ASOS PLC

Latest Results (14.06.2026):

ASOS PLC — first half (H1) of FY26 (26 weeks to 1 March 2026): the interim results show clear operational progress and margin recovery despite lower top-line volumes. GMV fell 9% YoY to £1,170.1m and adjusted revenue fell 14% to £1,113.5m, while adjusted gross margin improved to 48.5% (+330bps) and adjusted EBITDA rose 51% YoY to £64.0m; FY26 guidance was reiterated.

Headline financials

GMV £1,170.1m (‑9% YoY); adjusted group revenue £1,113.5m (‑14% YoY). Adjusted EBITDA £64.0m (up £21.5m vs H1 FY25, +51% YoY). Adjusted loss before tax narrowed to £52.4m (H1 FY25: £69.5m).

Margin and profitability gains

Adjusted gross margin 48.5% (+330bps YoY; eighth consecutive quarter of improvement). Profit per order up ~30% YoY; adjusted EBIT loss improved to £(18.3)m (from £(39.6)m).

Cash, debt and statutory items

Free cash outflow £92.6m (seasonal expectation). Net debt (ex‑leases) £294.9m (up £19.1m YoY, largely non‑cash interest effects). Adjusting items £85.5m, including a £67.3m non‑cash technology asset impairment related to ERP replatforming; statutory operating loss £100.9m.

Topline and customer trends

Early signs of topline improvement: UK GMV outperformed at ‑5% YoY and Womenswear showed ~10ppt improvement vs H2 FY25. New customers growing (UK ~+10% YoY; Group new customers +9% in March), churn reduced ~150–200bps YoY in H1.

Market performance

UK: GMV ‑5% (active customers ~6.5m). Europe: GMV ‑11% with signs of recovery in core markets. US: GMV ‑12% (tariff disruption noted). Rest of World: GMV ‑15%, softer by design while focus remains on core markets and Womenswear.

Operational improvements

Supply chain and returns: supply‑chain cost to serve down 150bps YoY and >500bps over 3 years; returns transparency delivered ~160bps improvement in underlying return rate; automation in Berlin expected to save ~10% at that site.

Commercial & product initiatives

Flexible Fulfilment/AFS scaled (>20% of 3rd‑party GMV), Test & React increased, c.60 new brands onboarded in H1, Own‑brand activewear 4505 grew ~+20% GMV YoY. App and AI upgrades driving engagement and early uplift in net sales per customer (~+9%) and orders per customer (~+10%).

Tariffs, risks and mitigation

IEEPA US tariffs impacted H1 by c.£7m (the Group has started refund claim processes). Management enacted mitigations (pricing, routing) and reports resilient execution despite these headwinds and Middle East supply‑chain risks.

Guidance and outlook

FY26 guidance confirmed: adjusted EBITDA target £150–180m; gross margin expected to improve at least 100bps to 48–50%; GMV trajectory expected to improve through H2; free cash flow guidance broadly neutral for the year.