boohoo group plc (BHOOY) Q2 2026 Earnings Call Prepared Remarks Transcript

Dan Finley
CEO & Director

Good morning, and welcome to the Debenhams Group Half Year Results for the 6 months ended 31st of August 2025. My name is Dan Finley, and I’m the Group CEO. And I’m joined this morning by Phil Ellis, our Group CFO.

Our turnaround continues at pace. I’m pleased with the progress that we’re making, but recognize that there is still much to do. Our new business model is rolling out. Stock-light, our stock is down to GBP 68 million, minus 35% on the same period last year. Capital-light, our CapEx is now GBP 7.5 million, down 50% on the same period last year and increasingly margin rich. Our adjusted EBITDA margin, 6.7%, up 180 basis points on the same period last year.

Our financial performance is improving. Adjusted EBITDA is up GBP 20 million in the period, plus 5% on last year. Our net debt is down GBP 111 million, down 22%. And our loss before tax is down, a loss of GBP 3 million, down 97% on the same period last year. And our strategic transformation is progressing. We are creating the right operating model. Our fixed cost base has been reduced by GBP 160 million. We are supercharging Debenhams with 20% GMV growth in the period. And we are pivoting to fashion-led marketplaces with marketplace now representing 32% of our GMV.

Debenhams.com is Britain’s online department store. We are supercharging Debenhams. GMV has grown at 20%. EBITDA has grown at 50%, and we’re generating an EBITDA margin of circa 15%. We have a highly attractive business model. Stock-light. We don’t take the stock risk. Capital-light, margin-rich and highly cash generative. We have significant take