, 29 \n \n \n (44.1) \n \n \n (45.9) \n \n \n \n \n Income tax liabilities \n \n \n \n \n \n (1.2) \n \n \n (1.3) \n \n \n \n \n Derivative financial liabilities \n \n \n 20 \n \n \n (0.2) \n \n \n (0.1) \n \n \n \n \n   \n \n \n \n \n \n (159.9) \n \n \n (158.6) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Borrowings \n \n \n 18 \n \n \n (247.6) \n \n \n (246.3) \n \n \n \n \n Lease liabilities \n \n \n 18, 29 \n \n \n (99.7) \n \n \n (109.5) \n \n \n \n \n Provisions \n \n \n 19 \n \n \n (7.3) \n \n \n (6.5) \n \n \n \n \n Deferred tax liabilities \n \n \n 23 \n \n \n (1.3) \n \n \n (2.5) \n \n \n \n \n   \n \n \n \n \n \n (355.9) \n \n \n (364.8) \n \n \n \n \n Total liabilities \n \n \n \n \n \n (515.8) \n \n \n (523.4) \n \n \n \n \n Net assets \n \n \n \n \n \n 361.5 \n \n \n 366.4 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \...

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