The Board of Directors of OVS S.p.A. has approved the 2025 financial results at 31/1/2026.
Net sales reached €1,746 million, +7.0% compared with 2024, driven by both like-for-like growth, which was higher than the market, and the consolidation of Goldenpoint, which performed very well during the period.Excellent sales performance across all the main banners and brands. Brilliant results in particular in womenswear and in beauty, which again grew by double digits in 2025.
The adjusted gross margin rose to €1,033 million, +8.8% compared with 2024, and the adjusted EBITDA increased to €218.2 million, +€22.9 million (+11.7%) compared with 2024. The EBITDA margin of 12.5% increased by 50 bps compared with the previous year.
Adjusted net profit was €89.4 million, +€11.6 million (+14.8%) compared with 2024.
Cash generation was €90.0 million, +€21.4 million (+31.2%) compared with 2024, equivalent to a Cash Flow Return on Investment(1) of around 26%. The adjusted net financial position fell to
€145.9 million and showed an improvement even after the financial effects resulting from the acquisition of Goldenpoint, the distribution of dividends for €27.1 million and the purchase of treasury shares for €12.9 million. Leverage fell to 0.7x on EBITDA.The 2026 financial year is showing significant growth compared to 2025 thanks to the very positive reception of the new collections.
In light of the current performance and growth prospects in terms of profitability and cash generation, the Board of Directors has resolved to propose to the Shareholders' Meeting an increase in the dividend to €0.14 per share, +27% on the previous one.
Statement by the Chief Executive Officer, Stefano Beraldo
"2025 was a year of excellent results, with growth across all the main banners and brands. This performance confirms the validity of a positioning based on quality, stylistic research, and sustainability, which have elevated the perceived value of the brands, effectively intercepting a growing demand for quality products at affordable prices.
During the year, OVS continued to work on the strategy of developing and enhancing its brand portfolio, each with a distinct identity and aimed at different customer targets. 2025 saw OVS enriched by the launch of Les Copains, the extension of PIOMBO into Tech and Contemporary versions, and the strengthening of Altavia, B Angel, and Utopja. The growth of the offering aimed at female customers was significant, both in clothing and beauty; the latter supported not only by the good performance within OVS stores but also by the opening of Shaka stand-alone stores, which currently counts 10 independent locations, all characterized by excellent results.
Upim continued its growth path, including through openings in city center locations with a richer and more qualitative offering and image.
The performance of Stefanel was very positive; its strategy, focused on raising quality and distinctive stylistic content by utilizing group synergies, was rewarded by a customer base attentive to product value.
Goldenpoint closed its first seven months of consolidation with very positive results (sales growth of approximately 10%), thanks to a more contemporary offering consistent with customer expectations and the renewal of the store concept, made more attractive. Operational integration generated the expected purchasing synergies, with a significant increase in margins. A plan for opening stores with the new image has been launched.
Another fundamental pillar remains the constant enhancement of the stores, in a context where offline is regaining centrality in customer preferences. Thanks to high-impact windows, indoor plants, wood finishes, and warmer lighting, the perception of the store is evolving, offering customers the pleasure of a quality shopping experience.
The internationalization strategy of OVS is accelerating, supported by a solid financial position and the success of the womenswear offering. Expansion into the most promising markets is planned for 2026.
Thanks also to the growth of the commercial margin and costcontrol, among which only personnel costs grew due to the renewal of the national collective agreement, the EBITDA for the year exceeded 218 million Euro.
The net financial position and the leverage ratio improved at year-end."
Growth in Shareholder Returns
Thanks to the strength of the balance sheet and the growth prospects for margins and flows, the Board of Directors has resolved to propose to the Shareholders' Meeting the distribution of a dividend of 14 cents per share, +27% compared to the previous one.
Furthermore, the continuation of the buyback plan will be proposed, which, in the years from 2022 to 2025, led to the purchase of approximately 50 million shares with an investment of about
120 million Euro, and which is considered to remain an effective tool for shareholder remuneration.
Business outlook and current trading
The Italian clothing market is showing good resilience following the start of the conflict in the
Middle East (+1.6% in March); however, it cannot be ruled out that the ongoing crisis may impact consumer attitudes in the medium term. Regarding costs, OVS believes it is not exposed to significant impacts. Specifically, the countries of origin for the merchandise are not involved and the shipping routes do not transit through the Strait of Hormuz. Freight rates, which are locked in for the medium term, will not lead to substantial impacts on the overall cost of goods, even if they remain susceptible to increases. On the energy front, exposure to price dynamics is minimal thanks to the share of self-consumption, medium-to-long-term agreements with renewable energy producers, and forward purchases.
Initiatives related to products, brands, the expansion of the store network, and the development of banners such as Shaka and Goldenpoint should favor sales growth.
Regarding profitability, the appreciation of the Euro against the Dollar since April 2025 has resulted in savings on purchase costs for the merchandise currently on sale; these advantages will primarily benefit profitability, allowing for flexibility regarding any potential increase in promotional activities.
Cash generation is expected to improve further compared to that of 2025.Even in the first months of the 2026 financial year, all the group's banners and brands are showing significant growth.
Key economic results
FY 2025 Adjusted | FY 2025 FY 2024 Adjusted Adjusted Excl. GP |
1,745.9 | 1,678.3 1,631.4 |
1,033.0 | 986.9 949.2 |
59.2% | 58.8% 58.2% |
218.2 | 214.3 195.3 |
12.5% | 12.8% 12.0% |
147.5 | 129.0 |
8.5% | 7.9% |
128.6 | 109.5 |
89.4 | 77.9 |
Change Adjusted | Change Adjusted excl. GP | ||
114.5 | 7.0% | 46.9 | 2.9% |
83.8 | 8.8% | 37.7 | 4.0% |
+98ppt | +62ppt | ||
22.9 | 11.7% | 19.0 | 9.7% |
+53ppt | +80ppt | ||
18.5 | 14.3% | ||
+54ppt | |||
19.1 | 17.4% | ||
11.6 | 14.8% | ||
EBITDA%
EBITEBIT%
PBT Net IncomeThe table shows the main economic and financial results adjusted to represent the group's operating performance net of non-recurring events which are unrelated to ordinary operations and the effects of the adoption of IFRS 16.
See the Appendix section of the document for details on the reconciliation items between reported and adjusted results.
Net sales
Net sales for the 2025 financial year, amounting to €1,745.9 million, were up 7.0% compared to the 2024 financial year. Excluding Goldenpoint's contribution, growth was 2.9%; over the same period, the reference market grew by 0.3%.
With regard to distribution channels, sales from directly operated stores came to €1,431.3 million (+8.2% compared to 2024, corresponding to a growth of +3.6% excluding Goldenpoint). Franchising and B2B channels recorded revenues of €314.7 million.
OVS and Upim grew by 3.6% and 1.6%, and both by around 10% compared with 2023.
EBITDA
In the 2025 financial year, the Group achieved an adjusted EBITDA of €218.2 million, up €22.9 million compared to €195.3 million in 2024. Goldenpoint made a positive contribution of €3.9 million over the 7 months of consolidation.
OVS recorded EBITDA of €172.6 million, up €9.8 million compared with 2024. Upim EBITDA increased to €44.0 million from €40.1 million in 2024, further improving on the substantial increase recorded compared with 2023. Stefanel's results increased by about €4 million.
Net profit
Adjusted net profit rose to €89.4 million, up by €11.6 million (+14.8%), due to higher EBITDA and net of an increased tax rate linked to international regulatory changes.
Summary balance sheet
€m | 31 Jan 2026 Reported | of which IFRS 16 impact | of which IFRS 15 reclass | 31 Jan 2026 Adjusted | 31 Jan 2025 Reported | of which IFRS 16 impact | of which IFRS 15 reclass | 31 Jan 2025 Adjusted |
Trade Receivables | 94.7 | 0.0 | 27.3 | 67.3 | 107.0 | 0.0 | 28.9 | 78.2 |
Inventory | 496.5 | 0.0 | 0.0 | 496.5 | 486.7 | 0.0 | 0.0 | 486.7 |
Trade Payables | (413.4) | 7.7 | 0.0 | (421.1) | (435.0) | 6.6 | 0.0 | (441.6) |
Trade Working Capital | 177.8 | 7.7 | 27.3 | 142.7 | 158.8 | 6.6 | 28.9 | 123.3 |
Other assets/(liabilities) | (158.2) | (2.8) | (27.3) | (128.1) | (150.3) | (4.3) | (28.9) | (117.2) |
Net Working Capital | 19.5 | 4.9 | 0.0 | 14.6 | 8.4 | 2.3 | 0.0 | 6.1 |
Tangible and Intangible Assets | 2,278.8 | 1,044.2 | 0.0 | 1,234.6 | 2,146.9 | 944.4 | 0.0 | 1,202.5 |
Net deferred taxes | (25.1) | 7.0 | 0.0 | (32.1) | (28.9) | 7.0 | 0.0 | (35.9) |
Other long term assets/(liabilities) | (19.9) | 11.7 | 0.0 | (31.6) | (19.2) | 11.7 | 0.0 | (30.9) |
Pension funds and other provisions | (33.5) | 0.0 | 0.0 | (33.5) | (34.5) | 0.0 | 0.0 | (34.5) |
Net Capital Employed | 2,219.8 | 1,067.8 | 0.0 | 1,151.9 | 2,072.7 | 965.4 | 0.0 | 1,107.3 |
Net Equity | 903.6 | (90.6) | 0.0 | 994.2 | 893.2 | (80.5) | 0.0 | 973.8 |
Net Financial Debt | 1,316.2 | 1,158.4 | 0.0 | 157.7 | 1,179.4 | 1,045.9 | 0.0 | 133.5 |
Total source of financing | 2,219.8 | 1,067.8 | 0.0 | 1,151.9 | 2,072.7 | 965.4 | 0.0 | 1,107.3 |
The table shows the reported and adjusted financial position in order to provide a balance sheet representation of the Group, net of the application of IFRS 16 and reclassifying the liabilities for returns as per IFRS 15 among the components of operating working capital
The adjusted Net Invested Employed, net of intangible assets arising from business combinations, amounts to approximately €350 million. Cash Flow Return on Investment is around 26%, a very good result for the industry in which OVS operates.
Summary cash flow
€m | FY 2025 | FY 2024 |
EBITDA Adjusted | 218.2 | 195.3 |
Non recurring items | (2.1) | (6.6) |
Change in Trade Working Capital | (2.7) | 12.4 |
Other changes in Working Capital | 12.2 | 6.6 |
Capex | (79.5) | (94.7) |
Operating Cash Flow | 146.0 | 112.9 |
Financial charges | (18.4) | (17.7) |
Taxes & others | (37.6) | (26.6) |
Net Cash Flow excluding M&A, dividends and buybacks Cash conversion | 90.0 41.3% | 68.6 35.1% |
Dividends | (27.1) | (25.3) |
Treasury shares net of SOP exercises | (12.9) | (46.1) |
Cash out for business combination | (12.0) | - |
Net debt Goldenpoint at 1st July 2025 | (35.6) | - |
Change in Net financial position excluding MtM hedging instruments | 2.5 | (2.9) |
Change in MtM hedging instruments, amortized cost and FX differences | (26.7) | 14.6 |
Change in Net financial position including MtM hedging instruments | (24.2) | 11.7 |
The table shows the adjusted cash flows to show the Group's operating performance net of non-recurring events which are unrelated to ordinary operations, net of the application of IFRS 16 and reclassifying liabilities for returns pursuant to IFRS 15 among the components of operating working capital.