UK's ASOS H1 revenue falls 14% but adjusted EBITDA jumps 51%

Asos

23/04/2026 07:16

Overview

UK online fashion retailer's H1 revenue fell 14% yr/yr

Adjusted EBITDA rose 51% yr/yr, driven by gross margin gains and cost control

Company cites improved gross margin and customer acquisition as key drivers of results

Outlook

ASOS maintains FY26 guidance: GMV to improve, 3-4ppts ahead of revenue

Company expects FY26 gross margin improvement of at least 100bps to 48-50%

ASOS forecasts FY26 adjusted EBITDA of £150m-180m and broadly neutral free cash flow

Result Drivers

GROSS MARGIN GAINS - Co said adjusted gross margin rose 330bps yr/yr to 48.5%, reflecting improved buying, higher full-price sales mix, and supply chain management enhancements

COST MANAGEMENT - Supply chain optimisation and reduced fixed costs contributed to improved profitability, despite higher operational deleverage

CUSTOMER GROWTH - New customer acquisition and reduced churn in key markets supported improved topline trends

Company press release: ID:nRSW5588Ba

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
Miss
GBP 1.12 bln
GBP 1.14 bln (1 Analyst)
H1 Gross Margin
48.60%
H1 Adjusted EBIT
Miss
-GBP 18.30 mln
-GBP 17 mln (1 Analyst)
H1 Adjusted Pretax Profit
Miss
-GBP 52.40 mln
-GBP 46 mln (1 Analyst)
H1 Pretax Profit
-GBP 137.90 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the department stores peer group is "buy."

Wall Street's median 12-month price target for ASOS PLC is GBp282.50, about 25.6% above its April 22 closing price of GBp225.00

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)