OVS (AO) | Buy | Q1 Preview: Growth expected to continue outpacing the market

Research evidence excerpt

OVS (AO) | Buy | Q1 Preview: Growth expected to continue outpacing the market

#EarningsPreview #Positive

Release date: 11 June 2026

Filippo Piva

Equity Research Analyst

+39 02 80 62 80 09

fpiva@keplercheuvreux.com

Marco Baccaglio, CFA

Co-Head of Institutional & Head of Primary Research

Buy +39 02 80 62 83 20OVS

mbaccaglio@keplercheuvreux.com

Italy | Textile & apparel Beta Profile: MCap: EUR1.5bn

Target Price: EUR5.90 Bloomberg: OVS IM Reuters: OVS.MI

Current Price: EUR6.12 Free float 63%

Up/downside: -3.7% Avg. daily volume (EURm) 3.9

YTD abs performance 26.1% Market data: 10 June 2026

52-week high/low (EUR) 6.12/3.44

Q1 Preview: Growth expected to continue outpacing the market

Key points:

OVS is set to report its Q1 2026/27 on 17 June 2026. We expect the quarter to deliver top-line low-double-digit growth supported

by strong organic growth and a mid-single-digit effect from the Golden Point acquisition, at the group level.

Q1 2026/27 is seasonally the weakest quarter of the year. Despite solid revenue growth, we expect Q1 EBITDA pre IFRS-16 to

remain broadly flat YOY, with an 80bps margin dilution and growth of just 0.1%. Profitability is expected to be affected by Golden

Point, which we estimate will generate a negative EBITDA contribution of c.EUR 6–7m during the quarter.

We reiterate our Buy stance on the stock, as we continue to see scope for expansion from both a geographic perspective and in

terms of revenue per sqm. OVS is trading at 14.7x and 13.5x adjusted P/E pre-IFRS 16 for 2026–27, and at 7.0x and 6.5x EV/EBITDA

pre-IFRS 16, highlighting a c.24% discount to peers such as Inditex and H&M.

Reporting date 17 June

Conference call 18 June at 15:00 CET

Dial in number n.a.

Table 1:Q1 2026 preview

(EURm) Q1 26 Q1 25 Δ% YOY

Sales 396 354 11.8%