Solid Q1 margin and profitability improvement
Gross profit margin improved by 60 basis points to 47.7%; adjusted EBIT increased ~5% to ~EUR 64m and reported EBIT rose almost 20% to ~EUR 52m versus Q1 2025, supported by higher gross margin and OpEx reductions.
Direct-to-consumer (D2C) growth and mix shift
D2C sales grew 3.8% (owned & operated stores +5.7%, e-commerce +0.6%); D2C share increased to 28.3% from 27.5%, supporting a more favorable channel mix and margin expansion.
Inventory and working capital progress
Inventories declined ~9% to EUR 1.9bn and trade receivables fell ~20% to EUR 1.2bn; overall working capital decreased almost 10% to EUR 1.8bn, with inventory cleanup slightly ahead of plan.
Operating expense reductions
Operating expenses (excluding one-offs) decreased 5.5% to EUR 848m driven by cost-efficiency measures and lower marketing (phasing effects), contributing to improved profitability.
Product and sports momentum
Multiple product wins and sellouts (Deviate NITRO Elite 4, HYROX products, Mathias Gidsel handball shoe); strong sporting visibility (11 teams qualified for FIFA World Cup, F1 podiums, world records) supporting brand momentum.
Regional successes in APAC and Americas
Asia Pacific sales up ~8% (Greater China +9%, rest of APAC +7%) and the Americas up ~6% (Latin America +10.5%, North America +2%), reflecting strong D2C and portfolio performance.
Progress on structural transformation
Range/SKU reduction executed at a mid-double-digit level; corporate positions target a 20% reduction (450 positions executed of a 900 target); mid-double-digit reduction of wholesale overstock in North America.
Improved liquidity headroom and cash position
Cash of EUR 326m (up ~15% YoY) plus unutilized credit lines ~EUR 800m, providing total financial headroom of ~EUR 1.1bn to support the transformation and investments.