Margin ImprovementSustained gross margin expansion and a healthy 14% EBITDA margin indicate durable pricing power and operational efficiency in core retail operations. This margin profile supports cash generation and resilience to cost pressures, improving the company's ability to fund growth or restructure over months.
Free Cash Flow GrowthA near-doubling of free cash flow and improved operating cash flow show the business is converting sales into usable cash despite reported losses. Strong FCF gives management flexibility to invest selectively, reduce leverage, or weather retail seasonality, providing lasting financial durability.
Premium Positioning & LocationA premium brand mix combined with a prime Munich location creates structural advantages: steady foot traffic, pricing power and diversified customer sources (locals and tourists). This market positioning tends to sustain revenue stability and margins across seasons in the medium term.