Isabel Marant - comment

Headline figures show a modest decline in LTM EBITDA, primarily driven by increased marketing expenditures and the impact of new store openings. However, this overall trend conceals contrasting performances across segments. The Direct-to-Consumer (DTC) channel grew by 16%, effectively offsetting a 14% decline in the Business-to-Business (B2B) segment. Spring/Summer 2025 (SS25) orders were down 21%, leading to a decrease in wholesale revenues.

In Q1, EBITDA declined by €800k to €10.3m, with the reduction largely attributable to an additional €500k in marketing costs, driving traffic to the e-commerce platform. Working capital came in slightly ahead of expectations, supported by a reduction in inventory levels. Cash stood at €33m at quarter-end, with the RCF remaining undrawn.

The Conference call is scheduled for 10:30 this morning.