Atlanta DC sold for £48m helping further reduce net debt

Research evidence excerpt

Atlanta DC sold for £48m helping further reduce net debt

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy ASOS 1 July 2026

Breaking News

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (GBP) 288.00

ASOS.L ASC LN LSE ASOS

Price Target (GBP) 400.00

Retail

364.50 -

Retail - Non Food 52-week range (GBP) 206.50

Atlanta DC sold for £48m helping

Valuation & Risks further reduce net debt

Adam Cochrane

DB View Research Analyst

ASOS has announced the sale of its Atlanta automated fulfillment centre to a +44-20-754-17812

member of the DHL Group for net proceeds of £48m (or c.13% of the ASOS market

Shwetha Ramachandran

capitalisation). The asset was already fully impaired, so there is no impact on Research Associate

adjusted EBITDA but it will see a further £6m p.a. cash savings per year related to

rent and occupancy costs. There will be a reported one-off gain to PBT of £78m after

Benjamin Yokyong-Zoega

adjustments to liabilities.

Research Analyst

+44-20-754-12338

This is another step on the way to supporting the balance sheet after the Lichfield

site sale (£67m net proceeds), which will see the pro-forma financial net debt fall to

Price/price relative

c.£180m from the reported £295m as at 1 March 2026 (FY net financial debt set to

be down £115m yoy given the broadly flat FCF guidance to c.£70m). This should

make it easier and cheaper to refinance the c.£250m 2028 convertible bond. 500

The Atlanta site was mothballed, so there is no change to the US customer service 0

2024 2025 2026

which is being fulfilled from the global inventory pool. We see the reduction in net

debt as an important step alongside the improvement in LFL sales (DBe -3% in 2H ASOS – (Rebased)

from -14% in 1H) for investors to revisit the ASOS investment case.