DOUGLAS (=) : Q2 results first take: guidance unchanged

研报英文原文证据摘录

DOUGLAS (=) : Q2 results first take: guidance unchanged

EQUITIES

GENERAL RETAIL

DOUGLAS NEUTRALPRICE* EUR9.3  TARGET PRICE EUR11.5 (UPSIDE 24%)

FLASH NOTE

Q2 results first take: guidance unchanged

12 MAY 2026 Securities Research Report Production time: 07:27* (London time)

Research Analyst & Publishing Entities

Nick Barker BNP Paribas London Branch +(44) 203 430 8664 nick.a.barker@uk.bnpparibas.com

Q2 results (Jan-Mar): what happened?

Douglas pre-released Q2 sales growth of +1.1% and adj. EBITDA of EUR 116m on 30 April, as well as cutting FY Sep-

26 guidance (see Q2 trading update). The focus today is therefore on the regional performance, P&L details and

management commentary. By region, Central Eastern Europe (LFL sales +3.3%) outperformed Southern Europe

(-2.1%), DACHNL (-2.0%) and France (-2.4%). Statutory EBIT was EUR -101m and Douglas reported a net loss of

EUR -125m (BNP Paribas EUR -94m) which primarily reflects EUR -114m of goodwill and other impairments largely

relating to Nocibe and Parfumdreams/Niche-Beauty. The CEO comments that the “European premium beauty market

is finding a new equilibrium” and that geopolitical uncertainties, growing inflation and a significant increase in energy

costs have weighted on consumer sentiment in the euro area and led to progressively selective spending behaviour.

Management reiterates FY Sep-26 guidance for sales to be at the lower end of EUR 4.65-4.8bn, implying sales growth

of 1-2%. Bloomberg-compiled consensus for Group sales of EUR 4,674m has not been fully updated to reflect the latest

guidance. Management previously cut adjusted EBITDA margin guidance to around 16.0% (Bloomberg consensus

16.2%) and expects leverage at the upper end of the 2.5-3.0x range.

BNP Paribas View: guidance unchanged