Italian apparel group OVS reported first-half 2026 consolidated net sales of €877.4 million, representing 10.7% growth compared to the same period last year, according to management slides presented on September 24, 2026.
Organic sales, excluding the contribution from Goldenpoint which was consolidated from July 2025, rose 6.1% to €825.4 million. The result significantly outperformed the estimated 1.5% growth projected for the broader Italian apparel market, which management described as showing "good resilience despite inflationary pressures" following approximately 24 months of decline.
Consolidated EBITDA climbed 12.3% to €114.3 million, with the EBITDA margin expanding 19 basis points to 13.0%. Organic EBITDA excluding Goldenpoint grew 17.5% to €114.1 million, driven by a 135-basis-point margin expansion to 13.8%. Gross margin improved to 62.1% from 60.7% in the prior-year period. Net income increased 7.7% to €49.1 million.
The company's four main banners delivered mixed but broadly positive results. The OVS banner generated €614.0 million in sales, up 6.1%, with EBITDA of €93.0 million and margin expanding to 15.1% from 14.0%. Upim posted €191.9 million in sales, also up 6.1%, and EBITDA of €22.8 million, up 20.5%, with margin improving to 11.9% from 10.4%. Stefanel reported 31% sales growth, 11% on a like-for-like basis. Goldenpoint exceeded 11% sales growth versus the comparable prior-year period, returning to positive EBITDA of approximately €200,000 after reporting a loss of €4.2 million in H1 2025; the company set a medium-term target of 12-13% EBITDA margin for the brand.
On the balance sheet, adjusted net debt decreased by €53.6 million to €240.1 million, following a €33.9 million dividend distribution and €10.2 million in share repurchases. The leverage ratio improved to 1.04x EBITDA from 1.41x. Trade working capital declined by €4.1 million to €205.4 million, or 11.2% of sales versus 12.6% a year earlier. Inventory fell €40.5 million to €510.0 million, and trade receivables dropped €8.5 million. Operating cash flow narrowed to a negative €23.0 million from a negative €39.0 million in H1 2025. Capital expenditures rose to €46.3 million from €43.6 million, with €35.9 million allocated to new store openings and refurbishments and IT/digital spending increasing to €7.7 million from €5.9 million.
As of September 22, 2026, the company held 13,220,430 treasury shares, representing 5.184% of share capital. Full-year cash generation is expected to exceed €100 million, above the €90 million achieved in fiscal 2025.
OVS operates a network of 2,711 stores, including 1,248 directly operated locations and 1,463 franchise outlets, across its main banners and kids' formats — OVS Kids with 543 stores and Blukids with 354. The company also highlighted its Dubai flagship, expected to generate between €10 million and €15 million in annual sales once fully ramped. Shares traded at $5.735, up 3.24% following the presentation, against a 52-week high of $6.535, having delivered a 40% return over the past year.
